rearranging the deck chairs, page-4

Hi Bryan,

No change in their physical shareholdings (ie: up or down), but a change in their percentage shareholdings (ie: down) due to the 13m+ share placement announced on 1st April 2003.

In effect, Cutmere and Jaytide were each partially diluted as a result of the placement taking place.

Cutmere Pty Ltd is associated with Ron Woss.

Jaytide Pty Ltd is associated with Ross Leighton.

Both Ross and Leighton are Directors of TNY.

According to the ASX Release of 4th April:
1)
Cutmere Pty Ltd changed its relevant interest in TNY on 01/04/2003, from 22,179,504 ordinary fully paid shares (14.92%) to 22,179,504 ordinary fully paid shares (13.69%) - same number, different percentage; and.
2)
Jaytide Pty Ltd changed its relevant interest in TNY
Limited on 01/04/2003, from 18,511,692 ordinary fully paid shares (12.45%) to 18,511,692 ordinary fully paid shares (11.43%) - again, same number, different percentage.

Conclusion:
1)
neither Director participated in the placement announcement on 1st April 2003;
2)
neither irector has sold down any of their shareholding through to (at least) 4th April; and
3)
the placement appears to have been made to new, or "fresh" investors, as opposed to longstanding shareholders.