Annual Meeting Report, March 8th 2024 Click here for NZSA Assessment and Voting Intentions The company is proposing a capital restructuring to allow it to finance its non-honey business whilst separating the King Honey business to allow for a future sale. Since acquisition in June 2021, the King Honey business has experienced difficulties due to…
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NZSA Disclaimer I’ve just finished watching the latest True Detective series where the constant refrain from the hard-bitten Alaskan cop played by Jodie Foster was: “Ask the question. Nope, wrong question” until she got to the heart of the matter. It came to mind when I was recently asked to speak to women about investing…
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Annual Meeting Report, February 28th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 Change Revenue $100.6m $105.7m $126.3m $169.9m 35% Operating Expense $93m $118.2m $146.7m 24% EBITDA $12.1m $12.7m $8.1m $23.2m 186% NPAT -$31.7m $3.2m -$3.3m $10.0m n/a EPS1 -$0.321 $0.032 -$0.033 $0.098 n/a Capitalisation $281m $772m 175% PE…
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NZSA Disclaimer While most of the New Zealand investment community were agog at the events impacting a certain building materials company, an announcement made to market by PGG Wrightson (NZX: PGW) late on February 13th caught NZSA’s attention. It seems that PGW’s 44% shareholder Agria is seeking a special meeting to remove three of the…
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NZSA Disclaimer It has been a decade of disaster for Fletcher Building (NZX: FBU) shareholders. Much has been said about Fletcher Building this week, including NZSA’s own commentary both in the media and via the NZSA blog article (It’s just a flesh wound…) early in the week. Of course, it isn’t the first time we…
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NZSA Disclaimer This scene from Monty Python has indeed set the tone for the events that have played out at Fletcher Building (NZX: FBU) over the last week. Unfortunately, however, the brave and beleaguered ‘Black Knight’ made famous by the Monty Python sketch represents not just the company itself, but the many thousands of shareholders…
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NZSA Disclaimer Back in July 2023, the due date for responses to one of the previous government’s lesser-publicised bills was coming up fast. It was Mataraki weekend – the new public holiday to recognise the Māori New Year. Clearly, it wasn’t a holiday that meant much to the Finance and Expenditure Select Committee, with consultation…
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Special Meeting Report, January 23 2024 Click here for NZSA Assessment and Voting Intentions The Chair Tim Molloy outlined the rationale behind the company seeking shareholder approval to delist from NZX – mainly the compliance costs, which were disproportionate for the size of the company and limited its ability to expand, and the lack of…
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Special Meeting Report, January 22 2024 Click here for NZSA Assessment and Voting Intentions The Chair and CEO, Chris Meehan, opened the meeting – setting out the purpose being to approve the sale of shares by Wanaka Partners LLC, to Perpetual Corporate Trust Limited as custodian for Akarua at $2.50 per share. The shares are…
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NZSA Disclaimer At a Special Meeting held on December 14th, shareholders of Burger Fuel approved a special resolution for the return of capital to shareholders. Or did they…? A deeper analysis of the shareholder voting results gives a slightly different picture as to the outcome. The ‘raw’ vote by shareholders is shown in the image below:…
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