Yep... first, just to clarify, don't believe the hype about SI's...

Yep... first, just to clarify, don't believe the hype about SI's that is often spruiked here on HC. Whilst lumped together Institutions, for most Sophisticated Investors (Sophs or SI's), you should consider them to be more closer to normal retail than an institution, just like everyone else here. You just meet the minimum requirements (the bar is pretty low) and do some paperwork. It just then allows the brokerages to raise money from you faster and with less regulatory overhead (ie. they can do it with less admin and paperwork required - an SPP on the other hand requires time and prospectus lodged with the regulator etc) - hence being involved with these cap raises.

Me... I've been investing for about 25 years... and as a soph for a while. But really I just consider myself a retail investor with a bit more access... but it is a double-edged sword. There is certainly very little special about me.

As for this TEG rubbish that just happened... Yep... I took part in the raise (I was also a holder beforehand and have been in TEG since the Townshend days - so certainly not just an in and out guy)... Nope... I didn't sell a single share from the raise and did not intend to immediately dump any as is often suggested... and Yep... said goodbye to 50% of my capital within days later. Of course, I would normally trade some on SP movement and follow a de-risk strategy (I didn't get to this time), but I was here for the drill like everyone else.

On to the topic at hand, I am also convinced there was some questionable trading prior to this announcement (maybe from friends of management, people on the ops team, or on-site) but, contrary to popular belief, SI's themselves are usually shown as little love by management as retailers are. In all my years I have certainly never received a heads up or any insider gossip - maybe I just don't have any important friends? I also know that the corporates are pretty furious (maybe they are just saying this to appease me) when I called to ask "WTF just happened?"... their drastic re-valuation I think in part reflects clinical valuation and in part reflects their anger. Having their clients questioning whether they just got screwed is also bad for their business.

Other than that, I mostly agree with Docmin, and have expressed my other thoughts elsewhere here so I won't repeat it all, other than to say, I still think we are currently undervalued due to cash, assets, incoming funds and upcoming drill and intend to hold looking to see appreciation back toward the new Euroz tgt of 14c - which I think is a fair enough value. I'll exit at a loss, but I currently have a buy in the order queue to help offset that - so we'll see how that works out.