Ann: TSN Raising $1.7 Million With Strong Institutional Support-TSN.AX, page-182

Good evening team TSN.

So much mis-information on these threads over the last few days.

Firstly, lets clear up this gag order rubbish. We met with Gary and the Indian CFO and CEO a month ago, and there was NO gag order or anything similar. We were sounded out regarding a possible raise should the opportunity arise to increase the TSN position in TSI.

Monish told me outright that he and some of his executive team want to take a position in the listed entity, that has now occurred. This is a massive tick.

The raise was NOT done at a massive discount to look after mates or insiders. The stock opened at 2c the day before the raise was announced, traded at 1.9 and closed at 2.1.

3 days earlier it closed at 1.8c. A 20% discount is very normal at this end of the market. And I would say when they were finalising the details a few days before, that discount was more like 11%.

Stock was very hard to come by as most went to some very impressive funds....not just broker clients as some have stated. I could NOT get my hands on any stock at all.

Yesterday I received a call from one of the funds I put this to a few months ago, asking me to brief them on the metrics of the business. All of a sudden they are interested in getting involved.

Today, one of my crew who did manage to get a small allocation in the raise got a call from another Sydney fundie, saying they heard who some of the instos that got in on Monday were, and that the list was very impressive.....can we meet to discuss the opportunity over at TSN?

I also heard from a fundie in Melbourne today that there were TSN meetings going on....I have no idea who was there and what it was about....but I am hoping they are penning the final step of the acquisition.

This talk about debt or equity....lets be very clear. Debt is MUCH cheaper than equity.
I have stated a few times here that I will do whatever I can to ensure the raise is kept to a minimum. We have spoken to a number of potential funds that have a mandate for these types of opportunities. Hedge funds love special opportunities like this....they all have an allocation of funds set aside for this.

A convertible loan paying a 7% coupon and some conversion to equity at higher MC valuation....straight out bank funding as a cash flow lend against the balance sheet......there are 20 ways to skin this.

The first raise brought the right cornerstone investors onto the register. No doubt they have agreement that if they were looked after now, that they would provide support on market later. Obviously with C Group selling since we hit 4c, any insto will try and see how much they can pick up from him first before driving up the price on market.

Lets all just take a chill pill and watch how this plays out. If you already have your seat at the table, just relax and watch. Next week or so might be very interesting. Remember, the register is still VERY VERY tight. Anyone who wants a large position will struggle to gain one.....FACT.

Dont sell your shares, and dont feed the trolls.

10x