Trinity Exploration & Pr... Takeover Rumours (TRIN)

The LO takeover and current share price mean that TRIN shareholders can, should they so wish, I repeat, should they so wish, sell and reinvest in TXP and get about 2, possibly less valuable, TXP shares for each TRIN share rather than the 1.5 negotiated by the TRIN board and their very expensive advisers

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I'm invested in TRIN for some years and my initial investment was 140p then averaged down purchasing at 80p and 35 p and still incurred in a loss of around 20% considering the offer of 68 p. Of course I welcomed the takeover bid of TXP and the subsequent offer of LO is a blessing so I may exit this desaster decently and in a not ruinous manner. I have also watched the other oil plays in Trinidad and the performance of TXP is really abysmal. At the time of the takeover bid I took a small speculative position in TXP at 0.60. The actual price has not changed in the meanwhile. I invested in the Canadian market place because it is very liquid vs. Aim London. In retrospective I doubt I made a good investment decision because there are many good investment opportunities in the major oil producers with limited and only temporary loss potential against an almost total loss risk with Txp. I went in and I hold but the next spike up I sell and take the risk from the table.

TRIN at the bottom now, will have to rise if TXP rises anymore from here.Hitting the goldilocks price range regarding TXP.If TXP keeps rising and gets above 50p, danger that they walk away from TRIN and you're left with an inferior and riskier takeover in LOL. Interesting times, those who switched to TXP have made additional profits above the TXP acquisition terms.

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nocents - bearing in mind the fiduciary duties of the BoD, where exactly is the unethical behaviour? Do you not think the Takeover Panel would be all over unethical behaviour?

"coordination with the expected receipt of remaining regulatory approval relating to the Acquisition and agreement of a Court approved timetable for the Scheme." "expected receipt".....doesn't look like they see any problems from T&T or the Takeover Panel

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nocents - you could try contacting the Takeover Panel, pointing out the drop in the TRIN share price and asking if TRIN have any information which shareholders should be made aware of

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~~ADVFN*MODERATEDRecommending a deal that doesn’t have the votes to succeed is arguably a breach of fiduciary duty as our money is being wasted organising a pointless vote. Before LO came along our directors had already incurred takeover advisory fees of £2.7 million (nearly a million more than Touchstone), which is about 10% of the takeover price. How much more will they waste? Also, the directors would have been dismissed on Friday had the Touchstone deal completed then as scheduled, but now retain their considerably salaries for at least another month.

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7856 absolutely but I personally think the albeit (already over sized) BoD have enough to be getting on with, without the TRIN takeover as well and I'm sure a few others may agree with that? IMHO.

Here are the circumstances an irrevocable undertaking can be overturned; “Also known as an irrevocable commitment or a lock-up. A binding agreement by a target shareholder to accept a takeover offer or vote in favour of a scheme of arrangement. An irrevocable undertaking may be either hard (binding in all circumstances), soft (ceases to be binding if a higher offer is announced) or semi-hard (ceases to be binding if a higher offer is announced which exceeds the existing offer by an agreed amount)â€￾. I suspect Trinity’s experienced M&A advisors will have forged a good contract and that they are advising the Trinity board in all their actions until the deal is finalised.

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“The irrevocable undertakings therefore remain binding in the event an alternate or higher competing possible offers or offer is made for Trinityâ€￾ and 38.9% of shareholders, including the directors, remain bound to support the Touchstone offer. Probably a stupid question, but doesn't this make if v difficult for a vote in favour of the LOL takeover to succeed?

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FWIW - my speculation I am very much a part time investor in public companies who happened to start buying TRIN shares earlier this year. I have never previously owned a small oil company My initial reaction to the TXP bid was that they were getting TRIN cheap So I was not so surprised when Lease Operators appeared. I speculate that, with much experience on the ground in Trinidad and knowing how badly TRIN is run, someone sensed an opportunity. It is a huge leap for the family/company to move from drilling wells to making an offer under the UK Takeover Code for a UK plc which requires substantial financing Perhaps TXP will buy them off or hopefully, at least for the less deluded TRIN shareholders, we will get 68p or better Who are their London advisers?

H/L have sent a duplicate of the TXP merger still saying the hearing is on 31st July and takeover is effective from 1st August. Must be an error as hearing has been delayed. Most important correct wisdom is to ignore Malcy. Buy him a burger and he’ll say whatever you want. I opted out of politics due to its narcissism and inherent corruption. One of my Uni degrees was in politics but having met Edwina the egg-hater and most of all Boris and his crew 25 years later, I could take it no more. But the raw greed and corruption in the stock market matches politics easily. Whatever comes of Trin will be because somebody is stealing it for their own personal financial gain. 3 years ago there was a tinge of integrity in the company. It’s all about personal gain now it seems.

The TXP takeover/merger/soapy deal was one thing.....TRIN could possibly get something from all the cash put into Galeota but a cash bid is a completely different thing. With a cash bid minds MUST now be concentrated on what we are selling and what is it actually worth. Now in a free wheeling Tory/Telegraph reading world we are to believe that the free market reaches the correct price......crap!!! Greed and self interest comes out on top every time. I am now saying that if this board even gave the notion of advancing shareholder interests then a break-up sale of assets should be considered. There was even once some talk of selling off the West Coast assets on their own. Of course there is always the chance that they will block the cash offer on the simple grounds that they favour the TXP bid (and the TXP bid favours them !!!??? )

Back in the (unemotional) real world. The TRIN board will have done their deals with TXP and given the good deal that TXP were getting I can only guess that our dear friends on the TRIN board were not short changed. All done....all nice and cosy ....shit !!!....a cash bid that is very hard to ignore. Either the TXP takeover was a done deal or it wasn't....it wasn't. The new bidder it perfectly entitled to make the bid and the TRIN board (grudgingly?)must give it due consideration. I would imagine the lawyers acting for the new bidders have let their views be known. It looks rather obvious to me that this is a genuine bid ....real people, real money, real intent. The amazing thing is that if shares are bought today there is a 30%upside to 68p !!!! Even if it took six months that is one helluva return. Not guaranteed but not an outrageous assumption.......better than most when buyin/selling shares!!!

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I find it strange that people are treating this as some sort of indecent proposal. TXP are currently offering 45p with promises of great and wonderful things in the future ..... this other bidders is offering 68p cash now !!!??? Okay it isn't as clear cut as that but it looks good to me. The takeover panel has given the new bidder until the 16th to piss or get off the potty ....again this seems perfectly reasonable to me. This offer lets TRIN shareholders get out if the frying pan and miss the fire. Any TRIN shareholder who thinks the TXP offer is great can then buy into TXP shares and probably on far better terms than currently on offer. You pays your money you takes your chance !!!

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Why is it 46p if the takeover price in a few months is 61p?

I have happily voted for takeover, knowing what TXP brings to the table and upside TRIN assets have.It's a win win.

There is no reason why the takeover should not take place. There is no alternative pressure on shareholders to reject it. Quite the contrary in fact.

There must be considerable doubt this merger will take place if the share price is so much lower than the takeover price?

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TRIN management are as atrocious as TXP management at shareholder communication. You would think they would have mentioned the voting date for the takeover, maybe they don't know…even worse

No mention of takeover in AGM documents, strange?