The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
My initial views:
- tommorowland- if you are part of Free T group. Your professionalism, consistent barrage of posts, narrative would put me off and is putting me off voting for the group. If you are one of the Neds then you are not someone I would want running TGR. If you are just a supporter then I can appreciate you are trying to help but my view is better to have a rationale discussion than to litter the board with posts as you are putting people off including me who own decent amount of shares.
1. Personally I think Shishir has made mistakes, I don’t know if these are fraudulent (I suspect not) but I also know he works 24/7 to help grow the company from what I understand.
2. The points FT raise are valid and I would recommend better governance, new Neds, more oversight to investment and third party transactions.
3. Both current and FT want a better business for shareholders and it’s evident both believe in fundamentals of the business that it is with some change a future cash cow.
4. It’s clearly TGR need funding for expand, how would FT get this funding without diluation; they are not just going to get investment by being appointed as NEDs.
My view is a hostile takeover or change to the board will not work well. I would much prefer a sensible, rationale discussion with both current and FT group on how we improve goverence. If this approach is refused by current board, would need to understand rationale e.g happy to have the discussion but not with 1-2 of the prior neds. ( I could understand this as there may be history here.) it is clear all parties would bring value to the board but we also know that none of them have the understanding of graphite that the poddars do.
Brining all parties around the table would be the best situation and one as shareholders we should encourage.
If I do continue to see posts from tommorow land taking over the conversation on the board, not allowing others to have a say and acting as a representative of TF. I certainly won’t be voting for Yes but like I said earlier do agree with the points raised as part of FT just believe there could be a better way of getting the goverence that the approach taken. What I don’t understand but will seek answers is has this dialogue been requested but ignored.
What I do know is TGR is on the cursp of profitability; soon as this happens it is a game changer and opens up new markets for expansion. Sit tight this could be some ride and not sure on the outcome….
We are due a trading update anytime. Perhaps posters should calm down and let what figures are released do the talking. This is not the only AIM company with cash flow problems at the moment, the state of the market makes cash raising very dilutive.
3 May 2024
Tirupati Graphite plc
('Tirupati', the 'Group' or the 'Company')
Update on Requisition Letter
Following the announcement dated 26 April 2024, the Company provides an update on the letter received from Walpole St. Andrews Nominees Ltd on behalf of a group of underlying shareholders holding, in aggregate, 6,847,813 ordinary shares representing c. 5.8% of the issued ordinary share capital of the Company (the 'Requisitioners') requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the 'Act').
Following legal advice, the Company acknowledges the validity of the requisition letter. The board intends to comply with its obligations in accordance with section 304 of the Act which requires it to call a general meeting within 21 days of receipt of a valid requisition and to hold such general meeting on a date not more than 28 days after the date of the notice convening such general meeting has been issued.
The Company is reviewing the letter in detail and intends to provide a full response to the letter as soon as possible. In the interim, the Directors have offered a meeting with the Requisitioners to understand their concerns in more detail and will update shareholders on the outcomes of the meeting afterwards as appropriate.
The Company remains committed to engaging with all shareholders, and will continue to do so throughout the coming weeks. Management will be available for and offer meetings with other shareholders, including through in-person meetings in London dates of which shall be confirmed shortly. Shareholders who would like to meet with management during that time are advised to contact the Company directly on email for bookings.
ENDS
Dreal, very well put and tbh follows my own thought pattern.
The collective spamming these board telling you to vote has totally put me off supporting the FT groups vote. My holding isn't going to be a game changer but how many other hundred holders have also been put off? I imagine most.
Its a poor way to try to market the vote to me and has likely done more damage than good for the vote.
Which is a shame as many of the concerns such as governance feel pretty valid.
When shareholders are unhappy with management and communications, they are fully entitled to request a GM, which ALL Investors, whether in the group or not, are invited to attend. As is understood the Group, who do'nt forget have the support of Trustee account holder, have attempted to question the CEO without any satisfactory outcome. It should be no surprise how evets are unfolding.
It is all very well criticising the Group's tactics, but sometimes they are neccesary to get the word out. Unattached shareholders do'nt have to read and surely are experienced enough to understand how Corporate Agreements work. If they don't, they need too question their investment strategies.
The question to ask oneself" am I happy with the way the company is being managed". The answer too that question tells you which side you are on!!
Not sure I would agree with that question as such. When you have a host of people, saying anything and everything just to try to win support, it changes the vote for me to more about trust and while the current leadership has made mistakes, I trust them more than the FT group.
If the current leadership were posting away trying to manipulate you in the same way those associating with the FT group are then it would be different.
The question Im asking, which Im sure others must be asking is who do you trust more to lead the company.
As time goes on, the FT groups followers might move away from there current tactics and more fact based cases might happen, but right now, that just isnt the case.
It might just be a case of the few i.e., tomorrowyest, whatkid, sushi etc (all possibly the same person), might ruin it for the rest, but at this point, thats all there is to go on.
Are you unhappy with management or like Tomorrowyester, unhappy with the share price?
From my understanding Shishir has “Managed” to get this company in an enviable position, I must share this view as that’s surely why we invested. I’ve said this before, compare the company now to when it was at its highest SP. In a hell of a lot stronger position now imho
I must also add, it isn't a case of me not being happy with management either as I do feel they have failed in some areas.
Maybe against the grain but shareprice wise, I am less blameful of as most microcaps have suffered the same sort of drops these last two years.
Comms, i.e., quarterly updates, general interviews, presentations, number of, or lack of NEDs and other BOD members (with experience), have all been major failure points for me, so in that sense, I want to believe and want change, and hope this AGM might prompt that, but I haven't enough yet to feel the FT group is the answer either.
Fairtrader - “ It is all very well criticising the Group's tactics, but sometimes they are neccesary to get the word out.” an outrageous comment, no excuse for misleading shareholders and spreading misinformation to stir up tension.
Some might say this group have been trashing the company so they can take over and take it private.....sound familiar lol! This is obviously a baseless comment but I'm considering posting this nonsense with an annoying CAPS LOCK TITLE everyday. I wouldn't trust this group at all, shouting lies from the rooftops and then taking legal action?!? Why not just be a bit more professional and leave out the public show. Some lies have been proved wrong but they cannot show evidence of other dodgy shenanigans that they are claiming. If there were no ulterior motives by this group this would have been handled in a civilised manner. Paint Shishir as some evil tyrant, garner support, boot him out, Bob's your uncle!
Disclaimer: I'm not a shareholder currently but have been in the past several times, but have always kept a close eye here as there is so much potential.
Saluc, sometmes agrieved shareholders have to spread the word. That does not mean you or anyone has to beleive and or go along with it.
saying my statement is outrageous is sheer nonsense. Any interested shareholder has a right to voice an opinion. You do'nt have to listen. Do you have any corporate knowledge?
Remember 7 directors have come and gone in the last year. Are they all wrong??
Fairdealer. The 7 directors comment is a good point, which does need a better explanation than whats been given, but I doubt we will ever get one.
Unless anyone has Minutes of Board meetings, we, the shareholders can only draw out own conclusions. Losing 7 Directors in such close succession has got to be significant. 2 or 3 may have an Agenda as already stated ( they are part of the Action Group), but not all 7 especially when replaced with complete novices who have little or no experience of the Commercial World.
Fairtrader, don’t quote me on this as I haven’t got time to double check today. Out of the 7 NED, one was Shishir’s brother who’s by the sounds of things had conflict of interests, one stayed involved in an advisory role? 2 others are involved in the coup.
So yes 7 NED’s leaving does sound bad and it must be a difficult working environment but not as simple as you’re making out.
'Fairtrader, don’t quote me on this as I haven’t got time to double check today. Out of the 7 NED, one was Shishir’s brother who’s by the sounds of things had conflict of interests, one stayed involved in an advisory role? 2 others are involved in the coup.'
Almost right but not quite. What conflict of interest does Hemant have? He's joint main party in the concert party with Shishir so has every reason to be on the board, especially over the likes of an inexperienced Puruvi.
Murat did supposedly resign and stay on in an advisory role but he's actually part of this new requisition group so that would imply relations aren't as convivial as they were made out to be.
Hi HarChris, from your 29 April post referenced by others as well: “Let's just say Hemant's 'focus on his other business interests' is very similar to Murat's 'personal reasons', I wouldn't share anything more on here but happy to on a different medium like Telegram...”
I’m not sure either but it sounded from the above like you knew more about the possible motivations and conflicts, can you say more? I think all this cloak and dagger is toxic and why there’s now been a necessity for independent shareholders to take the initiative to set up an independent group to obtain objective answers and work out just what is/has been going on. The likes of your post and knowledge quite heavily inferring that something potentially isn’t honest and right with the requisition and the proposed directors (plus in fairness following a review of their career backgrounds) only adds to the list of questions shareholders such as myself already have for both sides.
I wasn't inferring that 'something potentially isn't honest and right with the requisition and the proposed director', I don't have a strong opinion about them tbh. But I thought it fair to at least hint at what I know which is that Hemant is someone you can add to the list of NEDs that resigned due to disagreements with Shishir/toxic environment. And his resignation was an attempt to get Shishir's attention long before this requisitioning attempt has gone ahead.
It's not out in the open I guess because he's loyal to his family but it's enough to make me conclude all is definitely not right behind the scenes and has me getting behind the requisition group.