TUR-Turners & Growers-worth a punt?

[KJ]

Turners merged with ENZA over 12 mths ago and its most recent report is for the 12 mths ended 31/12/03.

TUR plan to list on the NZX towards the end of 2004 depending on achieving the ENZAFOODS separation by mid 2004.

There are 70.98m shares on issue-GPG with 79%.

Sales revenue for the yr was almost $1b. F/Y 31/12/03 NPAT $11.7m-First Half $3.4m Sec Half $8.3m. EPS 17c. Asset backing $2.55.
It recently paid a fully imputed dividend of 12 cents per share.

ENZAFOODS
Stated as a possible candidate for market listing sometime in the future.It consists of 3 juicing plants that process about 100,000 tonnes of apples pa. They also process carrots and berries.

Since the time of merging, the coy has gone through a period of consolidation and restructuring.They state that many other benefits are being planned with a view to increasing the efficiency of funds employed.By my calculation ROE is only 6.5%.

Shareholders Funds stand at $180.1m -Property,plant and equipment are valued at $174m.Since the 2 coys merged there is likely to be some consoldation of properties where there will be duplication in some of the towns and cities throughout NZ.Property sales could release a fair bit of cash.Land & Buildings are valued at $115m.
They have stated that they wish to improve ROE.

Another good opportunity for the GPG boys?

Hold TUR

[k1w1]

Announced to shareholders that they are listing today. Who else is in?

[Nimble]

Can't find anything on company website. Any hints as to where I can find details of announcement?

Anyone know a website where you can chart prices of these sorts of unlisted stocks? Thanks.

[KJ]

I am a shareholder but have not been advised.I would have thought some info would be available under GPG.

[KJ]

Just cleared my mail box-

TUR hopes to obtain approval from NZX to list in Sept.It needs to change its constitution to comply with NZSX Listing Rules.
Special shareholders meeting set down for 31 August.

website-turnersandgrowers.com

[small fish]

I have heard Gibbs say on several occasions that all IPO's should leave something on the table for the next person, so I'd probably be in.

[Nimble]

Bit disappointed with their websites, under the shareholders sections of both enza and turners sites "content will be added shortly". Good to see they are working on it but not very helpful in the meantime.

In June Gibbs commented
T&G might join the stock exchange's main board through a compliance listing this year but would not raise capital until next year. "I'm not going to the market for money until I'm dead ready".

[KJ]

The merger with ENZA has resulted in the group holding surplus properties which are currently being sold off.This should realise a fair bit of cash.
Could be some return of cash to shareholders.

[Nimble]

KJ,
Seen this is not yet listed on the NZX it is a little harder to find out info. I assume the company website is the best place to look for announcements. Apart from talking to a broker do you know any websites where you can look at the latest share price movements for TUR?

[KJ]

Until quite recently Direct Broking used to operate a facility for Unlisted stocks-this seems to have vanished.Perhaps you could ask them.

[Nimble]

Thanks for your help KJ, always find your comments of interest.

[KJ]

Listing planned for mid-Sept.Half yrly accounts reveal NPAT $4.6m-up from $3.4m.

After listing TUR plan to separately undertake a capital raising program to fund new initiatives.Also still plan to separate out ENZAFoods Ltd.