I am normally in total agreement with all your posts re TBR and have previously posted in support of the Board pushing back through the courts against the regulators and the opportunistic and dishonest suitors.
However, on this occasion and after some reflection, I am not sure that the Board could or should have taken another path to date without risking further action by the regulators to break-up the company and destroy shareholder value. It appears the Billis parties are yet to receive an all-clear on their detailed submissions made to rectify notification shortcomings.
The TBR management has been very good to minor shareholders by extracting maximum value for them. On the face of it the Billis parties appear to have benefited spectacularly from the special dividend - but then so did we. I am happy to continue in the belief that the fate of minor shareholders is best served by the current management continuing.
The 'miserable' current share price still looks pretty good to me at an effective $7.40 close today in spite of the best efforts of our JV partner and the regulators - yes, timing of the gold sale could have been better but, together with the rather 'unusual' acquisition of the Mindanao project the position of the current management looks much safer. A small price to pay for us IMO. Let the banksters, the brokers and their mates in to run the company if one wants to see destruction of shareholder value.
The disposal of the ex RND shares will be a dampener but continuing regular normal dividends will win out.
When the Billis parties are beyond the threat of forced divestment, I hold hope that the option of concerted legal action remains open.
TBR Price at posting:
$3.90 Sentiment: Buy Disclosure: Held
