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RAMcap Ltd letter, page-13

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Tikka223

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14/04/19

14:19

Post #: 38132823
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Originally posted by Photis: ↑

I think it would be a great travesty if this move garners support given how close we are to the potential finishing line that marks the end of a very tight period for us all.

I was not particularly impressed by the letter. It lacks the depth of thought and clarity of vision for anybody to understand how their proposition would see us better off than what we are currently or where we will be in one or two quarters from now.

The convertible note may be useful but why now when we should be able to see it through (if only marginally)? If the situation called for it, why could the current TRY directors not affect the necessary interim measures that they have been able to do over the last few years? Why would there be a sudden in rush of support for this measure when there wasn't much for the CR? If there is insto support that Ramcap can find I'm sure TRY could find it if needed.

As for booting out a director, why on earth now? How do these relative newbies know for sure who is the weak link and how it's going to make the team more effective? I would also be a little dismissive if a new large shareholder came on board and wanted to make changes within a couple of months. Some.of us have been hanging in for years. Again, I personally see no reason to throw in the towel with my support when the pivotal corner is in sight. If we don't make it round that corner in the next 2 quarters, then sure, let's re-assess the situation.

Finally on the topic of remuneration, I also believe that we need to pay people a decent but realistic wage. An automatic cut to $200k without much more investigation is just absurd.

I hope this does not distract the focus at this critical stage. We have a quarterly due soon and then there are really minimal quarters left until we should be profitable. I don't see a $10M shot in the arm and a change of directors being the saviour now in a way that the current directors could not resolve on their own.

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When you want to raise $7m from an SPP but only manage $1.6m, surely you start to think about some alternative (even temporary) solutions. Earning an ~$600k all inclusive salary for our current financial position is not fair nor reasonable. I appreciate that the Smarts 3 slip was unexpected too.

Maybe the shareholders collectively need to consider this at the next AGM and vote against the remuneration proposals. I personally would like to see Ken have more skin in the game and be remunerated by upside on equities rather than his current substantial cash salary.

TRY Price at posting: 9.8¢ Sentiment: Hold Disclosure: Held
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RAMcap Ltd letter, page-13

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