Phogg, well spotted re. number of IFE options held by TRF (1.2m , not 5.7m originally issued). I missed that. I think it makes a significant difference because there is not sufficient grunt from TRF exercising the options to encourage the other option holders to do likewise and thus solve funding requirements through to production. I am back to thinking that IFE will have to obtain external funding, and probably before 31 March if they want to get to production asap. Maybe that announcement is tied in to the expected off-take agreement in respect of half of the first 4 years production. Personally, having sold my IFE optios at 19 I would rather funding came from financier rather than dilutionary exercise of options, but I wont begrudge others picking up more shares at 75 if that is how it pans out. I still think TRF's 20% free carried (not dependent on any decision/dividend from IFE and not subject to dilution) is the ace in the hole for TRF.
TRF Price at posting:
33.0¢ Sentiment: ST Buy Disclosure: Held
