I'm leaning towards supporting the existing board due to the following reasons:
- When attending AGM's in the past I haven't been overly impressed with Abotomey.
- Robinson has a very impressive track record. Additionally the sale process seems to have actually processed since his arrival, granted this may be a coincidence.
- Personally I don't need the money at this point in time, if Robinson could replicate the performance of Centrepoint Alliance whilst he was CEO I'd be happy to go along for the ride.
However, it is very clear that many shareholders have been waiting a very long time for a result, quite rightly given the present state of affairs now would be the right time for such an return. Added to that that the company has been woeful at communicating with shareholders over a long period, hence I totally understand people wanting to vote the existing board out.
Presumably the board have a target investment in mind that requires approx. $50m in capital? If not some sort of selective return of capital to those that want out could be possible, maybe the costs involved of returning capital then raising capital are too cumbersome.
I'll give Robinson a call over the next few days and advise if I learn anything interesting.
Good luck to All.
TFL Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
