Ann: Trading Halt, page-27

Let’s have a think about ways to b shafted by Shandong Yulong (and their cohorts that r likely to play a major role in the Ancuabe development)

The first, and most terrifying to any of us, is another billion or so shares which at 2.5c would still only give TON another $25M towards Ancuabe, but dilute the value of the company by 60% and drive the sp down to close to worthless levels, to us anyway. That’s one way to b shafted. The problem here is that does Rod Z give a stuff about the inherent value of their TON holding ?
He should if they want to attract the rest of the Ancuabe finance.

The next would b a straight take out by Shandong. Now we have Rod Z as the incumbent chairman and Max Ji as the two Chinese directors and with the two Ozzie’s which makes a board take out unlikely given active TON management is currently local. Not sure if Lloyd Flint has voting rights.

Then there is a share takeout. Something to worry about given Shandong have a hefty chunk of the company already.

What is worrying is the gold connections penchant for taking out Oz assets. Not sure how that played out but it might b worth a look.

Much now depends on the ability of TON to attract the balance of Ancuabe finance and for it to b predominately cash/debt.

I’m wondering if this may perhaps b the reason for the TH as well ?

But I’m getting of the T/O issue.

What is our guarantee that Rod and Max don’t manipulate TON into Chinese hands?

I guess there is none really. Perhaps this is why these shares r called specs. But still if Shandong have any decency in how they treat the holders that have remained with the company thru some very trying times then they will do all they can to create as much value per share that they can. It also gives Shandong a valuable asset.

Any thoughts?

Bye I’ve never seen the TON threads so chatty !!!

Gr.