Thanks for posting littleblackduck, the only thing of note was...

First 4 Last

Share
Profile

Follow
Sasha39

1,035 Posts.

180

07/09/22

09:04

Post #: 63557171
Share

Originally posted by littleblackduck: ↑

Interesting that a proxy advisor is involved in the 249D... I've never seen this action in a small junior ASX resources stock before.

Interesting bystander watching how this all plays out. Have no opinion for either camp just interested in the mechanics of the process.

Proxy adviser weighs in on TNG stoushStuart McKinnonThe West AustralianTue, 6 September 2022 4:43PMStuart McKinnonTNG managing director Paul Burton. Simon Santi The West Australian Credit: Simon Santi/The West AustralianProxy adviser ISS has weighed into a stoush at aspiring mine developer TNG, backing the incumbent board over a group of dissident shareholders.The news comes after a group of shareholders led by wealthy Queensland investor Warren Brown sought to remove the company’s managing director Paul Burton and former chairman turned non-executive director John Elkington from the board.The group is seeking to replace the pair with Exante Data senior adviser Grant Wilson and mining consultant Dr Anthony Robinson.But since the requisition notice to oust the pair was lodged in July, TNG has appointed well-known WA mining veteran and Pilbara Minerals co-founder Neil Biddle as chairman.The aggrieved shareholders have complained about the slow progress of the company’s Mt Peake vanadium-titanium-iron project in the Northern Territory and argue the current board does not hold the breadth and depth of experience needed to develop the mine.However ISS said in a report on the corporate manoeuvres that the requisitioning shareholders and nominee directors had failed to provide a compelling rationale for their respective proposals and had not presented sufficiently compelling arguments as to how their nominee appointments to the board would contribute to long term shareholder value.“It appears that the incumbent directors have in fact presented a superior case for having acted appropriately to fulfil their duties to all shareholders and that they have appropriately considered and acted in the best interests of the company and shareholders to grow the business in the future,” ISS said in its report.In a letter to shareholders, Mr Biddle, who was the managing director of TNG before Mr Burton, described the move against the company as an “unwarranted and unnecessary attack by a small minority of shareholders”.He argued the group was seeking to use the Corporations Act to seize control of the TNG board at the company’s upcoming general meeting of shareholders on September 20.Mr Biddle warned shareholders he and recently appointed director Elizabeth Henson would consider their directorships terminated if the dissident group’s move was successful.TNG shares closed up 1.5¢, or 15 per cent, at 11.5¢.

Expand

Thanks for posting littleblackduck, the only thing of note was at the end, and very good and welcomed news: "Mr Biddle warned shareholders he and recently appointed director Elizabeth Henson would consider their directorships terminated if the dissident group’s move was successful" so be it and good luck in your next directorships, oh by the way considering the very short time of serving on our Board would you also forgo any fees or severance pay?

TNG Price at posting: 11.5¢ Sentiment: Buy Disclosure: Held
15 Upvote

0 Great analysis

Reply

Top Stories

C29

C29 Metals wins Kazakhstani uranium drill run green tick, Kazatomprom talks mature

QHL

Aerospace smallcap Quickstep Holdings jumps nearly 100% after 40cps takeover offer

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

PFE

Pantera begins drilling of maiden test well at Smackover

There are more pages in this discussion • 22 more messages in this thread...

First 4 Last

Add TVN (ASX) to my watchlist

(20min delay)
Last 5.1¢		Change -0.001(1.92%)		Mkt cap ! $90.19M

Open	High	Low	Value	Volume
5.3¢	5.7¢	5.1¢	$111.7K	2.083M

Buyers (Bids)

No.	Vol.	Price($)
2	168537	5.1¢

Sellers (Offers)

Price($)	Vol.	No.
5.3¢	450000	1

View Market Depth

No.	Vol.	Price($)
2	168537	0.051
2	30000	0.050
2	160275	0.049
11	425446	0.048
4	266000	0.047

Price($)	Vol.	No.
0.053	450000	1
0.054	230469	1
0.055	439019	1
0.058	100000	1
0.059	423800	1

Last trade - 16.10pm 07/11/2024 (20 minute delay)

TVN (ASX) Chart

Thanks for posting littleblackduck, the only thing of note was...

C29 Metals wins Kazakhstani uranium drill run green tick, Kazatomprom talks mature

Aerospace smallcap Quickstep Holdings jumps nearly 100% after 40cps takeover offer

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Pantera begins drilling of maiden test well at Smackover

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Thanks for posting littleblackduck, the only thing of note was...

Top Stories

C29 Metals wins Kazakhstani uranium drill run green tick, Kazatomprom talks mature

Aerospace smallcap Quickstep Holdings jumps nearly 100% after 40cps takeover offer

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Pantera begins drilling of maiden test well at Smackover

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News