Ann: Notice of Extraordinary General Meeting/Proxy Form, page-11

Mmmm...having been thru the TRR proposal doc, my thinking is that by setting August 15 as the prospective date of record for the in-specie distribution, TNG Board might expect to have their financing needs for Peake locked away by then?

The TRR deal calls for TNG to provide a loan of approx AUD$1M to TRR & this would presumably come from TNG cashflow. I doubt that they would contemplate a CR for this?

We know that the Woojin binding off take agreement is due for completion by early July. According to the term sheet announcement/BRR this will provide pre-production funding amounting to AUD$400M (for Peake construction/Tivan Refinery). Perhaps we can expect similar advanced financing from all the other partners when/if they execute their binding agreements?

Just think that by setting August 15 as the record date for in-specie TRR distribution, it allows 4 months to complete the key financing deals for Peake.

I'm thinking I might make the trip to Perth on May 20 for the special meeting. Would be good to meet our TNG team & discuss some of the hot topics. Would also be good to share a drink or three with other holders.

Cheers.

Jvest