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The Freetirupati group who are here to improve corporate governance, asking questions (and posting on twitter) that stem from confidential information. What a hash job this is turning into, I’m almost looking forward to the vote now!
This quote is from QnA section on TGR’s website -
“The Company notes that several of the questions raised by FTG stem from knowledge of, or are based on, confidential Company information not available to the public.”
If factually correct information has been disclosed, that shows fundamental mismanagement, Shareholders should applaud it's disclosure.
Pertinent questions, in relations to this whole saga, should be aired at the General Meeting, where ALL shareholders have an opportunity to interogate the Board and the FTG. The one on one meets being offered is NOT the way these matters should be debated. It signifies a state of desparation of the Board..
Imagine thinking shareholders should be denied the right and ability to directly speak with management, that’s what’s being suggested by Fairdealer and the FTG crew, sigh, don’t let them take your money like they did at with mine at Advanced Energy. Desperation of the FTG group and the proposed takeover directors is a smell getting stronger and stronger that is clear now they are increasingly being called out, I applaud all who have supported bring all the dirty tactics and connections to light
Roberto read my post again. There is nothing to prevent any Shareholder communicating with the Board. My point is each individual will be told what the questor wishes to say. You could be told something different to me.
An Open forum (GM) is where every PI, mischievious and otherwise, can make a judgement on what is being stated.
Do you or anyone beleive the release of sensitive, but important information regarding the BOD's secret doings as, dirty tactics?
Vote for all the resolutions
Time for change
FD if the purpose was constructive I would be fine with it but this requisition is not structured as constructive but instead is damaging for all shareholders (it’s all for the proposed directors and associates that looks pretty obvious), as is the surrounding behaviour of its proponents.
I’d go further and say I believe dirty tactics of FTG, and the proposed directors, rightfully can be extended to include the following:
• involvement by current Directors of UK Plcs (Koot and Rollins are both directors of Beacon Energy, previously known as Advanced Energy), who have burnt through extreme amounts of shareholders’ money in the past with no ramifications (including mine at Advanced Energy) and with nothing to show for it,
• the same UK plc directors Koot and Rollins have attacked this company through an anonymous online network on Twitter, here and elsewhere for months and months to further their goals for this requisition obviously planned for a long time,
• possibly working with the previous broker throughout the whole period up to now which appears pretty clear is the case, given the whole resignation letter sharing thing on Twitter,
• apparently using inside information which is basically acknowledged now without consequence against them???
• working with a disgruntled brother (Hemant Poddar) and his son (Harshi Poddar), as was made clear on Telegram by Harshi literally writing this is the case on there recently,
• working with a brother who has been setting up rival and competing businesses to TGR in India/Tanzania apparently even whilst he was a TGR director (talk about a conflict of interest!?), again as mentioned about by the son of Hemant on Telegram,
• working with the disgruntled brother to leak and spread his resignation letter to support their requisition since then (yes it’s been seen shared on Telegram, I’ve seen the screenshots of the email which has the other NEDs in cc, and was shared by either Hemant or his son or both, maybe even the two previous NEDs. I also believe the FCA should ban them and their current associates from the London market for doing this, it’s facilitating the illegal sharing of confidential documentation, and that includes the previous NEDs that seem not to care about the likely/possible illegality/immorality of the actions of the people they are in bed with, which just suggests they’re fully involved to be honest)
• leaking their own requisition letter to Share Prophets, yuck! Before it was even officially announced AND STILL working with share prophets since,
• seemingly encouraging the abuse of the company’s advisors as has been seen on here,
• discouraging individual shareholders from using their initiative to speak with management themselves
It’s a terrible list, but possibly “it’s just business”. My vocal concern stems from how easily they’ve burnt through money before from the likes of myself at Advanced Energy with no consequences and w
Roberto your feelings are very clear.
As an Ordinary PI who has occasionaly become involved in forensic analysis of Management actions, what I am seeing here is likely to destroy the Company. I am not a member of FTG and am increasingly concerned at their possible intentions.
The history of certain named individuals does require serious investgation. It is likely they have picked a vulnerable company where corporate management is very weak.
What is certain, whatever the outcome of the Vote, this company will not survive unless some radical changes are implimented. This will include the attitude of Shishir, which in truth needs him to realise and listen to those who have the business skills he does not pocess.
Corporate governance is an issue going forward. No one denies this, but the urgent priority with this company is keeping the show on the road. This means conserving cash, raising working capital and recruitment of a suitably qualified CFO. Many issues being brought up are a distraction at the present time. There are two options for shareholders. The first is to allow management to work their way out of the problem which means slowing output and growth to a level which can be supported by existing capital and cutting expenditure accordingly. This has been Shishir's policy over the last 12 months. Alternatively a massive dilution to raise more capital possibly all but wiping out existing shareholders. The takeover group will involve the latter, no doubt about that. There is no magic bullet here, but it should be possible to continue in a reduced capacity and still remain viable until VAT refunds are received or the economic and company situation gradually improves. Unfortunately it is difficult to get out of the swamp when fighting off predators at the same time and this is what is being forced on the company because of the opportunistic actions of the FTG group. All shareholders should reject the proposals outright.