It's interesting:
1. PB has a loan from TNG that is to be cancelled (annulled? forgiven? the word has escaped me...) in the event that TNG is taken over. At this AGM his remuneration includes a bonus (2M options) based on securing a finance deal.
2. There are measures in this AGM to renew a protection against takeover.
3. I saw TRR as grooming the company for takeover - it has now been delayed.
4. The issuance of options to the board could be a way of giving more voting power to them in the case of hostile takover bid. (As stated, they would need to exercise them with their own funds in this event).
Is the board moving away from attracting a takeover? If so I think it says a lot of positive things about how financing is progressing in terms of setting up Mt Peak as a solid long term earner for TNG shareholders.
TNG Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
