Good call l'm with you on that .
I dont have a lot of shares and looking still to accumulate a few more. But l will definately be voting NO to the shareholder value destroying scheme .
Based on the FYE June 30 2020 accounts cash on hand was approx $4,468,000. Which equates to some 2.2 cents a share .
The announcement has pretty much guaranteed that the " normal " buying support has evaporated.
The share price has dropped in 10 days by approx 30% equating to a drop of about $4 million in the market cap .
Good work Mr Chairman and board in your strategy to " re position " the value of the company .
The " Reassuring " on market buy back of $500 k worth at these levels will drop the number of shares on issue by about 6% ....and thus increase the cash on hand per share .
( assuming the company is still generating a cash surplus......which l guess it is ......as well we are almost half way through the year ....so maybe cash on hand is a lot higher than the June 30 figure ).
The board needs to come out and publically state what they think the value of the company should be .
After all they are caring directors acting in the interests of shareholders .......aren't they ????
Cheers
VA
TCN Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
