I received a document from Odyssey Capital Partners outlining a...

I received a document from Odyssey Capital Partners outlining a research paper on TMA produced by Independent Investment Research, which is available from their web site at http://www.independentresearch.com.au.

It is interesting reading. They are obviously trying to increase the share price giving an implied valuation of between 75 cents and 98 cents per share. However, in my opinion, there is not enough liquidity in the shares to produce an increase of this magnitude.

There are 117.179 million shares on issue with 80.88% of these owned by one entity (Karam Family Holdings). 91.13% of all shares are owned by the top 20 shareholders. This leaves only 10.39 million shares outside the top 20.

The report also states that there are 14.666 million redeemable preference shares (unlisted) but fails to state who owns them (I think it maybe Karam Family Holdings).

Overall, the report would indicate that there are exciting times ahead for TMA however, I would only expect the share price to rise if/when a dividend is issued to the ordinary shareholders and/or if the #1 shareholder were to sell down some of their holding to increase the available shares to the general punter.

I would love the share price to pass 68 cents as then I would be in the black. I have been a share holder since 2003 (MPI, Mark Sensing Ltd.).