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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