Ann: Successful Completion of Institutional Entitlement Offer, page-12

Hi Vennsoh
I think this may be an answer to your question...
The TCLRA are the rights to the offer. They are a salable item so you could sell some or all of them to someone else while the offer is valid and then the buyer has the right to buy the stapled shares in TCL at $11.40.
I think a lot of people are probably going to purchase their entitlement because the economics are pretty good. I don't know if you read the offer documents but if you purchase the stapled shares under the offer with Bpay by tomorrow afternoon they are automatically eligible for the next dividend.
I have done this with ours as it is a no-brainer based on our allocation which is small so its not a big outlay and the offer price is similar to our current average purchase price.
I think the TCLRA options are currently $1.66. which means you get that straight off the bat if you sell them. I expect they will go down when the instant share registration for the next div date offer expires tomorrow. You might want to chat to your broker of financial adviser on this aspect.
If you take the option, you will need to outlay cash at $11.40 per stapled security and then recoup when you sell the shares later. You can also choose to do a bit of both and/or nothing. You should do your own research and the calculations and see what suits you.

GLTAH