TSPL suspects hostile takeover amid share price surge

November 08, 2023 (MLN): In response to the Pakistan Stock Exchange's (PSX) request for information, Tri-Star Power Limited (TSPL) clarified that there is no development or material/price-sensitive information that requires reporting behind the recent price surge but might be an attempt for hostile takeover by Mr Aykut Calikusu.

In a letter to PSX, the company categorically asserts that they are unaware of any reasons that might have caused any unusual movements in the price of their shares.

“However, without prejudice to the above, it is pertinent to mention that as highlighted by way of prior correspondence between the PSX and the company, the company seriously apprehends that the unusual movement in the share price of TSPL, if any noticed by the PSX can be correlated to the ongoing attempted hostile takeover by one individual, namely, Mr Aykut Calikusu, in connivance with other shareholders,” the letter reads.

That, as previously informed to the PSX, the company had filed a Civil Suit before the Hon'ble High Court, challenging the purported public announcement of intention to acquire majority shares by Mr. Aykut Calikusu on multiple grounds.

This includes but is not limited to the credibility/creditworthiness of the purported acquirer, the fact that Mr. Aykut is merely a front-man for others, the nondisclosure of already having acquired shares by acting in concert with other shareholders, the deficiencies in the public announcement of intention itself as well as the astronomical price manipulation carried out by the purported acquirer and his allies.

The PSX was also arrayed as a necessary party to the proceedings, being Defendant No. 3 in the said Suit.

“That it is apprehended that upon the filing of such lis, the persons involved in such fraudulent and illegal attempt at a hostile takeover of the company have resorted to such tactics whereby they are moving the already acquired shares amongst themselves as not to seem suspicious but also at the same time, retain the already acquired substantial shareholding either directly or indirectly,” it added.

Such malicious tactics are what may be the cause of any unforeseen/unusual movements in the share price of TSPL if any noticed by the PSX.

In view of the above, the company also requested the local bourse to initiate an inquiry into any such unusual movement and subsequently, take appropriate action against the persons who are attempting to carry out the maliciously and illegally plotted hostile takeover of TSPL.

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