TNC - Transol Corporation

[ideaforlife]

Hangseng. I agree that hype on U is fading but just wondering if investment in Cambodia and Laos has some generic risks such as sovereinghty or other potential political risks. what do you think on this, Hangseng.

Cheers

 

[hangseng]

Hangseng. I agree that hype on U is fading but just wondering if investment in Cambodia and Laos has some generic risks such as sovereinghty or other potential political risks. what do you think on this, Hangseng.

Cheers

I can't say there is no risk, nor can I state there is risk to my knowledge. The biggest risk I see is unidentified landmines. However managed well this can be overcome, if in fact it is a risk where they are going to mine.

I do know from my research of TNC that they are quite serious about their intentions in Cambodia and that the Cambodian government are actively seeking foreign investment to pursue mining of this largely unexplored country.

The government has a large problem dealing with what they term illegal mining and they want 'legitimate' companies to come to Cambodia to mining in a controlled manner to the benefit of the countries economy. The illegal miners are basically mining without paying royalties to the country and are a major source of local pollution.

TNC, I believe, will be welcomed with open arms and I speculate TNC will be watched closely by Oxiana whom are currently mining in Laos and are looking at Cambodia.

A few of the reads I have found lately on Cambodia and Laos generally.
http://www.atimes.com/atimes/Southeast_Asia/IE30Ae05.html
http://minerals.usgs.gov/minerals/pubs/country/2005/cblamyb05.pdf
http://minerals.usgs.gov/minerals/pubs/country/2003/cblamyb03.pdf
http://minerals.usgs.gov/minerals/pubs/country/2002/cblamyb02r.pdf
http://www.nationsencyclopedia.com/economies/Asia-and-the-Pacific/Cambodia.html
http://www.panda.org/about_wwf/wher...ermekong/projects/index.cfm?uProjectID=9S0784

 

[ideaforlife]

Amazing you are, Hangseng. I guess in my mind it still remains the old chaotic Burmur and having ignored the developments.

 

[tangrams]

Don't send your proxies in just yet.

There are several problems with the proposed resolutions as outlined in the current mailout and announcement to shareholders.

However, as I have been a shareholder for many months now and been researching this company intensely, we can, I believe stop this proceeding.

Do not send in your proxies just yet.

There are several problems with the proposals.

Resolution 1:

Buy one get one free director resolution?? A NORMAL proxy form would list directors separately so that you get to vote on each individual. Imagine if BHP offered six directors up for re-election and you only got one option in the proxy form to vote For/Against/Abstain. It is not BEST PRACTICE. For each director up for nomination you should have separate For/Against/Abstain options.

It clearly states on page 1 of the Notice of meeting the election of EACH director of the Company is ...."(to be voted on as a separate ordinary resolution)" and yet no provision on the proxy form is made for this offer.

Resolution 2:

Adopting a report ... can't do much about changing that.

Resolution 3:

Approve the renewal of the Transol Management Option Plan?

Well, I ask you if the current offer to directors of options as specified in Resolutions 4 and 5, giving Richard 15,000,000 free options with a strike price of 2c and a further 10 million unquoted management options with a strike price of 2c, what incentive is there for him to perform?

Options are currently trading at 1.6 c, so without effort that is worth $240,000. Why not make the strike price higher so that there is an incentive for Richard to perform, which I've no doubt he will.

In addition, this would allow them to issue management options up to 10% of the total number of issued shares i.e. 29,353,000 options. Once the current new lot of shares are issued in Resolution 5 at 2.5c (another 100,000,000) plus as proposed in Resolution 6 another 20,000,000 shares at 2.5c to Mr. Angus Edgar, then 10% of the NEW number of shares will be:

413,530,000, so that in future, management can issue to themselves 41,353,000 which will be the new 10% figure. Then add the further outstanding options on issue which can be converted and you start to see how management can cream a huge amount of options at unfair prices from this company.

This has to be stopped!

Resolution 4:

The strike price of the options is way too low. There is little incentive to perform.

Resolution 5:

We are disturbed by the offering proposed under Resolution 5 to issue 100M shares plus 50M option to a selected group of investors. Why not for everyone as a rights issue?

For those that have done the sums and research.. its not a fair deal if a select few get shares for 2.5c and free 2c options, particulalry as the shares and option package equvalent was 4c in April and yet there has been more work done since then in the background creating company value.

Also Melbourne Capital Limited clients would be given priority on these shares... Who is a director of Melbourne Capital... Angus Edgar, and he will receive a management fee for handling this issue.

Resolution 6:

Angus wants another $500,000 worth of shares and options for 2.5c.

I seriously question why Angus wants more cheap shares at this time when as stated on a previous thread TNC has over 3 million in the bank!!!! Which was obtained on the basis of being spent on current projects in the wings which were yet to be announced.

If those projects are imminent and the money is already there, the share price will, no doubt climb. So to hand out these cheap shares when there is no need for more cash at the moment, gives directors a cheap entry into TNC. Previously Angus has converted loans to the company for shares which, when calculated at price per share, have been as low as $0.00804354 cents per share (15/8/2006 $200,000 loan funds converted to 24,864,662 shares).

Then on 15/8/2006 $15,137 loan funds converted to 15,131,600 options at $0.0010003 cents

see page 3 of annual report. There is more but I won't bore you with more detail.

Resolution 7

So the person who creates the scheme drags Richard into it as well to give it some credibility. Happy as I am that Richard has come on board, I still believe that there needs to be incentives with the options and the strike price of the shares in Resolution 6 and 7 needs to be higher, i.e. around 4c as it was back in April. As Dartboard stated, we have more assets in the company and they offer the shares at 2.5c????

So does that mean if further deals are brought into the company that the directors will offer shares at 1.5c in the future??

Many of the shares in the top 10 cannot be used for voting because of conflict by way of association.

Even GAU cannot vote, I believe, because I can demonstrate an association. There are many companies in the top 10 that are related to one of the directors. Therefore, we can, and should make a difference.

I also urge you to come to the meeting if you possibly can, because unless these resolutions are stopped, they will now have the numbers to keep asking for more and more shares.

Email me at watchtnc@hotmail.com to offer your support and we shall keep you informed on what we are proposing to do.

Cheers,
Tangrams

 

[ideaforlife]

Just saw this previous post which seems interesting, but I don't have enough knowledge to make a judgement, can anyone provide some background and analysis please? Thanks.

 

[tangrams]

Check out the Andong Bor page of my website dedicated to TNC...



www.watch.htmlplanet.com


Cheers,
Tangrams

 

[billhill]

Interesting movement in this stock the last three days. The chart shows what is most likely to be insider activity as there have been no anouncements to warrant the huge volumes. Also appears to have broken out above 3.2 cents. last two days show selling above 3.4cents but significant buying below 3.2cents. Watch out for a posible significant announcement IMO.

 

[nioka]

Following a suggestion from a fellow ASFer I decided to look at TNC. I find they are involved in speed and red light cameras. Having just received a speeding fine from a camera ( my first in 50+ years of driving ) I decided to get back the fine through investing in TNC. I suppose that is like using a pin blindfolded to pick a speccie. Maybe it is throwing good money after bad, who knows. Anyone have any information on this one? The thread hasn't been bumpted much.

 

[mickqld]

Announcement out drilling has begun the first in Cambodia. This one has an enormous amount of potential I feel in a very unexplored part of the world.

27th May 2008
ASX ANNOUNCEMENT
Transol Corporation Ltd - Commencement of Drilling in Cambodia.
(ASX Code: TNC)
Liberty International Pty Ltd (100% owned subsidiary of Transol Corporation Ltd) has
mobilized the first ever RC / Diamond Drilling rig into Cambodia. Drilling programs utilizing
one RC / Diamond Drill Rig and also one stand alone diamond rig has commenced at the
Oyadao project. It is planned that drilling at the Banlung project will follow immediately after
the Oyadayo drill program is completed. Despite significant mobilization challenges the rigs
are now on site and will commence drilling immediately (project and drill location map
attached).
The Drilling is planned to test gold anomalies that have been outlined in the Company's
previous exploration programs including detailed mapping, stream sampling, rock sampling,
soil sampling, airborne geophysics and trenching.
Details of the two rigs are as follows
1. One RC / Diamond Drilling Rig (First Ever in Cambodia) – Track mounted and able to
work into the wet season (July to November) with capabilities to drill to 300 metres;
2. One Skid mounted Diamond Drill rig capable of drilling to 250 metres.
Highlights of Proposed Exploration
• Commencement of drilling at the Oyadao Border Prospect is for an initial 10 hole,
1200 metre program to test over one kilometre strike length of quartz reefs which
have been actively mined for gold by local miners (map of drill targets attached).
• After completion of the Oyadao program it is planned that the rigs will move to the
Banlung project and test drill the Okalla Prospect with an initial 9 Hole program for
1350 metres(map of Okalla drill targets attached).
• Analytical samples to be processed at ALS in Laos with an expected 4 – 6 week
turnaround.
• Trenching is continuing at Okalla on a strong gold target obtained from stream
sediment and panning in creeks over and area of approximately 10 sq.km. So far
trench assays up to 3m @ 13g/tAu have been obtained from an area containing
sulphide altered float that also contains gold values.
Liberty continues to be at the forefront of gold and base metals exploration in Cambodia
having been active in the country since 2005. The company has been innovative and has
sort new options for achieving exploration success in the challenging exploration frontier of
Cambodia. Liberty was the first Company to conduct airborne geophysics programs for gold
and base metals in Cambodia and is now proud to be the first company in Cambodia to
commence an RC drilling program. The company expects to gain significant geological
information and a better understanding of the gold anomalies that have been identified to
date. The Board of Transol believe that this is a major step in progressing the targets toward
the ultimate goal of a significant gold discovery within the Companies 100% owned
Cambodian projects.

 

[hangseng]

I like the looks of TNC a great deal Mick. The gold, silver and copper results so far indicate this to be quite a significant project.

The gold and silver assays were simply huge out of Banlung in particular. Grades of up to 61.8g/t gold, 73g/t silver and 9.12% copper.

This has been a while between drinks but the drills are onsite now and they have indicated a very quick turn around time for assay results. This should be good.

 

[chimp]

Great to see it has held very well, but a mining friend is concerned that the management lacks of technical knowledge, which manes that it's hard for them to develop into a big mine, let alone, a one like OXR.

any thoughts?

 

[hangseng]

Great to see it has held very well, but a mining friend is concerned that the management lacks of technical knowledge, which manes that it's hard for them to develop into a big mine, let alone, a one like OXR.

any thoughts?

Maybe your mining friend isn't aware that TNC owns 100% of Liberty Mining.

http://www.libertymining.com.kh/index.php?page=profile

Tell your friend to review Liberty.

 

[chimp]

I see, HS, Edgar is the brain in @ Liberty. The friend of mine is a good mining engineer but might not be alert enough to be the sensitivities in stock market.

Happy weekend HS.

 

[chimp]

Apologies for the terrible typos in the previous post.....it's 10pm in the east coast, and after a long day shopping, ....difficult to know what i'm talking abt.

 

[Agentm]

seems to just be on a steady climb now..

its obvious there is something about to occur on this stock imho, there seems to be a lot of speculation on this stock.. perhaps an announcement soon?

 

[inefekt]

seems to just be on a steady climb now..

its obvious there is something about to occur on this stock imho, there seems to be a lot of speculation on this stock.. perhaps an announcement soon?

Apparently a delegation from the company went to visit the site in Cambodia and were due back late last week. Announcements re that visit and also re drilling should be coming sooner rather than later.

 

[Agentm]

pretty interesting. the volumes throughout the month have been quite good, and the sp was about 2.6 in early june and as high as 4.5 today..

hmmmmmmmmmmm

wonder what that could indicate? people fly over, come back, and perhaps they like what they saw?

i am very interested in what announcements may come in the near term then

 

[J.B.Nimble]

Well it is a little over a month since they reported RC drilling starting at the Oyadao prospect and samples were to be processed in Laos on a 4 to 6 week turnaround. The first holes might just be coming in now... Probably unrelated to the sp move though - the start of this little rally comfortably pre-dates the announcement.

I do wish they would lose the software side of the company. I don't see how these two such different businesses co-exist under the same corporate structure

 

[mickqld]

Announcement out more leases granted looking good.

2 July 2008
ASX ANNOUNCEMENT
Transol Corporation Ltd – Granting of Exploration Licenses at
Banlung North and Oyadayo South - Cambodia.
(ASX Code: TNC)
Liberty International Pty Ltd (Liberty) (100% owned subsidiary of Transol Corporation Ltd)
is pleased to announce the granting of Exploration Licenses (EL’s) at Banlung North and
Oyadayo South. Both these EL’s are extensions of existing project areas that Liberty has
been actively exploring during the last two years. In addition, the Company is assessing
the potential of a number of other projects that are prospective for gold, copper and other
commodities.
Highlights
· Conversion of the Banlung North Memorandum of Understanding area to full EL - the
license is 328 Km² and contains the Katieng and Kunmunn gold prospects, and is an
extension to the existing 300 Km² Banlung EL.
· Granting of an EL at Oyadayo South - the license is 248 Km² and is contiguous to the
South, with the Oyadayo and Andong Meas project areas with Liberty now holding a
total of 696 Km² in this project area The area covers numerous artisinal gold
workings and the Company rates it as highly prospective.
The Company is in the review process on a number of projects that are prospective for
gold, copper and other commodities.
The Directors of Transol are pleased with these tenement grantings as they substantially
increase Liberty’s project areas within a geological environment that Liberty considers
prospective for gold and copper mineralisation.

 

[Agentm]

The Company is in the review process on a number of projects that are prospective for gold, copper and other commodities.


so there was something more to this than just a flying visit!!