Hugh, thank you for your kind words. I will kindly answer your points.
Yes, TSI is only an investment for TSN now. The goal is to grow the ATM fleet as fast as they can in order to monetise this business around 2017.
Agree, completion of SALT agreement may potentially include a small raising to complete the conditions precedent. I say let them do it and get on with the deal.
I am confused on this highly geared in terms of shares argument you point out, simply because the dollar amount is always the same, whether it's 1,000,000 shares or 10,000 shares, you might only want $7,000 of stock, for example? Telstra has over 12 billion shares on issue, yet the share price has risen for the last 3 years, do you see people complaining about that?
The 25-30% TSI holding would justify the current market cap of TSN, even more so now with the further 800 ATM contract.
What more do you need from an update? It was pretty clear cut to me. Current operations is TSI, therefore that is all they can write about in an operations update other than to provide us with how the SALT deal is progressing - and they are EXPEDITING the SALT agreement, which I guess means trying to do as fast as they can.
Not sure I can be of much more assistance other than to say good luck to all holders and I hope to see SALT definitive agreements as soon as they are ready.
TSN Price at posting:
0.7¢ Sentiment: None Disclosure: Held
