blaze assets owns 5.14per cent of tex, page-21

Hi All,

I have spent some time this morning reading the ASX listing rules [Chapters 6&7] to see if TEX is able to do anything wrt the options. Sorry i can't cut and paste the relevant information here as the ASX has locked the PDF document. You can view the listing rule here: http://www.asx.com.au/ListingRules/chapters/Chapter06.pdf

Under 6.22 there are certain limitations in which a change can be made to an option's exercise price, none of which seem to apply here.

Under rule 6.23.3 there is reference made to reducing the exercise price and/or extending the period of time for exercise, neither of which looks good for us either. See each of the four dot points.

So it looks pretty much a no win situation for us option holders.

After some more research into changes to option terms I did notice that ERH had a waiver to listing rule 6.23.3 made by the ASX to the terms of their 'piggy back options' on 1st April last year. So application for a change via a waiver may be possible. [only possible].

Given the decay in the oppie price [especially since this stupid t/o offer] and the lack of consideration of option holders by the t/o it is disappointing that we have seen our holding been made almost worthless.

Even more frustrating is the fact that expiry is approaching and the company seems to be fighting off the offer instead of being able to concentrate on more important things ... like the oil and gas!

Unless there is a ann to the upside from left field in the near future, i fear my rather large holding of options will be worthless. Given the facts above, i don't see much point in buying more at current prices to average down.

If there is any broker or person who has had experience in this situation before out there or anyone who can see something i might have missed, please feel free to reply to this post.

Perdy