Not sure about all that diesel65
I have held TEG shares for 5 years and it has not been a comfortable ride.
I supported previous management with my accumulating investments and on HC through this time and no doubt the rub of the green did not go their way.
There were many factors, but BP Kwinana pulled the rug out from them and others.
I operate a business in Kwinana and have for 22 years, there was always concern as to the future of this aging refinery.
Then BP announced end of and 600 jobs were lost.
Management were able to secure a temporary storage and offtake agreement, which sufficed for a time until BP ended that as well.
What I'm uncomfortable with is that where was managements plan B or even C
I'm almost of the opinion that TEG thought, OK no more refining, but they will store and offtake our oil for sure and they did for a short time, until that was ceased as well. As a shareholder I was left high and dry.
I waited and waited for some solid direction from company and even got caught up in the mini refinery proposal, until it dawned on me this is way out of our reach and capability.
I want out, then the board spill happened and I definitely thought, take the hit and move on.
I checked out the credentials of the new board and on a spur decided to ring company and ask for Conrad, admin told me he wasn't available, OK I left a message with my concerns.
Next day the Chairman rang me and said that Conrad is indisposed at this time, ok, so we had a very informing discussion about TEG. OK again just a spill, then the next day Conrad rang me from admissions in hospital as he was about to have a shoulder operation.
We talked for some time about TEG and the circumstances of their board appointments. I'm spilling because of the unreasonable comments about new management, I was gone, money down the drain.
After more conversations with Directors and circumstances of their appointments and companies agenda, I have belief back and hope for the future and I do believe in TEG'S assets.
Share price is depressing, but if TEG is to recover we need new board functioning and they need our support.
They are putting in the hard yards, to save mine and your investments.
Cut them a bit of slack as they go about their business !!
Not stooging for management, I want my investments in TEG to be profitable and I believe these guys can deliver that.
Bit of a novel, but all my opinion.
GLAH
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