It's no surprise to see some holders selling at 12.5c in order to fund take-up of their rights issues since it makes good financial sense if you have no spare cash. However, I think this aspect is also benefitting those, like myself, who have acquired their cast-off shares, since I'm sure if the rights issue had not come about the TRF SP would be more like 16-18c now. Once the 11th has passed I'm sure we'll see a bit of a scramble to buy shares before a possible port approval announcement, assuming it doesn't come prior. Really the smartest cookies are probably holding all their shares if possible and throwing in fresh cash to pay for their rights. Should the SP top 20c soon they'll certainly wish they had, I'm thinking.
TRF Price at posting:
12.5¢ Sentiment: LT Buy Disclosure: Held
