Tri-star Resources Share Discussion Threads

[bernymadoff] 07/12/2020 15:09

At full production SPMP will be throwing off over $200m p.a in revenues from antimony and gold. And only 6 months to wait.

[cl0ckw0rk0range] 07/12/2020 14:35

Only people deramping are on twitter, someone who clearly has an issue with some invested here, and a sheep shagger thats just regurgitating stuff from these very discussion boards as they think it sounds good but doesn't really seem to understand what they are actually tweeting about. Roll on the delist.

[swanvesta] 07/12/2020 14:32

How much is SPMP's debt? [Correction: $206m in equity loans + $57.3m debt.]

[bernymadoff] 07/12/2020 14:26

Quite laughable to see people deramping this at under 2p. Only a fool would argue this is not grossly undervalued by many multiples at the current share price My money's down and I'm happy to wait for someone to buy out our 16% which I think will happen in the not too distant, possibly even before the SPMP gets anywhere near full production. Sitting on 500k shares and I'm fairly confident I will make a handsome profit from 5p average.

[cl0ckw0rk0range] 07/12/2020 14:15

I don't really think we will see any of the dividends personally as should get an offer for our equity in SPMP shortly after the delist, but as you say no one has a crystal ball.

[cyberbub] 07/12/2020 13:58

SPMP may be making money by next year, but it is heavily in debt and most/all free cashflow will be earmarked for debt repayments, the banks will insist on it. If TriStar was to get a $2M payment that would mean $12M in divis overall, I just can't see it in the first year of operation.Anyway I've made my decision, it may be the wrong one but no one has a crystal ball.Good luck to you all.

[cl0ckw0rk0range] 07/12/2020 13:53

"at the Company's discretion"

[cl0ckw0rk0range] 07/12/2020 13:51

So TSTR have until next December to repay loan notes to Odey, and Odey hold well over half of TSTR, and in turn TSTR have a 16% equity stake in SPMP that should now be at 100% production and throwing off cash to investors.I don't think TSTR is going to have any problems paying that debt over the next 12 months.

[cyberbub] 07/12/2020 13:49

Swanvesta who knows. As I say I don't trust Odey is the bottom line.

[cl0ckw0rk0range] 07/12/2020 13:49

Odey Loan NotesLoan Notes payable comprise short-dated secured loan notes issued to Odey European Inc. ("OEI") and OEI MAC Inc. ("OMI"), two of the three OAM Funds that were equity shareholding funds as of 30 June 2020. The Loan Notes are secured on a debenture comprising a fixed and floating charge over all the assets of Tri-Star Resources plc.The Loan Notes carried an annual interest rate of 25% and had an original repayment date of 30 June 2018 or equity placement whichever is earlier. As an equity placement took place in January 2018, the loans technically fell due, but OEI and OMI have now agreed to extend repayment to 31 December 2021 or earlier at the Company's discretion. On signing the settlement agreement on 1 November 2020, the interest payable was reduced to 5%.The US$6,000,000 Loan Notes were issued in November 2017. On 19 January 2018, US$2,681,000 of the principal and interest was repaid and a further US$2,639,000 was repaid on 10 July 2018. As at the period end, the outstanding balance of the Loan Notes was US$2,180,000 including accrued i

[cyberbub] 07/12/2020 13:46

PS if the company wasn't delisting then IMO the share price would be at 10p today. And yet Odey voted to delist, knowing that it would force him to liquidate the smaller funds he holds in TSTR, at a massive loss. If I was an investor in those funds I'd be asking Odey some serious questions...

[swanvesta] 07/12/2020 13:44

I don't see that happening. If there is significant value in this company, then why would SPMP (or one of its shareholders) not step in to buy it at a discount to the 16.3% of SPMP that they would eventually be paying Odey?

[cyberbub] 07/12/2020 12:54

Berny snap!! :-) I just got off the phone to II."Endeavour" to provide a share certificate if the company will provide one sounds a bit dubious to me...Disappointing they've chosen not to allow trading up to Wednesday.

[cyberbub] 07/12/2020 12:52

Interesting update straight from the horses's mouth at Interactive Investor.Today *is" the final day for trading on their platform - I don't know why.Also they "can't be certain" whether a share certificate withdrawal will be possible or not, apparently 'it depends on whether the company allow it during a corporate action phase". Which is as much use as a chocolate fireguard. There is the promised matched bargain facility after delisting, but if you don't have a share certificate how can you trade them?

[bernymadoff] 07/12/2020 12:51

Cyberbub, i got a corporate action from ii telling me this. They will only support trading in this stock until close of play on 7 Dec and it will delist on 10 Dec. When the certs are issued for the new company they will send me one.

Here's the text:

CORPORATE ACTION NOTICE
Important information about your stock 1
December 2020
A corporate action is taking place in relation to TRI-STAR RESOURCES (stock code BGDLPW8), which you currently hold in your portfolio (a/c 1078414).
What is happening?
Delisting
Effective date: 10th December 2020
Market affected: Alternative Investment Market (AIM)
Trading restrictions: The last day we will be supporting trading will be 7th December 2020
Tri-Star Resources plc has announced its intention to cancel its listing of Ordinary shares from trading on AIM. This is expected to become effective on 10th December 2020 at 07:00am.

As the shares will no longer be trading on a supported stock exchange you may choose to sell your holding prior to our last day of trading, listed above, or transfer your holding to another broker.

If you do not wish to sell or transfer, following the delisting we will endeavour to provide you with a share certificate in relation to your holding, should one be issued by the company in the future.

ISA Customers
Due to restrictions imposed on ISA accounts, unlisted shares are not considered a qualifying investment. Certificates received in respect of ISA accounts will no longer be held within the tax efficient wrapper so will lose any tax benefits.

SIPP, Pension Trading Account, and Junior ISA customers
Unlisted shares are not considered a qualifying investment for these accounts and withdrawals are not permitted from these products. Consequently, holders may wish to liquidate any holdings prior to a delisting becoming effective.

[cyberbub] 07/12/2020 12:27

There have been heavy volumes in the last few days, if anyone was buying a good chunk (3% plus) then we would have got an TR-1 by now, IMO. Of course someone could be ignoring the rules, especially if an overseas buyer - Omani perhaps? Just speculation.

[cl0ckw0rk0range] 07/12/2020 12:13

So your working on the basis that no TR1 means they are just going to PI rather than another destination?

[cyberbub] 07/12/2020 11:56

3M shares for a TR-1 obviously

[cl0ckw0rk0range] 07/12/2020 11:53

Do you know how many shares constituted a TR1 here? They aren't stupid, you won't see one as the buyers will have ticked these away in all sorts of places.

[cyberbub] 07/12/2020 11:49

Bronislav, in the absence of a TR-1 I assume it is just PIs seeing it as a massive bargain?I did buy some last week but am getting a bit nervous about Odey's intentions, he will always do whatever is best for himself, and it's not clear (to me anyway) what that is.NAI

[cyberbub] 07/12/2020 11:40

Berny, Why is today the last day to trade these on I.I.? The shares are trading until Weds and any buy/sell should be able to be settled 2 days later as normal?Did I.I. specifically tell you this?

[bronislav] 07/12/2020 11:37

Cyberbub.who do you assume is picking those shares up and why?

[cyberbub] 07/12/2020 11:34

Looks from the TR-1 that Odey is selling out of his smaller funds, but keeping the larger (personal?) ones.Unfortunately that means potentially 12M shares still to be dumped by Wednesday.On the positive side it will take him below 50% so no longer controlling the company. Unless he buys back a few million on his own account by Weds?