CUIN, you are right, as always. Except, I'd interject that the management's "strategy" is *seeming* (and, transparency and actions matching words would go a long way towards curing this) more and more like duplicity, if not something worse. I've been hesitating to label this company's actions with the stronger words I've been thinking, simply because I have been hoping they'd take a definitive step in the right direction. However, they have today done the opposite. Today, they took a gigantic step in the direction of patting themselves on the back and taking undue compensation. With all this said, here are some key points:
1. Until approximately one year ago, Titan represented to the public that it intended to progress along a certain series of "milestones."
2. This timeline induced numerous investors to invest thousands of dollars.
3. With no warning to investors, Titan completely changed its timeline, thereby vitiating stock value. Titan offered investors no opportunity to mitigate the resultant loss.
4. It was apparent to investors that Titan must have had advance notice of this changed timeline, but Titan did not provide an opportunity to mitigate the eventual loss.
5. At around the same time, Titan retained a firm to handle "investor relations." This firm made little (or no) effort to communicate with investors. This firm is receiving tens of thousands of (investor) dollars and has yet to show any value added - to shareholders.
6. Throughout the following year, shareholders speculated as to what Titan was doing (with their money), suggesting that Titan was likely in the process of being bought out.
7. Several months before the annual general meeting, Titan promulgated a shareholder rights plan that addressed shareholder rights in the event of a takeover.
8. At the much-anticipated annual general meeting, Titan announced it was offering its own leadership and associates over 600,000 options. Titan did not address its shareholders at all. Titan offered no further insight to those who have invested in the company.
9. Like any publicly-held company, Titan has a fiduciary duty to its shareholders.
10. Titan has continued to operate like a privately-held company - variously indifferent and contemptuous of those who have helped to keep it afloat and trusted it to make good on the promises that induced their investment.
I believe it is time for shareholders to sue this company. I also believe the Canadian version of the SEC should begin to look into potential wrongdoing. The change in timeline combined with the subsequent failure to rectify the situation is essentially a breach of Titan's fiduciary duty. This company does not seem to want to have this duty. However, it took it on when it chose to go public and to represent/induce through that timeline. Now that Titan's leadership has decided to focus on paying itself before shareholders, I believe it has crossed a line in the sand showing that Titan management does not have any concern for its obligations towards shareholders. This should result in shareholders taking legal action.
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