Thanks IHS. Sounds like HC did his best Shane Warne...

Thanks IHS. Sounds like HC did his best Shane Warne impersonation - looks like the market has seen right through it unfortunately.

His explanation of the placement still annoys me.

Let's just assume for a moment that management decided they needed A$30m. They then come up with the idea that a SPP is the best way to reward their 7500 SH's.
If every single SH took up the offer to the maximum that would deliver A$37.5m. They would require 80% of SH to subscribe to the maximum to reach their A$30m figure.
Questions:
- Did they really expect 80% of SH's to take up the offer when the shares have been in steady decline for many months with management performance questionable at best?
- Why was the maximum allotment $5,000?
- Why weren't the free options given to us unsophisticated investors? (perhaps they would've had more interest if they did and would've truly rewarded us)
- Why not wait until after the SPP is finished before approaching these privileged sophisticated investors. People were probably waiting until the last moment to see if this dog would drop below the 11.5c SPP price - the halt was clearly timed to avoid this happening.

HC and TMR are coming across as very cunning and I don’t mean that in a good way at all.

So while I’m glad that some people who attended the AGM have left feeling better about their investment we are back to square one with more promises being made. Delivering on promises isn’t exactly a strong point is it? The market has had an absolute gutful of HC and TMR and it is getting rightfully shat all over.

I'm going to hold these as a lesson to myself and will watch things unfold with interest. I'm very glad I only have a small holding.