At the AGM ask Shaun Scott and Stephen Bizzell to replicate the success they had at turning around Dart Energy (DTE) when they were on its board….
[I’m being facetious] Bizzell resigned from the DTE board (after a motion was put forward for his removal). Scott remained and the company was taken over for what amounted to be now worth about 8 cents a share. (The SP was 70 cents when it went public in 2010). Sad. Bizzell left off his profile on the TTN website that he was a director of Dart for all those years. Still mentioning Arrow…but not Dart… I’ll disclose that I’m an angry ex-holder of Dart. I can only ask that you always look at the track record of your directors and executive team. Dart was an epic failure for most shareholders.
The only thing that should matter to TTN is winning contracts. At the AGM ask them for the strategy to do just that. What are they doing to expand their potential client base? How are they adopting to the slow down? How do they think they compete with their peers? Are they sitting back waiting for their buddies to call them up offering work? Or are they out there pounding the pavement going company to company? Has desperation in the industry forced them to reduce prices and margins? Don’t let these guys off the hook. Good contractors don’t sit back and blame the economy they make a new plan - it’s in their blood.
Something else must be going on? I swore I’d never invest in a company with ex-Dart directors, but with a projected EBIT of 10 million and market cap of 15 million I’m stunned by how this company sits at $0.30. Surely it’s a steal? I may have to eat my words. Hope someone goes to the AGM and can update us.
