$TRMR
Issues notice for EGM on 30 Apr. Shareholders asked to
- amend Articles of Association to allow for and adopt new director to enable $TRMR to comply with SEC requirements, and
- allow $TRMR to issue 15% of share capital and asking shareholders to waive pre-emption rights
Issues notice for EGM on 30 Apr. Shareholders asked to
- amend Articles of Association to allow for and adopt new director to enable $TRMR to comply with SEC requirements, and
- allow $TRMR to issue 15% of share capital and asking shareholders to waive pre-emption rights
2/
Also includes no. of ExCo renumeration amendments including "entitlement to a special IPO bonus" of $500k each to CEO, CFO and CCO on successful completion of US Dual Listing.
Also includes no. of ExCo renumeration amendments including "entitlement to a special IPO bonus" of $500k each to CEO, CFO and CCO on successful completion of US Dual Listing.
3/
Resolution no 11 - ala waiver of pre-emption rights - $TRMR states
"there may be occasions, however, when the directors need the flexibility to finance business opportunities by the issue of shares for cash without a pre-emptive offer to existing shareholders, such as in..
Resolution no 11 - ala waiver of pre-emption rights - $TRMR states
"there may be occasions, however, when the directors need the flexibility to finance business opportunities by the issue of shares for cash without a pre-emptive offer to existing shareholders, such as in..
4/
..the case of the proposed US Dual Listing"
The 15% additional share capital issue - represents c£142m ( based on yesterday GBp 708p close) or c$181m. In addition, my calcs show that $TRMR is sitting on c 5.56m of shares in treasury (all shares bought back to date)
..the case of the proposed US Dual Listing"
The 15% additional share capital issue - represents c£142m ( based on yesterday GBp 708p close) or c$181m. In addition, my calcs show that $TRMR is sitting on c 5.56m of shares in treasury (all shares bought back to date)
5/
New shares + potential sale of shares held in treasury could raise c£181m (based on GBP 7.08 closing price yesterday) or c$250m. Thats a v decent float in US.
Questions:
1. Will they issue the ADS at a premium?
2. What will they use this additional $250m for?
New shares + potential sale of shares held in treasury could raise c£181m (based on GBP 7.08 closing price yesterday) or c$250m. Thats a v decent float in US.
Questions:
1. Will they issue the ADS at a premium?
2. What will they use this additional $250m for?
6/
Sounds like $TRMR is looking at an acquisition coming. No reason to just raise cash otherwise.
Question then is - what are $TRMR planning to buy? $250m is not much for a pure cash funded acquisition so assume any acquisition will be part-cash part-stock?
Sounds like $TRMR is looking at an acquisition coming. No reason to just raise cash otherwise.
Question then is - what are $TRMR planning to buy? $250m is not much for a pure cash funded acquisition so assume any acquisition will be part-cash part-stock?
7/
Fun times! My high exposure to $TRMR has helped at least partially weather the recent mkt declines
I expect the dual listing to materialise around May - assuming a 4-8 week turnaround for SEC and considering $TRMR are probably roadshowing US investors already
Fun times! My high exposure to $TRMR has helped at least partially weather the recent mkt declines
I expect the dual listing to materialise around May - assuming a 4-8 week turnaround for SEC and considering $TRMR are probably roadshowing US investors already
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