I will most likely book a flight from Melbourne to attend the AGM. Why would I do this - thanks for asking!!
1. The performance of this company and lack of effort to work in the interests of all shareholders is nothing short of appalling.
2. I'd still like an explanation of where the funds have gone over the past couple of years. We are yet to see one technical report or anything of substance that would explain where the money was spent.
3. I've spoken to our 'new' non-exec directors and both of them appear (based on my conversations) to be trying to get something happening. They come across as being honest and acting with integrity. I still want to meet them in person and ask them some very simple questions and obtain answers whilst standing in the same room.
4. My discussions have led me to conclude that the Chinese assets are a waste of time and will not add any value to the company. We lack the operational capacity to do anything, and I get the impression that doing anything in China is very difficult. I expect at some stage these assets will be taken/sold from us with little benefit to TNP shareholders.
5. The company has limited funds, a lack of direction, poor leadership (controlled by our largest shareholder) and has not indicated any clear objectives or direction for some time (beyond the usual cut and paste dribble of down-stream cooperation with BSP).
6. Based on point 5 above I am very concerned that existing shareholders will experience significant dilution in order for the company to move forward (either via share placements at low prices, or the cost of vending a project into the company).
**Disclaimer**
1. My opinions only
2. I am hoping that the actions and intentions of the Non-exec directors are in line with my conversations with them.....otherwise I can't see how the company can continue as a listed vehicle.
3. I have a large holding - whilst I want the company to succeed my comments above are based on the current state of affairs....whether we like it or not!!
Cheers
Doyle
TNP Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
