TEG Growth Opportunities, page-317

Given the TO's that have already occurred in the PB it's fair to speculate that the ruler is also being run over TEG's books.
If you look at the reality though both the MIN-NWE and STX-TPD were shotgun weddings. There was only ever going to be one suitor. The only ACTUAL competitive T/O was for WGO with Hancock, Beach and MinRes all having a run.

Since the restructure CT and his team have worked hard for TEG to strengthen its position against an opportunistic T/O. They
- fought to re-establish Cliffhead
- finalised the acquisition of L7/EP437
- liquidated a chunk GAS rather than CR
- retained control of L7/EP437 while farming out
- dissolved the CCS JV for a cash payout

All of that combined with our cash reserves, free carry on L7 and upcoming JV payout means that TEG can continue to operate independently. Any T/O will need to be on terms that the board supports. CT has been quite deliberate in stating that the potential for TEG is a $280m uplift if Booth Best Case is achieved. IMO the message is as much for any potential suitor as it is for us. Any T/O would need to consider the potentially massive leg up TEG will get as soon as mid 2024.

TEG is on a fairly unique path for a speccie miner. It is going from a producer back to an explorer before, hopefully, once again becoming a producer. In doing this the board have been focussed on downside risk management strategy and have made a few unpopular decisions along the way. (GAS sale anyone!) Having survived that chapter they can now now focus on reaping the rewards this hard work.

Its going to be a busy next six months for TEG. I can't wait.

All IMO, DYOR etc.