TLL - TIL Logisitics Group [was BIL - Bethunes Investments]

[Snow Leopard]

Hi PT, that does seem interesting. Is this the rationale for the backdoor listing do you think? I see they are borrowing $100m and then using 90 odd mill to pay out TIL shareholders.
Where do you get the bit that TIL shareholders retain 90% of the shareholding? I cannot find that there myself.
Cheers,

If I read the doc right then with the 'New BIL' shares:

approx 0.5M go to current 'Old BIL' holders;
approx 73.3M to TLL owners;
a minimum of approx 6M to new investors.

Which would give current TLL holders 91.6% (or less) of 'New BIL' which is:
indebted TLL.

There you go
Paper Tiger

[blackcap]

If I read the doc right then with the 'New BIL' shares:

approx 0.5M go to current 'Old BIL' holders;
approx 73.3M to TLL owners;
a minimum of approx 6M to new investors.

Which would give current TLL holders 91.6% (or less) of 'New BIL' which is:
indebted TLL.

There you go
Paper Tiger

Hi Paper Tiger,

Thanks for that. Yes it does look that way does it not. So the new board, get a company that is now indebted, whereas previously it was not. Which to me then questions why list, and how can the board be on board (pardon the pun) with this deal. Where is growth going to come from if the company is not going to be able to utilise this new cash. I guess though it is the bank taking on the new risk at the expense of current shareholders. New shareholders.... buyer beware applies.

[Scrunch]

For a deal this size there a bunch of advisors in the background. One of them will have done wacc calculations and suggested the optimum debt capital mix hence loading up the debt not a no debt ready for expansion model. But BC is correct buyer beware because the vendor holds all the cards at the moment.

[beetills]

I am thicker than i look.
I currently have 200k shares in BIL.I CAN WORK OUT THE TIL SHAREHOLDING.
What do i have in new BIL if anything and what approx ill they be worth.?

[whatsup]

bee, read todays ann its all there, interesting future imo .

[Snow Leopard]

bee, read todays ann its all there, interesting future imo .

The Tortoise and The Hare !! ??

[whatsup]

The Tortoise and The Hare !! ??

slowly slowly catches the monkey !

[Snow Leopard]

slowly slowly catches the monkey !

Make of it what you will:


Best Wishes
Paper Tiger

[Jerry]

Hi Blackcap,
I see the BIL market announcement says...
purchase price of $200 million (subject to adjustments for net debt and movements in working capital),
I had hoped this meant BIL were not as green as they were cabbage-looking and the board of new BIL would not agree to such a rort as outlined by PT.
Whaddaya think? Have I understood this correctly? I must admit, reading the expert interpretation from PT I was horrified.

[whatsup]

Bil deal was completed as per yesterdays Special General Meeting a 254 for 1 share consolidation is taking place atm and the " new " company TIL is to relist tomorrow in the transport sector, watch for a rerating which should happen as TIL is now a biggee on the NZX board with plenty of anns to come.
The old BIL will still be a listed with more to come there also, good interesting company for the future developments imo.