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- Release Date: 24/10/12 19:02
- Summary: DIRECTOR: TTK: TeamTalk Bids Farewell to Paul Collins
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TTK
24/10/2012 17:02
DIRECTOR
REL: 1702 HRS TeamTalk Limited
DIRECTOR: TTK: TeamTalk Bids Farewell to Paul Collins
Paul Collins retired from the TeamTalk Board with effect from this
afternoon's Annual Shareholder Meeting.
The following is the transcript of the presentation made by TeamTalk Managing
Director David Ware acknowledging Paul's contribution to TeamTalk over the
years.
The story of Paul's role in TeamTalk has never been told publicly before.
I'd like to tell it now because it's important. Its important not only for
us as shareholders to understand his legacy, but its also important to our
country because there are lessons here that would benefit all New Zealand
entrepreneurs and all private equity investors too. Many companies fail to
get off first base because the entrepreneur investor relationship breaks
down, and too many companies list and go nowhere because they don't
understand the world they are entering.
Back in 1998 TeamTalk was a struggling little mobile radio outfit with $4M
revenue and $4M in costs - oh and we also owed $8M. I'd spent a year
knocking on every door I could think of looking for funding.
When I met Paul he saw potential in this business that no other investors had
seen and he decided that he was prepared to back me and my team.
The deal we did was based on a single piece of paper with three bullet points
on it, that and a hand shake. Over the years Paul had plenty of
opportunities to renegotiate the deal but he never did. We were both happy
with the deal we struck back then and we never had a cross word about
shareholdings or anything related.
As a chairman and board member Paul was simply brilliant. He never once
crossed that line between governance and management - which really shows his
self control particularly given my somewhat unorthodox management style. But
the important thing was whenever I needed his advice he was always there.
I've never met anyone with a better grasp of finance or a better grasp of
governance and business strategy than Paul. In recent years his role has
evolved with him taking more of a back seat position, but having someone like
Paul just to bounce ideas off and double check stuff with has been amazing.
When a company goes public there is a tendency for private equity firms to
think that their job is done, and bolt for the door- but not Paul. He stuck
with the business for nine more years, helping us take the business to new
heights.
Standing here before you today I can't help but think how different TeamTalk
would have been without Paul's unwavering support. There is absolutely no
question in my mind we wouldn't be in as strong a position as we are today.
So that's it! thank you Paul - its really been a privilege working with you.
End CA:00228814 For:TTK Type:DIRECTOR Time:2012-10-24 17:02:02
