lost opportunities, now somebody realises, page-3

Why didn't TTY make an announcement. This is already 24 hours late for an announcement. Announcement was made by MAL at 10.54am 13th Sept 2010.
TTY plan to spend $1 million on shares to relist MAL. BUT NO ANNOUNCEMENT !!!!

At least Noble Group have the common decency to advise their shareholders.
http://www.thisisnoble.com/index.php?option=com_content&view=article&id=1080%3Asubscription-of-shares-in-matilda-minerals-limited&catid=21%3Aannouncements&Itemid=110&lang=en

No wonder I think TTY is managed by clowns.


13 September 2010
MATILDA MINERALS TO RECAPITALISE AND RELIST ON THE ASX

Raise up to $12m by issuing 60m shares at $0.20 per share

Issue to be fully underwritten by RBS Morgans

Noble Group to become a cornerstone investor and appoint two directors to the Board

Noble Group enters into a Product Sales Agreement and a Technical Services Agreement

Focus on Queensland coal exploration and development

35 EPCs granted and 30 EPCs under application in the major Queensland coal basins

Proposal to rename Matilda to Blackwood Corporation
Matilda Minerals Limited (ASX: MAL) (Matilda or the Company) today announces plans that will allow the Company to be recapitalised, exit administration and seek re‐instatement to trading on ASX in late 2010, focussing on its existing coal assets in Queensland.
Capital Raising
Matilda is proposing to raise up to $12 million through an issue of new ordinary shares to new and existing shareholders of the Company.
Subject to the execution of a formal underwriting agreement, the issue will be fully underwritten by RBS Morgans Corporate Ltd. The funds raised will provide Matilda with the necessary funds to conduct aggressive exploration activities on the Companys Queensland Exploration Permits for Coal (EPCs).
A summary of the current intentions of the Company for the funds used is outlined below together with the pro forma capital structure following the completion of the capital raising and the recapitalisation of the Company.
Matilda holds 35 granted EPCs in the Bowen, Surat, Galilee and Clarence Moreton Basins covering an area of approximately 3,400 km2. Matilda considers a good number of these tenements to be prospective for coal deposits.

Noble and Territory
Existing Matilda shareholders, Noble Group Limited (SGX: N21) (Noble) and Territory Resources Limited (ASX: TTY) (Territory), with current direct shareholdings of 4.62% and 27.4% respectively, have agreed to support the proposed capital raising and have each agreed, subject to the satisfaction of certain conditions, to subscribe for shares under the capital raising.
Noble will become a cornerstone investor in Matilda by subscribing for up to 30,800,000 shares under the capital raising and will provide additional support through ancillary commercial agreements with Matilda, while Territory has agreed to subscribe for a further 5,000,000 shares under the capital raising.
Noble and Matilda have also entered into a life of mine product sales agreement in relation to Matildas coal exploration tenements. Noble and Matilda have also executed a technical services agreement under which Noble will provide Matilda with technical services and strategic advice over a two year period, in return for further shares in Matilda. It is also proposed that Noble will also nominate two directors to the Board of Matilda.
Post completion of the capital raising it is expected that Noble (through its subsidiaries) and Territory will hold approximately 25.6% and 19.2% of Matilda respectively. Following the issue of shares under the Technical Services Agreement, Nobles interest (through its subsidiaries) will increase to 35% while Territorys interest will be reduced to 16.2%.
A prospectus is expected to be lodged in late October with the Company intending to seek re‐instatement to trading of its shares on ASX commencing in December 2010.
The Chairman of Matilda, Mr Barry Bolitho, said: Today is the culmination of two years work to relist Matilda as a dynamic coal exploration and development company.
We are delighted with Noble and Territorys commitment to Matilda and the contribution this commitment will provide in moving the company to an exciting new growth phase.
Matilda Shareholder meeting
The proposed transaction will be subject to Matilda shareholder approval at a General Meeting of shareholders in early October. The Notice of Meeting, to be despatched shortly, will outline all of the relevant information for shareholders regarding the proposed recapitalisation.
The Company will also be seeking Shareholder approval to change its name to Blackwood Corporation Limited.