Tri-star Resources Share Discussion Threads

[swanvesta] 03/12/2020 15:38

I'm down just the spread (at the moment!) Maybe it'll come to nothing, but it's intriguing enough to have a small gamble.

[cl0ckw0rk0range] 03/12/2020 15:31

I think a lot of stale bulls passed their stock to traders who are making a market before the delist, and don't really see further than that.

[cyberbub] 03/12/2020 15:27

Indeed - my only niggle is why people aren't buying heavily as a result - are they all terrified of holding unlisted shares?

[cl0ckw0rk0range] 03/12/2020 15:21

There's a disconnect between the price today and what it is worth post delist.

[cyberbub] 03/12/2020 14:40

Haha I'm 50% down in a day, massive roller coaster. I didn't buy a lot, and the value is still obvious, to me anyway, so I'm not going anywhere.

[cl0ckw0rk0range] 03/12/2020 14:05

Yes you can always PM folk on here as well, or as suggested on the other board set up a FB group.

[cyberbub] 03/12/2020 12:56

As I recall, unlike on the LSE system, ADVFN doesn't delete BBs when a share goes delisted. Let's hope this BB stays in place - I've 'favourited' it to help find it.

[cl0ckw0rk0range] 03/12/2020 11:42

If they started buying in the open market then there's always then chance that the price will rebound upwards over and above what they want to pay for the stock, which would also have a bearing on the price that they will get selling it.

[cyberbub] 03/12/2020 11:10

Well yes solarno, you mean when the plant is in operation I assume. But surely if he can make even more money by buying the rest of TSTR at dirt cheap prices, he would try to do that? Maybe there is some internal rule in his fund which prevents him doing that.

[solarno lopez] 03/12/2020 11:05

cos he is waiting for someone else to take him out ?

[cyberbub] 03/12/2020 11:01

I'm still struggling to understand why Odey isn't making a bid for the company at these low levels, if he believes that the smelter is going to work. Does he not think he can get 75% (ie 8% above his current holding) to agree, even at say 10p?

[cl0ckw0rk0range] 03/12/2020 10:07

Yes but on the same terms as the majority shareholder, so if Odey agreed to sell at 50p then that means that's the price any minority shareholders would have to agree to also.

[solarno lopez] 03/12/2020 09:22

For clarity drag along rights usually kick in when the bidder has 50.01% everyone else must then sell

[cl0ckw0rk0range] 03/12/2020 09:18

Sorry read that as tag along then, well if it's drag along that makes perfect sense if they are intending on selling the 16% as a package.

[cl0ckw0rk0range] 03/12/2020 09:14

You would expect that to protect the minor shareholders.

[solarno lopez] 03/12/2020 08:56

The new Articles which have been lodged at Companies House have drag along rights

[cl0ckw0rk0range] 02/12/2020 18:22

Indeed, which does bring up the question again as to why they aren't buying the stock on the open market, but once delisted they can undertake that action much more easily with little outside interference in the process, at a mutually agreeable price.

[cyberbub] 02/12/2020 18:13

I guess the point is that any minority shareholders who hold say 500k or 1M shares, and are willing to take the uncertainty of holding through delisting, wouldn't accept a derisory offer from Odey (eg. 3p or 4p). I would think 10p would be a minimum, possibly more. Otherwise they could just sell in the market for 4p before delisting.

NAI

[cl0ckw0rk0range] 02/12/2020 17:47

Once it's off market Odey can table a bid for the remaining holding prior to the liquidity event they refer to, yes.

[cyberbub] 02/12/2020 17:23

Interesting yes. As the company said that the Takeover Code will continue to apply after delisting, that takeover scenario could still apply. Odey would need 75% of the shares to vote for a takeover I believe is that correct? And 90% to force any holdouts to sell. I wonder if he's aiming to do that, and prey on smaller investors worried about holding an unlisted share. Then he can 'steal' the upside to an eventual fair-value sale to the majority partners at 50p+. But in any case I would imagine that any Odey takeover price would still be substantially above 4p, to ensure a smooth process?

[cl0ckw0rk0range] 02/12/2020 17:09

It's a good question, and I'm sure it's one we will never find out the answer to either! There's still time for any number of curveballs before the delist date.

[cyberbub] 02/12/2020 16:58

Fine yes, seems logical. But I wonder why Odey isn't buying back an equivalent amount on his own account at these low levels. I suppose that as he has (well!) over 29%, he can't buy any more without being forced to make a bid for the company as a whole under the Takeover Code. But in that case, why doesn't he make a bid? He could take the other 32% of TSTR at probably 6p or 7p, certainly no more than 10p, it would be small beer for him.

[cl0ckw0rk0range] 02/12/2020 16:44

I already replied to that question 4 hours ago..Because the stock is held in client accounts that can not hold delisted stock, so they have been forced to sell down a small amount from those holdings.