dfs, page-6

Sorry, but with the first shipment at least a year off and the international situation currently in flux the entire project's future lies on price of a product that is beyond their control.

How much does the price of IO have to fall to make the project fall into cash flow negative category? That is the margin of error for the project.

These projects are almost always delayed for some reason and I see no reason to give the company the benefit of the doubt based on their performance to date in failing to meet deadlines and now even moreso based on the fact thay they are not in control of the process anymore.

And as far as the rights issue is concerned, I'd be surprised if the share price is much more than 75 cents at the time it closes.

TRF is probably going to be diluted as it appears that it hasn't participated in the cap raising (???).

Its IFE shares are going to fall in value and reduce the value of its holdings.

And finally TRF shareholders have dilution coming their way as well.

Nope, call me in a year - IMO the whole thing smells bad to me from a shareholders' perspective.