TS03 Inc Trust Units TSTIF

RE:Re Vote

[SunnyShadow]

Vice and Lexi,

TSO3 had US$9.2 M in cash as at June 30, a decrease of $2.3 M since March 31.

The break-up fee is C$3 M, or US$2.25 M.

In addition, on page 62 of the circular, it is disclosed that in the event of a negative vote on the plan of arrangement, TSO3 will have to reimburse C$1.367 M in expenses to Stryker.  

Counting the breakup fee of $2.25 M, a burn rate of US 2.3 M and expenses of $0.85 reimbursed to Stryker, cah will decrease by US$5.4 M by the end of September, leaving less than US$4 M in the bank which is below the minimum liquidity covenant of $5.0 million.

An immediate waiver would be requied from Courage thereby effectively enabling Courage to takeover TSO3 and force the sale to Stryker at conditions likely less attractive to shareholders.

So what is your gamble?  Nothing instead of $0.43?