Well done Jay, its always good to see top20 shareholders so...

Well done Jay, its always good to see top20 shareholders so enthusiastic about a company. At 1:10 and holding 1mil TRF before the rights, $500k market price, I think you did the right thing participating in your rights.

I personally didnt bother with my rights.

I think, from my own situation, many just had little incentive to bother. For 'example', I have $5000 in TRF. So about 10,000 shares.

My rights at 1:10, I only get entitled to 1,000 new shares. I then get a further 1:2 options. Thats only 500 options.

Assuming the options trade about 10c, that means I own $50 worth. Cant sell em, brokerage makes it useless.

And with the rights trading at 1.6c, hardly worth selling the 1,000 as it would return $16...less than the brokerage.

So the rights weren't worth selling for the 'average' holder, and they weren't worth taking up either. All that paper work, why bother. Just buy more shares on market at less than rights price. Or better still wait til the options hit the market and buy a truckload instead of the 500.

Thats just my thoughts, and im sure many own a similar amount or even less.

The solution would have been to either increase the number each holder was entitled to, or, better still, decrease the priceof the rights.

Had for example, the right been 40c, two things would happen. Firstly it becomes more worthwhile to participate for smaller holders, and secondly the TRFR would have traded at about 10c...making it worthwhile to sell them instead of letting them lapse.

Any buyer(on market) of TRFR would intend to participate fully.

Another option would have been to be more generous with the free attaching options.1:1 instead of 1:2?