Tau – Vote no on Giveaway Sale

Just received a rather disappointing RNS from TAU.

To summarize they hold about $1m Cash and Stopharm – a Kazakhstan pharmacy.

They are suspended as they couldnt publish their results – being unable to value Stopharm.

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Tau Capital – small but good upside potential (100%+)

Bought a tiny bit of this…

It is a tiny (£2.1m) investment trust.

It has  $1.4m (£1.1m) in cash (30/6/2016 HY report) – this doesnt screen well as it is held via a subsidiary….

The rest is a 24% stake in Stopharm and a 16.35% stake held via a convertible bridge loan.  This is valued at $6m (£4.8m) in the books based on an indicative offer.  In total this gives an upside of over 150%.  IF we get to NAV.