TTY has just announced it has sold it stake in the life-style explorer NMI at a loss of around $1.4m. Sold its stake off market to some tax haven investor which has picked up about 17% of NMI from this buy and a recent urgently needed placement by NMI. Sale was at 2.4 cents well below recent market price.
The original TTY investment appeared to be the key money to get set in OLY. NMI was having one of its annual cash shortages and was very long in OLY stock. So MK to the rescue and two years later another belting for TTY shareholders.
So with a loss of $1.4m on NMI and $11m on OLY, this little foray has cost TTY a total of $12.4m.
How anybody would touch any company involving the one and only is utterly beyond me. But he is off again. Maybe those deaf dumb and blind journalists and analysts should have their noses rubbed in the value destruction caused by him at TTY.
TTY has just announced it has sold it stake in the life-style...
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