trf is not bouncing along the bottom, page-7

I tend to agree with the couple of negatives in the presentation you have mentioned but in the scheme of things think they are not that bad. IMO the whole liquidity that Ian is mentioning is just to emphasise that if they really really needed to access money in a hurry they have the ability to do this. I can't imagine TRF ever touching their IFE investment now it will be their cash cow for many years. On the other hand, if ROL is $5 one day and TRF need 2.5M to extend drilling at Telephone Dam, Death Adder or something else, I wouldn't have any problem with them selling a measly 500,000 ROL shares to access this money. I think they have made a brilliant investment here and there is potential for them to pay TRF investors another dividend one day.