I'm in the "they don't want 75c option dilution"...

I'm in the "they don't want 75c option dilution" camp.

Reasons:
-Probably have debt funding lined up but didn't want to execute yet for fear of putting options (too far) into the money. Remember that Ian previously said bank funding was in the bag.
-Still needed some cash to continue, hence the placements above 75c minimising dilution.
-They are specifically avoiding an easy payment option such as BPAY and making converters use cheques.
-No pump announcements. In fact, the one announcement they put out looked like it was designed to retard the SP!

So, it won't surprise me if TRF sell some heads towards expiry and buy up more very cheap options to keep their dilution to a minimum.

Who knows, but if it is true that bank funding was lined up, is it not the duty of the board to ensure IFE holders interests are looked after? They have no such duty to option holders as far as I know.