The PERFECT EXPLANATION about DELISTING
BigA, explained perfectly the delisting thing...The delisting announcement is a TYPICAL ANNOUNCEMENT.
TSX will APPROVE that the deal with MAUREL (an insider) did NOT violate the shareholders rights. ...in other words, TID did not shaft the other shareholders by selling to an INSIDER !
because Maurel is an insider.
WAKE UP WEAK HANDS.
TID is cleaning up its balance sheet with this deal, lighten the debt and gets full of cash without the OLD AFRICAN fleet.
I quote from BigA post:
The compliance issue relates to the sale of rigs to M&P, because M&P is considered a related party. Selling to related parties requires proof from the firm (Tuscany) that shareholders are not getting shafted, basically. Tuscany applied for an exemption and it's running through the TSX now.
Transaction is considered to be a "related party transaction" within the meaning of Multilateral Instrument 61-101 ("MI 61-101"). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements in MI 61-101 contained in sections 5.5(g) and 5.7(1)(e) of MI 61-101 in respect of such requirements.
It seems like Tuscany did the transaction, hoping for the exemption. Most firms would likely do things opposite; make sure its okay and then do a transaction. The announcement that everyone is seeing is likely a standard procedure. Tuscany did something that is not in compliance and TSX must announce it. Then TID shows proof of exemption merits and things are fine.
Obviously there is risk that TSX doesn't allow exemption but I can't imagine this happening because if they didn't TID would be in BK.