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04/05/19

07:41

Post #: 38406491
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Originally posted by kojak78: ↑

Nothing new, OC is Troy's future.

When I phoned the Chairman one or two weeks ago (I think) I raised my concerns regarding the cash position, it must be getting tight etc. while he said maybe they would not raise anything at all or maybe they would. Which of course is a good answer to me as - just think about it - it would be wrong if he told individual investors. Little did I know the cash position was so good after the March quarter, very humble statements if I compare his answers what actually got out with the March quarter report. Big hint: the recent investor presentation.

Nevertheless I bought 140k shares on market after that as the share price is very good compared to value.

Thinking about the situation, having 10m in "cash" and 6m in "hard" cash (the remainder is e.g. gold in circuit and needs some work and time to be used) means without the CR and SPP Troy would now only have 2m in cash. I very much prefer the current situation.

Management's priority number 1 is to get OC into production. Priority number 2 is to de-risk the situation as much as possible on reasonable terms.

Most interesting thing is the price. Troy had bad luck with the CR and the SPP was structured in a way that made it nearly impossible to get much capital raised. If they are selling the shortfall from the SPP I am not sure they are allowed to demand less than 10.5c. If the price is lower I think they have to use the placement capability we allowed them at the AGM (a fact I am VERY happy about in hindsight).

Having applied for the full amount at the SPP and having bought recently 2c lower nearly the same amount I can say that the price paid does not make much difference. When OC goes into production we will be happy whether bought at 10.5 or 8.5 cents. When OC is not getting into production soon enough the price paid will also not matter much...

While Troy could clearly make it without the CR now there are a lot of moving parts in the machinery and failure of a single part could mean catastrophe, so de-risking while possible makes sense.

Maybe that is not what a lot of old-timers want to hear, but I feel I am entitled to that opinion having suffered much loss myself, having applied to the SPP in full and having bought on market just recently.

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kojak - I have to say I think it very ballsy of you to have kept on buying TRY even though previously you have said TRY already accounted for about half of your stock portfolio. I don't think anyone but perhaps samboy, including company insiders, were saying that Troy's position was secure in the last few months. For me, my concern was return of capital rather than return on capital. Anyway, by the looks of it it will pay off for you so congrats.

TRY Price at posting: 8.5¢ Sentiment: Hold Disclosure: Held
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