Hi Karrotz,
Thank you for your kind words.
Even at 25% ownership, I still think this investment is significantly undervalued. I don't think we're trading at a negative premium because we don't own 100% of TSI. One just has to look at the progress made since 2010, when the company was trading at a share price of $0.04c on no where near current business performance, fundamentals, improved market dynamics and all the other business lines the company is revving up towards. Not to mention all the other ready for market opportunities that potentially await.
There is nothing guaranteed until due dilligence has been fully completed by TSN. However, the question that I keep asking myself and that I have had my attention on is... why would TSN have decided to enter into an exclusive option to acquire the remaining 75% of TSI India?
If you read the option agreement again it highlights that CX have 'irrevocably' granted TSN an exclusive option to purchase the remaining balance of TSI India's shares for a cash consideration of A$47.7m. If all is successful after due diligence is completed, TSN are required to obtain shareholder approval before exercising the option. All of this as we all know, takes time. I actually prefer they take as long as they need to complete their due diligence as this is the most important item at this point in time.
I was heartened by the reply Wappy received, particularly point #1 below.
http://hotcopper.com.au/threads/tsn.3067340/?post_id=20866520#.WDjAO-Z97IU
Patience is required here.
Tony