Dreambuyer/Frosty/Hugh/SBF et al,
I can certainly understand your frustration, but this is not the time to be down on TSN. IMO the company is at its most exciting business stage. Why?
1. The company are currently doing business with 3 major Indian Banks (1324 ATMs), various Utility Companies and Institutions. Note, all prior to CX Partners.
2. We have been updated along the course of the years that existing bank contracts have been renewed and additional ATMs deployed during that time. More business.
3. A little over a year ago (13/08/2013) TSI completed the $22M investment for the Indian ATM business. TSI have put in $22 million of private equity funds. This is going to need to be deployed.
4. On the 29/07/2014 the company updated the market, highlighting that they recently achieved cash flow positive level of sales. Note, all as a result of ONLY 3 major Indian Banks, various Utility Companies and Institutions. That alone is very significant news imo. The market may not have 'clicked' yet, but give it time, they will.
4. On the 01/05/2014 TSN signed an MoU With Salt. On the 30/07/2014 TSN signed Binding Term Sheet With Salt. That's all in a matter of three months. And as FTTT mentioned, both teams would most likely need more than a month to complete due diligence don't you think? I mean, it took them over a year just to source the right JV partner.
This isn't 'potential' SBF.
FTTT you wrote;
First, to deliver share-holder value, Gary and his team need to give us some big ATM contracts for TSi. Not just your run of the mill 100 ATM renewal with Punjab or HDFC. I mean something significant 500-1000+ in order to get market interested. If they can get a contract for 33%+ of their existing fleet, it would certainly open up a lot of eyes.
It sure would open a lot of eyes FTTT. I've previously highlighted that on page 4 of the Independent Investment Research Report, the research team highlighted that according to TSN, banks are no longer looking to award contracts for less than 100 ATMs. That figure has now been bumped up to blocks of 500 plus, with an execution period of 6-12 months.
Few more pieces just need to fall in place, which as we all know, simply take time, particularly at this end of the market. I am invested in a few stocks myself, which, when I decided to take a position in (three or so years ago), they 'appeared' not to go anywhere, and for many years they didn't (share price wise). However, with each and every announcement those companies released, you could just see that they were getting closer and closer to their end goals. I felt it was only going to be a matter of time before the market took notice of all that those companies were working diligently on behind the scenes. And it did. My point, just because it 'appears' nothing is happening doesn't mean it isn't. Note, those two companies I'm invested in, aren't even cash flow positive, yet they've shot up many fold share price wise.
The updates will be announced when there's news to announce (significant or otherwise) to the market. As I highlighted, it's only been a little over one month since the TSN/Salt Binding Term Sheet announcement was announced to the market and a little over 5 months since the last Operations Update.
From the research I have conducted on the company to date, there's certainly much to look forward to and on many fronts.
Tony
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