Extracted from the supplement:- If any of the Events has occurred and has not been waived when and as required to be waived, the SPA may be terminated by the relevant Purchaser by notice to the Company at any time at or prior ... etc

 

Note that the SPA does provide the option for the issuer and strategic investors to seek or to give waiver in the event if such MAE events do occur. If the strategic investors are still keen to invest, they will probably give waiver with a new lower placement price at a discount to the prevailing market price.

 

Someone mentioned that the strategic investors could be buying the shares much cheaper now from the market. I do not think so. 

 

Buying the TS shares comes with a package of 3 senior insiders to advise/manage the investment, buying from the market means the strategic investors are on their own. I will buy the TS shares with the insiders package if I have $130m to burn. 

 

If i were to be the rich strategic investor, the 2 key questions now in my mind are : 

1) do I as a strategic investor still want to invest ? 

2) if so, at how much discount to the prevailing market price ?

 

YFH MF/MS operates globally and currently covering SG, UK, Europe, US, HK, S Korea, UAE and India (Page 13, FY24 powerpoint). US is just one area affected by port fees and tariffs. The US drama is not likely a deal breaker to the TS placement, the share price fallen below 0.675 is. 

 

Now with US reversing the port fees, the deal could really still be alive, pending probably with a new mutually agreed placement price.

 

The above are my thoughts. Doesn' t matter if you do not agree, just ignore.