My initial reaction to the resignation of Mr. Woodhouse:
It’s always a bit unsettling when an executive leaves a company. But it seems as though the resignation was amiable, as the board wished him well in his new endeavours.
Part of me wonders if it was Barry that was part of the communications issue here over the past year.
Over the years, I had an open line of communication with Barry and others at the company, however, that line had closed over the past year. I would send Barry emails and messages about various topics (when earnings would be released, questions about the new NC office when it was announced, etc…). He would always respond to those emails and messages, though his response would typically take 1-3 weeks. The last open line of communication was back in May 2013. However, I noticed that beginning in June 2013 that line of communication appeared to close. This was before the announcement that Gene was stepping down from CEO and before the announcement that they were suspending quarterly reporting. My emails and messages would go unanswered. I would even call the North Carolina headquarters to see if they would be able to relay my messages with no avail. I ended up calling the Australian headquarters several times, and actually managed to get a hold of Barry twice. Both times, the conversations were brief and he held back on disclosing any pertinent information.
The problem is, we don’t know who is replacing Barry and what his communication style will be like. I called the North Carolina office two days ago to see who we should reach out to in order to get questions answered, as Barry was typically the person I was directed to.
I spoke to Pat V. at the NC office regarding a contact person over in Australia that will be taking over the Investor Relations task. She mentioned that Sam Dahanayake will be the person to reach out to.
So I sent an email out to Sam, and within 10 minutes received this response:
Hi Chris
You can contact me on investor relations.
Kind Regards
Sam Dahanayake
Management Accountant
Alloysteel International
93 Mulgul Road, MALAGA, WA 6090
PO Box 3087, MALAGA DC, WA 6945
From: Chris xxxxxxxxxx [mailto:xxxxxxxxx@gmail.com]
Sent:Wednesday, 12 February 2014 1:28 PM
To: Sam Dahanayake
Subject: Investor Relations Contact
Sam,
I appreciate your help in directing me to the 2013 Audited Financial Results on the website a few weeks back. I spoke with Pat V. from your North Carolina office earlier today regarding the appropriate person to contact related to investor relations items. She mentioned that you would be the appropriate person to contact now with the departure of Mr. Woodhouse. I would appreciate if you confirmed that this is indeed the case as it would be helpful to have an open line of communication with the company.
Thank You and Best Regards,
Chris xxxxxxxxx
So I'm hoping this change opens the doors to a new line of regular communication, both directly with management and with the investment community.
I have not sold any shares since the announcement and began to buy some shares today. The financials of this company are solid, we just need the house to get in order.
I plan on sending a larger/longer email to Sam explaining the issues that we as shareholders had been facing in the past and continue to face with the company's current communication policy. I will let everyone know if I get a response.
