I got this email to me has anyone else had this letter ? Dear Triangle Energy Shareholder:
I am a current large shareholder of Triangle Energy Global. The reason for my email to all concerned is that I am extremely concerned about how OUR company, Triangle Energy is being run and I cannot sit idly by as this practice continues. It is a wonderful company with great potential but at the moment it has very bad leadership. I have been analyzing practices over the past three years and find some things unsettling.
1. The increase in stock issues by the current Board of Directors - I have made inquiries to some close friends who also run small public companies such as Gammon Lake Resources, which is now a billion dollar company, about this practice and they have said that it is better to decrease stock amount than increase. The stock would be more expensive but better for the shareholders, less stock = higher price. The CEO said that the first thing he would do if he ran this company would be to decrease the number of shares thereby making the company more interesting to large investors.
2. As we have all seen, there has just been another share issue because the company did not have enough money for future exploration yet the Chairman Mr. John Towner and others in the Perth office are taking large salaries. In the normal world when there is no money there are cut backs. Mr. Towner does not seem to understand this and money keeps flowing into this office. I believe that this office should be sized down or shut unless there is real need for it. HQ and the directors have more interest in their own benefits than trying to secure this business for the shareholders.
3. The Chairman, Mr. John Towner is taking a very large salary as well as has allotted himself over 400 Million shares for himself and his family which I find not in the shareholders’ interest. It seems to me that he is taking the cream off the top and is not looking out for OUR interests.
4. As Chairman, Mr. John Towner made the decision to pay a dividend several years ago. Although everyone likes to receive a dividend, this is only done when a company is making money . Even a large company like Apple only started giving dividends this past year. The way we would make money, as shareholders, is on the increase in the value of the shares. This was an extremely short sighted decision which benefited Mr. Towner as he would have received the biggest dividend. Since then the stock price has gone down despite some “good News” which one would have thought would increase the share value.
5. Mr. Towner’s INABILITY to gain the confidence of the business world and stock brokers, which would have increased the share price, is disturbing. The position of the Chairman is to increase business and stock price. If that cannot be achieved then he needs to resign. We see this in all major public companies such as JC Penney, Microsoft, Yahoo.
At this AGM Mr. Towner is up for re-election. I would suggest that it is time for Mr. Towner to step down and let someone who is interested in moving this company forward take charge and not just take a large salary and dividends.
TEG is in a position to become a viable company and can only do this with a strong business minded person. The company needs guidance and a rational mind.
I urge you all to fill in the attached PROXY and exercise your democratic right. If you don’t vote you can’t complain!!! He MUST understand that we will not tolerate future misdirection of OUR company.
We have all put our hard earned money into Triangle Energy Global. If something is not done NOW to provide proper Board leadership then the company cannot succeed.
I have attached the Resolutions of the November 27th AGM and the proxy to be filled out in case you have not received your AGM information. Please fill out the proxy ATTTACHED and get your “Holder” number or identification number from your broker if you do not have it in your stock information. Make sure to put the number of shares you own on the form , sign and email or fax to the Security Transfer Registrar as on page 2 of the proxy. Make sure that you mark the Chairperson box with an X so that your vote will be counted. Mark X beside each of the 10 resolutions to be voted for either “for”, “against” or “abstain”. It is very important to remind all that THIS NEEDS TO BE DONE BEFORE November 19th AS THIS IS THE VOTE DEATLINE DATE.
For the Future of TEG,
Nancy
Nancy Smithers, D.C.L.
President NNS Organics Ltd. 2769 Lawrencetown Rd. Lawrencetown Rd. Lawrencetown, Nova Scotia B2Z 1L3
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