Member Info for BorisMartian

In the end of year accounts (Page 52) it shows Christian Dennis was a NED of TGR and resigned on 19 Jul 2023. According to Companies House he resigned as Secretary on 10 Jan 2019. However, it states he was a person with significant control until 19 Jul 2017 with between 25%-50%. Would I be right in thinking the majority of those shares at that time went to Shishir and Hermant thus transferring control to them?

Tomorrowtoday. I don't know for sure that the address for TGR is the same as Pranagraf, I just presume it would be. It could just as easily be the same as Tirupati Carbons & Chemicals at 4L, Shree Gopal Complex, Court Road, Ranchi Jharkhand, 834001, India. All I know is it looks like all the people are in Lohardaga, Jharkhand, India.

I don't personally see a problem with TGR being run from India. It kinda makes sense. But I get what you and the other opposing views are saying. However, I feel confident that the auditors did their job properly. But with the share price where it is and the close proximity of the private companies it doesn't give you that warm fuzzy feeling.

Ultimately, according to the end of year accounts the revenue from Asia was approx 2 mil. And Customer A (Pranagraph) totalled 895k . So I wonder who the other Customers in Asia were. They are either the private companies or not or a mixture of both. Whatever the answer to that conundrem is, I don't know but others may.

From what I can see from info at Companies house. TGR's registered address is the same as their Brokers (or Lawyers) and Christian Gabriel St. John-Dennis who is listed as having 1.09% shareholding and is on the board of directors and is at Bird & Bird Llp, 12 New Fetter Lane, London, United Kingdom, EC4A 1JP. But it is clear the company is being run from Mumbai and more likely at B/1503, Plot 616, 15Th Floor, Naman Midtown, Near Indiabulls, Senapati Bapat Marg, Dad (West) Na City, Mumbai Maharashtra, 400028, India

One thing that I've also just thought of is Puruvi Poddar has always been involved when doing Investor Meets. However, she is a Director of Haritmay Ventures Llp & Pranagraf Materials & Technologies Private Limited but not TGR. I can't remember what her offical title was though.

Perhaps it best to check what I have stated above yourself at companies house and see whether it helps or hinders you.

https://find-and-update.company-information.service.gov.uk/company/10742540/officers

Crocqman, wouldn't the auditors have to look into the transactions between the private companies and TGR as part of the audit. They didn't flag anything up however what mechanism is there to safeguard that the transaction value is far and just. For example. TGR bough equipment from Haritmay. Who checks to see that the price they paid is fair value and not over/under inflated? Surely there is a mechanism in place. Another question is what about transactions to other companies that are not linked officially with shared directorships but are clearly very close as in Chotanagpur Graphite

I don't think they are doing anything untoward but the way they have things setup could, if you are into conspiracy theories, be used to facilitate it. To me it's rather a symbiotic relationship. The private companies need TGR and TGR relies on the private companies.

i don't necessarily think they will take it private as what would be the benefit to them, although that maybe the ultimate goal years down the line. however tgr gives them a vehicle for being a cash cow. they could simply "transfer" most of the money to the private companies and keep tgr running on very little profit or a small loss every year. to put it simply . why would they only get have 30% of the cake (tgr) when they can have their own bigger cake (pranagraph etc.) as well and not have to share that with the rest of us. maybe that's a too simplistic an example.

there are lots of questions and just as many possibilities of something untoward going on. but without actual proof of manipulation, we can only rely on what the company has officially stated. i would suggest a deeper look into the accounts of the private companies (which by the looks of it have the same 31 march end date) to see if that sheds any light on what maybe going on and how profitable they are?

it could be that they are not doing anything technically wrong, albeit maybe moraly wrong. one thing is for sure, they know what people are saying and they won't be able to pull the wool over peoples eyes forever. hence the jam tomorrow statement from har**** poddar. question is, what do the auditors say about it all?

i'm sure they will make sure they keep overall control of tgr if they are doing something untoward.

the logical question is if there is trading between the companies to the detriment of tgr.

imho they are linked perhaps morally rather than technically and it could be possible that this could be manipulated. har**** poddar is involved (director) with safearth clean technologies private limited and i don't know how this all fits together.

another thing which i have noted was to do with graphene nanochem. they delisted in march 2018 after their nomad resigned and a replacement couldn’t be found. the auditors of tgr and graphene nanochem were the same, pkf littlejohn.

fwiw for me it's a negative there are so many companies involved with tgr or the poddars and this could potentially give rise to a conflict of interest. especially as tgr is the only public company.

There are a lot of companies run by Poddars:-

Tirupati Carbons & Chemicals Private Limited

Pranagraf Materials & Technologies Private Limited

Safearth Clean Technologies Private Limited

Haritmay Ventures Llp

Pg Resources Llp

Jsia Industrial Infrastructure Private Limited

to name a few....

Not that this means something unsavoury is going on.

Maybe everyone already knows about the above company and whether they have links to TGR or Pranagraph etc. as it's not a company I remember hearing about before?

From looking into the companies in India it appears that Tirupati Carbons & Chemicals Private Limited's address is listed as 4L, Shree Gopal Complex, Court Road, Ranchi Jharkhand, 834001, India.

I thought it was interesting because Chotanagpur Graphite Private Limited (Co. No. 006420) address is at 3P, Shree Gopal Complex Court Road, Ps. Kotwali Distt Ranchi India, Distt Ranchi Jharkhand, India which looks to me as it's the same place. From what I can see it's directors are currently Bharat Poddar and Krishna Poddar. Both Shishir and Hemant were also directors of the company but resigned in 2007 and 2011 respectively.

You can see the info if you're interested at https://www.thecompanycheck.com/company/chotanagpur-graphite-private-limited/U26999JH1995PTC006420

There is also Poddar Minerals Private Limited but that looks like it's being unlisted.

It maybe a coincidence but surely they would be one of TGR's other customers listed in the company accounts at March 2023, but I may be clutching at straws.

Ignoring whether to buy/sell or not. I can buy at 4.67 (and it was dropping) so I don't see this placing and dilution is going to end well for anyone, with the exception of the BOD. I think they now know they aren't going to sway investors so easily this time around.

For me yesterday's meeting raised more questions than answers and I came away with a feeling from the BOD of agree to this or else you're stuffed and you won't get a chance to recoup your losses. I'm not sure how they can regain positive shareholder sentiment from here but surely it's obvious they need to do more than they are.

It's a NO from me.

I thought it might be useful to list the Polar and Polygon RNS's so everyone can see what they have been up to.

For the dates I used the date the threshold was crossed and looked up the price for the day using historical data on investing.com to get some sort of very rough £ value.

Date, Price, Prev %, Prev Bal, New %, New Balance, +/- %, Shares Increase/Decrease
20/07/2020 188.87 0.000% - 6.950% 10,389,047 6.950% 10,389,047
27/07/2020 222.67 6.950% 10,389,047 5.530% 8,264,047 -1.420% -2,125,000
04/11/2020 184.00 5.530% 8,264,047 6.370% 12,740,135 0.840% 4,476,088
09/11/2020 110.00 6.370% 12,740,135 7.390% 14,791,135 1.020% 2,051,000
04/01/2021 162.00 8.754% 17,500,000 10.004% 20,000,000 1.250% 2,500,000
01/04/2021 158.00 10.004% 20,000,000 9.879% 19,750,000 -0.125% -250,000
15/04/2021 150.00 9.870% 19,750,000 8.870% 17,740,403 -1.000% -2,009,597
28/06/2021 174.10 8.870% 17,740,403 7.850% 15,706,535 -1.020% -2,033,868
02/12/2021 203.60 7.850% 15,706,535 8.000% 16,125,836 0.150% 419,301
20/12/2021 209.00 8.000% 16,125,836 7.466% 15,031,241 -0.534% -1,094,595
22/12/2021 208.00 7.466% 15,031,241 6.770% 13,635,601 -0.696% -1,395,640
06/01/2022 201.00 6.770% 13,635,601 5.960% 12,006,028 -0.810% -1,629,573
18/01/2022 209.00 5.960% 12,006,028 4.810% 9,684,099 -1.150% -2,321,929
To me it looks like Polar still have plenty of skin in the game with approx 10mil shares with a cost value of approx £10 mil

Polygon on the other hand first bought on 13 Apr 21:-
13/04/2021 152.50 5.001% 9,996,978 5.001% 9,996,978
05/08/2021 153.50 5.001% 9,996,978 10.004% 20,000,000 5.003% 10,003,022
09/09/2021 156.20 10.004% 20,000,000 11.026% 22,200,000 1.022% 2,200,000
04/10/2021 134.00 11.026% 22,200,000 12.218% 24,600,000 1.192% 2,400,000
20/10/2021 167.00 12.218% 24,600,000 13.396% 26,971,176 1.178% 2,371,176
25/10/2021 199.40 13.396% 26,971,176 14.222% 28,635,221 0.826% 1,664,045
17/11/2021 175.00 14.222% 28,635,221 15.571% 31,350,000 1.349% 2,714,779
22/12/2021 208.00 15.571% 31,350,000 16.042% 32,300,000 0.471% 950,000
11/01/2022 192.40 16.042% 32,300,000 17.085% 34,400,000 1.043% 2,100,000
They have (until the next RNS) approx 34.4mil shares with an approx cost of £55 mil.

Anyway, hope the above helps.

As I see it. No matter what the unions or government do (or attempt to do) BA or more exactly IAG are going to do whatever they like regarding re-structuring BA in order to maximise profits. Unfortunately for BA it looks like the PR battle is not going their way but will it ultimately make any difference to their plans in the long term. I don't think so. BA will increase their profitability regardless.

With regards to BA pulling out of LGW. We still don't know what their plans are. I'm leaning towards BA pulling out of LGW but replacing them with Iberia, Vueling, LEVEL etc. All of which are under the IAG umbrella. That way they keep their fingers in the pie with regards to slots. Again an example of the interchangable BA or IAG hat that gets worn to suit the purpose.

Personally, I don't believe the doom and gloom estimates touted about the aviation business. If you look at the load factors within Europe. Even now people want to travel. The same in the USA. Flights are busy. When people see this happening they are strangely drawn to following the herd. What doesn't help is some countries are still completely locked down. Take Australia for instance. Citizens are not allowed to travel overseas (unless you are granted an exception). Foreigners are not allowed in. If you are granted an entry permit everyone is forced to quarantine for 14 days in accomodation provided by the government at the port of entry. So no going to your home, unlike the UK. This has a devastating effect on Qantas business. They're not flying internationally, apart from repatriation flights until at least end of July. As a side note which most will be probably be aware the boss of Qantas, Alan Joyce is of the same mold as O'Leary and Walsh. When countries open up there will be a boom in people wanting to travel regardless of the risks.

Another thing I have noticed was BA was scared of Norweigian Air Shuttle. IAG own 4.16% of them and whether they come back is yet unknown. But Easyjet and Ryanair. They're the real danger. So much so, BA is trying to emulate them in every way.

As investors we want to see big profits and can quite easily not see the real effect it has on staff to achieve this. Morale in BA has been very low for a long time and I don't see it improving. The staff at BA are in general under appreciated but I don't see this problem being as prevalent in Easyjet though. A big shoutout to Portland for the high praise for the LGW crew. It's very much appreciated. Yes some staff are as useful as a chocolate tea pot and I'm mainly pointing the finger at management here, but that's the same in every business. The frontline staff is what the world sees and along with your product judges your business. In the short term IAG have a fight on their hands and they may lose the odd battle. But they will win the war. The question is, at what cost?

Portland, my wife is BA Cabin Crew and not one who is on the old "Worldwide" contract. The annual salary figures I've read being paid to Cabin Crew is laughable. If BA reduce my wifes wages by 70% then she may as well pay them to work there.

From what I have seen the number of BA cabin crew on the various contracts are Worldwide = 6,382, Euro fleet =1,853, Mixed fleet =6,027, LGW Mixed fleet=1,881.

The one thing we can't seem to get to the bottom of is that BA are saying the unions (Unite) won't meet with them and Unite are saying BA won't attend meetings with them either. I heard Len McClusky on Sky today saying he would meet up with BA anytime 24/7 if they remove the redundancy notices issued to staff. Perhaps that's the sticking point.

As far as we are concerned it is obvious BA are using the current covid situation to justify Willie Walshes long held view about restructuring. However, we can understand with BA wanting to save money. For us the full time cabin crew total salary is relatively low so i don't think that would change much. It's not going to go up anyway. That's if she still has a job. There are lots of ways BA can save money with staff (voluntery redundancies, job share etc.) but it does seem that neither side is talking about it, yet. 99.7% of LGW cabin crew are in the union so I expect there is a lot of pressure to get talking at least.

Ultimately, I feel this situation does not help BA or their staff but could have a big effect on IAG's profit as BA is the biggest slice of their revenue cake.

I don't think the article is strictly accurate. In an email from Alex Cruz to staff yesterday he actually stated, "IAG's operating cash burn totals £178 million every week." One could presume that this covers all the airlines under the IAG umbrella not just BA. If not, why did he not state BA's cash burn. Although as this was an email to staff about job losses etc. it would appear to serve a purpose.

One thing I have noticed are the terms British Airways and IAG are used interchangeably to suit the agenda, when in fact they are two seprate entities. I think sometimes people lose sight of that.