Exited my position in Rasmala. Took the usual liquidity based hit.
They have decided that instead of delisting in the UK and relisting in Dubai (which I was OK with) they will simply delist. They have a tender offer for 20% of their shares at $1.50 a share, presumably to let UK investors out. 15% of shares wont be tendered, but that still leaves the remaining 85%.
The delisting vote needs 75% approval from shareholders – I am not sure they will get it. Even if they don’t companies can delist via the back door so I dont want to be in this.
Continue reading “Rasmala – Exiting,c25% loss last tranche, up 17% overall”