trf is pulling the ife strings imo ..., page-14

Litch
The announcement is very disappointing in that so much of the stage 1 had to be given away to get finance. While the share price still remains undervalued a large amount of the upside has disappeared with this announcement.

As far as TRF is concerned it also reduces their potential upside. The value of TRF is very much impacted by the the value of IFE as they own 50% of IFE.

Today we have seen the share price of TRF rise as investors have concluded that the announcement was more favourable to TRF. While this is true it is more accurate that the deal was less unfavourable to TRF than IFE. Overall though the deal was unfavourable to both companies.

So while TRF is up today I suspect it will drift back tomorrow.

From a long term perspective TRF's growth is very much tied to the success on the IFE iron ore projects.

Both companies share prices will move in the same direction.