Member Info for mhow

You would think that Shishir would find a way to reassure shareholders they are on it and it will be sorted - I'm sure he is being kept busy growing Pranagraf though

Hopefully this year won't be as disastrous as first thought. It's no where near good or acceptable, but let's hope not a disaster. Financially to have Shishir loaning money to pay off interest and charging 12% interest on it, very poor. But, production wise:

FY23 basket price $828

FY24 basket price $660

Avg: $744

So production capacity (if hit) would be just shy of $6m if the basket price holds anywhere near that average figure

In terms of sales - let's hope the inventory build up has been shipped to existing customers, if I use the 600t sales in August, conservative estimate of $700 per ton - that's $5m sales that we may see posted this year

The cost side (24/7 production, paying interest on interest, maintaining production facilities that aren't in operation) is still going to look woeful, however I'm hoping to these financiers that are still yet to appear, they look at future potential if the company can demonstrate they can sell anything they produce because the growing demand is there.

Good to see that Shishir has left TGR with no production and in suspension whilst they continue to hire for Pranagraf

https://www.naukri.com/pranagraf-materials-technologies-jobs-careers-6180930?src=jddesktop

Clear where the work and effort is going

Is there still time to pursue shareholder action? I saw on ADVFN a couple of months ago there was an attempt to bring 5% together to instigate a change in management but at the time you were reticent to be involved given the TXP deal was potentially good for shareholders longer term

68p cash offer is a sorry end to TRIN and having been a holder since 2017 know it could and should be worth significantly more than that with the right management

We had an RNS detailing all of the funding options being pursued and a further RNS detailing a strategy to progress the production capacity to 400k tpa

But the reality is production is basically halted and there's no money apart from Shishir loaning the company money and earning interest off of it - reads extremely poor and if I'm honest I can't see the funding materialising at this point

Agree HarChris & a further challenge is the requisition group selling into any volume and preventing the SP from going anywhere

Poor situation and continues to look bleak

For me, this is the key line "including the Company's obligations towards existing and forthcoming liabilities."

The underlying message is there isn't the money to meet the CLN interest as it currently stands. The RNS is promising in the sense there are irons in the fire, the trouble is the fire is currently burning on embers

No comms since the EGM, still no sign of the phantom VAT refund, the longer it drags on without a solution on working capital gap, the chances of a poor financing option for shareholders grows by the day - at the moment the future looks very bleak.

Can you share the wording on that part of the email?

The biggest concern for me at the moment is what are the production figures? As we saw in the figures the second half of the year was dreadful for production, the working capital facility still has not been sorted - what are the production and sales figures going to look like in the next trading update?

Never good when you have to air the behind the scenes issues in public but it does put to bed the credibility of the requisition group. Optiva can't take on any new clients, burning through cash and most of their other companies they took to IPO either are in a similar SP position to TGR or no longer trading on markets

MR not a single person had anything good to say about his dealings in previous companies and his current co beacon energy looks in a dire position

The other side of the coin is if you read early RNS announcements for the company, it mentions the Patalganga project and TGMRC and both have now disappeared under PranaGraf - TGR shareholders should be benefitting from the revenue derived from the downstream applications, not only potentially benefitting in a much smaller way via cheaper back-end services

That being said, the current board have a vested interest with skin in the game so as I said earlier this week, my view is to stick as we are and keep lobbying for the downstream to be brought back into the TGR umbrella

I didn't catch the zoom but the FocusIR Q&A confirmed dilution would be first step to raising cash - not good.

I see Beacon Energy which Mark Rollins is chairman of is down -78% today and reading previous RNS they were happy to raise via a placing at a discounted price - the pranagraf figures are concerning but for shareholders the best option is to keep lobbying shishir to align the downstream with TGR and vote against the requisition group

Income: £4,244,018.11 (449209590 INR)

54% from the trading of natural and expandable flake graphite = £2,291,769.78

Customer A on FY23 report accounted for £895,809 which I think (would need to look back and verify) is Pranagraf

This needs clearing up - am I reading this as the private company buying graphite and making a 2.55x return selling them as end user products or is pranagraf also selling the graphite mined which should be TGR revenue

Similar to Apotheki who keeps popping up on here and Twitter writing the same time for change message! Seeing the account was also used to post on Beacon Energy I’m guessing it’s account used by one of the FTG group trying flood the board with negative sentiment

This looks like a really strong appointment so hopefully this is a corner turned and a step in the right direction

Curious letter - don’t doubt it’s authenticity however as co-founder, why is Hemant not part of the new proposed leadership team

This seems to be a family dispute being played out publicly now and it doesn’t feel like either outcome is leading to a good outcome for us shareholders

My point of contention is the requisition group, probably rightly, is pointing out the glaring failures over the past two years, but I’ve still not seen a concrete plan on how they’re going to fix them

My thoughts/suspicion is that you now have a large % of shares not being traded - the requisition group, current board, Waratah etc. etc. all holding their positions, so it didn't take a huge volume of sales to walk the price down and similarly the upwards trajectory *should* be sharp following a wave of buying

Without any news over the past few days my view is that the recent buys are people trading on momentum but I live in hope that we see a good news RNS next week that pushes the price up further

Croqman that part is completely understandable - that in isolation represents a fine agreement between TGR and Prana because there does appear to be a synergy between the two (not least that most of the TGR workforce are now listed as Pranagraf employees)

The issue comes with the downstream applications - at IPO and in subsequent months the downstream was highlighted as the key potential for the business, vertically integrated TGR would mine the graphite, sell the graphite and then turn it into a range of applications that would be "gamechanging". Shishir actually did a video interview a few years back where he stated the company would make "loads of cash" from the downstream

Whether or not Pranagraf is at that level yet is irrespective, the potential is there and I firmly believe resolving it would double/treble the current share price. Does Pranagraf make a high level of profit? Don't know - but what we can see is that is can afford to run a large workforce with TGR doesn't currently have the money to employ themselves full time

My question also answered - generally I thought Shishir tackled most pressing questions head on, still in limbo until solution on capital is found though so nothing new

The propaganda video was strange with the Murat & CD orchestrated interviews but the start was reassuring to see the work on the ground, the concern is still there on workforce though with a few employees posting “open to work” on LinkedIn a couple of months ago

How will the votes sway in the EGM - who knows, the Optiva letter won’t help Shishir but I still think there’s no expertise in the requisition group, how can they close deals with prospective big customers without the specialist knowledge of the graphite & quality

Just read through - doesn't make for great reading the note re: Shishir visited London and reiterated related party activity will continue as it has done, plus Optiva reaffirming the same concerns we've all held for a long time on the downstream business (the main reason most people initially invested back in 2021/22)

Q&A is certainly going to be interesting, let's hope these questions get answered

It'll be interesting to see the result of the GM, I've decided to vote against the requisition group. Objectively, had it been Murat & Isabel in isolation having served as NEDs, both resigned and having seen the inner workings of the company, I think the majority of shareholders, me included, based on share price and company performance would have voted for them.

However, the other two proposed directors, Rollins & Koot, their past activity does not signal a good outcome for investors. As it is, I (and likely many other long-term posters) are sitting on a significant loss - currently, no outcome looks like a good one. But when I weigh it up, what gives the better chance of keeping the business afloat - the requisition group have given no indication on how they will plug the working capital gap, or how they propose to solve the fundraising issue. It's all well and good getting the governance sorted, but it's a lot of salaries to be paid and still without the cash to do so

Hopefully the investor meet next week will see Shishir tackle every question head on and not cherry pick as has been the case with previous IMs

One thing I've noticed on the BB recently is there is obviously people from both sides posting to try and influence and sway opinion. The black and white for me was I felt the requisition response was pretty fair and it's a case now to back whichever group can deliver on the funding.