Ann: Letters to Shareholders - Entitlements Offer, page-3

Can’t say I’m enthused by this TRT situation
There will be a very large short fall from the rights issue because the share price is under the issue price.
The broker will have to place the short fall into weak hands, where there will be no price discount on offer.
For a company that for whatever reason doesn’t have a lot of market support, to me it looks a bit grim until we see some solid, well above par, value creating drill results come out.
Raising funds in the market is a nuanced affair and i don’t reckon TRT have done very well at all.
Cheers
Gosouth