I have held TSE for a number of years and I am totally disgusted by this fiasco. I have a few clients who worked for TSE and I often talked to them about the company. I find their business model quite safe as they have recurring income from maintaining many government and big business projects. The problem is the family owner of 25% who did not want to tip more money into the business. This precludes an equity raising at a much higher price in the better times as that would dilute their holdings. Loaded with debt in US$ is their undoing. They could have gone to the market at $12 and now begging at $1.25. However the business model is still sound and the company is on sale less than 1/10 of the peak price. I will be a reluctant subscriber as I see there is good longer term value. A 10% FF div will be helpful if that holds. The imbecile chairman and board that runs the company to the benefit of the majority shareholder while neglecting the interest of other shareholders should all stand down.
TSE Price at posting:
$1.21 Sentiment: Hold Disclosure: Held
