TRR.L Share Chat (TRR)

So where to re-invest in a similar business?

HL do not trade Deterra, but I am going to ask them to consider.

Ecora are poor over the last 5 years delivering MINUS 55% including income!

Blackrock World Mining Trust + 107%

Trident + 217%

GLA

Thanks for the 30% IRR!!!

Stuart

You have my sympathy. I sold out and bought the big divi payers, MNG, LGEN. Sod this holding long for future rises.

If you are still holding you can sell up now and get in after the crash, lots of relative bargains . Pointless waiting for 49p

I don't cross ramp...I had great expectations here ..but hey ho made a small profit and sold up when I first heard the bad news.

Look at my main holding..loads of well informed posters on there..

DYOR ..but should be a winner..mind you I thought that here lol!

The crux is...in Dec the quantum of the claim should be out ( if no early settlement before)...should be big...

Suggest you watch as many interviews as possible..but importantly the last one with VSA capital not that long ago.

Good luck !

When do I get my 49p?

September 16th.

The announcement will be after the meetings. The deadline for proxy voting has closed, but those attending the meeting can vote in person, and officially those who used a proxy have their proxy cast their votes at the meeting. So they cannot announce a result until after the meetings take place.

Well, the voting (for this round anyways) is closed and the voting will be officially recorded at 6pm tonight.

So, we'll probably find out which way it went by RNS, hopefully before Friday's court and general meetings.

My 32,000 voted NO.

They didn't waste any time in banging out the timeline for the sale "should" it be approved.

Be Aware ⚠️

Shareholders' votes on the takeover proposal have to be lodged before 10am Weds or probably by sometime today/tomorrow if you use a broker as your proxy (please check).

It's your voice, so remember to vote - it is your right! 🗳️

Yep exactly that. they’ll continue to give an impression it’s done, they will mention voting very little

i’d vote NO and hopefully we get a bigger offer, with commodities rising id think so

The dates given in the RNS yesterday appear to be written as if the takeover is now a "done deal". Now it may be that this is merely prudent planning by the management, in which the timetable for the takeover is stated clearly in the event that the voting on 26 July goes their way. The cynic in me wonders, however, whether the timing of the RNS, if not the content itself, is to make those who have yet to decline to accept the offer think that it is now too late and that they should not bother. In case anyone is in any doubt, it is not too late to lodge votes. In the interests of transparency, I have already lodged "No" votes for both the white and blue forms.

Thanks for explaining - that all makes sense

I'm not sure the Chairman was in favour. My expectation is that palms were greased for a select few.

The view that this reduces Deterra's relative costs is that they are able to add TRRs assets at a (my view) deep discount. Thus, AUMs increase but admin costs not so much

It's just my view and opinion, but have a look at the 'directors dealing' tab and couple that with the job offers from Deterra and draw your own conclusions....

Plus, of course, the views/arguments stated in recent RNS and offer publications.

Thanks for your take but does it explain why the board are in favour?

Thanks, the opportunistic angle makes sense. I'm being thick though: could you explain how this cuts their costs?

Samson Capital have bought 5% and will vote for the deal I would imagine, hedge fund parasites. The market gives these vultures the opportunity by not having the bid match the offer. Capitalism at it's finest. PI's need to vote to block these deal. Vote Against the special resolution and approval of the scheme.

My 100,000 shares voted NO

As above, suggest everyone does and if they need help ask on here as most now do this through an electronic platform.

remember they need to achieve 75% yes on shares voted on the day not the total amount in circulation so everyone counts. i.e. vote. they rely on apathy which in the old days when do through the post this worked but now its the click of a few button votes are being lost more often

Hello all,

Would anyone be able to clarify.

In the offer document dated 13th June , it states a 28 day period. Is that calender days, or Market trading days?

Thanks, DH.

Precisely. That is why everyone should vote NO.

GLA

You are right, Smallholde. They are effectively asking for a blank cheque. I did not like the proposal before I saw the voting papers and I liked it even less afterwards.

I think I need to join the campaign for plain English. I assume it is the same for others but I see the below which I am being asked to vote on. I thought I was voting on whether to agree to the company being taken over by Deterra for 49p a share. It doesn't exactly read like that and implies it can be changed and amended - so even if that is what I vote for, it seems they then have a free hand to change it as they see fit - or as I see unfit!). I know there are supporting papers, but even so, it should be a bit more explicit surely.

And it's a no for me.....

Here's what the vote paper states:-

AGM -

TO APPROVE GIVING THE TRIDENT BOARD THE AUTHORITY TO TAKE ALL NECESSARY ACTION TO CARRY THE SCHEME INTO EFFECT AND AMENDMENTS TO THE TRIDENT ARTICLES (A response to this proposal is mandatory)

Court Meeting

THE PURPOSE OF CONSIDERING AND, IF THOUGHT FIT, APPROVING (WITH OR WITHOUT MODIFICATION) A SCHEME OF ARRANGEMENT (THE SCHEME OF ARRANGEMENT) PROPOSED TO BE MADE PURSUANT TO PART 26 OF THE COMPANIES ACT 2006 (THE ACT) BETWEEN TRIDENT ROYALTIES PLC (THE COMPANY) AND THE HOLDERS OF THE SCHEME SHARES (AS DEFINED IN THE SCHEME OF ARRANGEMENT) (A response to this proposal is mandatory)

I've had confirmation of my instructions to vote against the proposal. It was very straightforward and all PIs need to do it, otherwise nothing will done or, even worse, the broker may vote for it on their behalf without their knowledge.

Quite right. Shocker of a deal. The important thing for people voting is to remember there are two distinct meetings, and to vote against at both of them. Only one of them has the special resolution that requires 75% of votes cast in order to pass, so make sure to tell the broker your votes for both of the meetings.

Sounds like a bit of a faff, I just emailed my broker and they confirmed the next day that they've submitted my vote (against the resolution and scheme approval to be clear).

It's easy, this will only get approved if shareholders are apathetic. Vote against this insult of a deal. Q2 figures are only a few weeks off and they are going to be close or if not a record breaking quarter figure. If Dettera want our assets they need to pay fair value. Revenue is forecasted to increase to $13M this year, nobody surely invested for a quick buck a bit of patience and in a few years this will be a solid dividend payer even if management do nothing.

The Charles Stanley process sounds similar to Barclays Smart Investor. A simple phone call to 0800 27936673 is all that is needed, plus the usual hoops of "client verification" type questions.

GLA

Thanks slowlyslowly for the Charles Stanley advice, I've messaged them with my voting intentions.

Its 75% of the total number of shares voted on the day, (in the vote) so the actual amount needed to hit 75% or adversly the 25% isnt as hard as it seems if everyone votes. i'll vote no, theyll pay more

Correction, BlackRock have been selling - down to 1.58% as of yesterday. So they may not still hold by the time of the meetings.

Interestingly, we've not heard of the voting intentions of Ruffer and BlackRock (5.32% and 3.95% respectively). If they'd committed to voting in favour, we'd have heard. That doesn't mean that they will vote against, though. I don't know much about Ruffer (as an activist, I know a little about them as a fund manager), but BlackRock certainly tend to use their votes rather than let things just happen around them. If those two together were to vote against, that would be enough votes against to counteract the undertakings, so it would just be a matter of raising enough votes to counter any others who vote in favour.

Thanks for the correction, Rodney. You're quite correct. Of course, the point that the project is substantially derisked and therefore the anticipated revenue doesn't need discounting much when valuing Trident's royalty still holds.

For those who do not vote through their broker e.g. Hargreaves , the proxy forms are now available on the micro-site linked below by Stuartrm.

small note to @slowlyslowly - it's GM who have the main take off agreement I believe rather than Ford.

Yes, who knows what's going on behind the scenes. An RNS today states that another 4m of supportive shares have been declared. It would explain why shares are being bought at 48p when the offer price is 49p!

Makes sense to hold firm imv.

If the offer fails then the value here has been highlighted, and is only increasing as we inch nearer to production on various holdings, and just mb even a revival of Sonora.

More likely, perhaps, an improved offerfrom Deterra, or even another party. You just never know in these situations what might be happening behind the scenes. Or not, of course!

A similar situation happened recently at Shanta Gold, PI's were shafted in much the same way. The takeover offer there had to be upped by 10% to push the deal through. Much the same may occur here, even though it still massively undervalues the company's potential.

I suspect it's the likes of Orion that are pushing for a liquidity event and will seek one even if low ball. I think most of our investors are smart enough to see this offer is crap, will see what transpires, but I see the poster wrongly posting that the disclosure forms indicated voting intention on here and the other board has disappeared after looking foolish.

Well the BOD with less than 25% in their corner aren't looking strong. I have been in other take overs and have found that when the board is really motivated to get this over the line they have written to me personally despite my holdings being held via a third party broker. So they are either confident or are just going through the motions to satisfy Deterra, nobody has been promoting this from TRR and trying to secure the PI vote and that is somewhat surprising, you normally get chatter firmly for or against and apart from the half hearted release, naddah.

Looks like they have sold another 1m since. Announced today they are down to 3m.

Quite a few I is announcing they have 3m+ shares. No idea what is going to happen here but price dropped slightly yesterday so market thinks it less likely to get through.

Https://uk.finance.yahoo.com/news/mexico-seek-deal-over-disputed-145302361.html

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Thursday that his government will seek an agreement with Chinese lithium miner Ganfeng while still defending Mexico's rights, after the firm filed an arbitration case over a disputed concessions

I think Adam Davidson & the BoD have also caved in because of the disappointing performance of the Share Price. I mean, just 8 months ago, the SP was dwindling around a ridiculously low 30-35p (which is when I filled my boots) and AD & the BoD were expecting it to be hovering around 85p by now. I suspect they’re simply fed up of waiting, as well as getting nice jobs in Deterra.

RNS 13th June

"Further details of the Offer, including an expected timetable of key events, will be contained in the Scheme Document which is intended to be published, along with notices of the Court Meeting and General Meeting and the Forms of Proxy, within 28 days of the date of this Announcement, unless Trident and Bidco otherwise agree, and the Panel consents, to a later date."

So nothing missed as of yet..

Hi there- I was wondering the same. Plenty of volume since the Deterra news and some of the RNSs since indicate recent purchases and sells. No idea what it means but suggests to me that a lot of people are at least watching this! The IC article encouraged me that another bid could appear but I’ve watched some of ST’s recommendations in the past and honestly, who knows.

I still haven’t seen any information on when or how to vote- have I missed it?

Does anyone think there's someone (or several someone's) out there buying up stock to solely influence the percentage of either yes or no votes?

There's a fair few sells, so someone is still buying...

I often wondered why the sp never reflected in the true value of investments.

I just could never get my head around it.

Sorry to say I have sold, small profit.

I hope you guys can vote against it..very low offer imo.

ST stated that the un-risked net asset value is 70.3p per share and the risked value is 56.3p. He went on to say that Tamesis predict a step-change in profitability with pre-tax royalties doubling from $13.3m in 2024 to $26.9m in 2027, resulting in a tenfold operating profit increase to $12.3m. Interestingly, ST did not say vote against the offer. Personally, that is my preferred option unless any improved option is significantly greater than the current one.

Pedro, the conclusion was sit tight and wait, see if another bid emerges. There seems little to lose by doing so.

Not registered but Headline says DEEP DISCOUNT to NAV

so in short NO

Https://www.investorschronicle.co.uk/ideas/2024/06/17/is-the-trident-royalties-bid-good-for-shareholders/

I know you can't buy ASX stocks through Hargreaves Lansdown.

Https://thewest.com.au/business/mining/shares-in-deterra-royalties-sink-following-276m-cash-offer-for-london-listed-trident-royalties-c-15017926

Deterra Royalties’ long-awaited first foray beyond its lucrative BHP iron ore royalty is off to a shaky start, with one fund manager stating Deterra is turning itself into a “terrible company”.

Shares in Deterra were down 7 per cent to $4.15

Deterra Royalties Limited (They are listed on ASX: DRR). Just saying, Never bought on ASX. Wonder how to & how much it costs to deal through a UK broker? . DRR shares are apparently Australian Dollar..$4.46 each = around £2.31 a share https://www.deterraroyalties.com/investors/asx-announcements/

Agree that this is disappointing. This was a 5-10 yr hold for me. The sudden change in tone from bullish independent growth and execution of strategy to circumspect caution and a proliferation of risks that may impede success is absolutely shameless. Particularly disappointed that in Adam Davidson I thought I had finally found an entirely candid and straightforward CEO - more fool me.

Why are investors buying at 48p.

What now Trek as that’s another one bought up by the private equity guys and the ones with liquidity are gobbling up assets fast.

whilst not only gold it’s amazing how many are being bought up when the retail investors isn’t hardly in as yet

This offer seems really low as I would have expected 60p plus … such a Shame as this is one of my long term hold stocks .. unfortunately the ii will get their way I fear

It will go through unless this brings out another bid. cheap so they take now, move through and BOD get on new company, shares etc. they buy out before too expensive, not cheap

Https://seekingalpha.com/article/4697236-lithium-americas-after-taking-several-hits-it-is-now-a-value-play

Looks like TRR is again In-the-right-place-at-the-right-time and today's sp of 44.5p is "peanuts" what it can be in the foreseeable future.

14-3-2024... Lithium Americas Receives Conditional Commitment for $2.26 Billion ATVM Loan from the U.S. DOE for Construction of Thacker Pass. https://lithiumamericas.com/news/news-details/2024/Lithium-Americas-Receives-Conditional-Commitment-for-2.26-Billion-ATVM-Loan-from-the-U.S.-DOE-for-Construction-of-Thacker-Pass/default.aspx

United States Department of Energy. https://en.wikipedia.org/wiki/United_States_Department_of_Energy

Thacker Pass Lithium is a very important US National Strategic Asset & IMO only, will be brought into production at any cost and of course by time construction is complete and the asset begins ramping up production price of Lithium could be going North again.

Short seller having a go at LAC...

https://www.bleeckerstreetresearch.com/research/lac

Since publication TRR up 10%, but LAC down 16%.

Looks like no more sells. Time to top up.

Once the profit taking's finished it should continue to climb towards 50p.

Nice finish. Tomorrow...to be continued ...

Couple of £100k buys. This is institutional investing

Https://www.mining.com/copper-prices-could-surge-to-40000-predicts-hedge-fund-manager-pierre-andurand/

The counterparty is important, as the royalty holder will want to see the asset progress. If the developer is constantly cash strapped then it's inevitably slow going. An experienced, well capitalised operator is the ideal counterparty.

The other issue is graphite isn't priced on a recognised international exchange. Adam has said in the past that the pricing for copper, gold, silver etc is transparent. Commodities such as graphite are more opaque in comparison

Just a Idea. The Royalty would be on whats in the ground, not investment in company as such because the Royalty still stands with which ever management or company ends up with TGR and its assets. TRR would get Royalty,IMO cheap but of course it's just me thinking out loud. Apart from TGR. why not look around for Graphite?.

Ye Gods, TRR is a royalty co, not a corporate rescue house. TGR have good assets (potentially) but no one in their right mind would back the co under its current management.

Because they're a basket case in the middle of a family dispute.

Why not negotiate/talk to TIRUPATI GRAPHITE for a Graphite Royalty deal. TIRUPATI GRAPHITE is in production with 2 mines in Madagascar & near term mines in Mozambique. Tirupati need cash, they don't want to raise cash through selling shares. Just a thought.

Courtesy of 'nickelmer' (advfn) "I take a much simpler view of this share and have no interest in big player comparables, their prospects are good, should the price eventually reach 60-70p and they start to pay dividends as the company matures, a 3% dividend yield at 60-70p gives me a 6% yield on my book cost and a decent capital gain which is why I invested and on a long term view."

No reason we won’t see 50p …. The news is positive

BRV Capricorn

'..Under the terms of the contracts, the purchaser has the right to purchase gold from the underlying mines at the lowest reference price from a list of specified reference prices in a defined period (the "Quotation Period"), which is between 6-8 days, dependent upon the contract, and commencing between 2-5 days prior to the delivery date of the gold. The purchaser then subsequently sells the gold, realising a margin equal to the difference between the purchaser's sale price, and the lowest reference price during the Quotation Period.'

'..The acquired offtake contracts provide 'royalty-like' exposure with returns driven by the gold price, volatility, production profile and exploration success. Over the last 10 years, the weighted average calculated margin of the acquired offtake contracts would be approximately equivalent to an 1.33% NSR2. The illustrative returns and revenues set out in this announcement are based on that rate and a gold price of US$1,800/oz. Over the last 15 years the NSR equivalent would be approximately 1.56%2. Between February 2020 and June 2021, under Orion's ownership, the acquired contracts have delivered an NSR equivalent return of approximately 1.7%.'

https://www.lse.co.uk/rns/TRR/acquisition-35m-placing-40m-debt-facility-1dtbyqaxycni5xj.html

Its explained on the website, but its about 2% cut of the gold price on average, I think.

"Trident holds an offtake for 100% of the gold produced at Greenstone up to 58,500 ounces per annum until 1 March 2027."

I searched previous RNSs but couldn't find any further detail on the Greenstone offtake, assume there is agreed price TRR gets the 58,500 ounces...

There you go!!!

Https://www.mining.com/six-new-large-mines-need-to-come-online-annually-by-2050-to-meet-global-copper-demand-study/

'Copper is the new oil,' and prices could soar 50% as AI, green energy, and military spending boost demand, top commodities analyst says https://fortune.com/2024/05/19/copper-price-outlook-15000-per-ton-crude-oil-ai-green-energy-data-centers/

Monday 20th May

Gold $2443

Silver $32.14

Copper $5.07

GLA

Copper price up today = USd/lb. $504.75 +$17.05 +3.50%. TRR Copper Producing Royalty will be bringing in ever increasing cash into TRR company moneybox.

Gold Price up as of now 6.15 pm UK time. USD/t oz. $2,407.62 +$30.76 +1.29% bringing in Good amount of cash to TRR Moneybox.

Silver price is up USD/t oz. 31.12 +$1.24 +4.16% Also good for TRR.