ceo update - the company to watch, page-19

"Rhetoric is the art and study of the use of language with persuasive effect" - i'm not insinuating that he is at all not telling the truth, just doing the job of a good CEO in highlighting the positives.

The fact remains that the targets set for the previous financial year seem to have been missed by ~80% ("TZ Limited - YE 30 June 2011 Performance Targets" 14/07/2010). We should have done 6.7 million according to the targets yet only produced $1.24 million.
The CEO updates do not seem to address why the targets were missed.

My worry is that the continuing negative cash-flow is going to impact the potential growth again for FY2012.

If directors would do a little buying i might be a bit happier, seems to have been a long time since they have dipped into their own pocket and bought some shares.

Having said all that I am still happy with the current management and think the current shareprice is a bargain. Hopefully the sales made in the previous two quarters start showing this quarter, i think this has been an issue due to long settlement times on invoiced sales hurting the quarterlys.

@hallodaarzeg:
The figures are from the prospectus from last November, not suggesting anything untoward is going on as I believe out current chairman is the best man for the job and has been instrumental in keeping this puppy afloat.

Just don't like related party transactions that can be used to hide dodgy stuff, the previous chairman was an expert at this kind of thing.

"The Company's premises at Level 11, 1 Chifley Square, Sydney, New South Wales are leased
from State Capital Property Pty Limited at market rates of rent. State Capital Property Pty Limited
is controlled by Mr Bouris. $193,621 in rent and outgoings has been paid by the Company to State
Capital Property Pty Limited (exclusive of GST) under the lease to the date of this Prospectus. "

"The Company engages Yellow Brick Road Accounting & Wealth Management Pty Limited ("YBR
Accounting") to provide accounting services to the Company at YBR Accounting's time based
charge out rates. YBR Accounting is associated with Mr Bouris. Since 1 July 2009 YBR
Accounting has been paid $548,206 (exclusive of GST) for these accounting services it has
provided to the date of this Prospectus. Further amounts may be paid to YBR Accounting by the
Company in accordance with YBR Accounting's time based charge out rates.

The Company engages YBR General Insurance Brokers Pty Limited (?YBR Insurance Brokers?)
to provide directors and officers insurance. The premium paid for the financial year ended
30 June 2010 to YBR Insurance Brokers was $57,532 (exclusive of GST), which included a fee
payable to YBR Insurance Brokers of $7,500 (exclusive of GST). YBR Insurance Brokers is
associated with Mr Bouris. A further amount of $1,062 has been paid for the financial year ended
30 June 2011.

The Company engages The Surf Travel Company Holdings Pty Ltd as a travel agent for the travel
and accommodation requirements of some of the Directors and executives of the Company. The
sum of $184,859 (exclusive of GST) has been paid by the Company to The Surf Travel Company
Holdings Pty Ltd to the date of this Prospectus. The Surf Travel Company Holdings Pty Ltd is
associated with Mr Bouris. Additional commissions are paid directly to The Surf Travel Company
Holdings Pty Ltd by hotels and airlines providing the services. Further amounts will be paid to The
Surf Travel Company Holdings Pty Limited if the Company continues to use it as a travel agent, at
market rates."
- page 33 of TZL Prospectus from 16/11/2010