I recently attended the AGM of Transamile Group Berhad, held at The Saujana, on Apr 28, 2010 and like to share with you some of my findings.
There is no doubt that the Management has been working very hard to settle its huge overdue debts and other significant operational issues. However, I noticed something amissed . They have missed out the BIG Picture of the turnaround plan and its future direction. To me, what the investors are interested to know is the big issue of turning around and the length of period they need to turn around, rather than what they presented at the AGM. In my personal view, this is a common mistake made by lots of senior professionals who may be too overworked and overstressed.
As a result, I raised these issues to them in the hope that they will open their mindsets and look at more options in order to turn this company, which has certain niche market, around. No doubt, it is a difficult task, but not impossible. They need to have more confidence and stronger faith or at least give my views some consideration, so as to turn the company around and to keep its current staff force.
To my disappointment my view was not given due consideration and they chose to bull dozed their plan ahead. This does not seemed to be fair to the minority investors because the management may not have explored all the options before arriving to such a conclusion.
In this connection, I also urged them to refocus their attention on these Big and Urgent issues, but in vain. I did not walked out in protest, but listened to their presentation till the end. The key performance indicators such as revenue per nautical km travel, cost per nautical km travel, load capacity and average utilisation hours of each type of aircraft were not available. Reason given by the COO were they were confidential. These key indicators are usually made available in the annual reports of other airlines.
I approached the COO after the AGM and had a short chat before exchanging business cards with the CEO and CFO. Thereafter, they excused themselves for the press conference.
Consequently, I contacted the COO and CEO the day after the AGM with the hope of offering them my experience and skill. I am willing to work with them to explore more options to turn around this company, which I believe there is a possibility and not as what they claimed. My intention of offering such help is to keep the company afloat so as to lift up their staff specially and their families members, as the name suggested in this blog.
Secondly, this is another typical case of fixed mindsets, where people refused to explore other possible options before coming to such a conclusion as the above. As such, I published this event in the hope that the management can give it a second thought.
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For those who want to know more about the details of the financial status of the company, you may access its report at bursa website.
Thank you and look forward to hearing from you,