OK, I understand now. Basically selling enough to buy the shares...

OK, I understand now.

Basically selling enough to buy the shares they'll be buying back in the CR.

I still think (from a TAS perspective) this turns out to be the same as if they had not participated in the CR in the first place. i.e. they have about the same number of shares in a company which has had about 10% more shares issued. So the "value" of the TAS shareholding declines by about 10%.

It's better from an EDE perspective though.

Probably what would be best is if EDE just did a Share Placement with a sophisticated investor for the amount they need in the CR, and not go through all this hassle

I guess what I am trying to communicate is that although TAS might be undervalued based on the value of its shareholding in EDE, its not as undervalued by as much as you might think.

I am a shareholder in both so am having a bob each way.