Trident Royalties Share Discussion Threads

[888icb] 14/6/2024 08:57

This is so reminiscent of what happened recently at Shanta Gold as I am sure some of you are aware. There was strong opposition from shareholders as it was blatantly obvious that it was being sold at an undervalued price. There were a lot of votes lodged against the deal and the institutional shareholders were able to secure an increased offer. It was still well below proper value but every little helps when many shareholders over over 1years standing will have paid between 50p and 60p for their shares. They held because of the long term nature of royalty companies and were told it was very undervalued at 60p.
The BoD should do the right thing and act in the best interest of shareholders by getting the offer increased now. I had a very high regard for CEO Adam and his vision for TRR but am now very disappointed with his actions.

[nickelmer] 14/6/2024 06:58

Damayhill, thanks, I can never understand those documents, sounds like a done deal in that case

[damayhill] 14/6/2024 06:42

nickelmer, these announcements are existing institutional investors making an irrevocable public disclosure of the way they intend to vote (ie in favour), not of new holdings. It's not a forlorn hope that this proposal could garner 25%+ against, but unlikely I'd think.

[ccpag] 14/6/2024 06:39

It's 75pc of shareholders who vote. Assuming not all do, as is quite normal, 28pc is a lot more than 28pc. All of that volume yesterday will have gone to arbitrage funds also. They'll vote in favour. This poor outcome, see comment below, is a done deal except in the instance of a competing bid.

[nickelmer] 14/6/2024 06:20

Are the announcements from several institutions of new holdings in TRR ? The offer needs 75% approval and they only have 28% so far, it could be possible for shareholders to argue for a better price to complete the deal.....

[ccpag] 14/6/2024 03:59

Sold for 2/3 of consensus fair value. CEO Adam Davidson and sidekick take a job at Deterra. No one else.

[damayhill] 13/6/2024 21:38

Very much agree with the majority of comments here. It's a disappointing price despite representing a decent profit. What I really dislike is how swiftly the rhetoric coming from the BOD changes. It's all opportunity and growth and focus on execution, until they want to see a deal pushed through for personal gain, then suddenly it's all risk and market conditions and red tape. The tonal volte-face is just shameless, but I don't know why we ever expect anything else...

[sword77] 13/6/2024 21:20

Maybe an additional bidder appears....

[this_is_me] 13/6/2024 20:21

I managed to get all of mine sold at just above 48p I don't think that it is worth waiting for less than another 1p with the risk that the deal does not go through and the share price tanks.

[wbodger] 13/6/2024 17:02

Yes swanvesta I posted as much, suggesting they would do better with more copper. Still think so.

[janet07] 13/6/2024 13:30

good day for TRR and KRPZ both breaking out, in for a lovely afternoon

[swanvesta] 13/6/2024 12:21

According to Rick Rule, Lithium is headed for "hated" status and price won't turn till 26/27. TRR got themselves overexposed at exactly the wrong time.

[this_is_me] 13/6/2024 11:55

Very disappointing. Luckily I bought a second chunk last Feb. Like all equities there is a risk, but I certainly expected the company to do well overall over the next few years even if some of their investments didn't perform.

I have a good holding in DUKE which has a similar type of business.

[donald pond] 13/6/2024 09:12

I run investor relations for PXC so won't disagree with that! The advfn board may not be the best place to start though.

[cromw3ll] 13/6/2024 09:05

Yep many hoped for much higher price. I'd look at PXC now funding secured, if you are a buy and hold investor. DYOR.

[wskill] 13/6/2024 08:57

Not the price I was thinking it might be worth but a profit is a profit, Still like the idea of a super cycle in metals so I have bought some BRWM with the proceeds.

[pogue] 13/6/2024 08:45

Just in my inbox Oakbloke's view on the matter. Its worth a read.



'I find today’s news very convenient. Convenient in the sense that shortly after a short attack on Lithium Americas and its Thacker Pass mine “From Dust to Dust” which rubbished the Lithium Mine despite being massively supported by the US government through loans, as well as a huge offtake agreement with General Motors occurred not long before an offer is made. Thacker pass is worth NAV 26p per share to TRR.

Perhaps it is co-incidence.

Otherwise it’s a perfect left jab to the ribs and upper cut to the chin - knock out...........

[pogue] 13/6/2024 08:14

Key points in the RNS

'as part of Trident's regular communication with Trident Shareholders, it has become clear to Trident that certain Trident Shareholders, many of whom have been shareholders since Trident's IPO, would welcome the opportunity for a liquidity event'

Price not reflecting value, should be noted directors do have large holdings them selves indeed some bought more as recently as late March at 34p which makes the following statement something to consider.

'The Trident Board has also given consideration to the fact that discussions with other potential counterparties that have occurred in recent months, have not resulted in any other proposals being received.'

They have been touting it about 'in recent months as per RNS' but could not get an offer they liked. This is also the reason for the recent move up from the 30s I suggest.

'In addition to the financial terms of the Offer, the Trident Directors have also given consideration to Deterra's stated intentions for the business and its employees, and Deterra's integrated business model.'

Management do have large paychecks and it appears this bidder would like to keep them on, perhaps some share options thrown in who knows. Was this what differentiated the deal from others? Deterra seem to be just setting up in the royalties business as well as they have 6 royalties so a chance to move on and up for management and get a good payout too.

For those wanting to follow TRR's royalties, and management, Dettera maybe a place to go. They are Aussy listed though.

[888icb] 13/6/2024 07:33

49p is definitely too low. When Simon Thompson gave TRR a further Buy recommendation just over 1 month ago the share price was 36p and he said “ Rated on a 50 per cent discount to unrisked NAV estimates, Trident shares are worth buying.”
This of course takes no account of how the value of the royalties will increase as the commodity super cycle kicks in. This was intended to be a long term hold in my wife’s SIPP. This is a very disappointing offer and I agree with Donald that 60p feels about right.

[robsy2] 13/6/2024 07:26

It is a shame.

[melody9999] 13/6/2024 07:26

if its too cheap, will someone else also think that and make a counter offer?

[nickelmer] 13/6/2024 07:12

Too cheap...

[donald pond] 13/6/2024 07:08

Pretty disappointing tbh. 60p feels about right. 49 is too low, especially with the silver project about to come online