Ton update to be announced, page-10

Well our good friend "Somers" is no more, in name that is.

As of last week the name was officially changed to Pinnacle Corporate Finance Pty Ltd. They are still out there underwriting it seems (check out ATC Alloys), although I cannot find any website or official site for the company. I did however find an announcement of a "strategic alliance" with Mejority Capital Limited. The name change by Somers is said to bring it closer to the name of and more aligned with the operating subsidiary of Mejority, Pinnacle Securities Pty Limited, and I expect Somers now operates under the banner of Pinncale Securities and doesn't have its own website.

The "alliance"/merger, call it what you will, may be what's behind the recent trading in TON shares, as Somers held a lot of shares following the last capital raise.

Shares may be being sold to raise funds (noting Mejority was cashflow negative last quarter by about $100k), due to a conflict and so it needs to get rid of the shares, or as part of some wider action to press the price down as much as possible for Pinnacle to pick up some shares cheap in the next capital raise. Such a deal, if followed by a "coincidental" financing or other positive announcement from TON could be just the kind of transaction that Mr Frazer needs to start of his new strategic alliance with a bang.

In any event, Somers has a nominee on the board of TON and we all know how close Somers is with other members of the executive team. It would be very unlikely that the nominee board member or another on the executive team does not know what the current situation of Somers is and its intention with respect to its significant shareholding. If Somers is by reason of the recent "alliance" offloading shares, then the price of TON is being moved significantly week by week and so it is PRICE SENSITIVE information.

An announcement about Somers' intentions, if there are any, in respect of its shares is necessary for the purpose of continuous disclosure. PEN for example recently made such disclosures, as price sensitive announcements, in respect of its major shareholding being forced to sell its shares.

If Somers is not selling then games are being played by a broker or brokers and TON's directors should, if they have any regard for all shareholders, be examining the recent trading and changes in shareholdings to investigate.