letter to the tex board, page-5

DsmO, while I sypathise with TEXO holders' situation zurich has pretty well summed up things imo. Oppies come with an expiry date and the default position was always to be either exercise or expiry. As expiry date nears and oppies are out of the money, based on a reasonable view of heads near-future value holders needed to make a call. When recent cap raising was proposed that was a clear message to the mkt that the Board believed they wouldn't get the funds injection from the TEXOs and needed a plan B. If the Board were to now extend TEXO expiry date people who took up recent offer could rightly feel shafted because they made an investment decision on disclosed information, including an expectation on fully diluted cap of TEX. So TEX can't really win with this, they would have to upset somebody. I do think they should have told you straight up at your mtg on 3/10 that there was no possibility of extension. To say at that time the Board hadn't ruled it out was a bit shabby, imo.