Tri-star Resources Share Discussion Threads

[solarno lopez] 16/12/2020 13:16

You mean Corvus

You will also remember Gable Holdings another Corvus company

[gimmetheloot] 16/12/2020 11:20

This dog has gone same way as SRSP. Whose behind both companies? COVUS!!

[swanvesta] 10/12/2020 22:53

PI clear-out? Who's been buying Odey's shares?

[wiserthanyou] 10/12/2020 09:15

There you go mugs.

[bernymadoff] 09/12/2020 21:07

Twitter group open

Just contact @hacksupreme for an add

[cl0ckw0rk0range] 09/12/2020 17:20

Closed with Odey maintaining control with 57.99% holding.

[dr rosso] 09/12/2020 11:42

AssetMatch signed up to create a market for future exchanges of shares. The whole situation looks like a set-up. Delist drives away pis at knockdown price. Somebody is scooping up those shares and has got them for next to nothing.

On a fully functioning roaster, someone is going to be offering 50p+ through this new exchange facility to buy out whoever is holding after delist. Imo. The Omanis will want that 16% stake, have no doubt.


Topped up today using HL, regardless of the outcome of Equiniti error.

[cl0ckw0rk0range] 08/12/2020 19:11

When did they put that through?

[solarno lopez] 08/12/2020 18:43

Oh geez Doc

[dr rosso] 08/12/2020 18:24

I gave Equiniti specific instructions on 3 Dec that my holding of TSTR shares must not be sold, and that they were to send me the share certificate for a Co. that shortly would become a private entity. Guess what happened today ....

I`ve asked them to reverse the transaction. The clowns sold the lot at 1.3p.

[cl0ckw0rk0range] 07/12/2020 21:56

And taking it private with a drag along clause is really the easiest way of ensuring a smooth sale of their 16%.

[cl0ckw0rk0range] 07/12/2020 21:55

I wouldn't say that necessarily, it depends who your broker is whether you get the option of a physical share cert, appreciate II have been vague as to whether they will issue one but I don't think that's because they have been told there will be no need for the issue of them, however it would make sense for the sale to go through as soon as it's taken private rather than hanging around any longer.

[bernymadoff] 07/12/2020 21:34

So it sounds to me that there will be some kind of offer ready for shareholders before their share certificates in the new company are allocated. We will be able to choose between share certs and cash.

[bernymadoff] 07/12/2020 21:01

Just been re-reading the settlement agreement and a part at the end got me thinking.

'Adrian Collins, Chairman of Tri-Star commented: “I am aware that this may not be the outcome that some shareholders had envisaged, but I do believe that we will have a liquidity event in the foreseeable future and I hope this will give shareholders the opportunity to either receive a cash payment or shares in a listed SPMP."

This clearly suggests that the liquidity event would take place before existing shareholders got their share certificates in the private company.

I've never been in one of these situations before but this seems very much like a nod to a near term liquidity event because I can't imagine the share certificates allocation will take more than a couple of months.

[swanvesta] 07/12/2020 20:29

cyberbub, I think Odey would find it hard to block an offer at, say, 10p (especially if it included an agreement to repay his loan) and then turn around and effectively claim the company is worth less than 2p.

[cl0ckw0rk0range] 07/12/2020 18:16

What Are Drag-Along Rights?A drag-along right is a provision or clause in an agreement that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms, and conditions as any other seller.

[cyberbub] 07/12/2020 17:46

And how will a bidder get over 50% if Odey holds 50.1% or more?

I reiterate I'm not trying to deramp here now I've sold out, I can't buy any more anyway due to I.I.'s stupid trading ban (which partially forced me to make a decision today).

I bought in because I could see the massive disconnect in value here, and don't necessarily have a problem with holding an unlisted share. But on further thinking and research over the weekend and today I decided that it was too complex and that I didn't trust the person controlling the company. Having a dominant single shareholder is always a risk - they will do what benefits them, not what benefits minority shareholders.

Anyway as I no longer have (or can have) a holding, I will leave you all to it, best of luck.

[cl0ckw0rk0range] 07/12/2020 17:46

Whatever Odey sells his stake for the other minority shareholders get the same price.

[solarno lopez] 07/12/2020 17:41

He cannot block a deal cyberhub because the new articles have drag among rights once the bidder is over 50%

[cl0ckw0rk0range] 07/12/2020 17:39

TSTR need to repay the loan. Simple as that. They have until Dec 2021 to do so, they could even sell a % of their holding in SPMP worst case, though I don't imagine TSTR is going to be holding any % once it goes private and it's bid for.

[cyberbub] 07/12/2020 17:26

Odey can block any takeover that doesn't suit him by holding 25.1% of the shares or more... including blocking any takeover deal before 31 Dec 2021.And if Odey maintains 50.1% of the shares (which he can easily do) then he controls the company, and can use his debenture to seize the other half of the company for free on 31 Dec 2021. Well not quite free, he would be losing his $2m loan... But if he hopes that Tristar could be worth say £80M in due course, then seizing half of that (£40M) for the loss of $2M is a no-brainer.Just my view as I say, maybe I'm paranoid... Although I'm out, I might come back to this and the LSE board occasionally to see if I was right, or if I've thrown away a fortune... :-o

[cl0ckw0rk0range] 07/12/2020 15:29

Plant should be running at capacity by Q1, so what's 16% of 200M hmmm hmmm 32m?