SugaToyBoyDaddy
21 Mar 2016
Board of Director changes Tricor plc("Tricor" or the "Company"
Board Changes The board of directors of Tricor (the "Board" is pleased to announce the appointment of Mr. Bien Kiat Tan and Mr. Lai Fatt Loo as non-executive directors of the Company. As announced on 31 March 2015, Tricor entered into a working capital facility agreement with (the "Agreement" with Ellwood International Limited ("Ellwood". As part of the Agreement, Ellwood was entitled to appoint up to two nominee directors to the board of the Company at any time when Ellwood holds more than 20% of the issued share capital of the Company. Ellwood now has a total beneficial interest in 55,591,119 Ordinary Shares, equivalent to 29.95% of the Company's total issued share capital. Ellwood, which is 100% owned by Mr Bien Kiat Tan, has appointed both Mr Tan and Mr Loo to the Board. Appointment of Mr Bien Kiat Tan Mr. Tan has a strong financial background, including strategy consulting and private equity. He was the Managing Director of TPG Capital, which is a leading buyout fund in Asia and one of the leading private equity firms globally with assets under management of over US$70 billion. He founded and is currently the Managing Director of Titan Capital and Ellwood. Mr. Tan was educated in the United States at Columbia University where he received his MS and MBA and the United Kingdom at the University of Birmingham. Bien Kiat Tan, aged 60, is, or has been within the last five years, a director or partner of the following entities: Current directorships and partnerships
irectorships and partnerships held in the previous 5 years: Tan Chwee Boon (Private) LimitedTitan Capital Private LimitedSamson Industries Private LimitedArcher International Investment Private LimitedBader Overseas Singapore Private LimitedOil Trade & Marketing (OTM) Private Limited Syntellix Asia Private LimitedBan Teck Seng Private Limited Huiyin Household Appliances Holding Co LtdDarrington Holdings Private LimitedInternational Brand Partners Private LimitedBody Wellness Holdings Private LimitedTan Kay Guan (Private) Limited Oracle Creative Media Private Limited Appointment of Mr Lai Fatt Loo Mr Loo is a member of Association of Chartered Certified Accountants and he was awarded an accounting degree by Oxford Brookes University, United Kingdom. He has a strong accounting background having worked for BDO, KPMG and PwC. He is currently the Vice President of Titan Capital, where he is responsible for undertaking the various buy and sell side advisory engagements for the firm. He has experience of direct investments, cross-border M&A and portfolio management.
SugaToyBoyDaddy
16 Mar 2016
Re: Post warrants not converted? NOVA offers Tricor warrants for sale at 4.9p each[link] over 34,000,000 ordinary shares in the share capital of Tricor Plc were acquired on 27 February 2014 for a total consideration of £2,000,000. Following the acquisition of the Warrants, Nova will hold a total of 43,000,000 warrants in Tricor, all of which are exercisable at 0.5p by 31 December 2017.10. AVAILABLE-FOR-SALE FINANCIAL ASSETShare price at year end 7.6pExercise price 0.5pExpected warrant life in years 3Risk free interest rate 1%Expected volatility 185%Expected dividend yield 0%Fair value of option 4.9p - 31 December 2014This means the warrants can be exercised at 0.50p and they will sell them for 4.9p at a fair value price as at 31 December 2014 But as you can see the share price is now half of the warrants exercise price, which also means they will not be able to sell them for 4.9p let alone 0.50pSo 43,000,000 warrants times 0.50p = 21,500,000p divided by 100 = £215,000 which is the value at the exercisable price of 0.50p for 43,000,000 sharesnot including costs.They paidClosing cost for 2014 £2,606,787 2013 £700,299They lost Closing unrealised (loss) 2014 £2,397,748 2013 £93,512Closing valuation 2014 £209,039 2013 £606,787This shows NOVA as warrant holders of TRICor lost money on the warrants and why they wont exercise them and pay more to buy the shares.
SugaToyBoyDaddy
08 Mar 2016
Re: Post warrants not converted? Hi ClockworkIm not sure what will happen upto 2017, my guess is that they will just keep things ticking over, and possibly look for new investment in the same way as they did recently,where they can draw down on set amounts of cash when needed to bide their time.The sand investments may have be left dormant for the time being as a tactical manouver in order to assist their game play.This is all speculative though, but it helps to have some idea what they are up to I would think, and this is the only scenario I could find that fits the bill.Hope that helps
clockwurktangerine
08 Mar 2016
Post warrants not converted? Ok, understood, so if warrants hopefully not exercised what will happen post this, Tricor will then have to begin serious trading in sand/something, 2017 ish? Or post warrants date expiring the Sp is re-rated? Thanks...
SugaToyBoyDaddy
07 Mar 2016
Re: Any further thoughts? Anyone now only 0.25p, could be worth a punt.DYOR
SugaToyBoyDaddy
05 Mar 2016
Re: Any further thoughts? Anyone I f you look at the amount of warrants for shares that were issued that some people on here kept referring too in past debates that expire in 2017.They were a big problem as, if they were to be converted to shares,that would cause massive share dilution.Before they decide to convert their warrants into shares, they have to look at the amount of money it is going to cost them, and then decide if it is a viable investment to do so.So the idea of the game is to make sure it is not a viable investment for the warrant holders to exercise their right to convert their warrants in to shares.This seems to be the way it is, and has been heading because the warrant holders have a huge hold over the company until they expire in 2017, so in that respect any bad news is good news for share holders until then. (in theory)This can be understood more when you research about PIK loans.Tricor claim they are working to get back on track with the iron separation plants, but again the above explanation would mean that they are not in any rush to fix that issue, IMOOther investments-well I think the same will apply for now, I think they will be doing just enough to keep ticking over till the expiry date.As for the cash shell question-why would they do that when they have a business plan set up all ready waiting to go.This is how I see things, others may have a different perspective, but the maths were all done about all this In info I posted around April 2014 I thinkRead PIK loans on wiki to get the theory of the game play. and to play it safe- DYOR
clockwurktangerine
04 Mar 2016
Re: Any further thoughts? Anyone So is Ticor's only possible chance of any income coming from sand, if they ever secure any contracts?Do they have any other viable investments/companies?Ref the warrants not being exercised is this good because they issued them to raise cash?Or what please?Could Tricor be 'used' as a cash shell via a rev TO?Thanks....
SugaToyBoyDaddy
04 Mar 2016
Re: Any further thoughts? Anyone Possible buy at 0.30p and sell at 0.45p but DYOR on your own head be it.
SugaToyBoyDaddy
04 Mar 2016
Re: Any further thoughts? Anyone USER ;RZ250541 on LSE chat asked the exacts same question, is that your user name on there?
SugaToyBoyDaddy
04 Mar 2016
Re: Any further thoughts? Anyone Hi ClockworkIts now 0.30p and not looking good for warrant holders which end in 2017,I dont think they will get exercised at these prices.So all good in the hood, I recon
clockwurktangerine
22 Feb 2016
Any further thoughts? Anyone Any further thoughts? Anyone....thanks
SugaToyBoyDaddy
12 Dec 2015
Re: YEEHAA! Trigger rides again, whose t... Hi clockwurktangerineHalf Yearly ReportFri, 11th Dec 2015 16
7Main pointsOver the 6 months ended 30 September 2015, the Group operating loss was £365,000, compared with a loss of £1,016,000 for the comparable period in FY2014. TEPL is still negotiating to secure new sand contracts. So far, none have been concluded. TEPL incurred a net loss of £163,250. The loss was mainly due to the expenses incurred to maintain the equipment and site while the management is trying to secure the sand contracts.TM, with the help of TEPL, continued to work on its applications for the necessary permits to operate a plant in Bangan, however, it is not certain that the necessary permits will be granted by the authorities. The net profit of TM for the period was £11,666. The profit was mainly due to the unrealized foreign exchange gain. As announced on 4 September 2015, Tricor and TM continue to discuss with KGGD to reach an amicable resolution with regard to the latter's threat to wind up TM.TRT was set up to be a resources trading company and will only commence business after TM starts producing iron sand.TRT made a loss of £432 for the 6 months ended 30 September 2015.The Group did not generate any revenue in the 6-month period ended 30 September 2015 (2014: £1,559,000) as its operational subsidiaries are still in the midst of attempts to secure new sand contracts. During the period, the Group incurred a total of £378,000 administrative expenses (2014: £720,000). No finance cost was incurred during the period (2014: £448,000) The Company's cash balance at the end of the period was £18,000, an increase of £15,000 from the position at 31 March 2015. This was mainly due to the drawdown of working capital facility provided by Ellwood International Limited.The Board is continuing discussions with other potential investors to raise funds for the Company to ensure further working capital is made available in the best interests of all shareholders. In the longer term, and once the funding requirements are secured, further investments will be sought in line with our investing policy.Update on VAT Claims The Company has not had any further news from its lawyers since the announcement of the Company's financial results on 4 September 2015.adjustments arose from the capitalisation of the repair and maintenance expenses amounting to £180,000 as cost of jetty included in property, plant and equipment and the corresponding depreciation charge of £12,000 provided on the capitalised cost of jetty.No great news although losses are smaller,,but good news when it comes to the warrants expiry date in 2017, baring in mind if warrants are converted to shares the warrant holders will be well out of pocket, which makes their conversion not financially viable.
clockwurktangerine
30 Sep 2015
A good and decisive AGM....anything to add? A good and decisive AGM....
SugaToyBoyDaddy
15 Sep 2015
Re: YEEHAA! Trigger rides again, whose t... Hi ClockwurkThe appeal to claim £1.8 million of VAT plus any interests and costs and has currently been lodged with the Upper Tribunal. The info about the vat claim is in notes 15 and 26 of the final results news.
clockwurktangerine
14 Sep 2015
Looking good! Well Sugar, TRIC is looking steadily healthy.Will/has the vat case gone to appeal?.Thanks.....
