merger details out, page-129

Sharejon,

if TXN had have taken the cash we'd have $0.41/share + the Talon shares = very crystalised

But with a script deal TXN shareholders will retain/own about 1/3 of the entire business.

So we get 1SEA for every 2TXN and effectively still own 1/3 of the EFS. And each TXN shareholders gain/loss is far from crytalised.

Don't get me wrong ... its a long way from ideal but once management squandered the last 6 months chasing other deals that they couldn't/didn't convert and in light of the drilling commitments they weren't publishing being compared with current cash ... its better than what the alternatives could have been

They have simply cut us more time.