nothing has changed, page-37

Hi Goldie. Yes, we do need clarity. My point is that clarity that 'nothing is being accomplished' would not be a useful clarity to have. The ground work of building the business is far and away the most important thing. Then they can provide the kind of clarity that shareholders like... the type that gets the market cap moving upwards, not downwards.

I can understand why the shareholder herd is restless and there's a lot of bellowing, snorting and stamping of feet, but I don't think impatience at this point in time will accomplish anything other than scaring a few holders out who deserve better.

I'm averaged in for a fairly large holding at 40c now and may get a few more if the price ever gets sub 30c again. I know there are many holders who are owed several dollars and feeling pretty sick about it all. I'd urge those people not to give up hope of seeing those levels again, despite the recent dilution at an unfortunate price. You should, paradoxically, be feeling more confident now at these horrible levels than when the stock was trading three times higher, but with three times as many question marks hanging over it.

I'd hasten to add that I am an almost entirely fundamental and countercyclical investor and that a technical analyst may strongly disagree with my confidence in the future of this company. My investing style is to take reasonably large positions in a few out of favour stocks in untrendy sectors that look massively undervalued on fundamentals... and then wait... often for quite a long time. Sometimes I get a bad feeling about a stock and unfortunately those feelings tend to be right, but this stock is not one of them. If you've been in enough stocks where the management continually talk it up and do nothing, TZL is actually a breath of fresh air.