TZL - TZ Limited

[YELNATS]

TZ in a trading halt until next Monday June 15.

Per their announcement, "we have received an email from Mr Paul Casey giving his resignation as recently appointed Chairman of the Company".

Does this signal the demise of the present board and will the 14 July meeting be necessary now?

Ah, business politics.

 

[UBIQUITOUS]

On the contrary Judd. Everything looks better than ever.............Take a 1 week holiday my dear boy.

 

[prawn_86]

On the contrary Judd. Everything looks better than ever.............Take a 1 week holiday my dear boy.

LOL thats what holders of this stock have been saying for the past 2 years, and what have they actually acheived? Dont give me that 'things are happening behind the scenes' story. For a public company things should be clear and understandable, you should not have to come up with conjecture and hypothesis as to what is actually happening.

They haven't even announced any actual sales or costing figures yet...

 

[prawn_86]

Surprise surprise, another deadline not met (Trading halt) and TZL is now suspended.

They say it will be another 3 days, but for them that means more like 3 weeks. Trying to negotiate a deal with their note holders, so worst case could go close to wind up of the co if management dont pull their finger out.

Also released a 'positive' announcement, which is once again just words and no actual figures. They have recieved their first order from Anixter. Who care?? Its not imprtant unless we know how much the order was for or what $$ it will bring in. Is it really that hard to include those details?

 

[Santoro]

Surprise surprise, another deadline not met (Trading halt) and TZL is now suspended.

They say it will be another 3 days, but for them that means more like 3 weeks. Trying to negotiate a deal with their note holders, so worst case could go close to wind up of the co if management dont pull their finger out.

Also released a 'positive' announcement, which is once again just words and no actual figures. They have recieved their first order from Anixter. Who care?? Its not imprtant unless we know how much the order was for or what $$ it will bring in. Is it really that hard to include those details?

Wow, first time I seen a company get suspended in these circumstances, you must really be onto something Prawn. Bravo.

BTW: Can you disc.

 

[prawn_86]

BTW: Can you disc.

I assume you mean disclose my holdings, and yes i do hold some of these much to my disappointment. At this stage it looks like going down as another great product ruined by bad management.

Price is about the same, or slightly lower, than where it was 3 months ago, while a lot of other stocks i follow have rallied >200% and even large caps are up 30%+

 

[Santoro]

The Company requested and was granted a Trading Halt on Thursday 11 June allow it to conclude negotiations with the Chew Group and its Convertible Note Holder QVT.

Those negotiations have continued during the course of the weekend and the Company expects to successfully conclude the negotiations and document the proposed arrangements within the next [3] trading days.

The Company expects that these arrangements will also satisfactorily deal with the matters which are the subject of the proposed extraordinary general meeting called for 14 July 2009.

I guess it depends what you read, the current board appears to be actively negotiatiing with the Patrick Chew group, my guess is Chew etc are not gonna come this far to turn around and say "Oh yes...sorry about that, keep going John...what were we thinking Mark", I am on the train of thought that the current directors are going to exit....prior to the AGM...and that this is done and dusted.

Anyone else with an opinion?

 

[UBIQUITOUS]

I guess it depends what you read, the current board appears to be actively negotiatiing with the Patrick Chew group, my guess is Chew etc are not gonna come this far to turn around and say "Oh yes...sorry about that, keep going John...what were we thinking Mark", I am on the train of thought that the current directors are going to exit....prior to the AGM...and that this is done and dusted.

Anyone else with an opinion?

Agreed. I am of the opinion that negotioations will be concluded either today or tomorrow, whereupon we will have a completely new board with Mark Bouris as chairman.

Prawn, much of what you are complaining about stemmed from questionable motives/actions of a previous chairman. A company is limited by its board, so we should be viewing this as a new start.

When TZ had a write up in the Speculator magazine, the price went up to $7.20. If Mark Bouris is in charge, what effect would that have on the share price?

 

[prawn_86]

If Mark Bouris is in charge, what effect would that have on the share price?

Well the articles i read said he would be chairman, but wasnt willing to take a stake in the co, which isnt a sign of commitment. I am aware that these articles could be wrong however, but i would be looking for him to purchase on market to show support, rather than just picking up management options which seem to have stupidly low strike prices

 

[UBIQUITOUS]

Well the articles i read said he would be chairman, but wasnt willing to take a stake in the co, which isnt a sign of commitment. I am aware that these articles could be wrong however, but i would be looking for him to purchase on market to show support, rather than just picking up management options which seem to have stupidly low strike prices

Maybe, but surely he wouldn't put his name against any old company and options are only good if you can convert them at a profit. Let's just see what comes out next.

 

[prawn_86]

Maybe, but surely he wouldn't put his name against any old company and options are only good if you can convert them at a profit. Let's just see what comes out next.

They just issued options at about 30% below what the last close was, so that shows how confident they are 1mill options expiring in a year with a strike of 75c, well we know what the price will do... nothing

What a joke the management of this company is.

On a side note, today is the 3rd day since suspension (their self imposed deadline), but i bet they dont relist...

 

[prawn_86]

On a side note, today is the 3rd day since suspension (their self imposed deadline), but i bet they dont relist...

Well i was wrong on that one

Mark Bouris has been appointed Chairman. He has done some good things previously so will be interesting to see if he can turn this co around. The will need to raise circa $3mill to cover the interest owed to QVT, plus organise payment of the full amount of the debt.

So at the moment TZL is still teetering on a knifes edge.

Investor really need more disclosure as to cashflows and forecast sales, not just saying "we have sold a few units". Hopefully they make public the financial info they will prepare for QVT

 

[UBIQUITOUS]

Well i was wrong on that one

Mark Bouris has been appointed Chairman. He has done some good things previously so will be interesting to see if he can turn this co around. The will need to raise circa $3mill to cover the interest owed to QVT, plus organise payment of the full amount of the debt.

So at the moment TZL is still teetering on a knifes edge.

Investor really need more disclosure as to cashflows and forecast sales, not just saying "we have sold a few units". Hopefully they make public the financial info they will prepare for QVT

They were on a knife's edge Prawn. Let's see what the accounts reveal.

Come on Prawn, give the NEW board some breathing space!! Man you're demanding!!!

 

[Santoro]

They were on a knife's edge Prawn. Let's see what the accounts reveal.

Agree here UBI. Hardly likely that you take over the board without a plan and the past experience held by the new board won't make it easy but its sure better than what there was, I am sure that Falconer and Co were holding enough shares/options and realised that the new board would make them worth more than they could.

I agree too with you Prawn....the shareholders require stats and figures with announcements, no confidence comes from lip service...as we just have experienced. And Prawn rest easy....TZ doesn't need to hold that AGM so we're saving some dough already.:

Personally I'm thinking..."Thank f....." I believe that the shares won't be at this level for much longer.

Still holding......

 

[prawn_86]

Yep im willing to give the new management a chance, after all it wouldnt take much to be better than the last lot.

Im still wondering about those options that were just issued. Are they going to be cancelled? And who were they issued to?

 

[lancelots]

Maintain the rage

After quite some time dealing with chronic pain from an injury I can only equate the relief of the board resignation as the same relief a major pain killer would give me, finally an end to the angst!

Now we have a situation that makes us all feel better, no less out of our hands than it was before, but with what appears to be a comforting hand on our shoulder from the new board. And very much people that exude a feeling of trust without having met them.

Forensic accounting, now this is where we find out so much more than just the sundry debtors position, which is by no means the least important it is hugely important. Now the books are frozen for want of a better term they can not be altered to suit agendas, I sincerely hope that the AFP have visited all necessary company offices and seized all documents i.e.: Dunbar, Zms et all, that’s if there are any left to seize.

WAS THE TRAVEL AN ACCOMODATION EXPENSES LEGITIMITE????????

We’ve all had a good back pat and probably a good drink to celebrate, but make no mistake there are monies that may need to be recovered and people that need pursuing not by our new board of directors, whom I would much prefer to be taking care of business that involves salvaging our company, but by the continued pressure from the very people that have been wronged US. The very organisations put into place (ASIC, AFP, ASX) are open to enquires and will be far more driven if they see continued interest in investigations.

Do not be deluded into thinking that these people would have given up if they did not have plans in place to cover their tracks as they slink away. An interesting note is that as I have mentioned before that Bob Pagorek TZ Group former CFO had implicated himself by signing Michael Ottens statement, He also resigned.
These resignations are an admission of guilt, and the parties should be pursued if not for financial gratification then for the simple fact that if allowed to go free they will sting another group of hard working battlers not unlike you and me.
Maintain the rage, gain back what was lost and if nothing more then we will keep them dancing on the hot coals. After all they have had us in angst for far to long while they enjoyed the spoils of their victory over common shareholders and you can bet there was a lot of celebration at our expense.

 

[lancelots]

Seems my account on sharescenx was not just suspended but closed for attempting to gain support for our cause

 

[UBIQUITOUS]

Yep im willing to give the new management a chance, after all it wouldnt take much to be better than the last lot.

Im still wondering about those options that were just issued. Are they going to be cancelled? And who were they issued to?

I can't say who they were issued to (although I know). The information is on tzinvestors.com.

Let's just say that the previous board members were an extremely dodgy bunch.

http://m.theaustralian.com.au/fi41274.htm

http://www.businessday.com.au/business/goodbye-babcock-and-amen-20090618-cly1.html

 

[prawn_86]

Suspension from quotation (again) due to the current cash position being materially different to what it had been previously reported.

Not sounding good. Sounds like they are broke to me, and had to suspend trading, otherwise it would be trading while insolvent.

Perhaps it is too late for the new board to be able to do anything...?

 

[UBIQUITOUS]

Suspension from quotation (again) due to the current cash position being materially different to what it had been previously reported.

Not sounding good. Sounds like they are broke to me, and had to suspend trading, otherwise it would be trading while insolvent.

Perhaps it is too late for the new board to be able to do anything...?

Can you explain how this is any different to the many tiny resource stocks which you have invested in, which have successfully done share placements based on a some acreage of red dirt?

Take a holiday until Tueday laddie, then come back to watch the Wizard go to work.