Ann: Proposed issue of Securities - TNR, page-113

This wasn't a personal attack on you, just an attempt at answering your question.

I'm happy to be corrected, so please teach me the law; start by sharing Torian's AFSL number, and the conditions where it can issue securities?

Also, a disclosure document does not miss the point/principle. It would have a lot to do with the deal. The docs are very time consuming to "knock together", and the costs add up if you want it done correctly. It's the difference between creating a 70 page legal document (pds), or a 7 page legal document (wholesale term sheet).

From an economic, and investment management standpoint, wholesale is much cheaper and less time consuming, a 708 understands risk, is funded, and are less emotional / incessant holders. I know who I'd prefer to deal with (hint, it isn't you).

Where you are correct is that I am not a lawyer, hence why I'm happy for you to teach me (et al) the law about why TNR didn't just call their rich mates or T20 and dish out shares...

Try a bit of diplomacy in your next reply. Not everyone is out to get you.