The skeptical part of me thinks the SP may be being kept around this level, for good reason.
In this report, it assumes that we'll have over 3 times the number of shares on issue, to be given to equity partners:
http://www.tngltd.com.au/images/tngltd---efaepeeghe.pdf
That was based on issuing shares at 16c, when the SP was 15c. Higher than we are now, over a year on! :-/
So they are assuming that TNG will issue new shares to equity partners, at around the same price as the current SP.
"This would see the number of TNG shares on issue rise from 803.5 million, to around 2,679 million."
1,876 million x 0.16 = $300 million, give or take.
If our share price was say 30c now, the equity partners would only get 1,000 million shares.
A hell of a lot less dilution for existing shareholders (hurrah!), and a less attractive proposition to potential equity partners?
Or am I being thick (quite possible)?
I'm pretty sure there's probably some element of truth to that theory.
In the greater scheme of things, investors like us, are cannon fodder.
Having said all that, I'm still a vehement believer in the economics and potential of this project, and am fairly certain now it will go ahead.
I even topped up my wife's account with 32k shares today, an early birthday present - 1k shares for every year she pretends to have walked the earth for (pretty sure she's been that age for a while now. Even my kids aren't convinced)...
Perhaps it's best I go back into hibernation and see how the next few months pan out. I'd love to eat humble pie, but get the feeling it will be more likely egg on faces again for our heroes at the helm.
Sigh.
