Mr plough, I'm assuming the. 5c valuation was on a 1:1 basis so given it is now 10:1 I think that would value each TRR share at 50c, whilst you would expect TNG share price to drop by around 5c after the spin off. I'm also assuming because TNG still owns 20% of TRR even if we sell off our TRR shares our TNG shares will still change in value based on performance of TRR? Someone correct me if I'm wrong because I'm only guessing here based on my knowledge of conservation of energy laws...
Ann: Notice of Extraordinary General Meeting/Proxy Form, page-7
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