Tungsten Share Discussion Threads

[bs76] 13/4/2016 17:36

BTW Indus increasing the holding to over 10% rules out any bid.

Now Indus and Odey holds around 26% and without them any bidder will not get over 75% votes for bid to succeed.

[bs76] 13/4/2016 17:32

"To take advantage of the growth, PIC is in the middle of a £500m fundraising, according to people familiar with the situation. About half of the money will be used to back new business, with the rest going to shareholders who want to exit. At the end of last year, the company had £1.3bn of equity."

As per my research, ED truell still holds 3-6% (not sure of exact percentage) of PIC. Is he the shareholder who wish to exit? In that case, he will get cash between 39m to 65m and will that be used for Tung bid.

Just speculating :)

[k3vmc] 13/4/2016 16:57

Piddling volumes too!

[dollarzpounds] 13/4/2016 15:42

A sea of blue all bar dear Tungsten.

[dollarzpounds] 13/4/2016 13:16

Shouldn't they be producing some type of diary ? Dates for results ? AGM and the like or are we just making it up as we go along this year??

[andrewdbl] 12/4/2016 13:16

Does TUNG bill US clients in USD?
I think it does, but not sure.

[k3vmc] 12/4/2016 08:12

Chem, thanks as always.

Manics, not long to wait. I got a reply on 7th April "starts mid-April and will be announced in the next few days".

[manics] 12/4/2016 07:13

02:20 -LOL! Spot the new daddy.

Not much out of TUNG IR either. I chased the Tungsten Finance appointment yesterday -"the company will announce when ready". Oop OK, back to waiting...

[chemistdude] 12/4/2016 02:20

Not much on the news front but we do have a new buyer: Marsh & McLennan


Also:
Tungsten Network - Insights 2016 London

[dryboy] 11/4/2016 17:14

surely we are due a blue day. seems to have gone very quiet after last weeks little boost.

[edwardt] 07/4/2016 15:12

my guess is 0.7m shares that have been lent out to shorters will be recalled...

[dollarzpounds] 07/4/2016 12:21

The more we know the more confusing it all becomes ! Maybe that's the plan ?! :))

[edwardt] 07/4/2016 12:01

good questions!

[1gw] 07/4/2016 11:47

Yes, interesting.

It begs the question of why Indus would want to convert their long-dated derivative into shares at this point, don't you think?

They appear to have converted a "swap referenced to ordinary shares" with expiry date May 2018 into actual shares. If the counter-party to the swap was MS, and if (a lot of supposition, I know) Indus had the option to convert the swap into shares, what was the effect of them exercising that option? Did it for example, force MS to call back shares it had loaned (as of 31st March, MS had "Right of Recall over a securities lending agreement" for 0.7m shares), and did this in turn cause someone short to have to close their position?

Edit: and similarly, what about the cash-settled equity swap for 3.5m shares that MS held? A trade for 3.5m shares went through on 5th April, not 4th April (which was the transaction date for the MS and Indus TR-1's). So was that trade also a knock-on effect of Indus exercising its option and if so was that part of a plan?

[manics] 07/4/2016 10:48

Ha. Neither. Indus had 'em!

BUT:

4. Full name of shareholder(s)
(if different from 3.):iv

UBS, AG & Morgan Stanley and Co.

...so has anything much actually changed?!

[1gw] 07/4/2016 09:39

For me, Team BOD are the ones to run the company and make a success of it. I thought the CMD performance was impressive in terms of their assessment of the current state of the business, the steps they have taken in terms of putting a new senior team in place and the vision they have going forward for the business. Having said that I was surprised by the tone of some of the language they directed at past management (including the "friends and family" comment).

Having said that, I hope ET does make a serious run at the company in terms of putting forward a credible offer for it. As a very new shareholder here, I would like to see a further near-term pop in the share price and I think a decent battle here could reset the share price at a higher level irrespective of the outcome of the battle, because of the greater scrutiny that would be brought by the city to the business case.

[dollarzpounds] 07/4/2016 08:18

Great stuff Manics. Team BOD for me for all the reasons you give AND also because under Edis tenure as CEO it simply lost its way completely so Lord knows what would happen to it if he got his mitts on it again ?!

[manics] 07/4/2016 06:04

I hope he's on Team BOD -as I am. I want to see this company deliver and benefit me in the coming years accordingly. I still think they have a great idea. In an exciting sector. Huge market appeal. Decent incumbent talent and IP offering tangible customer benefits with a good 'moat'.

The share price is an embarrassment Edi wants to erase. Quick fix. Bang. Done. If TUNG has cash to profitability and £30m beyond then why does the share price now even matter (little flippant, but you get my drift)?

The BOD don't care about 'the dive' (shout out to Keyno). "Yep it used to be 400p, so what"? -Rick as good as said at the beginning of the CMD. All they want to do is execute a model and deliver viable business. The share price would reflect that in time and to my benefit as an investor. I can wait. Team BOD.

...or (so far as I can see at the moment) quick fix brush under the carpet OR buy it back cheap (depending on what Edi is really thinking) Team Edi.

[dollarzpounds] 06/4/2016 22:43

Which team do you hope he's on Manics?

[manics] 06/4/2016 22:13

If it is Odey once again -does that make him Team Edi, or Team BOD?! Fascinating to consider..!

[manics] 06/4/2016 22:11

Tomorrow will be telling. We might get a shorttracker update, and if it was indeed Edi or Odey adding (remember Odey had FIL's holding) then that should post tomorrow in a holding RNS.

[edwardt] 06/4/2016 16:47

got to be linked to the swap?

[1gw] 06/4/2016 16:20

I hope so...