rights issue, page-23

Here is a back of a fag packet analysis that I put up for comment....

At present TEX has 78,200,000 shares out there at a closing price of 16.5c when we went into a trading halt.

Since then, we have an announcement about a fully underwritten share offering at 13c a share on a 1 for 3 basis. Therefore an additional 26,066,667 shares at 13c each.

If we add all that up, we now have 104,266,667 shares at an average of 15.625c each (for the same market cap). In addition there is a 1 for 3 free attaching option to go with it that has only upside if/when the SP breaks through 25c.

In my simple view, we are currently trading light on an apple for apple basis, let alone looking at Bandito et al...

Putting this up for discussion and happy to have faults pointed out!