Ann: Proposed issue of Securities - TNR, page-94

Credit to the MD for a detailed response.

But if an existing (large) shareholder was prepared to take $2m, why the need for a 'broker' as a middleman?

Pretty easy to canvas the top 20-40 shareholders (and their mates/associates) directly and just get the deal done.....

And the unlisted option line is a bit of fudge - plenty of companies have 2 or more series of listed options.

And again, if the demand for more TNR stock is really there (as I'd suggest it was), Peretz should be mandating the terms, not letting the greedy broker types dictate.......they gave those blokes $340k for making a handful of calls and flicking a few emails around!

Anyway, onwards and upward.

Hopefully the drill bit can start doing the talking again....