Macro Tsimmis

intelligently hedged investment

Transmeridian (TMY) update #16

Posted by intelledgement on Wed, 19 Mar 08

The bell is tolling for Transmeridian (TMY) CEO Lorrie Olivier’s bid to take the company private at $3/share. His investment vehicle Trans Meridian International (TMI) missed the original deadline (31 January) to come up with the financing and then a second deadline (15 February). Today, the TMY board notified TMI that “if the financing condition contained in the definitive merger agreement between the company and TMI has not yet been satisfied by March 31, 2008, the company will terminate the definitive merger agreement with TMI.”

Transmeridian report that they are conducting “discussions with another interested party with respect to the potential acquisition of the company,” and also that they are conducting “preliminary discussions with interested parties regarding a substantial investment of capital into the company.” We are not holding our breath here. This is most probably a write-off, although we continue to hope that shareholders may yet squeeze some value out of the underlying asset (the rights to explore and develop Kazakhstan’s South Alibek field).

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