Directors dont own 90% ,to the contrary they say they only less...

Directors dont own 90% ,to the contrary they say they only less than 0.1% of the capital of the company.

Anton Billis did declare an interest -- by way of directorship only,--not shareholding--of around 56%, some 28m shares. The rest is held by outside punters--some 22m.

But when it comes to privatisation , maybe by dilution to existing shareholders is their solution, as per RND our (TBR's) subsidiary which we currently own 44% of the 60m shares on issue after the potential vend we will own less than 6% of the then 444m shares on issue.

And RND will go from owning 23% TBR to owning less than 8%

http://www.asx.com.au/asxpdf/20120921/pdf/428wbjkvy4msq6.pdf

This may be one of the reasons why TBR trades at such a big discount to its intrinsic value.