8 million share tbr given away by rnd

I refer to a post made by bequick under the TBR posts on the 16th, the Rand dirctors need to quantify the amount they wish to pay for the new project by saying they will provide say $16m worth of TBR stock as per an independant valuation of the stock at the time and not 8million TBR stock. Basically they are giving a Rand asset worth upwards of $6-10 per share(bequick has $13/share) for $2.64 per share (Fridays share Price)
Why would Rand shareholders do that, why would the Directors do that?
The Directors of Tribune are also on the Rand Board so know only too well the true value of Tribune and therefore what that means to Rand.
Below is bequicks summary which I think is a an excellent summary and begs the question of who the ultimate winners of new project would be. I would suggest it may not be the Rand shareholders unless .

Here is copy of bequicks post on TBR:

If you put TBR on a PE of 10 you get $13.00 a share.
BUT what is really interesting is that TBR own 44% of Rand Mining (RND). Now Rand own 11m shares in TBR which at todays value are worth around $30m.
Now here is the question.
Rand are looking at "giving" 8m of those TBR shares to the "vendors" of the Liberian iron ore project (along with some 250m of rand shares as well).
Now when the deal was announced TBR was around $2.00 so 8m shares were worth $16m BUT i say they are worth more than $13.00 so in reality RND directors are looking at giving $104m worth of TBR shares to the "vendors" PLUS the Rand shares.
Now who are these vendors, oh they are two Ghanaian companies!! Now who are the directors, and just as importantly who are the shareholders. I bet they are some faceless BVI or Cayman Is companies.
So who are the directors of Tribune and Rand?? Oh they are the same!!
When are shareholders and the ASX going to stand up and look at what is really happening and start asking some of the hard questions of directors of both companies. Well at least that cuts the workload because all the directors are the same.
Make no mistake, TBR is seriously, seriously undervalued and we will start seeing some of that true worth WHEN this other rubbish is brought to account.
I continue to buy most days!