Their medium-term prospects are excellent, both in OZ and North America.
The MD will be injecting ~400K of his own money.
The chairman is underwriting another 50K in addition to his entitlement.
Ask yourself: who is offloading at 0.6 cents today? Where is the money/logic in it?
Perhaps its Argonaut who wants the SPP to be undersubscribed to get some cheapies (on top of their entitlement as a major shareholder). Perhaps another sophisticated shareholder?
Even if they only get $3 million, it will tide them over for a potentially very exciting 2013. Just look at their prospects. There are reasons some people here brought at over 3 cents (but some are too punch drunk to remember).
I will be oversubscribing. A well capitalised TSV is a very interesting investment proposition, especially as the shale story unfolds in Australia, and WA in particular over the next year.
I can understand why some may be wary of throwing good money after bad. I am happy to get their entitlement myself though.
TSV Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
