Just before Christmas last year Steve Norregaard contacted most of the (larger) shareholders who regularly kept in contact with him to let them know he was leaving Tectonic. No doubt bound by confidentiality clauses in his termination agreement he asked Hamish to contact us and perhaps put some background into the significant departure of his Key Executive Director. This would have given some reassuarnce that all was well or if there were issues, that everything was under control. Failure to followup on Steve's request left a degree of uncertainty concerning the management and direction of Tectonic at such a critical time (DFS & Funding timing).
Allowing for the fact that it all occurred over the Christmas / New Year period, I accepted not being contacted and followed up by email to Hamish in the New Year with a few questions.....still waiting and the mysterious happenings of early 2012 still remain unexplained.
Why did Steve and Andy depart at the same time? Why was there a significant increase in share price and volume at the time? Normally a loss of 2 key employees (and directors) will not evoke this effect. Obviously strategic positions were being taken up by supporters of the new direction the company was taking.
The changes combined with the lack of transparency and the failure of the new management to achieve much in nearly twelve months with a drop in the share price back to the equivalent of multiyear lows begs the question......would we have been better off with the previous management and their timelines. I am highly critical of the discounted capital raisings early this year.
The pressure is on for the new management team to meet their schedules. Good news is needed to boost the share price as the Company seeks further project equity. It would be nice to be able to raise equity at a significant premium to the current share price to protect the stock value of long term loyal shareholders.
Unfortunately can't make the AGM this year but I am sure some questions from the floor will provide the opportunity for Hamish to clear up some misconceptions.
PRH Price at posting:
2.7¢ Sentiment: Hold Disclosure: Held
