Ann: Investor Presentation-TCN.AX, page-6

Klogg,

I think share price will force TCN board for change, which they have been talking about for a good 2, 3 years during which period, they appointed M&A specialist, they had exactly same amount of cash in the bank, literally unmoved. regardless how much money each of three businesses made, the company never had policy to pay % as dividend stating for further M&A.

its latest presentation still states:
- Be ‘open for business’ and putting money to work
- Be fast and flexible versus banks or alternative sources of finance

I think some long term holders simply had enough. all they talking about is that $3mil in the bank as if that is a lot of money.