Ann: AGM - Chairman's and CEO's Addresses, page-2

re: Ann: AGM - Chairman's and CEO's A... sooo.....

over 20% drop in share price in 2mths - a new 12mth low...

the pressure should well and truly be on the board and senior management - but i suspect its not.

too little, too late is what i read into Gene and Kevin's comments - and even then, i'm not sure the strategy they have is going to deliver.

on safety - its easy to deliver a large reduction in RIFR in 12mths when you finally embark on a safety drive across the business - but not by their own initiative, mind you.
it took an enforceable undertaking through the federal court from comcare to make it happen - coincidentally in November 2011 - 12mths ago.

amusing to read Kevin talking that up.

granted, Kevin has implemented some changes - but the culture, attitude and functions of the business remain severely divided. margins are squeezed, and lack of management oversight has led to critical problems he has had to mop up (manufacturing, anyone?).

it appears they have a strategy of bunkering down and protecting what they've got.

lastly, the only growth strategy they announce appears to be the Mining areas - hate to advise them that that ship has sailed. the biggest waste company in Australia has consistenly ignored establishing bases in key regional areas to service the big mining operations - allowing JJ Richards and SITA in particular, to sew up the Qld mining operations with dedicated equipment and staff.

their only saving grace is their strong liquid and industrial capability across these areas, guaranteeing large volumes of these services. however in QLD, JJ's are working on their own infrastructure to combat this monopoly.
again - TPI, too big, too little, too late.

i take no joy in the share price decline - i'm underwater also. i also suspect investors are fleeing this stock given Gene's comments re no dividends for the forseeable future.

i could go on, particularly as there is more motherhood statements from both of them to pick apart - but i'm keen to hear from others as to your opinions.