Ann: Managing Director Presentation , page-14

cheer up manila, matey. these clowns managed to trade below my stoploss over xmas and my holding went while i was knocking back glen morangie on ice, but i still made 20 cents per share. i'll buy back in at 30 in a few weeks after the dismal 1/4ly report and sell again at 40 cents in march. easy money.

noble stayed with them because:

1) noble invested $70 million in shares at $1 per share - if they gone under he'd have lost the lot;
2) noble gave tty god knows how many millions ($60m? $70m?) to invest in australian juniors. tty made a total hash of it and blew the lot;
3) so with maybe $150m of noble shareholder's money invested in TTY what were noble's options:
a) call the ball, not back them and loose the lot (ouch);
b) take security over all of tty's assets, take a punt and see if tty can trade out of insolvency (the reason for the trading halt). set a condition that noble have call over all tty profits;
4) noble still have first call on profits until the debts paid out, and at the same time they take 2 or 3% of revenue as sales commission.

noble did not stay with tty because of other shareholders. it stayed because they took a punt on the iron ore price rising. they atleast had the marbles to stay with their investments, unlike territory who bought high and sold low. they been operating for almost 4 years and still haven't returned positive NPV.

happy holding. its good noble has a future planned for tty, because half the guys at tty can't decide when to go to the toilet next.