Ann: Company Insight Significant Milestone , page-21

"TRF's recent buying on market makes sense if they plan on issuing stock to Sophisticated Investors, so as not to dilute their holding."

I can't agree with that. Taking part in the cap raising would have been a much smarter way to achieve that. The buying on market appears to be a case of bad trading tactics to me. They wanted to increase their holding and thought that the cheapest way to do it was by hitting the sell queue hard. Slower would have worked better IMHO.

I would have thought the temporary finance is more likely to be a convertible note of some sort. Something like a 10% coupon and a 10% discount on conversion sounds fair to me? Hopefully any conversion would take place at a much higher sp.