Our subscribers holding Iberian Resources stock, have now been rewarded by the merger with Tamaya Resources Ltd. Iberia perfomed well for us and Tamaya has excellent prospects for 2008.
Below is part of an ASX announcement made on the 12th December 2007:
12 December 2007
Tamaya Resources Limited
It was extremely pleasing to see the Australian Financial Review’s sister publication Smart Investor rate Tamaya Resources as one of the ASX stocks to watch for 2008 . This positive outlook is obviously shared by the board and management of Tamaya as we look to the next 12 months as the period in which the Group delivers on the value creation strategies we worked diligently to put in place this year.
Through the acquisition of Iberian Resources, the Latitude portfolio acquisition in Chile and the major ramp-up of mining, production and processing capabilities at Punitaqui, we are now well positioned to deliver the growth outlined to shareholders.
Whilst the board recognises that Tamaya's share price has been under pressure recently, the Group is confident this only reflects the transitional period whilst we bed-down a significant level of activity and the major corporate events of 2007.
We believe our prospects remain excellent for the Group, and shareholders are set for a
very exciting and rewarding 2008.
Iberian de-listed: immediate savings anticipated
On the 5th Dec 2007 Iberian Resources Limited (“IBR”) was removed from the official list of the ASX. The board of Tamaya has been supportive of this move as, with 86.2% of the IBR stock on issue, we are a major shareholder and were concerned to reduce the compliance and other administrative costs associated with maintaining an ASX listing for what was an extremely thinly traded stock with few shareholders. We expect annual savings in excess of $100,000 in compliance related costs alone to be
derived from the de-listing, and look forward to updating shareholders in our next financial