RE: TGR Results1 Oct 2022 10:31
Glengarth I know you have been in TGR for a while. I have been here since day one and have reduced my position over time, as it was way too large vs my assets, but still have a significant holding. I'm very disappointed that we are below IPO price and have made it clear to Shishir. In my mind this is mainly reflection of not having delivered as initially planned. They still need for example to strengthen the board and sort out the Indian integration mess. Having said that I think all the bad news is out and ramping production will finally increase revenues and most importantly additional assets such as Sumi will allow debt funding and enable TGR to meet the planned long term production expansion. The journey will take longer than expected, but they will sort out the Indian side too and the path from here is in my mind only upwards.