Not sure why there is so much resistance for the CR.TEG has...

Not sure why there is so much resistance for the CR.

TEG has announced that:-
The company intends to undertake a pro rata offer of options ("Entitlement Offer Options") to eligible shareholders resident in Australia or New Zealand for nominal consideration of $0.01 per Entitlement Offer Option, on the basis of one Entitlement Offer Option for every two shares held on the record date. The Entitlement Offer Options will be issued on the same terms and conditions as the Placement Options.

I believe the current shareholders will receive option @ 0.01. In addition the stock is trading at the placemen price so if one believes in TEG then there is still opportunity to buy additional units at this price. The company is now cash rich and there is whole lot of chance for the huge surge. Retail cant move stock which why TEG is trading at negative EV. Big guys are required to move it.

Also if this CR will be voted down then I believe the stock will crash 50% immediately. The right issue will take time which is key for the company. They got cash and now they should come out with big announcements.

Why the raise – funds are required for:
- Capital investment towards Asset Life Extension for Cliff Head (deferring Decommissioning to 2030)
- New Production via Preparing drilling campaign (infill) at Cliff Head to extend the life of the field to 2030 and potentially up to 3000 barrels / day. Capital investment in Mt Horner Oil Field. Historical Production 1.88 MM barrels of oil. Drilling 2022. On shore.