conversion not a signal to jump in, page-4

No, not personal, just bewildered.

You talk about control, but the stake is only 45%. Creep provisions only allow for 3% a year, so we are talking about 2 years of solid on market buying to get to 51%. So a bit of a stretch.

You also seem to discount the value of the other 55% of TTY shareholders who now have the advantage of
a) being debt free.
b) Financial backing of Noble displayed up front. Given their deep pockets, any chance of TTY failing now looks a lot less likely. Thats worth a lot in my book.

Simple maths shows that before the announcement, TTY had a EV of roughly $85M (265m shares at 24c plus debt). It also had a overhang of financial difficulty. Now (if the deal goes through) it has an EV of $81M at 28c and the financial difficulty has been removed. Not sure how this is "efficient".

BTW, there are free lunches everywhere, you just need to crash a few parties.