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Https://www.ft.com/content/0d0dfe06-ffe9-447a-839c-78de94b90a0f
Based on this article, I think it could be premature to call the bottom, but it must be coming soon
Does anyone have a link for the Touchstone discord forum?
I have watched the TRIN presentation. So the share ratio of 1.5 TRX to 1 TRIN was agreed in November 2023 when the TRX share price was 51p. So the consideration we would now get is far lower. I must say that is disappointing. I await the TRX presentation to see what the business case going forward is, but I am not jumping for joy here. TRIN is valued far lower than TRX simply because it hadn't got the cash, but TRX are borrowing theirs!
And in keeping with recent form, no presentation on the website as yet....presume it appears this evening otherwise it's just ridiculous to put that in the RNS today...again
Sturm, if you research Trinity you might change your mind about the acquisition. It is an opportunistic bid that will literally pay for itself in less than two years. Its a complete no brainer for TXP, but as a Trin shareholder I am not sure I am really keen on it. Its very interesting that both parties think they are getting shafted when in fact, with the synergy of less overheads and the release of tax losses, value will be unlocked for both...but I feel Trin should command more than 60p and expect there may be other bidders coming out of the woodwork now.
I'm amazed the Touchestone share price has dropped on this news, from the aquisition .should it proceed..would allow utilisation of the TRIN tax losses and be highly value accretive. The acquired TRIN assets are trading at a quite ridiculous discount to NAV tbh which is why I bought in first place...the issue is we are giving up a lot of our future upside potential for peanuts because TRIN doesn't have funding...I'm not sure what TXPs upside is like tbh.. I would like to review some TXP stats which show your projected profit, EV and valuation per 2p reserves etc. and how it would look post transaction..so I can understand if you are as undervalued as TRIN. And see the synergies on offer.
I have been told my TRIN investor relations today on email that there will be a recorded presentation released later
As others have said from Trinity shareholders view this is a dissapointing price...the tax losses and development ops plus the fact we are net cash and profitable make is prime for a takeover...but the risked value from broker Cavendish if the losses can be utilised is over 200p and you have bid about 61p...not sure hoe it gets approved at the low level its at, TRIN are in no. Hurry it's not a forced sale, so I think the price needs to be higher or a rival bidder may enter now
it's undervaluing trin imo, stripping out cash they are taking this at a ridiculously low price! i think i agree with others, are there any counter bids coming in...if they had offered closer to 100p i'd be more comfortable...but their share price is on its ****...i think a rival bid could still come in given how cheap trin is so would not be selling at this price
Well well, no smoke without fire. The lack of investor meeting becomes apparent. I think the bid price is a bit low, but the touchstone shares are trading cheaply as it is, so there may be some upside to them as well, if the touchstone share price rises before completion on synergies, would that not value this higher?
The issue is the market believes the board will be lighting cigars with the pile of dollars as opposed to returning it to us or drilling anything that works
MCAP continues its decline towards net cash.....the board are basically being told here that the market believes they will actively destroy shareholder value going forward haha. I think its time for the larger shareholders to call time on this one and liquidate the assets - the CEO is getting paid far too much for this performance. Needs a special general meeting to be called ASAP imo.
*and the call around 2pm
Well I think it's likely the RNS is released 7am tomorrow and the
I see deep value here much in agreement with the investment case laid out in investors chronicle write ups...granted sentiment is terrible but if you do invest in deep value opportunities this is actually currently a fairly strong buy...the tax changes and oil price increase can double this within months with no operational progress imo
Why pay when you can take the company away for free, was always clear he would do this, disgrace.
*I think H1 legacy reserve loss was £40m actually reading the interims
But yes if total net reserves loss is 23% then still equity in legacy.
The loss was expected overall too
23% impairment of NET reserves, including the circa £60m from H1..so in total what is the legacy reserves impairment, surely not as bad as press was thinking...? I think the key thing there is net reserves not gross
I wonder how long we will have to wait for news, I dare say a lot hinges on the independent review of legacy reserves and if any bidders comes forward for that part of the business
About £10k of selling knocked off £3m of MCAP...it's so illiquid the price is basically nonsense