worth a good look at, page-7

I presume the SP has a positive trajectory. I am astounded that TGA's SP went into reverse in the first place.

Clutching at positives, I moot that they who sold TGA have been replaced by shareholders with attitudes that are more positive, which should conduce to the SP rising. I have used the SP weakness and the entitlement offer to buy TGA, but I now have so many TGA shares relative to my total portfolio, that when the SP moves up, I should sell some (a small percentage, to be sure).

My positive views on TGA have been given a considerable airing in this forum, so I'll not repeat them. Clutching at negatives, I mention that:

* the MD did not take up the entitlements;
* growing a business organically, as TGA has tended to do historically, is usually safer than growing via acquisitions, so there is a negative to the NCML purchase and the hint that TGA raised capital to position management to be able to repeat the exercise; and
* the timing of the recent capital raising was probably less than perfect.

The mid-year report will be the thing to watch to get an idea of the success, or otherwise, of the NCML venture and other business expanding initiatives.