I've spoken to Chris and Murray in recent weeks - if nothing else I'm persistent!! I've also spoken to Raymond (BSP appointed director on behalf of Tommy).
My assessments and comments below.
Raymond - puppet of Tommy who is pleasant but obviously tows the company line. Doesn't offer anything other than P.R - (we are looking at assets, things are happening, thanks for your support etc). My conclusion is that he is 'allowed ' to say the basics but offers nothing of substance. I suspect he is in a difficult situation. As stated above, he is always pleasant and thanks me for my interest in the company.
Chris and Murray
** I'll be honest and admit that my initial concerns when the new directors were appointed was that they were chosen in order to meet asx compliance obligations, but also to follow the direction set out by Tommy (i.e. shadow directors). I politely mentioned this belief to Chris when I first spoke to him. Having spoken to Chris and Murray on several occasions I will contribute the following thoughts;
1. They both have very little to gain from accepting their roles. Both are successful, well connected, and busy. From a financial perspective they have very little to gain. From a reputation perspective they have plenty to lose. They have most certainly not taken this role to act for Tommy and unless I see otherwise I am comfortable with my assessment on this matter.
2. As you correctly pointed out earlier the holding of BSP makes it difficult for management to make any decisions without the support of Tommy. This was the case with Paul Underwood and he found his position to be untenable in the end despite his desire to do the right thing by share holders (remembering that Directors have to meet asx and corporate obligations also - or they can have serious issues). The new directors are working with Raymond/Tommy to ensure they are aware of and meet asx obligations, and also to help lead the company forward. An asx listed vehicle can't sit stagnant without activity for long periods of time. I am of the belief that the directors are working towards moving forward, hopefully with cooperation from Tommy/BSP. Time will tell how successful (or otherwise) this will be.
3. Chris and Murray are both pleasant to talk to, and based on my conversations I consider them to be honest, have integrity, and doing their best to add value for all shareholders. One concern I do have is that if things don't start to progress it will be difficult for Chris and Murray to remain as directors as their positions will become untenable due to possible breaches of asx obligations and repetutional damage.
In summary I will state the following opinion
Part of me has written off this investment. Having had several discussions with Chris and Murray there is still a part of me that believes that something will happen and the company will progress - I just have no idea how it will happen without serious dilution. There is also a part of me that knows Tommy and BSP have the potential, contacts, and financial backing to do something great if they have the right asset, people, intention etc - I just can't figure out what their motivation is with TNP......because based on their performance since investing it would appear they want to destroy shareholder value, not create it!!
Hope this helps - again, all in my opinion.
Cheers
Doyle
TNP Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
