A formal valuation of the shares of Trimin Resources (TSE) may be required before the company can proceed with a buyback offer for up to 2.2 million of its shares. The company applied to various securities commissions across Canada for a waiver of the requirement to provide the formal valuation in connection with the offer. It obtained a number of waivers, but two commissions informed the company they were not prepared to grant the waiver.
The company is reviewing alternatives with professional advisers, and it hopes to proceed with the buyback once the matter is resolved.
In the meantime, former chairman Brian Fraser and former president Randy Turner resigned from Trimin’s board. The company is now managed by the Equity group of companies which owns about 25% of its shares.
Trimin has become an attractive takeover target since it sold its 32.9% interest in the Hanson Lake polymetallic project near Flin Flon, Man., for $17.5 million to Billiton Resources Canada.
Be the first to comment on "Trimin share buyback stalled"