TCT

TCT: is +10.4% at $1.38, extending its recent stock run today, albeit on thin volume. TCT shot up last wk after Richard Barrett stepped down as executive chariman of TCT's trustee mgr, THRE. Barrett once controlled THRE through Treasury Holdings, a debt laden property co being pursued by its creditors. To put the creditors off trail, he transferred THRE from Treasury Holdings to a separate co he controlled called Oriental Mgt Services, for a consideration of Eur 2.3m. The Irish courts have since ruled that the liquidators, Grant Thornton, can investigate the THRE transaction and seek to reverse it. Included in the assets that liquidators are accessing is a 30.1% stake in TCT held by Barrett and his partner Ronan. Now with control of THRE and a substantial stake in TCT up for grabs, the path might be cleared for a new investor to take over the trust. TCT owns $2.8b worth of commercial and retail property in Shanghai and Qingdao. Its diluted NAV stands at $4.22/sh. Have sent you an article from the Edge which gives a more detailed update on TCT.