the markets response to management, page-41

moimoi, your comments are relevant. Ian & Co are not expected to be financial alchemists (they are explorers and soon to be miners after all) and quite frankly they need the smartest ideas available to craft an innovative cap raise that will:

1. minimize dilution
2. give existing holders the chance to participate

I like the idea of a guaranteed buyback, or even better something like a convertible bond with a high conversion price to minimise dilution. Say 10% p.a. interest and a conversion price of $1.00 in three years time for TRF shares for example.

I'm sure Ian & Co can with suitable input from the best independent financial brains (WITH NO VESTED INTEREST in lining their own pockets) come up with a brilliant offering that will please everyone. The amount to be raised is not that much, some surely (the working capital portion at least) can be by way of conventional debt finance secured by the initial pre-sale of the first few ships worth of iron-ore.

We're all waiting anxiously I'm sure to see how good the TRF/IFE management team is, we're depending on you to pull a good sized Capex rabbit out of the hat here that will preserve and enhance the value of our investment!