Thanks Corgi, and thanks too Pus. Corgi on your dot point 1, that is exactly my expectation, and yours if I’m not mistaken, between now and the end of Jan. In previous posts it has been explained in great detail that we have sufficient funds for well into next year. On your second dot point, MDI recently raised from an insto at .21 against a SP of .16 or something (albeit only $800k), and NUS recently had options exercised by an insto/company at .35 against a SP of .27 or something ($5.8m). There is precedent - including recent and in our immediate space - for instos investing over SP and over VWAP in recognition of fundamental value, and so the company gets the money, rather than doing it on market likely cheaper. $20-25m is a bigger number, so it’s not quite the same, but then again TSO is a bigger proposition with an extraordinarily compelling set of deposits and targets (which is beyond doubt at this point based on the statutory/continuous disclosures), so why wouldn’t we have leverage to get an insto on board at something approximating fair/fundamental value? I’m only talking maybe .32/.34, just not farking .26/.28 September value, which all FA people agreed was a steal back then, and since then we have 500% more land and significant additional assays consistent with our best hopes for our first of 5 targets. I negotiate for a living, and you do it from a position of strength unless there is screaming urgency. There is no screaming urgency for TSO. We have all been praising Zeff for his calmness and his quiet/patient aura of inevitability, and there have been detailed posts on how we have plenty of money for well into next year. The sad part is that TSO is actually in a great position of strength based on fundamentals, but right at this very moment the SP (and 30 day VWAP) is particularly out of touch with fundamentals and VERY WEAK. If we raise at current SP or lower, I will be quite disappointed. Not because of the marginal impact on my ultimate profit/loss - which I really couldn’t give a shit about given I’m largely using super I can’t touch for 30 years and the fact I’m not in love with money and would rather win or lose big than eek out some marginal result - but because to me it would be poor timing and inconsistent with what I have come to understand about Zeff and the TSO story and culture. Having said all that, 6 rigs 24/7.... WOW. Corgi you’re my favourite poster on here mate. When you say something that’s different to what I’m thinking I just stand corrected. I’m a newby really and enjoy the learning effect of being wrong. I also agree with just or mainly posting facts. I think my posts are facts. Not geology facts, but facts about our mutual expectations, timing, macro, strategy and sentiment. The bigger picture is as bright as ever, and maybe more so with 6 drills 24/7, but the fact is the timing of this CR was unexpected and doesn’t fit neatly with previous FA posts about TSO’s best/likely timing and strategy. I’m really interested to see the details and hope Zeff has managed to extract value consistent with all of our FA posts and beliefs about TSO. IMO, for $20-25m, that would be .32-.34. If it was a proper, patient, position of strength negotiation, with approaches made to numerous candidates, then why that wouldn’t be achievable is beyond me. We’re the biggest, baddest emerging mutha farking deposit on the ASX (behind DEG), with the best management team who know the game and what they have....remember?
Expand
