capital raising

Guys - bit disappointed we are going down this route but not entirely surprised given the recent lift in price would have been pretty tempting for management, the previous direction that they "wouldn't raise at these levels" was given when the SP was below 25c.

Prudent capital management maybe, but I was hoping they could operate lean and mean and fund everything out of cashflow. It would certainly enforce strict discipline.

They could place up to 100 million shares without seeking shareholder approval - so expect that we will see a placement underwritten by (guess who) the silver donut - who (coincidentally) just started coverage on TGS in the last few months.

Price is key here, would like to think we could drive a premium to current SP - at least make the donut work for its hefty fees.

All pure speculation on my part, we wait and watch.

Management halo still there but sitting slighly askew.