Announcements?, page-6

Rev

The only reason for the subdued share price, which is again being caused by aggressive selling, albeit helped by low volumes, that I can come up with at this point is to ensure that TLG might be picked up on the cheap.

The recent capital raising was a resounding success with both the institutional and SPP retail offerings being heavily oversubscribed. TLG now has sufficient funds to take it to production, which should have taken pressure off the share price. The Preliminary Feasibility Study (PFS) shows what the company might worth once it is in production with a time line of 2021. TLG has also demonstrated considerable progress on the commercialisation of its graphene.

I noted in my report from the AGM that neither Pallinghurst nor Smedvig participated in the institutional capital raising, and moreover that neither exercised the options maturing in December 2018, although it is not clear whether Pallinghurst held any. My point is that it is starting to look like these two majors shareholders may have an agenda, on the basis of their lack of engagement in recent financing initiatives. Therefore until the news flow resumes after the holiday season, the share price is likely to languish. I take comfort that the stock is tightly held, as has been noted elsewhere, and any attempted corporate activity is likely to push it much closer to the value of the PFS.