Ann: Renounceable Rights Issue Completed-STA.AX, page-7

Hi all,

I'm with seals here. He's/She's not screaming sour grapes 2bitpirate, just stating the fact that the directors have chosen to give the majority of the shortfall to a private equity mob they've been in bed with for 2 minutes compared to the suffering loyal long term holders they were happy to take as much money as they could get from over the last few years. This includes the disastrous SPP at 6.5 cents back in March 2013 which was completed only days before the news that POSCO was pulling out of Coburn was released. Then we had the SPP in October 2014 hot off the heals of the Rights Issue a few months earlier in April 2014.

Considering shareholder take up rate of the current Rights Issue was 61.65%, I'm of the opinion that the directors should have accepted the additional 17% applied for under the shortfall offer. We are only talking about an extra 69.5 million shares here which would have been much cleaner and kept shareholders a lot happier. Tembo would have been allocated the remaining 55.6% of the shortfall being an extra 183 million shares which is still more than all of the shortfall applications received from the entire shareholder register. The effect on Tembo would have been a 26.5% controlling interest rather than just under 30%.

All IMHO

Cheers,
xmagx