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A J Bell & 3i have paid but Halifax has'nt yet although I've been told early this week.
Notice these gone from acc ..
Is a payment due for 3.15p and if so when ?
Has everyone received this and read it? I don't know if I'm reading it correctly, but apparently, under Delaware law, an abstention from voting is classed as a "no" vote for approval of the merger. Canadian law also requires a majority of shareholders to approve the merger, not just voting shareholders.
So the implication is that if we DON'T all vote, we might get a worse deal than we bargained for and not even the 3.15p.
I am also livid about the treatment of shareholders. Nobody likes being shafted like this, but the alternative is potentially worse than accepting the measly offer. Our Directors have engineered this situation and delivered our company to their new employers.I wonder what bonus you get for that.? Whats the betting its more than we are getting.
Looks like you need to to be a wealthy shareholder to afford the APPRAISAL RIGHTS route.
https://www.reinhartlaw.com/knowledge/shareholder-appraisal-process-in-delaware/
Absolutely agree with your points: to have wasted that opportunity to invest the $8million, we should have smelt a rat maybe, the first time Jactel's approach didn't seem to make sense. Also, we haven't mentioned Guardian mosquito repellent, that adds quite a bit to the deal pot as well. I spoke to someone at the LSE in the AIM department and they said that any complaints about due process will be investigated. I don't want to put a spanner in the works (as if I could) for us all getting some money back. But I wonder if there is an opportunity for investigation retrospectively? I think the tide's are turning and companies shouldn't be allowed to just get away with things like this. I notice that Hargreaves Lansdown are the second biggest major shareholder in Tyratech, a shame that they don't seem to be voicing any concerns about this deal.
I would imagine most will take what they get, a shame as this is what the company wants, only my opinion but this seems a pre determined move when selling vamoose. The company bought back shares instead of investing this cash for those that stupidly believing the company was doing this for those that remained great 0.15p extra. Shares Bought back by the remaining share holders in reality forming the first pat of this takeover,this money that should have gone to deliver the pure science products. We wouldn't have been low on cash now if this hadn't been done ,and the merger would have had x mill more shares to be bought increasing that cost, so we(sh) part paid for the takeover as well . Must admit it well make me sick to see the successful PS products being rolled out in the next couple of years,products that we invested in but received no profits from because of what's like A predetermine deal to redirect those profits elsewhere. We were all mugged lesson learnt by all I hope
Just heard back that details of APPRAISAL RIGHTS will be contained in the proxy notice from Tyratech which is being sent out this week.
Thanks for info. Apparently, if shareholders think the price offered is too low they can exercise appraisal rights which means the deal is then subject to an independent ruling. I thin this is the case, I'm definitely not an expert. Does anyone know about this? Getting any advice/information is difficult. I guess at the end of the day if majority of investors want to accept the deal then that should be supported. Thanks for all messages.
You get 3.15 , but give them some grief, as they deserve it imo, they sold the pi down the river big time. It will be interesting what BJ gets out Of The deal.
I don't understand why people are selling at the moment? If the deal were to go through do we get 3.15 a share or do we get a relative sell price to this which is about 2.90? It seems very hard to get information or to see how we could organise a push for a higher price. I'm afraid that I'm feeling we don't have much alternative other than to take what we can get? Any thoughts?
Thanks for the calculations Elartu, I thought it was going to be something around that figure. Details about the Vamousse deal are on the Tyratech website under RNS: probably useful for other people to verify that I have got the right end of the stick. Also, I am trying to clarify if the proposed deal is technically a merger or not: seems to me we should get some relative share allocation in the new 'company' when it's a merger. Again I'm no expect so other input is welcome on this. Tyratech say it themselves in the last update that the market is worth $6 billion: it doesn't seem unreasonable after our support of the company over the years to expect to see a bit more of that.
Named major shareholders of Tyratech accounts for around 59% of shares: does this pi's hold most of the rest? In which case we have the deciding power! We have a week or so to try and rally shareholders to agitate for a better deal.
AMVAC are getting the company for free it would seem. Tyratech have 162,672,054 issued and AMVAC hold 34.38% of them. The remaining 106.745 million are being bought for 3.15p or £3.3625 million.
If what you say about the cash is true, then the $3.7 million in cash plus the anticipated $4.5 million from Alliance Pharma is $8.2 million which at the current USD/GBP exchange rate of 77p is a total of £6.314 million.
So for £3.3625 million now AMVAC will get a 5 year future total sum of £6.314 million and the company for nothing.
Not a bad day's work is it?
What is happening to left over cash? After the sale of Vamousse, and share buy back, Tyratech was left with 4.5 million in cash and their recent update confirmed that they had 3.7million dollars in cash, presumably after commitments.There is also the agreed top up payments from Alliance Pharma if Vamousse sales reach certain targets: at the time of the sale Tyratech was pencilling in up to 4.5 million dollars over a period of five years(?). Is all this money going to AMVAC now. Still seems like they're not paying enough for what they're getting.
Good to see your thoughts... It would be a risk, of course, if we all voted against the deal — look what happened to House of Fraser, stitch up job if ever. And I'm sure for lots of people here, me included, the crumbs of share increase are welcome and not to be sneezed at — but I would say that that's exactly what they're relying on. A sudden share price increase sounds huge, but really we should be at twice this at least. The fact remains that AMVAC clearly wants the company, and if we are able to make it difficult for them, we might at least be able to make them pay more for it. I'm going to do some research to see what the pros and cons might be of stopping the deal — does anyone know about these things? We have a few days before the proxy arrives. At the least we shouldn't go down quietly... I'm emailing Bruno at Tyratech for starters...
And what happens to us Pi's if the merger happens? We get 3.15 a share or nothing?? I've held in tyru for about 7 years thinking it was a very promising company and good for the environment. That still stands but this very annoying!
I can only agree this seems a very dodgy decision with the share buy back taking so much money from ithe company this a complete stick up ,the big buys coming in probably coming in to make sure the deal goes through. It's sickening this is legal imo. .
Well said, Tid. Are we PIs going to just sit back and take this? It's a p take.
By my calculations (from Tyratech website we small investors constitute over 25% of shareholdings. So, IF everyone was prepared to reject the deal via the proxy form (available in next few days) we could overturn the merger. Historically, small PIs don't use their vote. Come on guys, let's stand up and be counted. (or do people on here like losing money?).
AMVAC own 34% of the company, so they must see some serious value in the various TYR patents.
So let's make them bid for them at a serious price. They won't want to lose their stake if the company goes under.
We have been well and truly screwed! Fair enough doing a merger, but giving the stuff away is surely fraudulent. What happens if we don't vote yes for this? Do they seriously have to close the company if the deal doesn't go through? Maybe they would have to come to some other agreement. If the company closes then seems to me amvac would lose lots of money as well. Time for a shareholder rebellion?
Agree. Feel let down by the company. I can see them being very successful in the future, but the long suffering shareholders will not benefit from the success. The initial 13.5 million dollars they got from the sale of Vamousse would have lasted a couple of years and given them more time to become fully established in the Animal Health business. Very disappointing.
The buy back of all those shares on the vamoose sale was obviously done for this take over imo. Why buy back all those shares, leaving the company short of cash, it stinks ,the pi shafted just before the products are to make an impact and getting ready for bigger sales, selling the shares lowered the takeover price and so partly funded by ltsh ,another aim can of worms
If was released under the 'TYR' code not 'TYRU'.
T/O at 3.15p . Why no RNS on here ?
What's going on ?
See Alliance Pharma results are out today. Vamousse has been fully integrated into their business, so hopefully we will be seeing some additional revenue soon.