Ann: Entitlement Offer Closed, page-4

It was always going to be massively undersubscribed seeing the majority of the Shareholders are actually TNG Shareholders with free TRT shares.  I expected even less from the rights issue.

IMO it's all part of the plan from Hartleys to offer stock to shareholders knowing it wouldn't be taken up to then get all their clients set cheap through the shortfall.

Does the same thing as a placement without pissing existing shareholders off who all had a chance to top up.