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TRS - THE REJECT SHOP LIMITED


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Perhaps it will be a mega deal.

 

TRS: Placement of Shares and Market Update

 

The directors of TRS Investments Limited (âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“TRSâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ) have terminated the proposed transaction with LIDA Agricultural International Holdings Limited (âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“LIDAâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ) described in the announcement made on 13 June 2018 so that other opportunities can be pursued. The directors felt that TRS would be better served by pursuing a transaction closer to home that would be more suited to a New Zealand listed company.

 

TRS has been approached by several parties with alternative transactions which the directors are now considering. TRS will notify the market as soon as a new transaction has been agreed.

 

TRS has received a total of NZ$120,000 from LIDA towards the costs of the transaction. In accordance with the provisions of the Share Subscription Agreement between TRS and LIDA dated 12 June 2018 (âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Agreementâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ), LIDA or its nominees are entitled to shares in TRS at NZ$0.001 per share for the total amount received on the termination of the Agreement by TRS. TRS has therefore today issued 120,000,000 shares to LIDAâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s nominees. The 120,000,000 shares represent 9.004% of the total shares of TRS after the share issue. Full particulars of the share issue are set out below.

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Last communication about this deal it was stated documents had been submitted to the NZX and a response with would be made in the near future. Eight months later the deal is canned with no reply from the NZX being made known to the markets and shareholders. All this while trading in effective insolvency.

 

The NZX needs to take a good look at itself and the FMA needs to take a good look at the NZX.

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For a company in such a sorry state as this one, it is baffling why nobody is in a rush to do anything about it. No new transaction proposals. NZX couldn't care less about the blot it's leaving on their reputation as bad as it already is, the regulators aren't interested and the auditors will do whatever they're told as long as they get paid.

 

Even the directors don't get paid.

 

So if nobody can be bothered with this dog why is it still listed?

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A company on the look out for a deal. Gonna notify everyone when they got one and so far they still haven't managed to do so despite being insolvent which puts them out of step with every law, precedent and protocol going. Doesn't stop them from having an AGM though. But, do you think they will give an update on whether they have a deal or not? Of course not.

If I were to put my low down scurrilous thinking hat on I would say its some kind of ruse: Getting the AGM out of the way then announcing the deal a day or two later. It proves the point about AGM's being completely irrelevant to anything except getting a free scone.

Worse though is that it corrodes all integrity and beliefs anyone might have in the NZX and its regulators.

My stock broker reckons its school holidays and because of it nothing will happen because nothing ever happens during school holidays. So there you go. You heard it from the expert.Wonder what Dotcom thinks about it all.

 

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Nearly two years since they first came to terms with the canned Lida deal. Not a cracker about anything since it got canned in May. There are a million companies out there which would love to have that listing. You just get the feeling they are not all together on the level with the market. Even the periodical updates have dried up.
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