Ann: Change in substantial holding for TPM, page-5

Based on the notice from TPG, they actually haven't increased their position at all.

The change in shares they own, being +13mil was from the $0.23 placement, based on the $3mil consideration and date of acquisition. It looks as though they may not have lodged a change in holding notice at the time of the completing the previous placement.

It will be interesting to see if any of the other substantial shareholders participated in the raise.

Whilst I understand the company's intention to include all shareholders (mind you that recently contributed via the SPP) in the capital raising, i question the value to existing shareholders of a 1:11 rights issue and the fee to Paterson's for underwriting this + the cost to the business to issue the rights issue documents must also be considered.

Lets see if this arrangement with Paterson's transpires into anything credible on market....