Ann: Proposed issue of securities - TNR, page-6

I like it mode, purely because it will cause many/most of the current options to be exercised now therefore taking away the uncertainty of a raise in the near future. It may well be cheap as you state but it also must be overwhelmingly attractive to holders to entice the conversion now.

I actually think it may drive the shareprice higher as buyers attempt to get on the register by the record date. If there is any overhang it will be short lived given the compact timelines.

I know their B/FX investment is looking very healthy but (and this is my opinion only) I don't think they would want to be seen selling this so early.

cheers