Tippy, TFS do not need the 50M (or 100M?) to survive. As usual,...

Tippy, TFS do not need the 50M (or 100M?) to survive. As usual, management have identified an investment opportunity with a high rate of return, and need cash for this purpose. Buying out MIS owners will give that return, based on the difference between the valuation price and the market price. The owners are not stupid and will also get a good return on their investment with some more tax advantages by selling before June 30. The need for working capital is not surprising given the current growth rate and opportunities in the pharma and new product areas. The end result of this raising will, in my opinion, be upgraded profits and cash flow for the next couple of years, as they will own more of the sandalwood that is sold.