Ann: Non-Renounceable Rights Issue for Stage 1 Pr, page-13

re: Ann: Non-Renounceable Rights Issue for St... Hi all,

re price of NRR - I think you would find the funds aiming to be raised wouldn't change, ie only the ratio would change if at a lower price. e.g. 1:10 @ $0.65 = $2,600,000 or 1:5 @ $0.325 = $2,600,000

so price of issue isnt the issue - i think the focus should be on the fact it is an NRR issue and it is management's attempt to avoid current holder dilution. I think that speaks volumes for TRF - they dont want to be diluted out of their 50% holding.

Interesting that it is not underwritten - it would seem they have discretion to allocate shortfalls to anyone except themselves or associates... maybe insto? another big name on the register tying up more I.C. is fine by me - as long as there is escrow of +6mths.

hope that makes some sense!

cheers
Split