Some of it could not be taken up due to overseas investors not able to participate. From memory there is a large singapore company as a large shareholder.
They knew there will be a shortfall, just a matter of how much. They have 3 months to find investors to take up the shortfall.
When the IFE approval comes through soon, then TRF has a good chance of going to 20c.
There will be a few clamouring TRF at that stage to get shares at 12c with the free options, and the shortfall will be easily taken up.
I can assure you TRf are not concerned this time of the shortfall not been fully taken up at this stage. It will be and soon enough.
TRF Price at posting:
10.5¢ Sentiment: LT Buy Disclosure: Held
