Ann: Notice of change of interests of substantial holder, page-3

TRG buying more, this time at 1.6c, which approximately makes the average of their recent purchases now about 1.1c, which to me makes it look like the company may try and get away with a 1.5c raising, but if it's not fully underwritten they may be in trouble. I'm not sure of TRG's average for all their other shares, but it will be low, certainly under 1c.

The question now is, will ALL the directors stand up and financially support the company, or are some of them simply content to collect some easy fees for doing very little except attending a couple of meetings a year and making naive and ill-informed business decisions on project purchase options?

There needs to probably be some board renewal here, with the introduction of some lateral thinkers who can also apply common sense, and sound business judgement, and good research, to the corporate decision making process. It's not rocket science, but it does involve some hard work and commitment.

The directors seem to be almost displaying a belligerent attitude to the current (and near future) state of global investment and demand in the small cap mining sector. Not many small cap miners will be left after this global transition period and clean out (and quite frankly, it's what the sector needed), some will exit gracefully and protect their shareholders, other will fall on their sword and crucify them.

Why spend money on a garnet/mineral sands project in the centre of Australia that will never be developed, it's crazy decision making, and smacks of either desperation or incompetence, or just plain laziness. There seems no common sense or logical basis for it.

The company should do a number of things, including;
1. Elect new board members
2. Elect a shareholder member to the board (who reports to shareholders weekly)
3. Change it's name
4. Research current global small cap mining conditions (and believe the tape)
5. Diversity - and invest in alternative commodities, including soft commodities.
6. If money is raised via this raising, they should start to think laterally, and possibly/potentially look at projects in areas like Graphite and Graphene and synthetic Graphite, Food and Agriculture, Fertilizer, 3D Printing, Alternative Energy and Fusion, and innovative technological projects coming out of universities, and other exciting and emerging trends in human development.

This is going to take shareholders who are willing to stand up, and possibly shareholders who together own more than 5% of stock.

This is currently a company with very little imagination.

And there is still the question of whether this company is a tax loss vehicle within the group of Transcontinental companies? Probably not, but hey, one has to wonder sometimes.

Gw