I struggle to see what the purpose of this is...unless the management are setting the stage for a take over bid in which case they will need Trinity support. With DRG now owning 16% of Trinity and the management presumably owning some Trinity shares, they might actually have over 50% ownership of Trinity.
And lets face it, we got it for a steal. If you assume Trinity has nothing but a 25% interest in DRG's tenements and a 16% stake cost $30K, then DRG values their own tenements at $750K ($30K/0.16 x 4). Pretty silly given they paid $8Mill for them. Having said that, we are below cash backing to the market values them as worthless.
Remember we gave Trinity 25% when we paid $8Mill. That's a value of $2Mill. Now we could buy Trinity for $187,500 ($30K/.16) based on the current transaction.
Consider this transaction as a discounted buy back.
I struggle to see what the purpose of this is...unless the...
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Last
$1.81 |
Change
-0.050(2.70%) |
Mkt cap ! $2.125B | |||
| Open | High | Low | Value | Volume |
| $1.93 | $1.93 | $1.81 | $131.4M | 72.55M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1300 | $1.80 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.82 | 6188 | 1 |
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| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| BGL (ASX) Chart |