Director Resignation
Tirupati Graphite plc (TGR.L), the specialist flake graphite company and producer of this critical mineral for the global energy transition, announces Mr Murat Erden has resigned from his role as Non-Executive Director with immediate effect in order to take up an external executive position.
Mark Rollins, Executive Chairman of Tirupati Graphite commented:
"I would like to thank Murat for his role in supporting the restructuring of the company's Board and repositioning of the Company for a strong recovery and future growth. We wish him well in his new role." |
Cheers. Good advice. |
The new directors are obliged by law to put that in the RNS and other legal papers and quite rightly too as the ex executive CEO/CHAIRMAN has left the company in dire straights financially and otherwise.
So pwal whilst I fully understand your concerns reference TGR....for your own piece of mind I would strongly recommend that you "expect the worse but hope for the best" at TGR. |
This is worrying: the Board is obliged to highlight that there is no guarantee of a successful outcome and that there remains a high financial risk to the Company's future at the present time.One can only hope. |
 About Tirupati Graphite Plc
Tirupati Graphite is a specialist Graphite producer and a supplier of the critical mineral for a decarbonised economy and the energy transition, with leading low development capital and operating costs. The Company places a special emphasis on green applications including renewable energy, e-mobility, energy storage and thermal management, and is committed to ensuring its operations are sustainable.
The Group's operations include primary mining and processing in Madagascar where the Group operates two key projects, Sahamamy and Vatomina with a combined installed final production nameplate capacity of 30,000tpa, subject to minor capex additions. The Madagascar operations produce high-quality flake graphite concentrate with up to 97% purity and selling to customers globally.
The Group also holds two advanced stage, world class, natural graphite projects in Mozambique. Work has already commenced to optimise the economics for development of the Montepuez graphite project, which is permitted for 100,000tpa production and where substantial construction work has already been undertaken by the predecessor. |
For further information, please visit hxxps://www.tirupatigraphite.co.uk |
indeed kemche
and a few more skeletons in the cupboard for sure, there always are
had a quick scim of the new website, which left me decidedly underwhelmed.
overall .......... UNINVESTABLE ... well Goodness Gracious Me. |
kemche - 15 Feb 2023 - 16:10:45 - 926 of 1459 Tirupati Graphite - Specialist graphite and graphene producer - TGR
Indian graphite play. What could possibly go wrong? |
The RNS pretty much says it all...Poddar driven the business in to the ground, not paid creditors and reading between the lines...some very dodgy accounting practices. Lets just hope they can save it. |
What was Poddar doing wrong? Or not doing? And can the new team sort it?Suspension lifted end of March.What happens to the share price?I guess it depends on news.Any deals. Finance. Or VAT returns. |
I don't think they are mate. This looks like a clean sweep, clear out the dead wood, skeletons and cobwebs and start again. Poddar clearly not fit to run a PLC and probably best gone. |
I give a cautious welcome to the management restructuring,
but I wish they would tell us if we are making any money.
pete |
Corporate website has been taken down..looks like a complete tidying up exercise. |
So how about some pleasant news please TGR. |
SP Angel . Morning View .
Tirupati Graphite (TGR LN) SUSPENDED – Removal of director
Tirupati Graphite report the removal of Shishir Poddar, a founder of the company, as a director.
Shishir Poddar was reported to be suspended from his role as Co-CEO, pending further investigation by the Company on 15 January.
Tirupati Graphite appointed Peter Thomas as a new interim CFO in London.
Mr Thomas is prioritising:
the completion of the statutory audit of the annual report & accounts for the year ended 31 March 2024;
assisting in closing short term financing arrangements (alongside the Company's advisors);
reaching mutually acceptable agreements with the Company's creditors
review of existing, and implement lasting improvements, in financial systems and reporting;
the re-design of the financial function of the Company and establish a finance team to support its longer-term growth.
Anthony James Nieuwenhuys was appointed an Co-CEO and executive director on 3rd January.
Nieuwenhuys, was previously a director of Eurasia Mining and currently serves as CEO of Zeb Nickel.
Tirupati recently also engaged ‘an experienced and qualified mining industry accounting and finance professional, located in India’ to support the ongoing audit.
Conclusion: Tirupati is undergoing substantial management change. We look forward to a more comprehensive update on the operation of the company and the state of its financial arrangements.
Tirupati reported on 13th November that a Middle Eastern Sovereign Wealth fund had provided trial pre-production trade finance of US$225,000 for the supply of 280t of certain grades of flake graphite to an end-customer and were in discussions over a US$2.4m similar pre-production prepayment.
Management were also in discussions with the find for development finance for the company’s projects in Mozambique. |
This share suspension period has been anything except quiet. Such a lot of surprising actions. Difficult to keep up and still plenty of room for further speculation. However, as some officials have only been paid in shares and those dismissed from the board have walked off with a large remaining interest in the company it suggests there is still a business to restart, eventually. Also, if Northern can negotiate decent commercial prices, then so can we. I suspect there is still a viable business here, but I find it frustrating that we still have to wait until the end of March to get a proper picture of the state of play.
pete |
I have always suspected inappropriate trading activities with associated companies.
Good to see he’s been given the boot. |
Nothing
Anything worthwhile
Unlikely |
What has Poddar been doing?Or not doing?Can TGR recover?So many questions. |
I suspect inappropriate trading activities with associated companies. Good to see he’s been given the boot. |
Removal of Director
Following a Board Meeting duly convened and held yesterday, Shishir Poddar's role as director of the Company has been vacated, with immediate effect.
Shishir Poddar remains suspended from his role as Co-CEO, pending further investigation by the Company (see 15 January 2025 RNS). |
Highly likely Fraud investigation One wonders where all that money went |
Next bankruptcy |
More news please. |
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