Shareholder essential to get message across

Christopher Tiensch

Florida-born Christopher Tiensch likes a challenge. In his spare time the 38-year-old climbs mountains - during working hours he's the man shareholders of listed text messaging marketer Plus SMS Holdings hope will turn disaster into dividend.

This month, only weeks after he became chief executive - the share price collapsed amid revelations of false statements, a Securities Commission inquiry and the resignations of founder Garry Donoghue and chairman Jim Bracknell.

Regarding speculation he may step down, Tiensch said: "I can give my assurance that's not going to happen."

The firm's share price had been as high as 82c last year but closed on Friday down 4c at 14c.

On the debate about market disclosure stirred up since Plus SMS's admissions of incorrect statements and the subsequent inquiry, Tiensch said: "All we can do is try to do our best to make sure that we supply all the evidence and answer all the necessary questions that the commission has to comply with their investigation."

A lack of trust in the company was understandable and would only be rebuilt by delivering results, Tiensch said.

If the business was to find success the support of cornerstone shareholder Jersey-based investment firm Hewon Capital would be crucial.

Last week the Plus SMS board agreed to support in principle a proposal from Hewon to work towards listing the firm on the London Stock Exchange AIM market by January 31.

Hewon also intended to underwrite the raising of up to $6 million of new capital in conjunction with the listing.

"The company will need an injection of capital going forward still, just because of the revenue delay."

Tiensch has more than 13 years' experience in telecommunications.

Hewon chairman Rob Hersov invited Tiensch to join the Plus SMS advisory board and after about a month he was asked to become chief executive - a role he took up in June.

"I saw it as an interesting challenge. I knew the company had some hurdles to face and I thought, and still do think, that the concept is very creative and it has a lot of potential."

The reality was that expectations had been set too high and some contracts needed renegotiation. Donoghue and the previous management team had failed to execute on the business plan, Tiensch said

A new management team would soon be unveiled.

"I think a lot of people in the press and others have written this company off and we are not ready to go down yet."