still highly undervalued by my figures...

Whilst we debate the merits of who and who did not take up the offer... the main aspect that makes me feel protected is the undervalued pricing of this company... This has been the case for several months now. Some state this is because it is a holding company, yet it is not and should not be valued as simply holding larger value assets than the MC and having extra admin costs. As it simply is not the case.

Current MC= 37 mil.

ASSETS;
1) 50% IFE = 22 Mil

2) 20% IFE free Carry = 10 mil

3) 100% IFE other assets from ground (Incl. current Gold) = 5 mil.

4) ROL investment = 15 mil

Total to date= 52 mil

Looks like a 30% discount to me.

Not sure how others get their figures on the puppet masters of IFE.

The commodities and nervous market has hurt us. Yet value wise it is hard to go past TRF even relative to its investments. Thus the reasoning I remain far heavily weighted in TRF in relation to its assets.

Whilst IFE may outperform once it ships out its first Iron Ore shipment I feel overall TRF is a far better play.

Not comparing to its holdings it must be one of the most under valued small cap commodity stocks on the market.

I call a bottom, after this Offer is done and dusted.

Blue skies...