My view, however misguided, is that, as has been for a long time, is that TRF has the better long term prospects than IFE. I cant understand why it does not have a higher MC than at present.
As regards where they take up the options is tricky. I have heard Ian in the past saying that they dont want to dilute TRF's share in IFE any more than around the 35-37% share they currently have. Maybe their accountant has run the figures and that on-market buying of IFE shares at Christmas taking their stake to 37% ensures that they will maintain at least 35% if they decided not to take the options. They also have the opportunity to only exercise some of the options dont forget.
I still believe, again possibly misguided, that they will pull something "out of the hat" in this current drilling program and dont forget that later this year they have an income stream with which to identify further opportunities and more drilling
One day the market might wake up to TRF. I will be patient!!!!
TRF Price at posting:
32.0¢ Sentiment: Buy Disclosure: Held
