Mitchell Drilling, page-46

The ideal situation (and this is just my opinion), would have been to raise as much as they could in the first aborted attempt, before they knifed BB in the back.

The SP then was hoovering in the teens.

They could have raised 6 to 7M then, maybe 8M, before they kicked him out - at least, they would have enough cash flow to see through most of 2016 - and enough time to bring about some meaningful outcome (eg. DFS).

But knifing him at "midnight", during the process of CR, caused tremendous uncertainties in the market place and the "allegedly" subsequent "payback" by him, destroyed any meaningful chance of a successful CR.

Kinda reminds me of Rudd/Gillard battles.

Of course, it is easy to be an armchair expert now, after the event.

One never know what happened then to precipitate such drastic actions or whether anything illegal had been committed.

Only an ASX/ASIC investigations will find out.

The issue now, is what will Shareholders do?

Will they dig deep to give the company enough funds to see through 2016 or write off their investment in TON?!?

IMHO, they probably need another $5M Cash to see through the year. Note, this does not guarantee success as TON still need to do a lot of work.

$2M will only be enough for a few months - thus causing disruptions, resulting in suppliers and creditors demanding upfront payments before any work is done, and most employees at TON will be sending out their resume instead of concentrating at delivering SH value. Unless of course, people know there will be positive results (like positive DFS, etc) in the next few months!!!

The other alternative is the Deed of Company Arrangement - this really is not the best outcome for Shareholders.

So its over to you guys who are still holding!!!