change in substantial holding from pbl, page-4

pbl + ten = new holding (but, no cph) Hi Alpha,

TEN = PBL = TEN (BUT NO CPH):

In the AR02, PBL and CPH were coupled together to reflect a combined 15.75% shareholding (ie: 28.6m shares). They were, therefore, treated as related Parties.

In today's SSH filing, PBL has de-coupled itself from CPH.

The notice, therefore, reflects the following shareholding position:
1)
held by PBL = 17,196,473;
2)
held by TEN = 17,812,614;
3)
combined (deemed associates) = 35,009,087;
4)
voting power (combined) = 19.26%;
5)
this leaves CPH holding 11,436,000 shares in TMS;
6)
TEN's SSH notice reflected a deemed 25.55% interest TMS (comprising TEN, PBL and CPH holdings, or 46,445,087 shares).

TEN regards the "closed circle" association as TEN, PBL and CPH.

PBL regards the "closed circle" association as TEN and PBL.

The difference in all this can only be accounted for by one of 2 reasons:
1)
PBL does not want to be seen crossing over the 19.9% takeover threshold (even on a deemed basis); or
2)
CPH is operating independently of PBL and is moving to separately develop its interest in TMS.

Given the extent to which TEN and PBL will effectively move to >60% effective control of TMS in the coming months (ie: through the Placement, and Rights' issue), I do not quite understand why PBL is so concerned as to avoid being associated with CPH.

In these circumstances, the possibility of a takeover bid emerging for TMS now rings as an emerging possibility.

NOVEMBER POSITIVE CASHFLOW:

Alpha, beyond this, did you note that TMS posted a $1.6m positive cashflow result for November, and that its receipts for November returned to the high-11 range (ie: $11.7m). This suggests that Global's receipts (hence, revenue) could be even high than what I have been previously estimating, and that Global's EBITDA could exceed the $18.3m mark.

FY03 INTEREST:

FY03 interest now will max out @$2.6m, but more likely will come in @$2.2m, assuming average debt from 1/1/03 to 30/6/03 of $40m @5.9%.