Kojak was spot on A CR was being done. It was talked about and...

Kojak was spot on
A CR was being done.
It was talked about and passed at the AGM by a high majority 90%, I voted against it
Stern was clear in responding to my questions that finances are way better but not out of the woods yet no solvency issues needed to be checked with the lawyers for 12 months now. A lot of talk about the CR at the AGM, and here it is, the idea of a NRRI obviuosly ignored.

$5M is a small yet 10% will be a substantial holder.
I think Ruffer will take it to average down from 36c to 10.5c taking their VWAP from 36c to 18.5c and their holdings from 22M to 70M and take them from 5% to 15%

This small dilution is actually a positive as it provides TRY will a stronger balance sheet, more cash at bank, large supportive long term holder and funds mining and drilling on top of the current FCF.

The Investec deal is just a $1M change and 10 days so nothing there. A long term Investec deal on a revolving credit line and cheaper rates is what I think they should be negotiating.

Investec is clearly very supportive and this is a big bonus for TRY long term.
Its essential to have a large banker as equity holder willing to fund and defer repayment terms, what other banker would do that for anyone else, not for me thats for sure!

Financial position secured. Debt small & deferral is minor
Bankers & new equity holder happy to get cheap allocation, dilution small,
Drilling and mining secured & fully funded
Whats there not to like?

Merry Christmas all! TRY will FLY!