confusion, page-18

Dradam,

You will find that TRF may have at the end a min 30% position and if they take up the rights issue with the rest of us by Jan then it would be about 40%.

It seems that they don't want to dilute TRF any further especially when they know good cashflow will come in next year and the current holdings they have in IFE and ROL will increase in .

They won't lose much even if they don't maintain their 50% holding as EPS will be
higher due to less dilution now.