pre-agm catch up melbourne, page-4

I must say that all the rumblings on the HC jungle along with declining SP had me a touch concerned. Its seemed that forty was being ignored and Gozz was raising a small army.

Could it really be that bad? I decided to see just how the company reacts to share holders, by presenting myself at the office. Unannounced.

At the time Ian was busy (but in the office). Here comes the brush off I thought. I left my details. Few days later Ian phoned. I asked to meet, and went back to the office that afternoon. I sat and talked with Ian.

I mentioned my concerns and he discussed the company and prospects. I wouldn't have learn't more than was in the Annual Announcements, and that's how I wanted it. I wasn't looking to dig out anything that wasn't public domain, and being a professional he wouldn't do so. I was merely trying to check that they would listen to share holders, and get a feel for how things were. Since those details are all out there is no point repeating them. The Annual Reports do a better job than i can.

I did state that whilst TRF/IFE are tightly held, when investors lose confidence and have built up holdings over a period of time (years), their decision to exit (in one move) can really hurt the SP. I think we have been seeing this recently. This compounds with a lack of buyers and uncertainty over IO pricing.

I left being able to sleep easier at night, but took no action on the stocks, neither to buy nor sell. I've been in it for the long term and continue to do so. I think that re-calibrating my timings/expectations has helped, though this wont be for everyone, and I can see why many have chosen to exit. I still believe that all is viable, so long as IO stays > $90. If that's the case IFE will turn dirt and a profit, which will feed into TRF.

I'm still uncertain on participating on the CR, but am grateful that the company when it raises funds(through sophisticated investors) provides existing holders with equal opportunities. Many other companies don't. I'm also grateful that the CR is above today's SP price, whilst it means smaller players like ourselves wont necessarily buy in
it does mean that if you want to obtain a larger parcel of stock you have to pay above today's price.

Whilst the SP certainly hurts on paper right now, its the future viability that matters. I still believe in TRF.

Gozz, I didn't like the idea of "new ceo for TRF" but certainly support your efforts on collating shareholder concerns and presenting them to the company. I think sometimes the company is getting excited about the geology and exploration, and sometimes misses the view from external investors. I also think investors can sometimes over-react and clearer guidance can only help to stop that occurring. A well presented case for improvement could only help. Do you intend to formalize your case and submit it in writing ahead of the AGM?