TM - Thanks for the reply.
After I emailed you, I spoke with my broker, who also feels like if you *buy the shares*, you effectively, and perhaps better, *vote with management*...so I will give strong thought to voting "yes" for all proposals. Your thoughts echo my broker's, and I am impressed with both of your approaches to investing. I will probably try to phone vote-in also and save TPRO a few bucks postage.
BTW - I got a call-back from Mr. Betts late afternoon, who is specifically the TPRO contact THAT is working the NMS listing issue, submitting TPRO's proposal, responding to issues that need to be re-addressed or responded to, et al. We spoke about 8 minutes, and he agreed that I could post a summary of what we discussed on SI. The short answer is that there is a strong possibility we'll be listed by the annual meeting on 1/29/98, although he was, as he should be I guess, careful to stress he could in no promise this much less state it officially. I believe what he told me he would tell anyone, so this should not be taboo to discuss.
My impression based on the gist of the call - it is 90%+ a done deal that we will be listed by 29 Jan. Let me put it another way - I personally will now NOT consider selling TPRO until after annual meeting, or at least until this listing happens. I had considered it until Mr Betts called me back.
Other quick points -
1) initial application to NASDAQ was made in mid-Sept by Mr. Betts
2) NASDAQ responded with something like 3 pages of "do this, do that, respond here, clarify this"..ie very detailed, time-consuming responses were required by NASDAQ; personally, I'm glad to see NASDAQ being so thorough...we investors benefit and frauds lose in the long run.
3) Updated/amended application back in NASDAQ's hands by 1st week of Nov
4) NASDAQ wanted something like 13 more issues addressed in their 31 Dec response to TPRO
5) Mr. Betts FedEx'd TPRO's 2nd submission (response to issues raised) back to them on Fri, 1/9/98; followed up w/ phone call today (1/13).
6) Seems to me this timeline is probably on track and aggressive, but then I have never applied for NMS status for a company so I'm not qualified to know. Sure beats the speed of paperwork flow based on my my government (ARMY) experience(LOL). I'm well-satisfied that TPRO understands the criticality of this listing issue for their shareholders and stock value therein. Mr. Betts made clear to me that the depth of NASDAQ's investigation and information requirements was surprising to most laypeople (is such items as a listing of every single debt instrument EVER ISSUED by TPRO had to be submitted, names/addresses/backgrounds of every director had to be submitted, excruciating detail of all options programs, private placements, et al, were sent in hard-copy form, and it went on and on. Something like a 6" stack of papers went forward in the initial application.
I heard nothing earth-shattering, though, and many have wondered out loud that NMS listing is imminent by the meeting anyway, so he didn't go out on a limb or break any rules on my behalf that I can tell.
One thing he mentioned that I was surprised to hear is that TPRO management, in general, does NOT frequent, or even browse, SI, or Fool (AOL) boards, partly because THE SEC advises against it. At least that was the rationale I understood. Partly because much of what is posted is hearsay, half-truths, etc, innocent or not, and if management read, and commented on and responded to, these postings in an open forum such as this, that would be too risky. Go figure. I was very impressed months ago when Ed Anderson, CEO of Compucom (CCOM), engaged in a series of postings on Motley Fool's boards...but notice he stopped doing this for reasons unknown months ago. Still, it was impressive to see a CEO using a communications tool such as this.
Last comment - Mr. Betts, in response to my mention that I, for one, would prefer to see more information available via press release, pointed out that TPRO management is very careful and diligent to file 8Ks and other SEC forms virtually every time they sneezed, and that these didn't always come out in PRESS RELEASE format. Guess I will have to check out EDGAR more often. We did not get into AMOUNT of business or WHO TPRO is dealing with now, et al...I was simply wondering about the listing status and he was kind enough to call me back. That response alone moves TPRO far up my "good guy" list. My only other experience in contacting IR of a company directly was with HANSON PLC's (HAN) demerger Oct 1996...what an abortion. Their USA-based IR contact(s) I think took a vacation during the demerger to avoid shareholders. So this is a step up for me.
c-man |
