Ann: Change of Director's Interest Notice IDF, page-11

They may have been managed as if they were one and the same but they are definitely NOT one and the same. IFE is a sub-set, if you like , of TRF. IFE holds assets which IMHO are valueless. TRF still has other assets which potentially have value. Why would we give half to IFE shareholders ? Finch may be having a fit of conscience for having left the IFE shareholders with a lemon but that is no justification for sacrificing the position of TRF shareholders, many of whom (including me ) have intentionally invested in TRF because of its wider asset base.