Member Info for OsakaKobe

Interesting about Karen's bio, FG. With regards to the OO Excess, according to several posters on this board, many people got the entire excess amount that they asked for. I found this hard to believe at the time but thats what they were saying. Personally. I received the number of shares according to the formula that you used.

In other words they will be worth the same. You just divide the number of shares by 1000 and the SP "should" multiply by 1000.

There are some bizarre questions and calculations posted today about the consolidation. If you have 10 million shares , divide it by 1000 so you then have 10,000 shares. And if the market price of the shares was 0.05p then it will change to x1000 which is 50p.

I agree Father. They wont bother wasting money on a share consolidation.

Good morning. Hugo, Father I agree. I still also hold my initial and subsequent investments but I am prepared for a very bumpy ride ahead and there really are no assurances that the SP will definitely be higher in X months time as the majority of posters always talk about. Forget "MM games" which are a good way to change the subject as we wait for news. The reality is that this company is almost now out of PI hands and fair play to Odey for getting themselves into the position where they are with so much control over the situation in return for their investment. The timing of any announcements, be it delays, financing etc will be to suit Odey and maximise their return IMHO. GLA. DYOR

Good morning. I am interested to know how sure, and for what reasons, you think that e.g. the 50m trade at 0.0325 is a buy? I can see that there have been several sells at closer to 0.03 but it seems to me to make more sense that all of the 0.0325 are sells and they are supplying all the buys recently, for which people are wondering why the price has not been raised. Hoping for some positive news soon but also very nervous about a possible announcement about more funds being needed as stated in the December RNS. I hope all the optimists on here prove me wrong and my doubts and nerves are all unnecessary.

Well for starters, 2.8+2.7 does not = 5.4 Wassatt!

Wassatt how can you prove that anyone got 100% of their shares? At least I understand what the procedure was. Some people thought that the excess was awarded as a % of your open offer entitlement. That was what I was clarifying. What part of it do you think that I do not understand?

I and two others I know got exactly 12.68% of what we asked for. I use ii and my friend uses a different broker. I see how it could be done though if a broker looks at other clients who did not take up their entitlement. Seems highly illegal though in my opinion.

Good morning everyone. Over the past few days it seems clear that many people on this BB did not understand how the process for the allocation of the excess shares was carried out. Every share holder was asked how many excess shares they would like to apply for and then asked to calculate the cost of those shares and pay the amount in full in advance. There was effectively a big pot of money put forward by all of these shareholders that was counted. After counting the money, it was clear that the amount of money was more than what was needed. Only 12.68% of that money was needed so EVERY person got 12.68% of what they requested. If you had asked for a billion then you would have got 126.8 million. If you asked for 1 million then you got 126,800. Anyone who has told you that they got 100% of what they were asking is talking absolute ********. I must admit that despite all of the stress that the Dec21 RNS caused, this has turned out to be not as bad for shareholders as many including myself had feared - if the SP stays around 0.04/0.05 level for now as we hopefully await some very positive news. Good luck all!

I actually think this article is very positive towards TSTR. If they are only "ramping" or "deramping" there is no way he would have said "I wouldn�t be rushing to sell if you are a long term investor" -

He didn't say taking SPMP private. He is implying that they may want to take TSTR private i imagine. One of the concerns several people have raised on here.

But with the Oman project now close to completion, I would be very interested to know if the view of Odey has changed and whether it might now be interested in looking to take the company private. Based on the project alone, I think that the shares here do look quite cheap at the current price of 0.04p on the ask � even just in light of the open offer implying a value of 0.045p � and I would expect to see further support from Odey, assuming of course that it doesn�t decide to try and grab it for itself on the cheap. The big worry here would be financing the continuing running of the company through until those likely first dividend payments in 2020 � I wouldn�t be rushing to sell if you are a long term investor, but I also think that the share price could become cheaper as further fundraising will be needed before the summer, so I wouldn�t be in any hurry to buy either.

But with the Oman project now close to completion, I would be very interested to know if the view of Odey has changed and whether it might now be interested in looking to take the company private. Based on the project alone, I think that the shares here do look quite cheap at the current price of 0.04p on the ask � even just in light of the open offer implying a value of 0.045p � and I would expect to see further support from Odey, assuming of course that it doesn�t decide to try and grab it for itself on the cheap. The big worry here would be financing the continuing running of the company through until those likely first dividend payments in 2020 � I wouldn�t be rushing to sell if you are a long term investor, but I also think that the share price could become cheaper as further fundraising will be needed before the summer, so I wouldn�t be in any hurry to buy either.

The big worry here would be financing the continuing running of the company through until those likely first dividend payments in 2020 � I wouldn�t be rushing to sell if you are a long term investor, but I also think that the share price could become cheaper as further fundraising will be needed before the summer, so I wouldn�t be in any hurry to buy either.

The proceeds of the open offer, which has just been approved at the general meeting on January 8, will be used to repay �4.06 million of the loan notes � leaving just $500,000 or so outstanding by my calculations, depending on how interest has been paid (the loan was at an annual rate of 25%). It will also leave the company with �250,000 of working capital, but I doubt that will put it in that strong a financial position, as it spent �230,000 on the loan notes � 3% plus �100,000 � and typical admin expenses are in the region of �70,000 per month. At the last accounts up to the end of June it had �1.1 million in the bank, but I would now estimate that to be around �600,000 or so (allowing for the deduction of the interest payments on the loan notes). Allowing for the fact that it will need to pay back a minimum of a further �370,000 to clear the loan notes at the end of June, plus at least �46,000 in interest during that period, that only currently leaves it with enough cash to meet its admin and general running costs up until the end of March before it needs to consider raising more money again � either that or it leaves it until June, which it has enough in the bank to do, and then raises enough to clear the remaining loan notes as well as raising working capital for the foreseeable future after that. There is obviously value in this project otherwise Odey wouldn�t be continuing to support it financially, and to be holding such a large chunk of stock. But it will be interesting to see whether there are further increase to its position, via TR1 notifications, after January 12 when the open offer shares are expected to be admitted to trading. I would expect that any open offer shares that weren�t taken up by other holders will have been snapped up by Odey, assuming it was given the chance to do so. Given that the Oman project does look attractive � gold is showing signs of strength and antimony performed well towards the back end of 2017 and was as high as it has been since the end of 2014 � and that the market cap of Tri-Star is just �6.9 million odd, I will be very interested to see what the intentions of Odey are here. When the deal was done earlier this year to restructure the balance sheet in return for giving Odey a big stake, that came along with a waiver which meant that it didn�t have to make a compulsory takeover bid, despite holding well in excess of 30% of the shares (54.27% at the time).But with the Oman project now close to completion, I would be very interested to know if the view of Odey has changed and whether it might now be interested in looking to take the company private. Based on the project alone, I think that the shares here do look quite cheap at the current price of 0.04p on the ask � even just in light of the open offer implying a value of 0.045p � and I would expe

(part 1) I can see why holders of Tri-Star Resources (TSTR) would be less than impressed with the recent open offer, especially given the huge discount to the share price prior to that. This isn�t a company which I have really followed closely in the past, but the recent large fundraising at a 92% discount to the previous share price, and subsequent approval at the general meeting this week, got my attention. The company owns a 40% stake of Strategic & Precious Metals Processing, a private company in Oman, which is developing a project to produce 60,000 ounces of gold and 20,000 tonnes of antimony annually. Now this isn�t some project which is in the early stages and years away from producing, if ever, and revenue from it is very close to being realised as an antimony roasting plant is currently being constructed and has already been 70% completed. The big problem for a small outfit like Tri-Star has been maintaining its effective share in the project and helping to finance Strategic & Precious Metals (SPMP) through to production. The latest update mentioned that there had been delays to the expected timescale, and that first production is now expected in Q2 2018, rather than Q1. But by the end of H1 2019, the plant is expected to be running at the expected capacity, and a dividend should be paid by SPMP for the full year 2020. Tri-Star put a further $6 million into SPMP at the end of November via a mezzanine loan � the overall cost of the project had risen from $96 million to an expected $110 million, and the company is also having to work with its other partners and the banks in order to find the funds that it needs. But I would be surprised if there was a problem with that at this stage, given the progress of the project so far. In order to fund that investment, Tri-Star had to issue $6 million in loan notes to its two biggest shareholders - $3.4 million to Odey European and $2.6 million to OEI MAC Inc � but both are controlled by Odey Asset Management anyway, which collectively holds 53.84% of the company. Under the terms of those loan notes they had to be redeemed by either June 30 2018, or earlier if an equity raise took place. That was exactly what took place just a few weeks later as the board decided to carry out an open offer to clear a chunk of that debt off of its balance sheet � having already cleared �11.4 million earlier in the year to leave it effectively deleveraged. The open offer raised a total of �4.4 million, prior to expenses, and was carried out on the basis of 2.250106 new shares at 0.01p for every share previously held � based on the closing price prior to that announcement, that would imply a share price of around 0.045p post the open offer. (part 2 to follow)

Thanks for everyone's comments today. I have invested various amounts in this company over the years since the beginning of 2011. I have taken up my allocation in the OO and applied for the same again in excess. You just have to go for it I think if you can afford to. We have come so far, i don't really want to give up now. My prediction is we will certainly see sub 0.04 maybe as low as 0.02 as a lot of these shares are flipped then you would think the SP would recover to around today's level before the next news is announced. At some point in the reasonably short term i would like to sell a small amount to cover the cost of the OO. GLA!

I hope all the positive people on here are right. My fear was that this open offer and the situation that will arise from it, provides ODEY with the cheapest scenario for taking full ownership. Feel free to prove me wrong. Good luck everyone.

I’m sure the question on his and most of our minds is just about what exactly will happen next? What will happen to the SharePrice as these new shares flood the market? Is this just a very underhand way of ODEY taking full control of the company for as low a price as possible by buying up the inevitable excess and crossing the next % threshold they need to screw everyone. It’s all far from clear in my opinion.