Hi everyone, sorry I couldn't print a report sooner, my flight got in very late last night. Anyway I see John Baker kept very accurate notes and printed an excellent report for us. If I may, let me relay some observations about the general mood of the meeting, the office and the dinner afterwards.
The meeting: I would probably characterize the general mood of the shareholders during the meeting as neutral...not too negative, not too positive. This I consider favorable since some shareholder meetings turn out to be bitch sessions with the CEO's and CFO's on the defensive and fumbling for words, this was not the case for Don Cameron who spoke very clear, concise and made sure everyone understood each point he touched upon. Make no mistake about it, some shareholders grilled him and grilled him good about issues we have all been concerned about and I believe he left everyone feeling at ease at the end of the session. Don spoke, presented a slide show, and fielded questions for about 2 1/2 hours until each and every question had been answered. The biggest issue raised, of course, was the auditers and the delay in the report. It appears that issue has been resolved for now and we will probably get our wish sometime in the near future (within a year or so)with new US auditors. The biggest sign of encouragement that really caught my attention was when Don spoke briefly about the possibility of a small cap listing, I dont remember how he got on the subject but that would mean the stock price would have to be around $3.00 and company assets must meet a certain requirment to be listed.
Most of the shareholders there were pretty big hitters with positions ranging from 200,000 to 500,000 shares held and one person representing 1.3 million shares.
The office: Yes, this is a real company and there is an office, a fairly good sized one too(about 4000 sq. ft.). I met all the secretaries...Susan, Ann, Debbie, Denise, Marscha, and Gina...the new investor relations guys larry and Greg...and the computer technicians Jay, Mark, and Randy. The computer room was neat, it had all kinds of cool techno stuff with a huge section of equipment dedicated to AT&T.
In talking with Don he said they just moved to this complex because they needed more space and now they are looking to move again to an even bigger complex nearby.
Dinner: After the meeting Don and Scott invited each and every shareholder present out to dinner at a nearby Chevy's upstairs in the party room, drinks and all on the house. About 30 people showed up. I was fortunate enough to talk to a bunch of the people there, people that traveled from New York and Florida, a stock broker from San Francisco, a financial planner from L.A., a supermarket chain owner from northern Ca., investors from Utah and New Mexico and of course Barbara and Mike Tobias who have been with TSIS since the beginning and are very active in promoting the company and keeping managment on their toes as far as shareholder concerns go, it's great to have people like them involved. I have to say it was a very high class of people that attended all the festivities with ages ranging from the mid twenties to retired. The overall concensus about the company, the new services offered, the direction of the company and the new clients Don has been talking to was very positive from everyone there.
I hope this gives everyone a good feel as to how the meeting went along with the report from John. More later...Bill |
