wow!, page-20

donteatme ...

As always do what suits you. Don't be too heavily swayed by the faceless rants of people like me on hotcopper.

I say this because I was a bit irresponsible before as there are actually two alternatives with the SPP

the simple case is - any mug can see that if you can buy shares @ $0.65 and sell them at $0.80+ its a good deal. But of the 2300 shareholders - not everyone has access to $15k. Assume an average application of $12.5k and we'd get $28.7m in applications (or 44m shares).

Scenario One
the raising gets capped at the 15% (26m shares) that does not require shareholder approval. scale back is about 60% of what you asked for (if they prorata exactly)

Scenario Two
the raising is oversubscribed and the company goes back to seek shareholder approval (which is kind of a circular arguement given that the shareholders are the ones seeking the funds in the first place)- and TXN keeps the lot with no scale back.

I guess its a question of whether Dave Mason & John armstrong can digest the dilution.

My observations are that the business plan is reasonably well thought out and John Armstrong rarely does anything on a whim. Hence my suspicion is that they'll work to the plan, scale the raising and run protection on the dilution.

But its an excercise in reading the crystal ball... so make your own mind up.