Member Info for legache

I'm not happy with it. I will vote against.

Basic maths tells you this is a bad deal. Its not just bad, its appaulling.

Look the recent ops update. 6p of the capaitalisation is cash. The share price is just 9p today.

The South Disouq read accross value is a further 7p ish.

It makes much more sense to sell the assets off and return the cash to shareholders. We would all get IRO 20p if this happened.

Why would i agree to a 10p read acrosss. It makes no sense.

Feel free to correct me if my analysis is wonky in any way.

Yes, you can argue the "market" isn't seeing this value. I don't care. I don't need the cash this year or next, or even the one after. New management could change everything and I'll be throwing my hat in the ring if that time comes because i'm sure i could do a better job than these jokers.

It does seem odd to me.

As i've said repeatedly, the deal is not a foregone conclusion and we should all remember that. If you look at the terms based on the current TNZ price of 2.40 CAD, then it amounts to theft.

Why would we vote for it? The share price is acting accordingly IMO.

It'll get voted down.

If it does Box and Reid have to go. Disappointing that just 4% voted against their re-election. Obviously just PI's like us. Non of the holders did, which must mean they are happy with them. he mind boggles why...

The question about the expiry date of the Egyptian contracts and the premium expected on renegotiation would be one I'd ask.

I'd also ask why they haven't bought any shares - when they say they've been in closed period, explain they've been I charge over 4 years.

Also, ask who instigated the merger.

sad to hear furey, you are, of were, one of the old guard. Strange time to be selling though, having held of for so long, unless your broker doesn't like TNZ shares...

Yes, of course, but it doesn't follow the share price will rise.

I'm not saying they will, necessarily.

All i am saying is that if this get voted down they probably will....

C'mon ned, this is obvious!

-6%

Didn't see that coming!

You're missing the key point ned. Just because the TNZ red across is 12p today, its doesn't mean that's the read across on completion.

It may well be 9.4p. The market will decide.

It doesn't matter what the price is today, or tomorrow.

Market does not believe the deal will progress - simple

Yes R and M went above 10% recently...

Would others agree, that the share price is behaving like it doesn't think the deal will proceed...

Maybe one or two have wind of the intentions of River and Waha?

yes, another excellent result.

Hoping someone is watching all this and ready with a counterbid!

You're driving me bonkers barhut. It's "through" not "threw". I've posted this out 3 times now.

Jesus!

Actus - 1st of Feb...

Valuation
The shares continue to offer value. The readthrough value from the farm-out of South Disouq plus the YE22 net cash is worth 11p per share, which is
already 30% above the current share price. We believe that the aggregate
value of West Gharib and Morocco (10p per share) is not priced in the share
at all, suggesting >100% upside. Our Core NAV of £0.18 per share also
represents >100% upside.

Ned, there are lots of posts on this.

In very crude terms, the read-across value of the South Disouq deal was 6.5p, retaining 2/3 of it. Cash is about 4p. That's just throwing in Morrocco for nothing, and the recent drill successes, for free. Plus inventory, say 8 million, plus some other stuff... Like our Egyptian subsidiary, say 4 million.

basically, a quick glance at the accounts says this is bad for shareholders, particularly those like me that invested at much higher prices. I genuinely expect it to be voted down unless there is a massive swing in the share price in the interim.

BNP has 19.2p/sh Discovered Resource NAV...

Anyway, it's obvious this sucks!

Me, I've been covering all bases. Buying more at this level means i win if the deal goes through, but if it fails there should also be a move to the upside. I think its a win, win but time will tell.

Er... Because it's a naff deal? Jeez

The logic is very simple - holders could and maybe will vote against it.

I would imagine this will change the closer to the conclusion of the deal. I have personally accumulated a significant amount since the announcement for this reason.

Sadly, I cannot, but really i would pay money to see Reid's face if he gets voted out!

my partner made this investment around 5 years ago
-------------

Sounds like grounds for divorce!