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My decision is to hold my shares.
I’m not interested in selling my holding on the private market for anything less then 30p.
I believe the current true worth of these share is 30-40p, once we have a new positive update on production levels I believe this could easily rise to 85p+
Future dividend payments seem highly likely, I estimate around 4-6p will be paid per annum.
I’m also happy to wait for any reasonable buy out offer or shares in SPMP if the company is taken private.
To me this is a very rare occasion that us shareholders are able to buy shares ridiculously cheap from panic sellers, I have no reason to believe Odey will or can dilute our shares in the foreseeable future.
All my research into SPMP plant is now a solid fundamentally strong business currently working between 50-100% and an extremely profitable business.
I’m looking forward to retaining my investment here.
Asked the question
Good read..
https://www.traverssmith.com/media/4992/public-to-private-the-impact-of-takeover-code-changes.pdf
Seems the take over code covers us shareholders.
Pdp1000.. good news, where did you hear this from?
If we have no buy out..
I have looked at asset match facility for private company share dealing, seems like a fairer way then trading with a market maker on AIM.
Just pay a commission of 3% to sell shares instead of having a bid/ask price to pay.
There Companies like Brewdog have share dealings this way.
It will be interesting... I hear the SPMP website will go live end of next week.
I guess this is the risk we are taking, Odeys in charge here we either trust and stick with him or we sell out before Thursday.
The board have stated leaving AIM was for financial/wasted time reasons which makes sense to me as we are now just hold investment in SPMP and no longer on the board for SPMP. We was also told that the cancellation was also in the best interest of shareholders. Should we be having more faith in our company looking after shareholders best interest seeing as it was shareholders who got SPMP where it is today.
I’m obviously a new holder here so not too clued up on our directors.
Firststopthemoon, you posted:
"The offeree company must appoint a competent independent adviser whose advice on the financial terms of the offer must be made known to all the shareholders, together with the opinion of the board.
Favourable deals for selected shareholders are banned."
...that's encouraging up to a point, but what if Odey offers 2p and the Board say "Yes that's a good deal for everyone" (ie no special deals for any shareholder) - the independent reviewer might say it's daylight robbery, as could we as minority shareholders, but what could we realistically do to block it?
Maybe I'm just being too cynical! But I do think Odey, having taken a bath on his main shareholding, will work hard to do whatever makes him the most money (or at least minimises his losses) - the irritating PIs are irrelevant to him.
Odey didn't get to his current $billionaire status by being a nice guy. I'm just trying to work out his angle here....!
It's been explicitly stated in the company's recent RNSes that the Takeover Code will apply for 10 years following delisting. I've read independently that this is a standard condition of UK law, specifically to prevent companies delisting in order to enable a dirt-cheap hostile takeover.
Don’t think that’ll apply once no longer on AIM - Sadly
So the worst case for shareholders is Odey offers a buyout of around 10-14p to easily gain 100% of the remaining company (still way undervalued IMO).. it does seem strange Odey selling shares however remaining above the 50%, trying to bring share price down which makes sense if he is going to make an offer after we exit.
Odey knows the plant is running probably 100% by now and already confirmed commercial grade.
Odey wouldn’t want a bad business name, he wouldn’t undervalue shareholders too heavily, he knows this share is worth more then 30p+ other wise he would’ve sold last month.
I’m sure we will exit AIM above 8p+ once shorts have closed and big buys are put in place from Monday as the 3%+ anonymous buyers move in.
At the last AGM I discussed a buyout with a Director to be told it was not his intention to do so. I hope nothing has changed his mind.
That's all very well about the Takeover Code.
What no one has been able to clarify (as far as I know) is that given that Odey hasn't bought any shares in the last 12 months, what is the minimum price he has to offer if he wants to make a full takeover?
Quick question..
Our director David Mark Fletcher is also the director for Odey Asset Management.
If David becomes the sole director for Tri-Star and Odey Asset offer a buyout.. once we become a private company, does this mean mean Odey could offer say 1p to buy Tri-Star and David would be able to accept on behalf of all shareholder this kind of low offer?
This would mean Odey/David would own and benefit from 100% of Tri-Star for peanuts?
Who decides to accept an offer or not once it’s a private company?
I could be talking rubbish here but just trying to think of every possible out come.
...must have been a sell, as it was an 'O' (ordinary) trade not a UT, and there were only a few trades below that price all day (despite the MMs' false 1p bid price). Only Odey could have sold over 5% of the company - there were no other holders above 3%. The questions are, will he have to declare it given the timescales to delisting, has he essentially sold the entire remaining holding of one of his sub-funds, and most importantly is that megadump the end of his selling? If he's no longer selling then the SP could rise rapidly back towards 4-5p next week IMO.
It's not clear who took the big buy at 2.6p either - unless it's a further Odey sale, substantially delayed?
All as clear as mud.
No advice intended etc
Our current market cap values SPMP at £8,770,000.
SPMP cost over £150,000,000+ to build.
Fair comment lumpygravy.
As a new investor, I believe the SPMP had huge value seeing as it is built and producing. Any future investment (if any) are going to be nowhere near the money raised to get to where it is today. I also understand that TSTR will be retaining the 16.3% without any further investment being made in the unlikely event that SPMP is not successful.
Trickydicky - I wondered where you have been it did not take long for you to come up with a new alias!
But glad you finally made your choice and good luck to your future investments.
Lol
Yes Harley, glad your on the same wave length!
I’m more then happy to hold, all it takes is the ‘likely’ news to land that as expected SPMP is working to full capacity. All previous problems have been resolved (which they already have to allow to work to
50% capacity) and as you said no more funding from TSTR hence no need for TSTR to be listed on AIM to generate any funding.
Thinking about it why would TSTR need to be on AIM we are an investment company there’s no need for updates every 5 minutes, accounts every 3 months. As the board says this costs us £250k.
If they was worth 25p+ before the plant had confirmed commercial grade product and the plant having build issues I believe my comment is completely justifiable.
The more I research the more I believe my shares have a SP of 40p.
Most LtH know the reality and the potential of SPMP finally running at 100% capacity. There was major excitement and relief when back in November 2019 that it finally went into production. Unfortunately it took far longer than expected and mistakes were made this all comes at a significant cost. It was then that Spmp bod requested further significant funding and Tstr did not contractually beleive they required to put in there share. The talks between tstr and spmp broke down and possible lengthy arbitration was being sought. Fortunately, they all got round a table and hence the final agreement was recently made. With the lack of funding and covid it halted production. Now all funding and lending has been secured to allow Spmp to ramp up production with a new ceo. Yes Tstr reduced there holding from 40% down to 16% but with an agreement in place that they are not subject to any further raising of funds going forward. Also importantly for shareholders no further dilution of shares.
Most Lth have entered at 30P + and Odey,s average has been calculated at around 34p. So you just need ask yourself what the value will be for tstr at the end of Q1 or H1 next year?
Gla dyor
Do we honestly think Odey will be selling his investment for sub 2p the guys a multi million pound business man.
I believe his shares currently that are currently being sold are to 2+ Investors or company’s keeping these buyers under the 3% holding for the time being. I believe these same buyers Odey is currently selling to will want to buy all remaining shares once delisted.
Or Odey is just genuinely selling the shares he cannot keep in a private company, as he feels the remains 58% is worth much more in the private company or potential buyout.
We need to remember the main shareholder here had voted to delisted reducing his shares from 30p-1.5p he could have sold out 30 days ago.. he hasn’t..
I’m struggling to understand how TSTR managed to raise funds before SPMP was just an idea. Now it has been built successfully and operational some trust has been lost in Odey/TSTR just because it is being de listed from AIM to save time/money?
Very sad I genuinely feel guilty they could be putting people of what I believe to be a once in a life time opportunity here..
I felt guilty yesterday that I’m positively talking about this stock and the price falls. All information I have researched just doesn’t justify a share price of anywhere near 2p.
Guess long term investors from here need to just cancel
out background noise/AIM games and just rely on own company research.
As always investors should do there own research and not go by what me/others are stating on here.
I’m in.
I haven’t seen one argument to justify the drop of 30p-1.5p even Zak Mir predicted a retrace to 10p+ just this week and he has interviewed the company in the past.
Finding it hard to switch of this weekend I’m 50% down on an investment I was sure a bargain price of 3p seeing I saw it rise to 6p within 2 hours of purchasing.
I just wish I had more money to put in here, I’m sure the retrace is inevitable now the 3%+ buyers will not have to notify there holdings.
Is it Monday yet.
Tradehobbs - I came up with that exact calculation that at worst ways the sp should be 18p. Nobody is missing anything and Staylong is spot on as to the reasons for current sp. It would be very difficult for new investors to get there heads around this investment as it sounds to go to be true and many will not be prepared to wait.
Gla
Blue Horseshoe loves Tri Star