Tandem Share Discussion Threads

[castleford tiger] 11/6/2020 08:00

Thank you.

[18bt] 11/6/2020 07:33

CT: Behind the paywall I'm afraid. I refuse to pay for his usual drivel, though he probably does have a point with TND

[bozzy_s] 11/6/2020 02:38

Lots of drama at TND. It's an interesting one to follow. Firstly best of luck to shareholders. It seems the price has been strong in spite of TND's management, rather than because of it.

From the outside looking in there are various governance issues, a genuinely eff-you attitude to shareholders, and a profitable cash-generative company.

Looking at yesterday's RNS it appears the gripe, quite rightly, is the principle rather than the specific overpayment to NEDs - being a few thousand pounds per year.

I would guess that if TND had acknowledged the error and corrected it going forwards, then problem solved. Biggest shareholder appeased.

TND's stinking attitude to shareholders means they didn't bother.

If the lack of broker coverage / forecasts etc was to keep admin costs at the bare minimum, then director salaries also need to be the bare minimum.

It strikes me that this is a fairly straightforward business, which doesn't need highly qualified, highly experienced, very highly paid management. Obviously in terms of making profits, the management have done well. If they have to be paid FTSE-250 rates, then they ought to be paid primarily in shares, rather than cash. Maybe that would align them better with shareholders' interests.

Hopefully for you guys someone comes along and buys the company, derailing the gravy train. Management shareholdings are minimal, so won't be able to block a bid.

[kramch] 10/6/2020 20:34

Barclays Stockbrokers have said they need 7 working days for proxy forms, so I will instruct them by the 15th.

[foxman14] 10/6/2020 20:27

I hold my shares through a nominee account so have requested that they allow me to exercise my vote. Hope I've not left it too late.

[castleford tiger] 10/6/2020 17:53

18BT Where?

[18bt] 10/6/2020 17:27

I see we've got onto the Winnifirth radar again - lord help us.

[my retirement fund] 10/6/2020 14:06

Fair comment

[davidosh] 10/6/2020 13:27

MRF...Don't be ridiculous. CT has attended many Agms and is one of the regulars here. He is far from a company stooge.
Shareholders need to be recognised and respected. There have been no presentations, no broker research, no forecasts or targets to meet and Agms have been less than lukewarm as Mervyn likes it that way !
We need to see change and I think Simon B. making a stance on corporate governance is clearly the start.

I think Steve Grant needs to act on this as clearly Mervyn will be out of the door a little earlier than expected and the main shareholder is very annoyed at what has been happening. We need an AGM where all shareholders get a chance to air their views on a wide range of issues. Maybe a safe distance AGM in the car park as Simon B. suggested with a couple of the company gazebo products used for shade could work nicely?

[graham1ty] 10/6/2020 13:07

My retirement, trust me, Tiger is not a stooge, or related to the Board. Daviddosh can confirm that also

[my retirement fund] 10/6/2020 12:36

Tiger I don't think non execs being paid eye-watering salaries for questionable hours over and above the articles legally permit over many many years can be dismissed and portrayed as an innocent mistake if thats what you are suggesting? I am beginning to think you are a company stooge. Are you related to anyone in the company per chance?

[castleford tiger] 10/6/2020 12:30

My retirement fund

I have never claimed to have had 3% which would be notifiable but I am very close with just under the threshold.

tiger

[my retirement fund] 10/6/2020 12:30

Here he is, the Wakefield ramper in person. Yo Tiger !

[castleford tiger] 10/6/2020 12:27

Rather than the share price weakening upon todays news I feel it should be going the other way.

I am amazed how this has developed into a full blown disagreement.

The facts are quite simple.

The BOD made a mistake and in my opinion could have agreed to bring this to shareholders attention at the AGM.

Its a principle rather than the raw numbers.
Simon has always been " a critical friend" to the board and I am amazed that discussions failed to reach an agreement.
The most annoying thing is that once again "shareholders" are brushed away as been a "nuisance" an irrelevance.....
The reasons given by the company are simply not good enough.

Something in the conversation with the NED has upset our major shareholder.
Something in the discussions with the full board has done likewise.

I will predict a defeat for the board on this one and I expect shareholder activity to gather momentum .....

I am really unsure what's going on in the boardroom but I predict some big changes.

Tiger

[maddox] 10/6/2020 12:18

I don't know the proposed new NED but if I were a betting man I'd put money on him being a Mervyn place man - chosen and vetted on that basis. Why take the risk? I'm voting against.

[graham1ty] 10/6/2020 11:24

David, the new non Exec, acting as independent from the Executive Board, should by now have met with shareholders, met with disgruntled shareholders, listened to their worries and complaints, and taken that to the Board table, as appropriate, to voice the concerns of shareholders. This would give shareholders a genuinely independent voice on the Board. He/she would not be representing shareholders, and would obviously not have to follow all they asked for, but would stand up for shareholders generally and fight their corner.

[davidosh] 10/6/2020 11:19

I am personally neutral on the new non exec as I do not know him and he has only just started in his role....he probably needs more support from new additional NEDs rather than being kicked out but if the largest shareholder sees a problem then there probably is one.

All the corporate governance issues need resolving and personally I would like to see an externally appointed CEO to bring in fresh ideas and with leisure sector experience and particularly online marketing knowledge. The trading websites are very poor standard IMO

[18bt] 10/6/2020 11:01

In a FTSE350, a 25-30% vote against a director is usually sufficient to force a Board to change their stance.

[p0rt1] 10/6/2020 10:57

Board on its way to the AGM:

[graham1ty] 10/6/2020 10:56

Plan B: higher remuneration for the Board to cope with the excess demands of shareholders and the stress caused

[graham1ty] 10/6/2020 10:49

The Companies response to shareholders says that “we are required to adhere to a recognised corporate governance code and we have adopted the Quoted Company Alliance (QCA) Code.

Then why does the announcement about Steve Grant becoming Chairman ( RNS dated 10 Feb 2020) state that:

“Although the Board are fully aware of corporate governance best practice, the Board believe that Steve will exercise independent and diligent oversight over the Company coupled with robust support from the other two independent non-executive directors. It is the Board's view that maintaining both continuity and the wealth of industry specific knowledge and experience that Steve has will be a great asset to the Company.”

Is that not an acknowledgement that they are not following best practice ?

[18bt] 10/6/2020 10:42

I will be voting against the reappointment of Mr Keene, even though it is for a nominal period. I would vote against Mr Grant taking over as chairman if I had the chance. But I can't see why I would vote against Mr Taylor - he is new and should be given a chance. It would be interesting to see the Minutes of the Board meeting at which the changes were discussed and to see whether there was a full and frank discussion on Steve Grant moving up to the Chair. 7,700 shares won't move the dial, but the Board should take note - there is best practice corporate governance for a reason.

[davidosh] 10/6/2020 10:26

RNS out..... announces that a statement is tomorrow being posted by the Company to shareholders from one of its shareholders as permitted under the Company's articles of association, in relation to certain AGM resolutions.

The Company is also sending a detailed response to this statement to shareholders, and both documents are available on the Company's AIM Rule 26 website, at hxxps://tandemgroupplc.co.uk/aim-rule-26/ .