I fully sold out today after yesterdays announcement. Not participating in right issue.
Hugley disappointed with current darama that has played in Taps disasterous story and still very well currently playing (probably at a stonger pace now).
I have been holder and investor from. last 3 years (never did trading only invested in)
The whole arrangement is absurd and right offer doesn't appear genuine to me. New and old larger shareholders have different agenda to work on and achieve the objectives which might not be in line with minos interest.
I simply refuse to believe TAP couldn't source pity $8mn from other alternatives. They referred to asset sales etc. strategic review..just plainly speaking they could have easily offloaded a gas finds/manora interest ( atleast some %) fund this and protect minority but they chose not to.
Issuing crica 160 mn shares shares at .05 (50 % discount to last traded price) Hugley disappointed with current darama that has played in Taps disasterous story and currently playing. Also, importantly they SP traded south since last partcipation at 19.5c and down to 8.0c Of course oil was down and came back right up other genuine co. share prices improved as a result but NOT true for Tap (worked as planned for some).
Lastly, $8 million raised will not be enough by any means and only a part of strategy then at some stage there will be another round so they can increase their share holdings and take control fully.
Seeing Troy exiting quietly is not a good sign either (at least for me) franking credits and dividends story can be read in former prentations. (But idoubt if they have a plan to restore the confidence in sp)
Good luck to holders and participants.
A lot of messy lessons from this terriblly minnow (looked like minnow but engineered).
TAP Price at posting:
9.0¢ Sentiment: Sell Disclosure: Not Held
