04-May-2019: "Dr. D resurfaces"
Part 3: (Read Parts 1 & 2 first)
Disclosure: I held shares in RCR. I sold as soon as they came out of their trading suspension. If I still held shares in TPP, I would do the same - sell them as soon as they come out of their trading suspension. But that's just me. That's not advice.
21-Aug-2019: Last month, Paul Dalgleish was handed the top job at Tempo (TPP):
11 July 2019: Appointment of new Chief Executive Officer and Chief Financial Officer
The Board of Tempo Australia Limited (ASX: TPP) is pleased to announce the appointment of Dr Paul Dalgleish as its new Chief Executive Officer and Mr William Howard as its new Chief Financial Officer and Company Secretary with effect from 15 July 2019. Dr Dalgleish has been acting as an advisor to the Company since the resignation of the previous Managing Director in April 2019, and the Company is glad that following this initial engagement with the Company, Dr Dalgleish has agreed to step into the full-time role of CEO.
Dr Dalgleish has had over 30 years of experience in Senior management of Engineering companies and has been Chief Executive of Public listed engineering companies for 15 years. Dr Dalgleish is recognised as a turnaround specialist with strengths in strategic positioning for growth and has operated across a range of sectors, from Infrastructure to Resources, and diverse geographies. Dr Dalgleish has developed businesses delivering a wide variety of services from maintenance, construction and consulting for engineering projects, to facilities management, manufacturing and technology ventures.
In the words of Midnight Oil frontman Peter Garrett, "Short Memory; Must have a shhhooorrrrrrttt memory..."
Ian Lynass has gone, and his 500,000 performance rights were relinquished in April when he resigned - apparently, according to a recent "Final Director's Interest" notice lodged by TPP. Tempo (TPP) founder, Carmello ("Charlie") Bontempo is also out of the picture, except that he still owns 17.45% of the company. He quit as Chairman back in December. Guido Belgiorno-Nettis, who has taken on the Executive Chairman role now, is the only substantial holder who has been buying Tempo shares, through his private company, Angophora Capital, which now owns 18.6% of TPP.
Dalgleish, as the new CEO of TPP is on a base salary of $360,000 per annum (plus statutory superannuation). Plus equity incentives:
(a) 12 million performance rights that convert into Shares upon the Company’s share price trading at not less than $0.09 for 15 consecutive trading days.
(b) 6 million performance rights that convert into Shares upon the Company achieving an audited net profit after tax equal to or greater than $0.02 per Share in any of the five financial years ending after the commencement date.
(c) 6 million performance rights that convert into Shares upon the Company achieving an audited net profit after tax equal to or greater than $0.04 per Share in any of the five financial years ending after the commencement date.
I guess RCR's indemnity insurance company will provide the lawyers to fight the class action lawsuits filed against Dalgleish and RCR, leaving him free to do it all again at TPP.
Not a bad gig, if you can stomach the work...
TPP closed yesterday at 5.1 cents, one cent above their 52-week low of 4.1 cents.