Ann: Change in substantial holding, page-23

In my opinion you won't profit from TRS by having a buy order in at 2.70 like you say you have. TRS at the moment is only profitable for half a year due to the pre- christmas trade. It has always been a very seasonal company. Previously it was great in March/ April and flat/slightly profitable in September. Now it is mediocre in March/April and forecast to be loss making by September reporting. 

It often only represents good value after buying the disappointing results in September and selling not long after the dividend and larger results in March / April. People who have held this share long term would be disappointed at where TRS is now. The last time I could have bought this share at 2.70 before these recent dips was May 2005 (14 Years ago). Management have let this decline way too far. If you trade the high's and low's you would have been very happy with this share. Although the low dips keep getting lower.

Once the offer get's pulled, in my opinion, you will have a chance to buy shares lower than your bid at 2.70. Personally I won't be looking to be involved again until some of these things occur. The board is cleared. Management take a big pay cut and changes are made. Allensford gain control and start clearing the decks and put forward a good strategy. September comes and they report 7 million in losses and no dividend and I can re-enter for 1 - 1.50.
That last option is of course if Allensford or another company haven't gained control of the company already through a hostile takeover at lower prices or by other non hostile means.

I look 2 months into the future in May and I can't see this being > 2.7 without some of the changes above. I can't see why buyers would rush in expecting a loss and possibly no dividend. That leaves only sellers and with a thinly traded stock like this once buyers dry up it is very hard to sell shares at a price you want. Look at the current depth under 2.7. There is about 30,000 shares on the way down to 2.3. There is no one there catching this when it falls.