Ann: Listed and Unlisted Options Expiry - Appendix 3B, page-2

Hi @zoulou,

I hope you had a good break,

Not sure what to make of this comment from you back from July,

"The recent capital raising did not see any participation TLG's largest shareholder, Smedvig. This is no surprise as Smedvig hold 13.4 million listed options exercisable
@ $ 0.45, some 30%, and I suspect a similar percentage of unlisted options exercisable at the same price, all acquired around the time of the previous capital raising. Please see the TLG last annual report for corroboration of this statement. Why would Smedvig pay $ 0.65, when they can fill their boots at $ 0.45? My conclusion is that Smedvig are very likely to exercise their holding, which will undoubtedly support the share price. For the record I intend to exercise my listed options and hold the resulting shares."

It is a bit of a worry that Talga's management and Smedvig who have a director on the Talga board didn't take part in the earlier capital raising, Some around here made comments that the TLGOA options would be fully underwritten, with Smedvig filling their boots at 45c.

What really gets me, if Smedvig, (who have a director on the board) could see any benefit in the near future with any of Talga's projects wouldn't you think they would exercise their options even at the small discount to the SP?

Smedvig held 30% of the TLGOA options, they could never buy this many shares on market without causing a major impact with the shareprice as you can probably tell, todays volume was only 3480 shares, due to the ASX disclosure rules substantial shareholders are required to notify the ASX when a 1% change has been made to their holdings.

I cannot see any need in the near future for Talga to raise cash as they had $16 Mil at the 30th of September 2018,

I don't think Smedvig / Talga Mangement are telling their fellow shareholders good news is coming any time soon.