Ann: Quarterly Activities & Cashflow Report - March 2020, page-37

Hi @eshmun. I hope you are having a better evening today. I note that we both hold shares in TBR and I think I have you to thank for that because it is a company that "falls under the radar", so to speak, and it was your reference to the company at some stage that led me to investigate it and then invest.
I looked at my valuation spreadsheet again tonight and TBR is being valued at the same level as BLK. Go ask yourself, TBR had $220M in cash and bullion at the end of March with gross revenue around $143M p.a. from gold sales/valuation with a gold price set at AU$2600.
To answer my own question to you about EVN's holding in TBR, then I surmise that Jake Klein recognised a bargain and took up the holding when it became available. Perhaps his broker arrangements gave him a preference, I have no idea. At least he has continued to hold. At 19.9%, EVN is poised to make a TO offer and at the same time has a blocking stake against anyone else.So far as I can tell, EVN does not have a representative on the TBR Board, or have any direct influence except through its shareholding. SInce Billis has a controlling stake of around 30% then this gives a substantial barrier to any corporate action by EVN (or anyone else). Nevertheless, it is not an invincible stake.

So, I repeat my question to you: "How do you see EVN's holding at 19.9%? "