Update on the Traffic Technologies (TTI) Board Replacement Initiative

Chairman of TTI Ray Horsburgh was cited in The Age on 2 October:

The plan to sell the company's road sign business and traffic management division should wipe $14

million off the bank debt, and give the company about $4 million of cash, with minimal impact on

earnings. Independent adviser 333 Capital has recommended the deal, and banker Westpac

supports it.

This method of providing information to shareholders and the market is highly imprudent:

It breaches the companys full disclosure obligation. Two divisions are up for sale for $18 million with specifics on how the cash will be used. This information has not been lodged with ASX for shareholder access. Yet this information is very material.
In negotiations with future purchasers, this puts a ceiling on the value. Your average real estate agent would not make such a mistake
We understand that TTI employees in the two divisions were not advised that their divisions are being sold. Is The Age the best way to communicate with employees about their futures with the company?
It appears that TTI has given up on its failed profit improvement