I'll take just a simple handshake, as long as it's coming from you <grin>.
Jut returned from the AGM ... no stupendous surprises. Management nominees were re-elected to the Board. Scott Cameron is no longer affiliated with the company. (JJ Jeffrey is now head of IR; I do not know what happened to David Spicer.) New auditing firm is a USA-firm, which apparently is expected to itself merge formally into Pannell, Kerr Forster after the first of the year. Now that's not Big Five, put it probably is Big 10 or so ... certainly enough to serve TSIS's needs.
Don Cameron presented. Bill Adams (Comptroller) was there to provide financial info. And Hutch gave a bit of a presentation ... impressive, even if he *did* forget his tie <grin>.
Don reviewed the three prongs of the business ... InvestorReach, Record and Replay, and Surveys ... describing the program of each of the various types of negotiations. I took fewer notes than usual ... choosing instead to try to listen to the overall picture, since I had heard the Friday Conference Call. That's why I say no big changes.
Don reviewed the stock trading losses, and how they were derived from good intentions which ended up going bad and trapping the company with humongous losses. Took full responsibility.
(Opinion on my part -- it is possible that Don was spending too much time during FY 97-98 out on the front lines trying to grow the company, to the detriment of his ability to watch, manage and control things which were happening at home (like the stock trading fiasco). In this regard, I see the addition of Hutch to the team as being very good in another way in that Hutch's ability in the Sales Management arena means that Don can afford to spend the time on being the head honcho without fear that the business will come tumbling down if he glances away.)
Don introduced a third resolution, not on the original proxy, which would prohibit the company from issuing any additional shares until after the *next* AGM. This was moved and seconded by me and BarbaraT and carried on a voice vote.
There was no substantive discussion brought up from the floor on any of the three resolutions.
Opinion again -- it is my opinion that the company remains positioned for near-term profitability. (Skip's friend guesses a penny per share, fully diluted, for the quarter ending April 31st, 1999.) I have not applied a model yet, but remain guardedly optimistic about the company's future. Having said that, I recall the words of Teddy Roosevelt (I think it was) who said, "Walk softly but carry a big stick" and somebody else who said "Trust everyone, but cut the cards anyway." TSIS's management must show us that (a) they can turn promise in real EPS, and (b) that they can be trusted to pay attention to business so that no further adverse occurrences ("surprises") occur.
It is my intention to watch the company as carefully as I can, but to be prepared to continue my process of adding money at opportune times.
I look forward to hearing from others who were at the meeting with their perspectives.
JSb. |
