Only legends who know their stuff own this stock - so non...

Only legends who know their stuff own this stock - so non legends please move on. If you own TLM you are a legend (get that t shirt printed)...

My take on this is as follows:

1) Don't non-believe the announcement. Management has already received $58.15m and announced a $46.5m distribution. They are retaining more than sufficient cash and to distribute any less would be a disappointment to their major shareholders whom I assume they need ON SIDE.

2) Don't confuse "distribution" with "dividend" they are very different things. This announcement is hugely positive. It is noted that of the $46.5m distribution, $11.8m is a fully franked Dividend. The balance therefore (I assume as no mention of an unfranked distribution) must be a RETURN OF CAPITAL. The return of capital is not taxable (me not them). So...what we have here is a Dividend of a total franked up amount of $16.85m to be paid this quarter. Then after Xmas in Q1 19 a return of capital of $34.7m.

3) TLM has 185.699879m shares on issue. The total gross proceeds per unit of the total distribution, including franking credits, is 27.8 cents per security. Ahem....the stock is trading at 29.5c...

4) The 30 September cashflow report shows $4.7m cash in the bank. The announced completion of the sale of MONTY was on 12 October. The retained cash above the 30 September cashflow report, adds a further $12m (the net proceeds of the sale announcement net of the Taurus debt and net of the announced distribution). So, today, assuming nothing is blown tonight at the office party, this stock is sitting on $17m cash.

5) $17m cash divided by total shares on issue is 9 cents per share. The last time I checked 27.8 plus 9 equals 36.8 cents per share.

6) The PUBLICLY ANNOUNCED cash flows equate to a 25pc premium to the close price today.

7) And that's the cash position. Let's just forget an existing massive Nickel mine and facility (whoops there it is, I lost it! oh look it's got an airport too...) with a $120m replacement cost, moving into a structural nickel boom due to the EV revolution. And who cares about a deposit in western nsw showing drill results of 13m at 5.7pc Cu and 11m at 4.8pc Cu. I mean...who really cares.....