Ann: Todd River Resources Prospectus Lodged, page-27

Good points @ando1 and @Thor2Dacore...

IMO post TRR spin off TNG is more attractive to SMS or a major metals coy such as Hyundai or Sumitomo. This could in part explain why the TRR spin off was delayed. It also could explain why we don't have a Chairperson as yet. A so called well named Chairperson would have a reputation to protect and would not want to join a business where the assets are about to be taken over. It is also possible the Chair comes from SMS post spin off

If a take over is on the cards is it;
- Mt Peake only (TNG/SMS operate refinery and own TIVAN)?
- Mt Peake and Refinery (TNG own TIVAN)? or
- Mt Peake, Refinery and TIVAN? ( No TNG. No ongoing dividends for TNG holders)

TIVAN already sits in a separate entity. That could be for R&D reasons, in that as soon as the company earns more then $20m the R&D Tax Incentive reduces by 5% from 45% to 40%.

Going to be an interesting 6 months...

GLTAH