Alecfra - agree that directors want this more than most given their options.
However, still don't think this was thought through all that well. Price is unlikely to run beyond 24/25c any time soon imo as current holders can simply pocket a 10%-15% profit by selling at those levels and then exercising upto $15K in the rights issue at 22c. That's an easy $1,500 - $2,000 in the pocket for nothing. That being the case, I almost hope that the drilling is delayed beyond the righs issue exercise date as, particularly on good drilling results, why would all of us not sell out up to $15K only to buy them back at the lower rights issue price? Early (succesful) drilling may now have the unintended consequence of really suppressing the sp by people who seek to exercise their entitlement and sell into any volume created by the good results - killing off any potential run in the stock. If the drilling results are bad we are obviously all in trouble irrespective or the rights issue. Just don't get the logic of the timing of the rights issue. Maybe I am missing something here.
TNP Price at posting:
2.4¢ Sentiment: None Disclosure: Held
