Originally posted by Rhino1963
Hi Noodly,
The number of votes you have received on your last two posts is telling don't you think?
If I may share some IMO observations with you.
- It is widely agreed TNG has progressed a lot slower than all expectations.
- The Browns took their position because they believe TNG lacks guidance and the right skills at Board Level to push this along.
- The Browns do not intend to run the Coy, nor be accused as a Major Shareholder of doing so.
- Therefore they give the Coy the opportunity to appoint a chair as was always intended by TNG own communications
- RT is the broker in this team and therefore all CRs land with him.
- RT is an interim Chair only.
- I have never seen RT bring anything to the market nor be integral to any company agreements with other parties
- It is understood that within 4 days of the Browns asking some serious questions of TNG the Vimson deal is struck.
- The questions the Browns ask did not involve privileged information.
- The Vimson deal, apart from being at a huge discount, has blind sided everyone and is to date unable to be explained.
In my personal opinion
- There are many SHs who are only here because the Browns are here and can see the opportunity
- The Browns want TNG/Mt Peake to go to production to generate maximum return for themselves (which means all SHs)
- The TNG board appear to want the Company or Mt Peake to be taken over. (I get the impression they wish to keep TIVAN)
- For the BOD to suggest the 249d action has caused project delays is ludicrous.
- When this all went down RT could have potentially negotiated to keep his board position but instead the BOD dug their heels in.
- I believe TNG would have received a plethora of names of suitable qualified and experienced candidates for Chair from various reputable sources.
- I have no doubt that if TNG do not appoint a well qualified and experienced chair further pressure will be applied, as it should.
IMO
The evidence supports the Browns taking their responsibility as Major Shareholders very seriously.
In a way they have therefore understood the mood of the situation and represented best interests of SHs
The perception is the BOD appear to prioritize the protection of themselves ahead of what is best for SHs.
Whether this was the intent of the BOD or not, perception is reality!
Business is about confidence and TNG needs a confidence boost
As you have as yet to receive any votes on your recent posts (you may receive a few today) it shows your perception differs from the perception of most, if not all others, on Hot Copper.
Finally, you appear to be proposing a chicken and egg scenario to decide how to vote.
You will vote with Rex because these is no alternate Chair proposed.
An alternate Chair cannot be proposed, or taken seriously, if Rex does not intend or is pushed to leave.
Regardless of the outcome of the 294d or the AGM the status quo has now changed and SHs are flexing their legal and financial rights to effect change.
GLTAH
Well put and great observations
@Rhino1963.
Even with the ML which I'm anticipating we receive mid-late December/early Jan 2019, TNG needs a new revitalised leadership team for the next phase. A project such as this requires a high performing team, led by a Chairperson that is better established and proven to secure the necessary financing and deliver the implementation to plan.
IMO RT lacks the qualities required to get TNG back on track.
