30/04/2019 - 13:53

Tempo appoints Dalgliesh amid possible solar cost blowout

30/04/2019 - 13:53

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Tempo Australia has appointed the former chief executive of failed engineering firm RCR Tomlinson as an adviser, as a potential cost overrun looms over its Victorian solar energy project.

Tempo appoints Dalgliesh amid possible solar cost blowout
Paul Dalgleish quit RCR just months before cost blowouts at solar energy projects were revealed.

Tempo Australia has appointed the former chief executive of failed engineering firm RCR Tomlinson as an adviser, as a potential cost blowout looms over its Victorian solar energy project.

In a statement, Tempo said Paul Dalgleish would assist the board with reviewing business operations as required, and his remuneration was not disclosed.

Tempo is in a trading halt pending an update to a possible cost blowout at one of its “major projects”.

BusinessNews understands the major project in question is its $15 million contract at the Cohuna solar farm project in Victoria.

Mr Dalgleish quit as RCR’s managing director in August last year, around three months before the company went into administration over combined cost blowouts of $57 million at two solar energy projects in Queensland.

Tempo held its annual general meeting today, with only shareholders and staff allowed in.

All resolutions put to the AGM, including the adoption of the remuneration report and the re-election of executive chairman Guido Belgiorno-Nettis, were passed.

However, BusinessNews understands some shareholders posed questions around why a $125,000 cash bonus was paid to managing director Ian Lynass last month amid the current Cohuna situation and the company’s weak share price.

Mr Lynass was appointed as managing director in March last year and quit last week.

In a statement, Tempo co-founder Charlie Bontempo said he was concerned with the company’s current performance.

“I believe Tempo Australia has great potential, particularly given the current work on offer in Australia’s mining and infrastructure sectors, traditional areas of strength for Tempo,” he said.

“However, like many shareholders, I am concerned about the company’s current performance, direction, leadership, corporate governance and recent appointments.

“As Tempo’s second largest shareholder and a co-founder of the company, I look forward to meeting with the chairman to discuss Tempo’s strategic direction and leadership.”

Bontempo Nominees has a 17.32 per cent stake in Tempo.

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