AZZ directors, page-20

This had to happen sooner or later.
For too long this operation has been run like a one man show, including all the arguments for such a modus operandus that one hears in similar cases, including the emphasizing of past accomplishments.

Donot think for one moment that this case is unique. And they invariably result downhill. With usually draconic and costly revival measures.
Although mostly found in the ranks of private equity, every now and then such a case pops up in the public environment. As happens here.

As a shareholder for over 20 years in first Roebuck, then Amity, later Antares, I have pointed out on this forum before that I thought it better in to add a few independant directors. Also told James when we talked over the phone several years ago. But he would have none of it and continued as he had before.

And now this defamation thing, that I consider most unwise. It would be far better if disagreements would be dealt with in an open meeting. And we are having one anyway. Also less costly.

And by the best of my knowedge we have never had an explanation why the financing by McQuarrie, against Libor plus a few %%, is discontinued and replaced by this large number of convertibles against 10% p.a. Continueity must be the first concern and the above does not help.

Let me close with that I am not exactly unhappy with the fact that a major shareholder is now moving against the current m.o. and state of affairs. And lastly: I sold a little over half of my shares yesterday. BrgdS