Ann: Notice of General Meeting/Proxy Form, page-14

I am yet to digest the whole notice but make four initial initial observations.

1) I feel a better deal could have been negotiated. “If” Vimson approached TNG then TNG should have negotiated a better deal. Vimson clearly wanted in. While a discount may have been warranted, it should not have been as great as the final outcome. As such, I also question the ability of the board to maximise its position going forward given negotiations regarding capital.

2) Vimson was able to negotiate the transaction without an offtake agreement. If a new, reputable party was able to provide offtake certainty in the near term (and Vimson has yet to do so), would that new party also be able to negotiate and attractive deal for itself. Was the Vimson transaction a sign of desperation? Vimson still gets the upside if an offtake comes from elsewhere

3) Prior to taking the placement, I would have thought Vimson required more information than was already available in the market, were they taken over the walls?

4) There has been ample time to find a new Chairman.