[Nick Hargrave]

https://www.londonstockexchange.com/news-article/TGR/successful-equity-placing/16291691

This is a horrible raise and puts a big dent in our confidence and trust of management who have assured (to my face) that this wouldn’t be needed. The fact that management have chosen this moment to issue shares to themselves for unpaid fees at this low means they are willing to dilute shareholders while maintaining their own holdings. We have previously applauded their efforts to avoid raising capital but they have clearly gotten this wrong and had opportunities for funding at much higher levels. The small raise wouldn’t be so bad if they had ‘taken the pain’ of dilution along with shareholders. The valuation still feels well below fair value even with this issue so the portfolio holding remains for now, but management now have a low of trust to rebuild

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