Gregor ... you know I am a big supporter of TSIS, but we have to call it as we see it. *You* certainly have no share in any blame. It can be called a share repurchase program, buyback, or whatever -- but plain and simple it was a "trading" program and there was absolutely no purpose to it that I can see, other than the company thought they could make some money. Obviously, they also did believe they were assisting the shareholders in giving them a lower price without commissions. However, it was not a well thought out plan and ended up hurting the shareholders as well as the company. After the reverse split, we had somewhere between 10 - 15 million shares (not sure, it's been so long ago) and now we have over 30 million. That's a lot of trading and a *huge* dilution. I don't know where the stock would be without the dilution, but since the shares have doubled I would assume the price would have as well (we would be over .60).
The other reason that *I* believe the stock price is down is that we have to overcome the loss in credibility that this trading program cost us. Many of the older investors have left and are assuming a "show me" attitude. I am sure they keep TSIS on their radar and will buy back when the stock starts a move up and they believe it is sustainable. That day will come, if I did not believe that I would have sold. But when is the question and I agree that it is extremely frustrating. TSIS is the biggest red position in my portfolio.
We all wanted a buy back program and had it been a true buyback program, we would have been retiring shares and had perhaps 23 mill shares outstanding, the amount from the previous AGM. But the good news is that the company now has cash in the bank and no debt. So we are proceeding ahead. And I understand that MCI is coming along and perhaps we will hear something within the next month or so. I believe there is other news in the works, but what and when I am as uncertain as everyone else.
Gregor, just want you to realize that I share your pain - but no blame. We did nothing, you did nothing - this was a management decision pure and simple, and a bad one. But it makes no sense in beating a dead horse, so to speak - it is over and done. Let's hope it is behind us and that we can get on with lives (or TSIS, that is) and rebuild the faith that has been lost. And it will come, once we start getting in earnings and more significant contracts - and the surveys start to come online. I've said it before, and I'll say it again, it's just a matter of time and a few more gray hairs. |
