WKL

[craic]

Anyone else out ther watching this bolter?

[glennj]

No, I've been a bit busy the last couple of weeks and will only catch up with things at the end of the month.
I see from the registry statement we have the equivalent of a 1.5 for 1 split after being allocated 1 Rural Equities share for each original WKL share. Will be nice if things are bolting! What are Rural Equities selling for on Share Mart?

[Lawso]

WKL? Is that the outfit that has a director and major shareholder called Sir Seldom Blushing? No thanks.

[craic]

Yes it is Lawso. Last time I checked the Rural Equities shares were getting 105cps. WKL 13 cps rise today to 275cps. 1000 shares purchased early 2001 for$4,230 now gross $5,704 ( including dividends)or 34.8% in two years. I am just fishing to see if anyone knows why there should be a 5% rise in the share price today

[craic]

Today's price on offer 2cps above yesterday but not a seller in sight at any price. Should be a dividend at the end of April but no mention of it anywhere. Is someone in the know?

[Lawso]

Good on yer, Craic, for doing so well out of WKL. Sometimes I let my emotions and prejudices take charge, but Hey, it's my money and there are still plenty of good places to put it.

[craic]

The answer lies where it always lies - with a bit of insider trading, I do believe.
WKL
18/03/2004
HALFYR

REL: 0845 HRS Williams and Kettle Limited

HALFYR: WKL: HY to 31/01/2004 $5.417m ($5.215m) +3.9% Div 8cps

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 31/01/2004

Unaudited (NZ$000)
Current Previous
Period Corresponding
Period
OPERATING REVENUE
Sales revenue 95,727 92,269
Other revenue 6,664 6,976
Total Operating Revenue 102,391 99,245
OPERATING SURPLUS (DEFICIT)
BEFORE UNUSUAL ITEMS AND TAX 8,227 7,045
Unusual items
for separate disclosure - -
OPERATING SURPLUS (DEFICIT)
BEFORE TAX 8,227 7,045
Less tax on operating surplus (2,810) (1,891)
Operating surplus (deficit)
after tax but before minority
interest 5,417 5,154
Less minority interests - -
Equity earnings - 61
OPERATING SURPLUS (DEFICIT)
AFTER TAX ATTRIBUTABLE
TO MEMBERS OF LISTED ISSUER 5,417 5,215
Extraordinary items after tax - -
Less minority interests - -
Extraordinary items after tax
attributable to members of the
Listed Issuer - -
TOTAL OPERATING SURPLUS
(DEFICIT) AND
EXTRAORDINARY ITEMS
AFTER TAX 5,417 5,215
Operating Surplus (Deficit)
and Extraordinary Items after
Tax attributable to Minority
Interest - -
Operating Surplus (Deficit)
and Extraordinary Items after
Tax attributable to Members
of the Listed Issuer 5,417 5,215
EPS 36.54 35.18
SHAREHOLDERS' EQUITY
ATTRIBUTABLE TO MEMBERS
OF THE HOLDING COMPANY 54,673 51,611

Dividend is 8cps. Fully imputed. Record Date: 16/04/2004. Payment Date:
28/04/2004.

The Directors of Williams and Kettle Limited (W&K) are pleased to announce an
unaudited after tax profit of $5,417,000 for the six months ended 31 January
2004. This compares with last year's half yearly result of $5,215,000, an
increase of 4 percent.

Directors have declared a fully imputed interim dividend of 8 cents per share
on the increased number of shares now on issue following the recent capital
restructuring. As shareholders have had their shareholdings increased by 50
percent this is the equivalent of 12 cents per share on a pre-restructuring
shareholding (last year's interim dividend was 11 cents per share). The
dividend will be paid on 28 April 2004 with books closing for dividend
entitlement on 16 April 2004.

Chairman Mr John Bayly said that the Company was pleased with the results as
conditions in the rural sector are challenging due to the stronger New
Zealand dollar and difficult climatic conditions. He said that
diversification of the Company's operations, both geographically and by
extending the Company's range of products and services in recent years, had
played a significant part in the solid result achieved by W&K.

Mr Paul Macfie, Chief Executive Officer, commented that "Given that market
conditions today are significantly different from the buoyant conditions of
recent years, this result is considered a creditable one and has been
assisted by the growth into new areas, plus a very good performance from the
horticulture division in particular."

DIVISIONAL PERFORMANCE

Horticulture

The horticultural business, Fruitfed Supplies, has made further gains in
terms of market share and profitability and has made another record
contribution to the Group. Fruitfed Supplies is New Zealand's leading
supplier to the horticultural industry and traded strongly during the period
under review. It is W&K's most significant profit contributor and generates
more than a third of continuing earnings.

Mr Macfie said that "The business is without peer in the horticultural
supplies market. The added value created for growers by Fruitfed Supplies
skilled workforce, its national distribution network, research and
development programmes along with numerous exclusive product agreements with
key international supplier partners provides a foundation which
differentiates us in th

[Lawso]

I wonder how WKL shareholders are feeling about the latest ploy by Sir Seldom Blushing. I only know what I've read in the paper, but it seems that Seldom and his son Dreadful (sorry David) are offering $1.25 a share to take their stake in Rural Equities from about 33% to 50.1%. Apparently they'll finance the purchase from their sale in March of $8m worth of WKL shares. Fair enough, I s'pose. But the Blushings were instrumental in hiving off WKL's property management interests into Rural Eq, the outfit they now want to take control of. Seems to me that if Rural is so attractive to them, it would have been equally attractive and valuable to W&K and its shareholders.

But then, as Barrel Scraper says, "what would I know?"

[Lawso]

PS. I thought company directors had a duty and an obligation to act in the best interests of ALL the shareholders.

Silly Old Me.

[craic]

Lawso, you may be right and you may be wrong and I haven't got a clue as to what it all means but (1) My original investment in WKL has increased in value by 30% since Jan 2002. (2) I have shares in Rural Equities that are worth at least 30% of my original investment, or they were some weeks ago when I called the number to ask. Dividends total about 20% of the total initial outlay so far. I have not had any offers for my RI shares but I would be tempted to drop them at 125cps as I don't like stray bits and pieces.

[Barrel Scraper]

ok has been been watchin this stock for a while- I'm In
LMAO...
heres hopin for a 10-20% return in the short future....
any comments. ?

[Misc]

Looks interesting .. short term ... anyone holding?

misc

[Harrys]

Yes Misc I bought a few 18mths ago and added to them earlier this year. I dont see them as a short term hold. They have steadily risen with a growthe rate of 62% annualised. No worries.:)

[Paper Tiger]

Short term, not so hot, the liquidity is not that good.
You can go days without any trade and the buy/sell spread can be chronic.
It has had a good run, but I don't honestly know that is has much upside left over the next few weeks/months.

Longer term, the agriculture sector I would suggest is going to be lowish to average returns over the next year and there is not much to distinguish between ALF/PGG/WKL/WRI.

Been through this in the last couple of weeks with the intention of buying in an agri stock, but decided it is not the time to be moving in, if I had shares in one of the above I would hold.

As usual this is my opinion only, I am not always right :)

[Misc]

Cool , some holders .. watch this space ;)

misc

[craic]

Up 25cps at this point today, what's going on?

[Paper Tiger]

Everbody is ignoring my do not buy recommendation from last night [B)]

[floyd]

pgg and fonterra stand in the market for 10 percent

[Paper Tiger]

Do you guys know how close I actually came to buying WKL at the beginning of the week? :(
I bought into TWR yesterday and I am sitting on 5% paper profit from that, so I should not complain. [:p]
But I am casting round for some other long term buys and I had the money, thought agri AND the tigress said to buy WKL. But decided not to (see a few postings up). [B)]

BUGGE*, BUGG*R, BUG*ER, BU*GER, B*GGER, *UGGER.

Win some, loss some. It a funny old game. :) :) :)

[Paper Tiger]

quote:Originally posted by Misc

Cool , some holders .. watch this space ;)

misc


Ah, the light dawns.

[craic]

Thank you MISC! Saw the price - up 25 - and saw your remark and banged in a buy order at 380 when there were no sellers showing. Got my 5000 for $19,000 and by the time I found out they were worth $21,5000. Bu ggger, I should have asked for 15,000. And to think that the nice people at PGG are the ones doing me the favour. I have an even bigger pile opf their shares.

[floyd]

and now this.........

12:30PM - WRI bids for strategic holding in Williams & Kettle Ltd

[biker]

quote:Originally posted by floyd

pgg and fonterra stand in the market for 10 percent

And now WRI wanting 10% as well at $4.25[:0] (and a 9 month escalation clause)

[Misc]

LOL , well done Craic ... shout me a beer at the GinTrap one day :)

misc

[Paper Tiger]

Of course, at $4.25, it is way over valued. :)

[Phaedrus]

Shares on Issue 22,235,306.

10.1% of this is 2,245,765 shares.

So far, Wrightsons have seem to have acquired 1000.

Not a lot of interest eh? I think they will have to go a lot higher than $4.25. Buyers offering $4.26 at the moment.

Interesting.

[Paper Tiger]

So, the Wrightson action is designed to foil PGG/Fonterra ?
Now do we expect a bidding war? WKL shareholders can hope for one.
Can WRI afford to buy 10%?

[floyd]

geez theyre really chasing it, another lift in the offer price........getting interesting

THE KING says this is NZ old boys club and a hard nut to crack $4.25 wont get the DOOR knob wait and SEE.. [^]

[Bling_Bling]

Where is WRI getting their money from to buy into WKL? Why only want 10%? One would assume they want majority shareholding. WRI need to do a rights issue to fund their expansion?

[Bobby_Fischer]

quote:Originally posted by Bling_Bling

Where is WRI getting their money from to buy into WKL? Why only want 10%? One would assume they want majority shareholding. WRI need to do a rights issue to fund their expansion?


This is only a blocking bid, while they work out what to do next. I hope it is a feint by PGG/Fonterra to stretch the WRI balance sheet (be careful what you wish for, etc). I switched out of WRI into PGG about 6 months ago and haven't regretted it (yet). I think the existance of the relationship between PGG and Fonterra is more significant than the stand itself. Clearly Fonterra is no hurry to kiss and make up with Tubby.

[Bling_Bling]

There is no love lost between Fonterra and Tubby. It does seem to me that they are paying a huge premium for control. Will this eventuate into a profit in the near future that reflects the high share price is yet to be seen. The rural sector is looking like the DotCom Technology days of pre 1997.

[Paper Tiger]

I am getting confused here, as far as I can tell we have PGG/Fonterra looking for 10.1% at $4.35 a pop and Wrightsons looking for 19.9% also at $4.35.

Anyway it looks like neither of them have got much if anything on market.

[Paper Tiger]

Wrightsons have gone to $4.67. Now this is getting silly.

[biker]

$4.67 seems to have shaken the tree hard enough.Over 4 million traded- about 20%,and WRI have over 15%.Doesn't like to lose that Craig Norgate.But has he paid too much?

[rawdata]

Extra 32 cents by Wrightson = extra $1.4 million to stop PGG & Fonterra taking a obstructive 10.1% stake is cheap when a merger or full takeover by Wrightson (re WKL)will release tens of millions of extra value in benefits.

$1.4 million or a total of $21m to gain a strategic stake of 20% - and Wrightson has no debt.

Good move by Wrightson, I think.

[Paper Tiger]

However, PGG/Fonterra could still pursue their 10.1% target to prevent a full takeover.

[glennj]

Missed out on Friday's action as was busy hosting a BBQ from late morning onward. Got a bit of a surprise when I finally checked my phone messages and found out that a couple of brokers had been chasing my shares.

Never mind; I'm quite comfortable holding a good parcel of WKL a bit longer during these interesting times. (Also hold PGG)

Am recently completely out of WRI. However in a couple of senses they are still working for me by pushing up the price of WKL where some of the proceeds were reinvested.

The rural stocks have been great performers these last few years!

[halcyon9]

well done craic

great timing there

[rawdata]

Sounds like merger discussions taking place between WRI and WKL - a lot of value to be extracted and released through a merger in this over-serviced industry.

[craic]

WRI is currently up 16cps. I can't handle these numbers! certainly not on a monday. What I gained on Friday has now been surpassed by my WRI and PGG shares and to cap it all NZR has come to life again. Keep it up! keep it up!

WKL
13/12/2004
GENERAL

REL: 0958 HRS Williams and Kettle Limited

GENERAL: WKL: Don't Sell Notice

The Board of Directors of Williams and Kettle Limited recommend to
shareholders that they do not sell their shares in Williams and Kettle
Limited until Williams and Kettle Limited advises the market of the results
of the discussions referred to below.

The market will be aware that on Friday two parties made stands to purchase
shares in Williams and Kettle Limited. Wrightson Limited, which successfully
acquired approximately 20% of Williams and Kettle Limited, is to meet the
Board of Williams and Kettle Limited today to discuss its intentions in
respect of Williams and Kettle Limited. The Board wishes to ensure that all
shareholders are fully informed of those intentions when deciding how to deal
with their shares and will advise the market of the outcome of those
discussions upon their conclusion.
End CA:00109284 For:WKL Type:GENERAL Time:2004-12-13:09:57:59

http://www.directbroking.co.nz

[craic]

Surprising lack of interest in this coming up to the big day. O.K. Norgate wants the lot and his offer is in the mail this week? I would like to hear anyone's opinion on what the final offer will be - will he be able to buy out the wiley Knight? Will the conservative farmers who own WKL sell or would a wise man sell WKL as close to 470 as possible before the result is announced on the grounds tht if the bid fails WKL will drop substantially in price?

Craic. What's the NTA, and is there another suitor (like WRI) wooing the bride-to-be in case the dowry ain't enough?

[Harrys]

Craic Well I think I will sell my little lot at 4.70 on the basis that its about $1.00 above its
natural price

[craic]

Harrys, the offer is conditional - you can put your lot into the offer but - and it's a big but in this case - if the offer fails ,then WRI will not buy your shares so you will not get your 470cps. NTA is well below the offer price.
Fundamentals : Williams and Kettle Limited Ordinary Shares

Total Issue 22,235,306

Market Capitalisation $102,949,467 (@ 463)

Full Year Profit 14,358,000.00 (NZD)

Earnings/Share 79.8400 cents

Price/Earnings Ratio 5.7991

NTA/Share 138.5900 (NZD) cents

Dividend/Share 17.0000 (NZD) cents

Dividend Yield 3.7%

[foodee]

Craic
Far be it for me to make any suggestions and my feeling is that you already know your mind. As a Hawke's Bay person I know the farmers 'loyalty thing' will present some nuisance value to WRI, but WRI will prevail. WRI's play on WKL is more a defensive move. It is symbiotic to both and as such will succeed.
You're already winning - just a matter of how much and how long-might be some wait for some small gain.;)

cheers

disc: hold neither

[kiwi_on_OE]

Last FY profit included one-off gain of 8m. Excluding that indicates a profit of 6.5m an eps around 30cps and pe around 15-16 at the current price.

Next step is to wait and see what the directors have to say for themselves.

Thanks Craic. That P/E is pretty impressive.

[kiwi_on_OE]

To my mind a PE of 15-16 is impressive for a ag. company at the top of the cycle - but in a bad way!

[craic]

So now we know!
In March 2004,when H&G Limited, the investment company owned by David Cushing and Sir Selwyn Cushing, completed the sale of 3,260,720 W&K shares by private placement, H&G Limited announced that as part of the underwritten agreement with ABN AMRO Craigs for the placement, That H&G interests have agreed not to sell their remaining 19.9% holding before 22 March 2006 without the prior approval of ABN AMRO Craigs.As of the date of this statement that agreement remains in place