Yes, these type of backdoor listings often work well.
It seems that the Directors of TGX have failed miserably and notably the Chairman has already felt the heat and departed.
Hopefully the existing mob will go quietly as I suspect they may find themselves open to examination on a large number of issues, anomolies and desperate self preservation attempts .
The potential for increase in asset values seems good just simply on the basis that shareholders funds may for the first time be aimed predominantly at exploration rather than "administration".
In fact it hardly seems worthwhile that the exiting CEO should waste the cost of a flight from Invercargill to Brisbane to attend a meeting that is both a waste of his time and TGX's diminished cash reserves at bank. Given recent events that cash has probably now been spent in any case on lawyers and financial advisers. Caveat Emptor.
TGX Price at posting:
3.5¢ Sentiment: LT Buy Disclosure: Held
