i am in

After being negative on this stock for over 6 months I have finally purchased some via the rights issue. I have purchased the rights on market at 1.6 cents and will take them up for a total cost of 51.6 cents for a share and half a option.

I think the option is worth 10 cents so I am paying 51.6 for 53 cents worth of TRF shares and options.

I think that the sell off to 47.5 cents by shareholders raising cash so that they can take up the issue has pushed the price down the very good value levels.

I think however there are still significant risks short term the most significant being how big the shortfall will be in the take up of the IFE issue.

Longer term the issue of how the IFE project gets funded is still a concern.