Rasmala – Exiting,c25% loss last tranche, up 17% overall

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.

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