10c gap between TAS and EDE, page-16

At the end of the day, I believe the Solomon's will continue to hold strategic control of all of their public companies including EDE and TAS through the share holdings in their own names, private companies they control, their family members, trust funds and other associates. Talk of a hostile takeover or sell out in my view is irrelevant.

The road they have indicated is one of licensing to other companies once they have established their credibility and have the marketing power. Since all the revenue of Eden is likely to be used for expansion in the foreseeable future, dividends to share holders are also unlikely so talk of theoretical dividends should make little difference to the share price of TAS. For the next 10 years at least, the value to TAS of EDE is solely related to the market value of the holding. But I would accept that since it is not available for sale, there might not be a premium... but if Noble were ever to be considered for sale, that would be interesting in terms of the TAS share price.

One thing forgotten is that options don't participate in rights issues. People who thought that the options in either EDE or TAS gave them a financial advantage over the ordinary shares would have been far better off to convert their options and fully take up their rights in the recent capital raising, since they would have got heavily discounted shares plus the attached free options to boot, at the same time as financially supporting the progress of the company and ensuring its success.