Ann: Change in substantial holding, page-3

“Allensford is likely to have over 5% (be interested to hear of others opinions) voting power 5th March.
Can anybody tell me whether that will enable them to have real influence on the strategies at TRS?”


Acceptances will accelerate in coming days.
By 5 March they will have a shareholding which, while not sufficient to assume outright control of the company, will allow them to call an EGM for the purposes of sacking the board and putting forth their own director nominees.

The next step after that will be for the new board to commission an independent expert’s report into the fairness and reasonableness of a $2.70 offer for the company.

And if the independent directors and the independent experts deem $2.70 is a fair and reasonable price, a Scheme of Arrangement will be entered into, whereby Allensford will almost certainly get to control the company.

The end game is approaching, but the stock price will fall below $2.70 between 5 March and the actual end of the game.