price sensitive announcement, page-23

"no shareholder update is going to lift the price."

They have some impact, but agree that income traction is what will make the price explode.

I'm pleased to see that the CEO seems to have been completely honest in his comments to me recently... a breath of fresh air when you get used to salesman pitches or outright BS from some companies. He also didn't hint about any specific stuff in the update we've just seen, just reassured me that the board were on track with their plan and cashflow was no longer a big problem, which is the honest thing to do. Management integrity is just as important as good product in these kind of plays, as the long termers have had demonstrated in the past.

Just one thing on the topic of buying shares on market vs being issued them.

It's obviously vastly better for shareholders for directors to buy on market. Issued shares should at least mildly deflate the share price because of dilution, plus they can be addictive... and if companies develop a habit of 'incentive issues', watch out.

Shares bought on market have the opposite effect. Purchases on market (especially in thinly traded stocks like TZL) push the share price up because of supply and demand, and the positive signal it sends often has a multiplier effect, too. The market justifiably sees sinking your own banked cash into a company as a big vote of confidence, whilst getting free shares issued could be just a 'two bob each way' thing where IF the company succeeds you make a killing and if it doesn't, well, they cost you nothing anyway.

I'm very happy with the way the company is travelling, but for me the one thing at the moment that would remove any doubt is to see the directors actually buy some shares with their own cash. It was when Politis bought a decent lines of shares that I increased my holding in TZL quite a bit.

Don't get me wrong, I'm not complaining or saying the company is a big risk if the directors don't buy on market, I'm just saying that if any did buy a significant line it would move me from high confidence to extremely high confidence in this play. Mind you, it's hard to get much stock at the moment without massively moving the share price, so I don't actually expect this to happen in the near term.

Last thing. Wouldn't be at all surprised to get a major announcement before AGM. Directors are only human. They want to be loved, too!