texon efs sale , page-39

Morning all,

Been sitting on an island for a family holiday for the last couple of weeks ... looking a TXN 's sp, I might go back.

Been reading the back posts and have a couple of points to throw into the discussion:

1) Called RBS this morning and yep Rob Douglas is in Texas this week.

2) While the new options (3m to Wandoo, 6m Foss, 6m Armstrong, 600k Olling and 600k Rowley)all have a face value of 70c and cant be exercised until the SP is 150% of the strike price ALL of them have a price reset mechanism over them. This was the term that was extended at the EGM until 1 Jan 2013. It basically changes the strike price of 70c to the market VWAP from day 21 to day 40 after a deal is made.
To illustrate - if a deal had been done 6 weeks ago this would currently mean a strike price of about $0.45 and they would be exerciseable once the SP was $0.67

3) I was at both the AGM and the EGM and I listened to what management had to say. Its my impression that what ever party Foss was referring to at the AGM when describing an immanent transaction, he honestly believed it and something outside his control changed. Something like Chesapeake would seem a decent fit. ie they were buying hard and then stopped when the hit the wall.

Have management done a good job dealing with changing circumstances? The market obviously doesn't think so. The share price has been continually erroded since then.

But the top 50 shareholders still haven't moved, the EFS is still an extremely valuable asset, TXN still has cash in the bank and no announcement has been made about TXN ceasing all negotiations + Rob Douglas in Texas = it is still in play. This story is not over yet.