One of Tritium's biggest shareholders, Brian Flannery, expresses disappointment in the company's decision to delay cost reduction and suggests that the Brisbane factory should have been closed down earlier. The stock price of the NASDAQ-listed maker of fast chargers for electric cars has dropped by 20%, raising concerns about customer retention. Flannery believes that finding a big backer to take the company private is the only option.
biggest shareholders Brian Flannery says the company has left it too late to reduce its ongoing costs and should have closed down its Brisbane factory a year ago and moved all manufacturing to the United States .
“I think they need to find a big backer to take it private. I think taking it private is the only option. I am hoping someone takes them over.”The fate of Tritium and its Brisbane factory, where staff numbers have dropped from 600 to 400, comes at a challenging time for Australia’s manufacturing industry.
“If I did sell I don’t think I would get very much for it,” he said. “I’ve had plenty of winners and I have had plenty of duds. And it looks like this could be a bit of a dud. I hope I’m wrong.”Tritium cornerstone shareholder and non-executive director Trevor St Baker this week said if the company had to move overseas it “would be an indictment on government policy in Australia”.
Manufacturing United States Stock Price Customer Retention Private Acquisition Business Tritium Shareholder Cost Reduction
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