Tri-star Resources Share Discussion Threads

[justtrying1] 02/12/2020 12:09

U wish Delist news soon then collapse

[alexios1201] 02/12/2020 12:08

75% of the votes castODEY have 67% equityAll others vote no and kaboom

[cl0ckw0rk0range] 02/12/2020 12:03

Yes but they don't hold 75% of the votes, less so now. The point is moot anyway, their 16% will be sold when SPMP at 100% capacity for a damn sight more than the range it's been traded in.

[alexios1201] 02/12/2020 11:32

ODEY agreed

[cyberbub] 02/12/2020 11:21

Odey owns 70%, it's inconceivable that the company management have proposed delisting without him being in agreement surely? I would fully expect the proposal to go through. No doubt we will hear very soon.

[cl0ckw0rk0range] 02/12/2020 11:05

It's not, but it suits their agenda to deter buyers and apply downwards pressure to service their short position.

[swanvesta] 02/12/2020 10:57

Still don't understand why delisting is 'curtains'?

[mcrudden] 02/12/2020 10:54

Just added a few, going to be a nice squeeze coming

[justtrying1] 02/12/2020 10:52

Curtains soon

[cl0ckw0rk0range] 02/12/2020 10:02

Only one of us are invested here pal, what's your excuse?

[justtrying1] 02/12/2020 09:57

Same as you

[cl0ckw0rk0range] 02/12/2020 09:42

Someone's keen to bash this today I wonder why.That's rhetorical btw, it's clear as day why someone would be posting here today with that line of commentary.

[justtrying1] 02/12/2020 09:29

Only gamblers in here now

[justtrying1] 02/12/2020 09:29

As soon as that rns comes saying its approved mms will tank this 50%

[justtrying1] 02/12/2020 09:29

It will go ahead no matter how angry you get

[cl0ckw0rk0range] 02/12/2020 09:25

"AIM Listing and/or Liquidity eventWhatever the reasons behind the Chairmans' view to potentially de-list the business from AIM, this should be rejected outright by all shareholders. It is not in the best interests of shareholders nor is it practically nor legally necessary. In fact it makes no sense at all, that approximately 6 months or so from the SPMP Project coming to Operational and Production fruition, that Tri-Star should even contemplate this course of action. And After 5 Years of active managed investment. I will propose a full rethink on this course of action with the newly appointed Chairman. It would be only fair that Shareholders have the choice to remain invested with Tri-Star and ultimately benefiting, from a potential SPMP listing in the not too distant future. I shall trust that the Chairman and Mr. Odey keep in touch with Shareholder communications such as these.For those of you who are LTI, very simply Keep the faith and hold for the mid-term. "

[justtrying1] 02/12/2020 09:17

Soon as the delist approval is in its curtains I'm hearing it will be approved

[cl0ckw0rk0range] 02/12/2020 08:35

TSTR Situation Review #406 Nov 2020 20:27Tri-Star & SPMP Valuation I previously issued a valuation analysis for SPMP and Tri-Star (see previous posts). Ultimately the fundamentals driving the overall valuation of the SPMP business have not changed, although the investment input required to get the Plant over the finish line have increased as explained above. Current overall investments by all Shareholders has reached $206 million. In addition there are outstanding bank loans of $57million, to which all parties remain as guarantors (in proportion to shareholdings). Projected future Revenues (Antimony and Gold ore) by SPMP will be in excess of $200miilion per annum. On a conservative valuation of SPMP at 3 x Revenues then the SPMP Valuation is $600million. In reality once fully commissioned and operational it will literally be a #goldmine# and its valuation should be 5 X revenues or $1Billion per my previous analysis. Tri-Stars current valuation of Assets comprises its core investments to date of $34million plus its balance sheet Net Assets of $13.7million. This gives Tri-Star a current valuation of $47million versus its current Market Cap of $35million (£28million at end September). That's a 34% premium to the current share price of 30p and should in fact be upwards of 40p. Once the SPMP Plant is fully operational then we can use the appropriate business going concern valuations above. Tri-Stars valuation in 2021 based on an Operational Plant will be a minimum of 16.3% of $600million or $97.8million. For the sake of brevity lets just round up the numbers and make it a $100million valuation. That is the valuation projected in the next 6 to 8 months. And to put that in £ and pence an share price of 85p.AIM Listing and/or Liquidity eventWhatever the reasons behind the Chairmans' view to potentially de-list the business from AIM, this should be rejected outright by all shareholders. It is not in the best interests of shareholders nor is it practically nor legally necessary. In fact it makes no sense at all, that approximately 6 months or so from the SPMP Project coming to Operational and Production fruition, that Tri-Star should even contemplate this course of action. And After 5 Years of active managed investment. I will propose a full rethink on this course of action with the newly appointed Chairman. It would be only fair that Shareholders have the choice to remain invested with Tri-Star and ultimately benefiting, from a potential SPMP listing in the not too distant future. I shall trust that the Chairman and Mr. Odey keep in touch with Shareholder communications such as these.For those of you who are LTI, very simply Keep the faith and hold for the mid-term. Best wishes.

[cl0ckw0rk0range] 02/12/2020 08:35

TSTR Situation Review #306 Nov 2020 20:24Tri-Star's claim to a final USD2m payment due from the assignment of the intellectual property rights to SPMP has been settled by USD500,000 payable in cash and the balance forming part of TSTR's total funding of SPMP. A further sum of USD100,000 representing settlement for other outstanding amounts will also be paid in cash to TSTR by SPMP. Thereby in total Tri-Star will receive $600k cash by November 15th 2020. The Mezzanine Loan to SPMPIn the Annual Final Year Account ending Dec. 2018, Tri-Star confirmed outstanding loans to SPMP, for the amount of $16.7million. It must be noted that in the latest Final Year Accounts, in accordance with IFRS 9, the fair value of the mezzanine loan from TSTR to SPMP (the "SPMP Mezzanine Loan") has been derived using a net present value calculation in which an effective discount rate of 23% has been applied. The outstanding Loan to SPMP has therefore been reduced to a book value of $11.4million.Only the outgoing Chairman can explain, why he has #gifted# SPMP $5.3million by reducing the outstanding loan. Equity is one thing, but the Loan was hard #shareholder# cash!In addition Tri-Star holds other Assets in its accounts of $3.9million (for other investments) which bring Total Gross Assets to $15.3m. The Accounts also show liabilities of $1.6million, therefore reducing overall Net Assets to $13.7million.SPMP Plant Completion The current expected date of completion of the plant is in H1 2021. We are not party to the detail of the what is required in order to rectify any plant deficiencies, but this statement gives a comprehensive Plant Completion deadline of June 2021 and potentially sooner. Remember the Plant has already proven its production capability.Tri-Star & SPMP Valuation I previously issued a valuation analysis for SPMP and Tri-Star (see previous posts). Ultimately the fundamentals driving the overall valuation of the SPMP business have not changed, although the investment input required to get the Plant over the finish line have increased as explained above. Current overall investments by all Shareholders has reached $206 million. In addition there are outstanding bank loans of $57million, to which all parties remain as guarantors (in proportion to shareholdings). Tbc...

[cl0ckw0rk0range] 02/12/2020 08:34

TSTR Situation Review #206 Nov 2020 20:21Continued...The Sultanate of Oman Government This announcement from SPMP and published in the Oman Observer (16.02.20) quotes the Companies Chairman, Nasser Suleiman al Harthy, who is also a prominent member of the Omani Government. Speaking at a recent meeting of the Board of Directors of the company, Nasser Suleiman al Harthy, Chairman of SPMP said, "The SPMP project is of National significance and it follows the government's vision and strategy of economic diversification and increasing the contribution of non-oil sectors."This statement of #national pride# demonstrates how strategically important this project is to the Sultanate of Oman and would explain its political position and demeanour towards any external parties, whether shareholders or not. It also underlines that the SPMP Project which has so far attracted over $200million in collective Shareholder investments, will be driven to completion by the Oman Government (now as the largest and majority Shareholder) - as a matter of national pride and strategic importance.The Settlement Agreement (SA)It was announced in January 2020 that SPMP required further debt funding of cUSD120m comprising USD60m for rectification costs and a further USD60m for working capital, (the "Funding Gap") in addition to the substantial sums already invested by the shareholders of SPMPTri-Star and its joint venture partners have finally concluded discussions on 1 November 2020, with a settlement agreement between the parties embracing a number of constitutional and financial changes. In broad terms, IAC and DNR have agreed to provide sufficient further funding in order for the plant to reach completion, without further equity dilution to TSTR - and this is an important point to note. Shareholders Investment to date - the Key IssueTri-Star's inability (read unwillingness due to contract Agreements) during 2019 and 2020 to make further investments (pari passu) with its shareholding in SPMP, had led to an imbalance of funding between the shareholders of SPMP. As a result, TSTR's investment in all forms now reduces from 40% to approximately 16.3% of the total amount invested (by the three Shareholders) to date of cUSD206m, the balance being provided by IAC and DNR.Under the SA, all sums invested to date are converted into equity and equity loans ("Equity Loans") proportionately. The Equity Loans are zero coupon, undated and repayable at the option of SPMP. As a result of the Settlement Agreement, TSTR's investment in SPMP will comprise equity of USD 2.6m (16.3% of total equity) and Equity Loans of USD30.8 million (16.3% of the total Equity Loans). The balance is held by IAS and DNR proportionately. Tri-Star's claim to a final USD2m payment due from the assignment of the intellectual property rights to SPMP has been settled by USD500,000 payable in cash and the balance forming part of TSTR's total funding of SPMP. A further sum of USD100,000 representing settlement for other

[cl0ckw0rk0range] 02/12/2020 08:23

Conditional cancellation upon approval of 75% of votes case at AGM 10am 2nd December for PROPOSED delisting 7am 10th December.

[solarno lopez] 02/12/2020 08:09

Don't be silly LETMEPASS

[solarno lopez] 02/12/2020 08:08

I am on the de-list side although I don't want to be there