Ann: TEN successfully completes institutional ent, page-4

re: Ann: TEN successfully completes instituti... At the AGM a number of shareholders voiced there disapproval and said that they would refuse or could not participate. Now consider that there might have been circa 50% representation from a crowd of circa 150-200. If you now consider the number of shareholders who did not attend that would be in the same position, especially those that are retirees these people will not be participating.

So there are a number of shareholders that will be diluted because of taking this course of action.

Form the valuation, if it is close to correct, of circa 36 cents (ABC 7:30 report) post raising this means that unless you bought in the last couple of weeks or prior to 1993 you will be underwater on your investment (excluding dividends) and unless you participate you will not recover your investment.

And Lachlan did not rule out further capital raisings.