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“We believe that material risks exist for AGCO’s shareholders in the inevitable cycle downturn and that the Board should proactively focus on minimizing such risk now,” TAFE, which is AGCO’s largest shareholder with a 16.2% stake, said in the presentation.

TAFE, which has previously raised similar concerns with AGCO, has been an owner for seven years and paid an average $48.13 for its stake.

Indian tractor manufacturer Tractors and Farm Equipment, known as TAFE, said in a U.S. regulatory filing that it made a presentation to the company in which it outlined AGCO’s weakening long-term competitive position and urged immediate action.

That includes bachelors and postgraduate degrees, diplomas and some Tafe and vocational courses.

Back in 2005, I’d wanted to become a personal trainer and had completed a cert III in fitness at Tafe, but then the gyms I applied to work for told me I’d never get professional indemnity and public liability insurance.