the markets response to management, page-32

Hi Opto,

I haven't met with TRF, which is usually one of the last steps before making a sizable investment such as this.

First I do the research, make a 'toe-dip' investment and see how it pans out.

Then, when the 'toe-dip' investment becomes large enough (T20) I usually contact the company to say g'day and to "think of me if they require funding/ assistance".

If something does then come up then I look at it, talk it through directly over the phone, model the financials, and then only if the deal is good I'll fly over (from NZ) to meet with management and kick the tyres.

Check out EVG as an example. Denman now holds +10%.

In this case it was a little different as it was obvious that a capital raising was required to get, what is on the surface, a great near term opportunity developed.

I have, like many here done my 'investing apprenticeship' and been sucked in by many stories over the years that were, in hindsight too good to be true (not saying that TRF are in this category) and lost $$. I now prefer to miss opportunities than lose money by investing too rashly.

For me, TRF just raised a few questions and I personally decided to move on. I genuinely hope for all investors that the investment is a great one and I read the tea-leaves incorrectly.

We all invest using different parameters and opting out of TRF was just a personal decision, I'm not wanting to influence anyone else.

I think, however, that HC is a great forum to share information amongst us relatively smaller investors as we all know how stacked this game is in favour of the really big boys and if we can share little snippets/ anecdotes that help each other out that is a good thing IMO.

For the record, I sold my TRF holding and will watch with interest and hope it turns out good for all you guys.

Cheers
John