RCR (ASX) Ann: Letter to Shareholders

Originally posted by sabine ↑

https://thewest.com.au/business/con...vise-embattled-tempo-australia-ng-b881182874z

“Former boss of collapsed RCR Tomlinson Paul Dalgleish to advise embattled Tempo Australia
Peter WilliamsThe West Australian
Tuesday, 30 April 2019 9:22AM

View attachment 1671241
Former RCR Tomlinson managing director Paul Dalgleish.Picture: Ian Munro/WA News

Troubled contractor Tempo Australia has appointed as an adviser the former boss of collapsed engineering company RCR Tomlinson.

Tempo has also faced questions from shareholders over a cash bonus paid to its managing director, who quit yesterday, and its former chairman and co-founder criticised the company’s performance and direction.

Tempo today said ex-RCR managing director Paul Dalgleish would take up the advisory role from tomorrow.

“Dr Dalgleish will assist the board with reviewing business operations as required,” the company said.

The appointment follows Ian Lynass quitting yesterday as Tempo’s managing director.

Dr Dalgleish stepped down as RCR managing director last year about three months before the company collapsed over a cost blowout at a solar energy project.

Tempo has potential cost overruns at one of its biggest projects, understood to be a $15 million contract helping to build the Cohuna solar farm in Victoria for Enel Green Power.

The contractor’s shares are suspended while it investigates the problem contract and negotiates with the client.

It is expected to take up to 10 days before details are released to investors.

Chairman and 18.6 per cent shareholder Guido Belgiorno-Nettis has taken on an executive role while a replacement is sought for Mr Lynass.

Mr Belgiorno-Nettis came under pressure today at Tempo’s annual meeting in Perth as shareholders raised questions about the company’s situation.

They included the timing and justification for a $125,000 payment to Mr Lynass for winning the solar work and other contracts which was authorised along with other changes to his service agreement two weeks before he resigned.

There were no questions about Dr Dalgleish’s appointment.

The meeting was restricted to shareholders and staff. Mr Belgiorno-Nettis refused to speak to media afterwards.

After the meeting former chairman Carmelo Bontempo, who holds a 17.3 per cent stake, expressed alarm about how Tempo was being managed.

“Like many shareholders, I am concerned about the company’s current performance, direction, leadership, corporate governance and recent appointments,” he said in a statement.

“I look forward to meeting with the chairman to discuss Tempo’s strategic direction and leadership.”

Mr Bontempo said Tempo had great potential, particularly given the current work on offer in the mining and infrastructure sectors, which were traditional areas of strength for the contractor.

It appeared that he did not vote against any of the meeting’s resolutions, which were overwhelmingly passed including adoption of the remuneration report.

Mr Belgiorno-Nettis is a member of the family which founded contractor Transfield Services, now called Broadspectrum, and a former managing director of that company.

Both chief financial officer Scott Macdonald and non-executive director Ian Widdicombe also left Tempo this month.

The company disclosed yesterday it planned to move its head office from Perth to Sydney. Formerly resources industries focused, it now provides electrical, telecommunications and maintenance services.”

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And, since July 11, the new CEO 0f Tempo ....
July 11 (Reuters) - Tempo Australia Ltd (TPP) :

APPOINTS PAUL DALGLEISH AS CEO AND WILLIAM HOWARD AS CHIEF FINANCIAL OFFICER

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(20min delay)
Last 1.5¢		Change 0.000(0.00%)		Mkt cap ! $4.388M

Open	High	Low	Value	Volume
1.5¢	1.5¢	1.5¢	$2.25K	150K

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