Originally Posted by
Snoopy
Despite the sarcasm from our banned friend, it does now look as though taking the bonds was the shrewd move. The share price has retreated down to 27c, which implies a conversion price of just 25.5c. 25.5c is only 0.5c above what those who elected to take shares from the offer got. In the meantime bondholders are enjoying a much better income on their capital than shareholders, and still have the option of 'pulling out' at face value if everything turns to custard for TNR over the next year.
Then in another amazing about face by TNR management, the bonds are now listed (ticker TNRHA)! Buyers in there at $1.04,with sellers sitting there at $1.07. That is about a 5% premium to face value should any bond holder want out.
SNOOPY
discl: happy TNRHR 9% bondholder