Vayama,That calculation may well have been done before they...

Vayama,

That calculation may well have been done before they undertook two rights issues last year that totally blew out their issued capital by about 50% and before the Aussie dollar tanked their Aussie projects.

Bid is well under-value but who would step into the breach and counter bid with TTY sitting at 31% and being owed up to $2m?

They can only issue about 23m shares under the 15% placement rule, to go for more would require shareholder approval (doubt whether TTY would support) and even assuming they could place at 10 cents, all it would do would give them enough money to pay back the big guy.

He has absolutely got them, no doubt TTY has been very expertly advised.

He has had the inside running since October last year and even in a peak bull market I doubt whether anyone else would touch this mob, let alone now.

It is very tough for the long suffering OLY shareholders, but next time you invest, look very closely at who is involved.