The capital reduction is definatly an interesting choice.Issued...

The capital reduction is definatly an interesting choice.

Issued capital of TXN is 245m shares - add the new wandoo shares (11m from memory ... like a fat kid at a buffet = dave just can't help himself) = 256m.

Talon = 2 for 5. So just on 100m shares. The percentages stay the same unless they are planning on a cap raising.

Talon will be starting with $10m odd in cash (haven't found that number in the docs yet)

So cash will be an issue

I'd have thought that one plan has to be the remaining MR Olmos will get some quick verticals and they'll try and sell it. They got $12m odd for the other Leighton Olmos field which was quite a bit smaller (say $15m?).

A cap raising obviously dilutes the exisitng holders but again the %s remain the same. Hmmm - still not sure why they've done it!