Trapped as you say with a tiny holding agreed. Nothing anyone says now makes a blind bit of difference, so why the bearish amongst us continue to be rude and arrogant is beyond me. Everyone is entitled to their own viewpoint.
For the record I have a small holding in TXO. Whilst it is fairly insignificant I would prefer not to lose it, and have outlined why I think I won't.
Note: OTR have received an offer of 300,000 Euros for a stake of just 3% of OTR, and I have assumed in my last post that TXO could sell 5% of OTR (from the 30% they now hold) for the same 300k Euro price.
Looking now at Assets (gross assets to be more precise), I have attributed the following fairly modest approximate values, based on TXO accounts, RNS statements and the more recent GBG charge secured on around 13% of GBG. I arrive at a 'gross' asset value total of £3.8m by adding the GBG stake (35.7%) worth c.£1.5m, to the ORS stake (25%) worth c. £0.3m, to the OTR stake (30%) worth £1.45m, to the TOG stake (19%) worth a nominal £0.1m, to ATHABASCA stake (19%) worth an estimated £0.3m. The total comes to £3.7m, which ties in fairly closely with the £3.4m figure shown in the last accounts. The positive thing which emerges is the substantially better NAV created as a result of the reduction in the CLN debt which now stands at just £509k. These CLNs are due for repayment in October 2015. As a result, I estimate the NAV at £3.2m which is far higher than the closing market cap. at suspension. Accordingly I don't expect them to have any problem raising £0.5m cash for working capital in a reconstruction. This combined with any cash received from selling the ORS stake and a bit of OTR would give them around £1m to return to market with and barely dilute shareholders at all.
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