Here are some key dates over the next few months. I think the period leading up to the Feb-2016 FDA decision could be filled with news flow.
- Sept-14: Last day to sell shares if you want to exercise the 40 cent warrants without putting up any further capital. (I assume 3 days to settle + 1 day in mail by Canada Post next day guaranteed delivery with signature.) Warrants expire on Sunday Sept-20.
- Sept-21: Same as above for 29 cent compensation options from 2013 share issue. (Options expire on Sat Sept-26.) (Options from 2014 share issue expire on Wed Sept-23).
- Sept-25: Last day to buy shares if you want to vote them at the AGM on Nov-12.
- Sept-28: Deadline for TST to issue their 2015 annual report.
- Sept-30: Record date for shares eligible to vote at AGM (per notice in Sedar recently).
- Oct-22: Deadline for TST to issue the management proxy circular and form of proxy for resolutions to be voted on at the AGM. If the company wants to have a share consolidation (say, 5:1 to get the price high enough so some institutions are allowed to buy in), or if they want to move the company to become a US-based company, then they require shareholder approval. If these resolutions are not on the ballot, then it probably won't happen until the 2016 AGM. Recall that one of their recent presentations said if they decided to sell to the US market without a partner then they would "position" the company as a US company. I assume that means become a US corporation with a Quebec plant as a subsidiary. (HT can comment on the tax implications.)
- Nov-12: Annual General Meeting in Montreal.
One other interesting date: Any company wishing to make a hostile takeover offer would probably want to wait until after Sept-30 record date for the AGM voting to request a list of shareholders for the purpose of mailing out a takeover proxy circular. Prior to Sept-30, the list is churning with all the warrants and options being exercised.
I expect the CEO's letter to shareholders in the Annual Report to disclose the following:
- Here are how many shares were issued as a result of warrants and options being exercised after the Jun-30 year-end.
- We paid of all the debt with the proceeds, so TST is now a debt-free company.
- Here is how much cash we have in the bank today. Lots, so no going-concern qualification in the financial statements.
- Maybe, just maybe ... we sold the VMC because without any debt holders, nobody holds the VMC as collateral anymore, so no debt holder can veto the sale if the VMC price is less than the total of the debt.
If the annual report contains the above information, then TST is allowed to say the following in their presentation to the NYC conference at the end of September: FDA decision in Feb 2016, debt free, lots of cash, going it alone in US, no dilution going forward from either share issues or partnership profit-splitting.