Ann: Change of Director's Interest Notice - A Jenks, page-53

I'm not reading too much into the exercise of director options other than they expire on 15 June 2015 and are in the money. It is also a show of strength by the Board and the only way for a director to increase their holdings during price sensistive periods, ie, without a trading window. IMO, TON has afforded the directors limited windows of opportunity to purchase on market.

TON has not had a rights issue for a long long time. I will check when and repost but I do not believe there will be a rights issue any time soon if ever. In any case, TON has an AUD $20M facility they can draw upon at any time and I believe will continue to place shares with SPIs in $1M lots until the SP improves.

KL, in the event of a takeover, the director options would vest immediately in any case.

Please DYOR.