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"Tirupati Graphite boss to split roles | LSE:TGR, OTCQX:TGRHF" https://www.proactiveinvestors.co.uk/companies/news/1047263/tirupati-graphite-boss-to-split-roles-1047263.html
Im sure he has a few associates with a few quid to invest...
All part of Shishir plan to hand over the business to his cronies
Same conclusion tbh Torreaguas. A reasonable compromise seems the best way to secure the interests of the company and all parties here and the market would probably be extremely welcoming of one.
As a long-term shareholder, I genuinely hope that the FT team stands firm and pushes for the EGM or convinces SP to accept the resolutions and onboard the independent NEDs. The proposed directors appear to bring a wealth of experience that could finally see the company successful
If this is true it is great news. The sp will recover and a shareholder approved Ned will be put in place. Much better than a continued stand off.
I'm pretty sure this is not the case. FreeTirupati will not give up unless there is good corporate governance in place that will allow them to fulfil the pledges on the website. I also not a lot of inaccuracies and misleading info in the last RNS - even announce-able events that were not announced in accordance with the market abuse rules, such as the change in auditor. But not surprising as only one person writes the RNS and approves them with very little input from others....I recommend strong support for FreeTirupati as the alternative is more disaster until auditors force suspension in June or July. Time is running short
I have just had a zoom meeting with some fellow TGR shareholders who have informed me that Shishir has had a video call with the FT group and they have come to some kind of an agreement. I don’t know all the ins and outs yet but from what I’ve just been told, and its now 1.18am, Shishir has convinced the FT group not to go ahead with the forced meeting and in return he has agreed to certain conditions. Some of these conditions I’m told include new Independent NED’s not picked by him this time, and also his daughter stepping down too. Interesting he said in the RNS earlier that he was stepping aside in one role though he would remain CEO. This meeting may have taken place a few days ago. I cant at this stage say 100% how accurate the information is though if this is the case then Shishir has slithered away and he won’t have to face us. Instead he will continue on his merry way doing what he does best. HE WILL CONTINUE TO SUCCESSFULLY FAIL. IMho Shareholders need to demand this meeting where he attends in person,. Surely he must be made to answer shareholders questions and the vote must go ahead. Every shareholder deserves to be heard. Thoughts?
Ilovesushi what did tomorrowtoday say that got you worked up talking about legal action btw? He/she is certainly very vocal but what crossed your line? Drama continues on this board!
Shishir con artist
Har Chris your comments are more to the point than most here. You have been a vigilant commentor and onlooker on this board. I can see why you sold today after reading the rns. Sad day. I've learned some things from your posts that are both informative and insightful. We have all been played the poddars. We are refusing to sell as we 100% believe we will see him in court and he will be tried and convicted and then stripped of his assets and we get our stake back. I dont balme anyone for selling up at this late point as the share price is going lower, MUCH LOWER IMHO. Dyor
Cro-Magoon, click on the link below and you will see and hear exactly what thr 6 mil was supposed to be used for. In reality if you look at Pranagraf you will be able to work out with ease where it went. DYOR
https://www.lse.co.uk/media/TGR/tirupati-graphite-raises-6m-as-it-successfully-debuts-on-the-london-main-market.html
1) Total sales increased by 70% YoY, good effort putting a negative spin on that.
2)Yep
3)Regardless a 49% increase YoY, held back by no $$$.
4)Gross Profit also down as a result of “ramping up” costs a hell of a lot higher this year. Maybe more spent in last quarter who knows..
5)Sorry to hear you had to cut your losses, like I say I’m lucky enough to be able to sit on mine for a couple of years if necessary.
All the best HarChris, gl in your future investments!!
If you can't see that that update was about as poor as it could possibly be given what we already know then there's no helping you.
Point 1 - how on earth were the sales incredible? We already knew H1 revenue was ~£3.15m (4785 x £658) so the second half of the year, what was unknown, brought in ~£1.75m. Incredible?
Point 2 - good news re stepping down as Executive Chairman agreed.
Point 3 - what was unknown was H2, H2 production was only a tad higher than what was being seen two years ago when installed capacity was only 12ktpa. Another way to look at it, q1 target at the start of the year was 6100T-6500T, they only just achieved that fo the entire year!
Point 4 - We've just seen nearly £1m burnt in six weeks 9(Jan 17th placing of £1.045), even if they eventually receive the £2.6m it barely covers one quarter's cash burn.
Point 5 - I was surprised by the big buys, one of the fairly big sells on open was mine, the last of my holding.
I've been vocal over the past week but I was always ready to support Shishir if he proved me wrong in this update but it was a hell of a lot worse than I expect and that's saying something.
Gl to holders, it's going to take some real skill to turn this around, to ever get back to the dizzy heights of even 20p.
Sad, considering the potential. I have skin in the game.
The downturn in the graphite market and real trouble would be easy to stomach. I would be happy backing the people even if it was a 0 in the end if they communicated and took some haircuts for faliure.
But the RNS messages, how the 6 million were spent long ago and decisions when under strain are the real measures of character here. What was the 6M raised for and how was it spent?
This might still go somewhere, the company might succeed, but it still feels gross and without any integrity: 7th of May voting shares issues is just looting of the company. What the f* foes Puruvi do in the company worth 1.3M shares. Did they raise money previously just to pay half mil salaries just like Canadian lifestyle companies. This is a Sh* move to get more control and equity after collosal faliure.
https://www.fca.org.uk/markets/market-abuse/how-report-suspected-market-abuse-individual
Employees and execs, consider whistleblowing to save your skin if there has been fraud. The FCA may be coming sooner or later.
I'll make my case to the FCA in a report after the meeting if you guys don't have a damn good plan on the meeting and have a lot of honesty. You better apologize to shareholders in the least for the self-dealing with no CFO and the baby board.
I get that company building is messy, a lot of us have understanding even if things are less than clean as it can be impossible to deal with multiple regulations. Stabbing your own shareholders (business partners) in the back may not be something you can walk away from or any of your board. That could be why so many were resigning.
People in communication with the Poddars, by all means there are regulatory agencies and there are prisons if you suspect wrongdoing.
There are two roads to value here. 1. Poddars pull it off and it still leaves everyone very suspicious forever (company building is a messy business after all), all is forgiven by some. 2. F* everyone who was complicit. Impounding and cancelling shares issued after certain dates/ and or a fun asset sale. The assets may still be worth a good amount on liquidation. This is ugly, but the assets are strategic, you may get some of your money back you may get 0.
I regard the shares I own as a zero, as should you all until there is clarity on these: Where was the money spent? Self dealing? Who is the auditor and when are the audited results coming in? Why are partners passing on supporting this investment (have the guts to own up to shareholders, many have been candid).
Good luck all.
£1.045m raised Jan 17th, £189k left by the end of March, I suspect absolutely nothing left now.
I suspect debts to key suppliers are racking up now and there's the CLN coupon to be repaid in July. If the rebate isn't received by then and no further funding do the CLN holders pull TGR into administration?
Davdeladier, as a VC of many years experience, I ignore the froth and the usual drowning investors. The Group do have skin in the game otherwise they could not bring the demand for a GM. Their motives are well debated here by some I suspect are closer to the CEO than many realise. As stated earlier, I have never seen accounts reported in such a juvenile way. The CEO has openly admitted shortcomings which MUST be addressed otherwise the company will disappear.
Tomorrowtoday may well be totally frustrated even deep under water, however the alegations made will need to be proved otherwise he could find himself on the end of a very expensive legal case.
I cannot agree the group and their onterage will be worse than Shishir.
I came here because of the product, graphite, which has an enormous future in many applications. The problem here is the management;s inabilty to run and organise a business in a beneficial way for ALL it's investors.
The loss of Directors, Auditors, Brokers is no accident and can only be laid at the door of the Chairman/CEO who has belated come to his senses when deciding to step down as Chairman. He should in my opinion also declare his intention to step down as CEO within a defined timescale, once a competent successor is found
A well known saying that should alwys be in the mind of any investor, " never invest more than you are prepared to lose"
Davdeladier as a Non-Investor in TGR, you have nothing to lose and one wonders why the interest here???
Net cash 189,144£ placing me thinks
Tomorrowtoday has made certain claims today and does not seem to know you cannot say those things. Looks like he has lost money here and has been hurt. Does not post on another site. I think some may take legal action against him from what was posted. To late to delete what was said. He is now open to be sued. I think a lawyer is going to be on to him to make a retraction for some things said.
Not an ideal cash position to be in hence the market reaction but let’s not carried away and forget the positives -
1)Incredible sales growth, a company with a market cap of £6.53 Mil bringing in £4.9 Mil revenue..
2)Mr Poddar himself standing down as Executive Chairman, took him a while and the group can probably take credit for this, as much as I strongly disagree with their motives and actions.
3)Production increase by 49% YoY - held back by low capital
4)Over £2.6 Mil owed to the company in tax refunds
5)A few big buys today, don’t write this off as a lost cause just yet. £18,900 being the biggest I saw.
Lots of noise from disrespectful and proven dishonest posters today, I won’t mention any names even though mine has been mentioned once or twice. I think we can all agree management needs to change and I do believe Shishir has come to the realisation that he needs to act or the shareholders will.
IMHO if the tax refund was sitting in the bank before the results were released this would have flown through the roof today, unfortunately that wasn’t the case and out of managements hands, could still be a while until seen.
I genuinely couldn’t call which way this will go but I’m lucky enough to be able to sit on my position, admittedly I won’t buy a single share until Shishir sticks to his word and steps down as Executive Chairman. Building back trust takes actions not words.
Fairdealer, just providing perspective, let me ask you, do you want tremendous further dilution? because you will be lending your support to a new management team WHO HAVE NO SKIN TO LOSE being inserted, but NORMAL SHAREHOLDERS will lose everything and their chance to return their investments through the simple way the proposed directors will look to raise money, namely through a huge placing, without a plan to execute or deliver improvements nor expansions, and you will just end up with yet another London pump and dump vehicle. I bet if this vote passes this is just an oil and gas company with a new name and no assets in no time. You’d be a Turkey voting for Christmas, drawn in by the mood music which they’ve inflamed for a long time now, it’s very transparent. Just saying the quiet part out loud, if I was a shareholder I’d be in a real bind but I wouldn’t support the proposed directors, I wouldn’t let my frustration cloud what is so apparently before my eyes is the clear intention of the proposed new people.
Everyone knows there wont be any truth to those reports and its just a targeted campaign to spread hate.
Theres never been any truth to any of the outlandish statements made, but, some are easily fooled and the vunerable get mislead easy.
Davdeladier have you seen the SP? That is a virtual dilution for all SH's.
tomorrowtoday, if there is truth to your reports, the SFA will be taking a very serious interest into the management of TGR.
The biggest red flag is that there appears a targeted attack on here to control the vote and spam this board with topics all in an attempt to convert holders to the vote group.
Today has really highlighted that to me and remains one of my main reasons I can't lend my shares to that vote.
Along with no one being able to answer how they would solve the current problems.
No one wants to be a turkey voting for christmas and at present thats how this vote is coming over.
If thats orgainsed by the FT group them Im glad they got rid of those NEDs as clearly they weren't to be trusted
It certainly will if the proposed resolutions pass. Understand who is being presented here and look at their histories and associates. Good luck to shareholders wishing major dilution on themselves.