Agree with VENDRON re TEXOBs - many option holders bought at...

Agree with VENDRON re TEXOBs - many option holders bought at 2.5-3 cents meaning total cost per share on exercise of 12.5-13 c. So why exercise now ? Better to sell ops now at 1.5 c and buy some shares on market at 11 c net cost 9.5c ? Most exchange-traded options expire unexercised unless SP exceeds option cost+exercise price so don't expect a flow into TEX coffers unless the SP ramps up pronto. Re. cash position don't forget the $2.5 million raised from the Convertible Note issue (ASX Ann 13 July) - the notes fall due at years end and as TEX is unlikely to have the cash to fully repay it is in all shareholders (and noteholders) interests to approve the share conversion at the 7.5 c rate IMHO this also has created a floor price short term.