Ann: Results of the Share Purchase Plan, page-25

I essentially did the same thing.

I had previously owned a little TPD earlier, Sold a heap of STX and bought a heap of TPD before the capital raise. I saw TPD as being very undervalued on Waylering alone.

Then the capital raise came along and decimated short term share value.

I do think the capital raise allowed them obviously to invest in E7 etc, but we gave up short to medium share price appreciation for something that may happen some time in the future. We are not drilling any holes in PB for a while !!!