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I couldn't agree more Gallmat. The problems with this company are not market fundamentals, graphite pricing or getting a VAT refund on time or not. With no disrespect to the posters here but the problem is the mgt and board/governance. The markets are closed for both debt and equity until they get their act together. The company has been all but uninvestable for at least a year as I pointed out before. No serious investors will touch it with a board stacked with insiders. The Poddar family are in breach of their relationship agreement that was signed at the IPO. Also the reserves are not properly certified and they cannot raise grants or other government financing because the accounts won't pass muster. Operational performance and comms are also poorly executed. All serious shareholders should join in trying to press the MD/chairman to make some substantial changes. I know that I'm a bit of a stuck record but I actually don't want to be negative just want the company to succeed.
I would definitely like to see these shares on the move but I'm afraid there will need to be some catalyst such as significant changes in the board and management. That will then lead to the capital markets (both debt and equity) re-opening for this company. It could be a great company if these changes take place so I hope they happen soon! Access to capital will allow the company to correct the situation in Madagascar, start to develop Mozambique resources and broaden/strengthen activities in the downstream sales and value added products
Hi again Saluc,
You will find they are quite shameless and describe in a. lot of detail the business they are doing. Please don't accuse me of lying. Sadly everything I have been saying is based on facts.
If you want to see improvements in the company you should support the very sensible suggestions that @FreeTirupati is making. They are all things that are normal and will help the company to perform better
Hi Saluc,
Link to Pranagraf website
https://www.indiamart.com/pranagrafmaterialsandtechnologies/profile.html
Just scroll down and read the "about us" section.Its very interesting and not the only place where Pranagraf "impersonates" TGR
Happy reading!
If improving the corporate governance in order to make the company investable again is not clear to you then so be it. The only way to do that is by appealing to shareholders as the mgt refuse to listen (and we've tried). And if you think a company with no independents on the board is a good prospect then I give up. Don't take a look at the books as you may get quite a shock! There is a reason why the company has "tight working capital conditions" - I wonder who is naïve here. I agree with you that this company should be the leading graphite producer outside of China and that is what we are trying to promote. Shishir's travel schedule is an indication of broader problems but you try to trivialise that. Unfortunately it's quite serious. I will stop posting now as I'm apparently wasting my time.
Oh and by the way we are long term holders unfortunately. My personal average is over 50p so not sure how bringing all the bad behaviour into focus that explains why the sp is so bad helps us. It’s the only way we try to get some change but it’s obviously not easy. Needs shareholders to revolt en masse but a lot of them still believe in miracles
Hi Saluc, our agenda is crystal clear. Indeed we would like some decent corporate governance and performance from the company. Is that so strange ? Dont know what is not to like? You think we somehow have a “cunning plan” to make a ton of money from this situation? We would like to get the sp up by getting some constructive change but hey thats pretty crazy! Just look at the facts. How can anybody sensibly invest in a company that never hits any targets and is run by a cabal of three related parties using other peoples money. Did you also know that Shishir has only been to Madagascar twice in the last 5 years. Amazing stewardship really. Whats your agenda? If you have a good one we will support you!
Haven't posted for a while but if you want to understand this company check out @freetirupati on X (Twitter). It goes from bad to worse - now only 3 directors - all of them insiders and related parties. Why do so many independents leave so quickly? Why do people debate graphite fundamentals on this thread? It's nothing to do with the graphite market and "ramping up in Madagascar" or " VAT refunds" - it's all about the people who run the company. I warned about this long ago....
Hi Cigam I appreciate your balanced post also. But you slightly miss the point(s) of my post. I don't have a problem with the graphite market fundamentals and other aspects of the industry. I believe in graphite or I wouldn't be invested here.
However, I'm trying to address some flaws with the company in terms of quality of assets, governance, financing and execution. My points are all reasonable and suggest that the company may not be around to for shareholders like yourself (I assume) to enjoy the rewards. I don't do this lightly but I'm trying to promote some changes in the way the company is run for the long term benefit of all shareholders. Its an (inversely) positive message!
I hate to post too often as I'm accused of being too negative. I agree with some of the positive analysis that is done on this company but imo it also has some very serious flaws. The coupons on the loans are now in default (unreported). Corporate governance is non-existent and unfortunately some of the big supporters here believe everything they are told by the chairman/mgt who has a habit of serially missing targets. If they believe him then I understand why they think everything will be ok. But better have some checks and balances....the much awaited ramp up will be delayed or not happen at all because the Mad assets are not very high grade (that's why kit is only operating well below capacity); Moz assets are nice but will never be developed because the funding is not achievable. Warning signs are everywhere. Upstream is supporting downstream activities which are of course profitable (with no costs they look pretty good) so family are doing well. To preserve some value for upstream TGR shareholders it's necessary for them to make their views known soon or it will be too late.- there are solutions to at least some of these problems that can still make a difference. Sorry to be so candid
Doesn't this just stress the point that something else is going on here? The value of confidence in the market could be enormous but a lot of people seem confused about the share price malaise and arguing about fundamentals. They seem genuinely puzzled. If the governance is improved and TSG overhang cleared its a game changer...!!
Andii regarding institutions - the one you referenced was Miton which I already mentioned - in fact they are the only one and sub scale for them. I would love to see a whole bunch of institutions piling in and making the sp rocket!!
Indeed but there are original terms agreed before TSG increased in value and TGR went down. This is the whole crux of the issue. Maybe reverse takeover coming?? TSG takes TGR private at a very low price? The higher TSG goes the harder it gets right? In any case there is a binding agreement already so why not honour that? also they should be able to publish the financials/ valuation of TSG - TGR shareholders have a legitimate interest in that right?
Unfortunately Motherfaker it does matter where an executive spends his time - building TGR or his own business which is a related party. While at the same time being paid by the main business and other members of the family have similar arrangements. Maybe this is why the accounts are late or so many"targets" missed. Perhaps it all happened during he morning dump))
Gents,
I simply don't see what is wrong with some improvements in governance. Some people seem to worry about the "expensive" boards etc. Is it the cost? That simply doesn't make sense - board representation is not very expensive - it's cheap at the price for great support and advice and challenge - especially when he doesn't pay them - ask Shishir). How do you like the only voice you ever hear is the MD/chairman and related party - he's very supportive of himself isn't he? He is doing a great job isn't he? Everything the doubters say is wrong isn't it? In any case the cot of a good board is a drop in the ocean.
Also it seems that the "supporters" simply don't want the downstream business which also doesn't make sense to me. Not profitable? - let's ask Shishir to publish his expandable graphite sales and margins. You can ask via the Telegram group emails - I understand that he is getting much more responsive these days). Maybe "one doth protest too much"? Its up to you guys who trash anybody who asks questions to decide yourselves - its a matter of trust and the market doesn't like bad/no governance and founders who do not follow up on their promises...!!