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Bollingenuity

311 Posts.

15

30/11/18

13:45

Post #: 36705033
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Originally posted by bobadah: ↑

The following is the full email I sent to the TNG 'Contact us' address on 17 November. The highlighted bits were NOT highlighted in the original email. I previously posted the final paragraph and said I would advise if I ever got a reply. I have had no reply.

"I notice there has been a lot of effort from management to get votes to retain Rex T at the special GM.

I would draw your attention to the fact that after the Traditional Owners signed their agreement and we waited several weeks for the CLC to sign. I wrote to TNG asking what was the delay and did not even receive a ‘thank you for your interest’ or like response. I understand from Hot Copper postings that the CLC signing took several weeks because it was done through a sending around of the document(s) to be signed. Surely management knew of this yet was too arrogant to advise shareholders of the long delay despite the knowledge that shareholders were concerned about the delay. An announcement specifying the procedure would have been a very simple process. We should not have to rely on hot copper for our information. It is my belief that the Chairman (Acting Chairman in this case) is responsible, among other things, for shareholder communications.

I have been a strong supporter of management for many years, since pre 2011, although it was the 2011 entry of the Chinese that drew my attention to TNG in a big way. Together with superannuation holdings my wife and I currently hold over 8 million shares and have a great desire for this company to be successful. We do not expect any ‘special’ information but would dearly like to be kept informed of what is actually happening. For example, not being advised of the falling through of a Ti offtake agreement that we had been advised was “with the lawyers” appears to me to be bordering of a breach of ASX requirements to advise the market of price sensitive information. I am concerned that without the removal of Rex T this type of management will continue.

Recently 90 odd million new shares (votes) were allocated at a heavy discount and with little information of good reason for the need of such a heavy discount when we were so close to getting CLC sign-off. I expect those votes will be for the management line and that has influenced my decision to vote against the Remuneration motion. It certainly looks like a ‘first strike’ is about the only way the real shareholders have a chance to be heard. The removal of Rex T may fail because of the extra 90 million votes to support Rex but a first strike would surely have a good chance of success. It seems the only chance we can be heard is a ‘first strike’ this year, and without some change by management towards acting in the interests of shareholders, next year would probably see a ‘second strike’. "

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Thanks for sharing. It is my understanding that there is no cooling-off period after a S49D, ie. we shareholders can file another one at any time. Surely Vimson are not obligated to shield this questionable BOD a second time and may even be eager to get a seat on the Board themselves at some point to protect their investment from within.

That said, If the Board do deliver on an operational front with both a MMP and financing in a timely manner it will very likely save their skins, since there is a major SP re-rate contingent upon these factors and they would be well aware of this fact.

I am sanguine that Rex's close call and the first strike will be a motivator for them moving forward, but it is hard to envisage their communication skills improving much any time soon.

Last edited by Bollingenuity: 30/11/18

TNG Price at posting: 10.5¢ Sentiment: Buy Disclosure: Held
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