It's been interesting to see how active BSP is regarding acquisitions and then comparing that activity with what has been going on with TNP which as been dead for over a year.
It could be that the Shaanmei ground is expected to be so productive that it's all they want for now which would make sense, and there would certainly be less dilution if more projects were bought in once the share price has risen a bit as a result of this acquisition.
I suppose we have been told that TNP is to be the "exclusive production arm" of the BSP group, so I think that's why they want to keep the two separate entities. As for why remain listed on the ASX, well you are correct in saying what other reason than to raise capital, however I don't think any future capital that may be required will come from ASX investors, so maybe the Hong Kong listing will be the main focus moving forward.
BSP also effectively control the board, and hold 48.99% (according to IRESS) of the the Company. Why bother with a takeover when you already effectively can do more or less what you want? It won't take much to get them over 50%.
TNP Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
