target upgrade, page-21

What's the bet Transit Holdings falls back to the 56c issue price for the second tranche of capital raising (being voted on 26 July 2011)?

Have a look at the recent announcement in Indophil (IRN) re successful public offer of its capital raising at 35c/share and where it is trading at today (just under the issue price at 34c/34.5c).

I'm cynical about the timing of TRH's announcement on increase in grade and tonnage. It would have had the effect of getting the second tranche of capital raising away at 56c/share.