Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Fatoomch for the record voting rights does not directly equate to number of shareholders. Your entire defense was that SAG couldn't possibly engage in any disruptive behaviour...incorrect already. I told you to expect another meeting shortly after the last one and what has happened? If you deployed any critical thinking you'd think why are SAG publically attacking the board in the manner in which they are? A backroom deal has clearly been done with enough II's, they know they have enough votes to call meetings and win and the shareprice will suffer, Canaccord will do nothing. You were warned about SAG being a wolf in sheeps clothing but you ignored it because you thought of a quick 6.5p, well the RNS clearly states that SAG thinks that is a premium that is now over, it's clear to anyone with sense that they will obfiscate and disrupt now for 10 months and I expect the takeover offer to be sub 4p possibly less. A decapitated board is just the start. Well done round of applause for you.
The existing TPG BoD aren't prepared to accept what the MAJORITY of shareholders voted for and are acting in a disruptive and illegal manner.
It reminds me of The Black Knight scene in The Holy Grail; the old TPG BoD have lost two arms and a leg but refuse to accept reality.
The market has reacted positively to this RNS.
Strange reaction by the share price. Was expecting further erosion and stagnation for the foreseeable. Perhaps something like a maritime or westek sale type event coming that has changed the rules
How the hell is TP Group going to try to be successful with this going on. SAG are going to do a hostile takeover that’s for sure. I was personally happy to give the new board (before SAG involvement) a chance.
It was obvious what they were going to do here, seen it before and SAG have done it before. They will force meeting after meeting this is value destruction 101. Next meeting to be called will be to call for a full "independent" audit, auditors selected by SAG. I would say I told you so fatoomch but I suspect that you were never really an honest broker. Bad times, we ain't getting 6.5p that's for sure.
Quite agree, looks like a strategy to trash TPG in the hopes of acquiring it all on the cheap. But I fully expect that the results of an AGM will be the same as the last one, with the SAG camp coming out as the winners.
For crying out loud. Are SAG serious the Board did not move as quick as they like so they want to remove the Chair. Sorry but I do not recall any resolution about any strategy. The two companies are separate and I do not see any advantage in a collaboration with SAG for TPG. If we have another General Meeting I will be voting the new management team needs time to try a turnaround.
Yes Radius, the whole thing is a bit of a mine field! SAG is going to be the dominate factor now. For me the acid test will be will David Lyndsay stay? He's no mug, if he thinks he will be allowed to be in charge to turn things around he will possibly stay but if he thinks he will be cramped by SAG's own perhaps different agenda he will be off. I wouldn't blame him at all. I hope he stays as I have confidence in him.
Going by this morning's RNS, and assuming my maths are correct, SAG could now offer approximately 6.72p per share for the remaining 73% they don't own for an average of 6.5p for the whole company.
The cost would be approximately £38.25m.
I'm open to correction if my maths are out.
R
Thanks fatoomch
I've been back & reread the code and I can see that an offer would have to be made once the 30% limit was breached, but I can't see any mention of this superseding the 6mth rule.
Apologies if I'm missing something.
R
Radius
Google "takeover code". Have a read. Far more insightful than anyone here - and the gospel truth.
These questions are open to all interested holder's.
If SAG increase their shareholding to 30% + within the next 6mths, are they then still restricted by the 6mth time limit on making an offer?
If they breach the 30% shareholding are they not bound by takeover rules to make an offer for the rest of the company?.
Just trying to get my head around the various permutations.
Thanks in advance
R
Three dodgy directors who presided over the erosion of TPG have already been sidelined
SAG are in control - make no mistake about that.
1.75M hoovered up at 5p yesterday
Hi Radius,
My view is that David Lindsay is doing an excellent job already and has demonstrated a plan based on his past experiences to turn TPG around. If he succeeds in getting middle/ lower management behind his efforts to transform the company then a couple of dodgy directors and their agendas may well be sidelined! As is often said - time will tell!
Hi TT
Yes it is a worry.
Problem I've got is, SAG didn't raise all that money to just sit on it.
Calling it a "Strategic investment" can mean any number of things!
Good luck all lth's
Cheers
R
Radius.
Yes this could be a question of a Cuckoo in the nest! I don't like SAG's tactics. I just hope that David Lindsay not only stays on but is allowed to progress his program to turn TPG around. He is currently working within the company to strengthen the structure and retain good people. Will the SAG directors be a force for good or bad to then promote a resurgent company to win more business?
fatoomch
I hope you're right.
But why would to they put all the effort into turning TPG around for 70% of that effort/return to go to other TPG shareholders?
Why not find issues, real or imagined, which slowly erodes tpg's SP over the next few months, or even not even take up their new posts, citing unforseen financial issues , they've done it before.
Pick up cheap share's, then offer 5 - 6p for the rest, painting it as doing you a favour.
The II's will look at the longer picture, 29% of the pie now, or 100% of the pie later.
The best indicator of future behaviour, is past behaviour.
I hope I'm wrong believe me.
R
Radius
SAG clearly had institutional support.
imo - that included Cannacord. Cannacord are major shareholders in SAG and recently participated in a fundraising/placement of SAG shares.
I don't believe Cannacord would take too kindly to SAG destroying TPG value. In addition- SAG are the biggest shareholders in TPG - they also have an interest in maximising rather than destroying value.
The only down side could be if SAG unearth some financial black holes in TPG.
Who's shareholders are they going to look after, SAG's or TPG's?
They only got in because there's bloody great holes in the fence and roof.
And the Foxes are hereby invited into the henhouse.
SAG on board. All resolutions passed
While the resignations makes two of the motions at today's general meeting redundant it does not follow that the other two motions will pass. I agree with Scrodingerscat in his 13.54 post that II may have said we will oppose the motions to appoint new Directors but the Directors will need to go. That leaves the question as to who will replace them.
Guessing their jumping before being pushed.
Doesn't fill me with confidence for tomorrow.
Just remember PC got half a million a year. How many times did he buy shares?