Unfortunately his advice isn't accurate. Organisations like...

Unfortunately his advice isn't accurate.

Organisations like Patersons and other broker firms do institutional/high net worth placements for companies like TNG everyday of the week. In fact, we have outsourced a broker and they will be doing the TRR IPO.

Even a 5% brokerage on $4M is $200k. Christ, pay brokerage of 10%. What's it cost us in market cap....$25m. Exceptional result.

There is no energy lost by TNG either way, no prospectus (an IM would be 10 pages), no time away from all the items you mentioned because TNG has OUTSOURCED it all. SMS completing DFS Mach 2, Timpc Solutions for remaining off take, and SMS for majority of debt with export credit agency.

Although it would take time away from them drafting a 142 page AGM notice.

Since 20 June 2016 when Trafalgar were issued shares, 44M shares have traded. Trafalgar would be close the half of those which would be confirmed with the next top 20.

Its not a matter of there not being enough buyers, its a matter of there being too much supply from shares that shouldn't be on the sell side. Supply v demand. It's like saying the iron ore oversupply is because China isn't buying enough.

It is a result of the decision by TNG board to issue to Trafalgar who did the same thing in April 2015.

It deserves the question, why on earth do we have two capital markets/brokers on our board if the company is forced to resort to the lowest of low options. Their wages along would come close to the brokerage.

I can't wait for TRR demerger, our C graders can shuffle on over and we can finally get some competence on the board.

They might even proof market disclosures, god forbid.