RE: RE: Let us Review... Digger
I believe the larger shareholders will dictate that IMG has to increase its bid..i think there are 4 or 5 shareholders who own around 25% of TRR..these are the parties that should have bought a few more shares in the last week (at no risk as the offer is $3.30)..if they get to over 30% and lets say 33%..they can go to IMG and tell them unless it increases its offer they will vote no..what choice does IMG have then.
we may also see a competing bid, as we all know the $3.30 offer is an insult for what TRR has (eventually 9+ million ounces at Cote Lake, plus 1.4 million at Jerome and Chester, plus land (STA's exploration seems to be going pretty good)..an offer close to $5 might be reasonable.
I note a record date of May 11 for the vote on SEDAR..which is important for who can vote on the deal..you would have to buy TRR by May 8..and a meeting date of June 15..will we ever see the PEA?
The 13% IMG has wrapped up appears to include approx. 5% of employee options not yet exercised..management has around 3% and IMG around 5% of issued shares..if the options don't get exercised by May 11 the shares likely don't get voted..watch SEDI or Canadian insider closely the next few weeks.
for those who are certain this is a done deal and would vote yes..i am thinking they are gone now..they can sell for $3.28..better than waiting 2 months for $3.30..same for those who want to flip the 43.28 into another cheap mining stock like RMX..or RR..or GCU..really i can understand these people..but who bought the shares from these people..if someone accumulated a largish position..they can put the pressure on IMG to improve its bid..
all the meanwhile..there may be a competing bid as this thing is cheap..
would like to see drill results..and an updated resource..based on infill drilling increasing the indicated ounces..this might be too much to ask from management who all signed up with IMG.