RNS - Renaissance

[Lizard]

Last thread not posted on for 18 months (deservedly!):
RNS: 9% drop today (http://www.sharetrader.co.nz/showthread.php?p=215648&highlight=rns#post215648)

However, given the price action of the last few days, thought it might need a new thread with a new title. Price has gone from hovering around 22cps up to 27cps and possibly the buyer planning to clear out the offer through to 30cps this morning is for real?

Actually, I think RNS is one of those NZ shares with a December year end - which may be an advantage in putting the GFC behind them severely but promptly. On historical metrics, RNS looks potentially quite cheap - although yet to see how ghastly the final result for 2009 turns out to be.

I still own a small parcel from pre-disaster days and have added a few recently as a punt, but still only tiny hold for me. (I can feel P making a mental note to remember this one for a lecture on the sins of averaging-down if it all turns pear-shaped!)

[percy]

luckily i donot have shares in rns.
i note new ceo's cv is impressive.richard webb.
murray wood onto board makes sense.
old buffet saying 'good people join a bad company,it is the bad company,s reputation that stays intact'
ps is this the old triumph industries that i did doe on?

[Lizard]

ps is this the old triumph industries that i did doe on?

Yes it is.

Of course Abano is the one for proving bad companies occasionally go straight... though probably only if Eric Watson is selling out. :p

And Renaissance is not all bad - it has provided a few stunning trades in its "good" years.

[Phaedrus]

I still own a small parcel from pre-disaster days and have added a few recently as a punt. (I can feel P making a mental note to remember this one for a lecture on the sins of averaging-down if it all turns pear-shaped!)Liz, you may perhaps have been a little bit naughty if you bought RNS before the Buy signals shown below, but your real sin was holding on to your original investment when RNS was in an obvious downtrend.

Can we assume that, seduced by the apparently good fundamentals, you chose to ignore prevailing market sentiment?

There must be a lesson in there somewhere!

http://i602.photobucket.com/albums/tt102/PhaedrusPB/RNS115.gif

[Lizard]

Actually, percy, perhaps RNS just did too well out of distributing Apple for a couple of years there? Investors hoped the cashflow and divs were sustainable which turned out not to be the case. RNS tried to do the right thing by diversifying income streams, but the transition out of the Apple era just too severe to replace.

Maybe if they'd raised new capital at the peak and gone for broke on a larger M&A play, they might have still held up ok? Though hard to think what sort of businesses would have been suitable fit.

[Lizard]

Can we assume that, seduced by the apparently good fundamentals, you chose to ignore prevailing market sentiment?


Probably - I think where you put that quote in there might have been an initial break in downtrend? Sadly, not confirmed or I read it prematurely, but I'd gone and bought in a portfolio that only does long term investment in income shares, so I was reluctant to sell a small holding and possibly muddy IRD's view on the rest.

(I do trade in another account and declare it for tax purposes)

[percy]

lizard
i shot from the hip without thinking.
you may have picked a turnaround with rns.
looks to have broken down trend and still alot of good in the company.
i will watch sp with interest.

[percy]

lizard
still may be a pig in poke.
red flags when MD and finance director resign.
i take take that as meanning they have not got the company on course.
the december balance date an report i would think will only confirm this.
should however provide information to give us a chance to work out what the company is worth.the real test will be what the new MD can achieve and the direction or course he steers.
i will go and have a look at moorhouse ave .store.i worry they are just another retailer in
an overcrowded market.
the school business could be good as i cannot see dick smith and jbhi fi trying to get into that market.
i sell books to school libraries and find most people donot understand the market.
rns do and have done very well.
dick smith jbhifi etc not set up for schools.

the school business i would think could be very good.

[percy]

lizard
had a look at moorhouse ave store at 20 past one today.
good setup.
staff flat out with 24 customers,buying!!!!!!!

[Anna Naum]

See ex CEO has gone to major competitor who is setting up in NZ

[Balance]

See ex CEO has gone to major competitor who is setting up in NZ

Where did you see article?

Hope he takes the ex-CFO with him as well. The two of them are good time merchants who talked a lot of bs and blew some serious money through their incompetence and mismanagement.

[Silverlight]

http://www.nbr.co.nz/article/ex-renaissance-boss-returns-head-potential-competitor-117224

[bryndlefly]

"RNS Executive Directors’ Long Term Incentive Plan
As advised on 27 November Paul Johnston resigned effective 31 December 2009
and Clive Lewis resigned his executive position effective 15 January 2010. As a
consequence the Long Term Incentive plans for each of the executives
implemented in May 2008 have been terminated. The balance sheet impact of this
change will be to reduce the total number of shares on issue by 711,557 shares.
The number of shares on issue now is 44,208,520."

from stuff:
"Renaissance Corp. (RNS): The computer distribution company is to face new competition from a company set up by former managing director Paul Johnston. Simms International, a U.K. and Australia based distribution company will open for business this month with five or six staff, offering similar products to Renaissance, which employs 400 people and has an NZX value of $13.5 million. The shares dropped 3 cents to 27 cents yesterday."

[brucey09]

senor - all old news! we expected the share scheme to go.

[Anna Naum]

senor - all old news! we expected the share scheme to go.

'We' you speak for many?

[777]

Well said Anna. Not nice to be stomped on by some smart ***e on your first post.

Stay with us bryndlefly.

[percy]

bryndlefly.
good post as facts are now on rns thread.

[bryndlefly]

aw cheers. have been following these boards for a while. thought i'd actually register and put my 2 cents in every now and again. I am a bit of newbie to sharetrading though, so forgive me if i make newbie comments. (woo-hoo - 2 posts!)

[emearg]

Nothing wrong with newbie comments...

[percy]

Article on RNS and CEO Richard Webb's colourful past ,by Jenny Ruth in this weeks The Independent.

[Silverlight]

Preliminary full year result to 31 December 2009


In the interests of keeping the market informed Renaissance Corporation today announces a preliminary unaudited loss before tax of $2.721m for the 2009 year.

2009 2008 % change
$000 $000

Sales 194,790 189,633 +2.7%
EBITDA 1,300 4,648 -72%
Depreciation and amortisation (2,081) (2,073)
Impairment of assets (881)
Net finance cost (304) (284)
Profit/(Loss) from continuing operations (1,966) 2,291
Loss from discontinued operations (755) (1,087)
Profit/(Loss) for year before tax (2,721) 1,204

Trading in the last quarter of the year was mixed with some parts of the business doing better than expected and some not as well. Natcoll performed well above expectations; the opposite was the case for MagnumMac and Renaissance Education Division (RED) which were both impacted by the recession. In addition, some historic issues have been addressed and these effected the results of the last three months and the 2009 year.

A total of $3.425m one-off expenses and write offs were made during the year.

$1.789m of these were dealt with “above the line” before EBITDA was calculated. In summary these charges were:
- $1.025m – stock obsolescence and stocktake variances.
- $0.592m – costs associated with changes in the senior executive team.
- $0.172m – other recognitions.

The board has also reviewed assets for impairment and opted to write off $1.636m of goodwill and intangible assets as follows:
- $0.881m – goodwill. Of this $0.791m is all the goodwill associated with Insite Technology. $0.090m is associated with Educational Computers which has been absorbed into Student IT and, as a result, has lost its identity.
- $0.755m – final charges relating to the cessation of the Txttunes, Widget and Renaissance Indemnity initiatives. These are shown as discontinued operations above.

Most of these charges had no cash consequences. As a result the Renaissance balance sheet shows net debt of just $1.055m at 31 December 2009 and shareholder funds are $12.6m.

Nonetheless the company is in breach of one of its bank covenants (relating to interest cover). Details of the 2009 result and the breach have been discussed with the bank. If the one-off costs were removed EBIT in 2009 would have been $1.008m. Given that position and expectations for 2010 the board does not anticipate having to make any changes to be able to maintain positive interest cover going forward.

While MagnumMac was a disappointment in 2009 losing $1.597m trading and another $0.740m from stock adjustments and other one-off costs, directors are confident of the future of these stores under the new leadership team assembled during the last six months.

New CEO Richard Webb has commenced a full review of the business and during his preliminary analysis has recommended that the organisation structure be realigned to better serve its customers to lift revenue growth. As part of this realignment the balance date of the company will move to 30 September to improve the company’s ability to forecast earnings in an environment where the December quarter is seasonally high and volatile. Mr Webb will detail his plans when the annual report is released in March.

[Lizard]

From todays announcement:

Guidance:
The new CEO, Richard Webb, has completed a detailed review of the current business. The Board of Renaissance Limited can now issue guidance for the 2010 calendar year.

The business is forecasted to deliver a top line revenue of $205 million and an EBITDA of $3.5 million.


I believe this announcement refers to the 12 months ending Dec10, although the balance date will move to September.

Some points:
1. This guidance is quite premature to take seriously given that we are not even one quarter of the way through the 12 month period under forecast.
2. Taking out "one-offs", the result for the previous comparable period was around $3.2m EBITDA
3. Based on same DA as last year, no debt/interest and 30% tax rate, the forecast equates to a profit of about $700k
4. This is a "normalised" P/E of 12.6 (at 21cps) - hardly low
5. Depreciation seems high - $2.14m on $6.6m of non-goodwill, non-current assets, so may (perhaps) reduce.

Enjoyed this bit:

Despite the 2009 results the company remains on strategy to ...diversify earnings away from the tyranny of ‘disintermediation’ or the increasing desire of vendors to go direct to the market.
Interpretation = "short term trade only"

Stll, management need the share price above 50cps and up to $2 in 3 years to get benefits from their bonus share issue. The bottom of that range is possible. The top of that range looks like a fevered imagining for now.

[percy]

with EBITDA of $3.5mil on turnover of $205mil the question must be asked;Why bother? With such a low return there is no room to move.New management have a lot to prove.I was impressed with moorhouse ave store but certainly needs to prove itself.

[chrisw]

In my professional life I have a lot of dealings with MagnumMac and in fact worked for it when it was an independent company some time ago. Consequently I really know a lot of the staff here in Christchurch, the environment overall there and would have to say that based on staff turnover alone, my impression is one of a rudderless ship. The new CEO may be able to turn it around, but it will take some time and I think that the Renaissance Group remains a speculative investment at this stage.

Like Percy wrote; the margin is so tight here, it almost doesn't stack up as a business.

Cheers, Chris W.

[Nevl]

So the top 2 managers think that they can improve RNS share price by 800% in 3 years. Even if they get half way its probably worth a punt. May buy 5000 shares just for fun and see what happens. Its a pretty big call.

[percy]

[. Its a pretty big call.[/QUOTE]
Very big call.What one should remember"after all said and done there is more said than done"
may be going for gunna of the year award.

[bryndlefly]

So, will they go under...
http://www.techday.co.nz/thechannel/news/report-is-renaissance-set-to-fail/16901/7/

...or will their shares go up 800% ?
http://www.stuff.co.nz/business/industries/3522064/Renaissances-executives-eye-bonus-if-shares-soar

opinions on this company seem to be split between very pessimistic and overly optimistic

[Lizard]

So, will they go under...
http://www.techday.co.nz/thechannel/news/report-is-renaissance-set-to-fail/16901/7/

...or will their shares go up 800% ?
http://www.stuff.co.nz/business/industries/3522064/Renaissances-executives-eye-bonus-if-shares-soar

opinions on this company seem to be split between very pessimistic and overly optimistic

Thanks Bryndlefly. I think I'd have to go with the techday scuttlebutt on that...

[Balance]

Thanks Bryndlefly. I think I'd have to go with the techday scuttlebutt on that...

Those techday scuttlebutt have as much clue about management as they do about year 2000.

[Balance]

Those techday scuttlebutt have as much clue about management as they do about year 2000.

As I wrote, those techday guys will still be trying to tell you that Year 2000 was a real disaster averted.

If you follow the RNS situation, you will know that RNS is actually winding down its wholesale distribution as it's low margin and high maintenance. The techday scuttlebutts are probably wondering what happened to the wonderful days when they received plenty of service and supplies from RNS for bugger all!

One of those turnaround stories which can reap huge returns like RBD and DIL.

Renaissance MagnumMac business reports strong growth
Turnaround is six months ahead of schedule

Auckland, 7 July 2010 - Renaissance has announced that its MagnumMac retail business has returned to profitability six months ahead of plan, reporting 17 percent year-on-year revenue growth for the first three months of 2010.

Renaissance Group, which will deliver a full six-month report to the market in early August, had originally expected that the MagnumMac retail business would not return to profitable trading until the end of 2010. After weathering a challenging environment in 2009, the Renaissance retail business, comprised of seven MagnumMac stores across New Zealand, began 2010 with an improved product mix, stronger sales focus and improved cost controls.

[Lizard]

Thanks Balance. Interested in opinions as I don't have many on this stock.

My holding is small - a punt, mostly based on relative size of potential upside vs potential downside, taking into account balance sheet and revenues.

[percy]

As I wrote, those techday guys will still be trying to tell you that Year 2000 was a real disaster averted.

If you follow the RNS situation, you will know that RNS is actually winding down its wholesale distribution as it's low margin and high maintenance. The techday scuttlebutts are probably wondering what happened to the wonderful days when they received plenty of service and supplies from RNS for bugger all!

One of those turnaround stories which can reap huge returns like RBD and DIL.

Renaissance MagnumMac business reports strong growth
Turnaround is six months ahead of schedule

Auckland, 7 July 2010 - Renaissance has announced that its MagnumMac retail business has returned to profitability six months ahead of plan, reporting 17 percent year-on-year revenue growth for the first three months of 2010.

Renaissance Group, which will deliver a full six-month report to the market in early August, had originally expected that the MagnumMac retail business would not return to profitable trading until the end of 2010. After weathering a challenging environment in 2009, the Renaissance retail business, comprised of seven MagnumMac stores across New Zealand, began 2010 with an improved product mix, stronger sales focus and improved cost controls.

Well done Balance.I have been sceptical on the turnaround.I thought Richard Webb was all hot air.As I like their MagnumMac Moorhouse store,and as today's announcement surprised me I have brought a small parcel at 26cents.

[Balance]

Well done Balance.I have been sceptical on the turnaround.I thought Richard Webb was all hot air.As I like their MagnumMac Moorhouse store,and as today's announcement surprised me I have brought a small parcel at 26cents.

I attended the AGM and was impressed by Richard Webb and his new team. They were enthusiastic, highly motivated and bubbling over with ideas and I observe, all have excellent experiences and backgrounds. One is a South African chap who has finally been given a chance to prove himself after struggling to get a good job in NZ despite his strong IT and business background. Cue - RBD - contrast Vicki Salmon with Creedy.

Unlike the previous management, they did not promise a lot however - in fact, they were extremely cautious and more interested in talking their new business ideas.

One thing for sure - the wholesale business is on its way out. Big decision but in my view, right decision.

[Balance]

Big move in sp today - Launch of iPad or market waking up to this turnaround story?

If it's iPad related, buyers need to sober up!

http://www.stuff.co.nz/technology/gadgets/3949751/Fans-queue-for-Apples-iPad

See the comment on Queensgate Dick Smith?

[Lizard]

HY looks okay. On track or slightly ahead, so encouraging if uninspiring yet. I have pegged a calendar year result of $1.1m, although think they go to Sept year end, so may not mean much. Appears some consideration of an equity raising to increase working capital for expansion.

Hope they have a good plan... last thing shareholders need is more dilution before seeing any real improvement in NPAT flow through.

[macduffy]

I see that RNS is referred to in the media as "the primary local distributor of Apple products" in NZ.

Do we know any details of this?

What proportion passes through RNS' hands?

All products? Or which?

I'm trying to get an idea of the extent of their reliance on Apple, how secure the arrangement is, etc. Have a nagging feeling that I read somewhere, sometime ago that their "hold" on Apple distribuorship had been diluted.

Disc: Not holding.

[percy]

I see that RNS is referred to in the media as "the primary local distributor of Apple products" in NZ.

Do we know any details of this?

What proportion passes through RNS' hands?

All products? Or which?

I'm trying to get an idea of the extent of their reliance on Apple, how secure the arrangement is, etc. Have a nagging feeling that I read somewhere, sometime ago that their "hold" on Apple distribuorship had been diluted.Other major retailers can deal direct with Apple.However RNS Magnum plus stores seem to be the leading Apple retailer.

Disc: Not holding.

Go to the start of this thread.RNS lost sole distributorship of Apple products in NZ.They have wound down distribution business to focus on retail and other avenues.What is interesting is they are making it work.

[Balance]

Liz, you may perhaps have been a little bit naughty if you bought RNS before the Buy signals shown below, but your real sin was holding on to your original investment when RNS was in an obvious downtrend.

Can we assume that, seduced by the apparently good fundamentals, you chose to ignore prevailing market sentiment?

There must be a lesson in there somewhere!

http://i602.photobucket.com/albums/tt102/PhaedrusPB/RNS115.gif

Phaedrus,

Can we get an update from you?

Thanks!

[Phaedrus]

Here you are Balance. I could have shown a lot more indicators here - but who needs 'em?

This chart provides a stark illustration of the folly of simply "buying and holding".
Many people made truly spectacular profits on RNS, but those with no exit strategy gave all their winnings back to the market.

http://i602.photobucket.com/albums/tt102/PhaedrusPB/RNS84.gif

[percy]

Phaedrus.
Thank you for another excellent chart.

[bryndlefly]

A pretty flat response today to the announcement of increased profits. i thought the shareprice would have moved.
I had a chuckle at the latest techday article: "As predicted by The Channel last week, Renaissance has announced a healthy set of profits for the last six months. "
(this shortly after predicting the company was doomed to fail)

[percy]

an interesting article.www.stuff.co.nz technology "Renaissance to sell own 'i pad'.

[Balance]

Lots of misinformation in the market on RNS from those made redundant or those who left as they have found the performance requirements too difficult under the new management structure.

Funny how they praised the previous management when the previous management delivered diminishing profits year after year! Plus the old management blew several million dollars on misadventures like txt-tunes etc.

Makes one wonder how badly run the compnay must have been under the old management.

[percy]

Lots of misinformation in the market on RNS from those made redundant or those who left as they have found the performance requirements too difficult under the new management structure.

Funny how they praised the previous management when the previous management delivered diminishing profits year after year! Plus the old management blew several million dollars on misadventures like txt-tunes etc.

Makes one wonder how badly run the compnay must have been under the old management.
Balance.What are your thoughts on the stuff article? I thought it was very positive and would reinforce your view of the company.I have not seen any of the misinformation you refer to.I agree it was a very badly run business and to start with I thought you and Lizard were mad to be looking at it.I took onboard what you two said and brought in.Thank you both of you as the SP has certainly risen.

[Balance]

Balance.What are your thoughts on the stuff article? I thought it was very positive and would reinforce your view of the company.I have not seen any of the misinformation you refer to.I agree it was a very badly run business and to start with I thought you and Lizard were mad to be looking at it.I took onboard what you two said and brought in.Thank you both of you as the SP has certainly risen.


http://www.techday.co.nz/thechannel/news/renaissance-loses-two-more/17336/7/

http://reseller.co.nz/reseller.nsf/news/ingram-micro-rumoured-to-be-new-apple-distributor

What RNS is proposing to do is consistent with what the new management are aiming to do - reduce reliance on Apple whilst making sure that they are still the preferred Apple distributor in NZ.

[Jaa]

an interesting article.www.stuff.co.nz technology "Renaissance to sell own 'i pad'.

Build and export their own iPad? Are they nuts? That strategy is hardly working out well for Whitcoulls and their e-reader is it.

In IT, managers always dream about building their own software/products so they can be just like their heroes at Apple, Oracle or Nintendo etc. Unless the managers have serious past experience (ala Rod Drury) and significant backing doing these dreams almost always end in failure of which RNS has had plenty. Such dreams are a clear warning. Every time they have tried to build their own IP in anything more than a limited manner it has been a disaster. Think txt tunes, the first version of Ferrit etc.

Everybody knows what MagnumMac stands for, they are very clearly defined in a growth part of the marketplace (Apple related products) why destroy that by re-branding to something incomprehensible? YooBee??!?!!?

Based on that article I would be selling out (not that I own any RNS shares to sell).

[Balance]

Build and export their own iPad? Are they nuts? That strategy is hardly working out well for Whitcoulls and their e-reader is it.

In IT, managers always dream about building their own software/products so they can be just like their heroes at Apple, Oracle or Nintendo etc. Unless the managers have serious past experience (ala Rod Drury) and significant backing doing these dreams almost always end in failure of which RNS has had plenty. Such dreams are a clear warning. Every time they have tried to build their own IP in anything more than a limited manner it has been a disaster. Think txt tunes, the first version of Ferrit etc.

Everybody knows what MagnumMac stands for, they are very clearly defined in a growth part of the marketplace (Apple related products) why destroy that by re-branding to something incomprehensible? YooBee??!?!!?

Based on that article I would be selling out (not that I own any RNS shares to sell).

Have a look at Ebos.

That will give you a better idea of what RNS is going to do.

[Balance]

As I wrote, those techday guys will still be trying to tell you that Year 2000 was a real disaster averted.

If you follow the RNS situation, you will know that RNS is actually winding down its wholesale distribution as it's low margin and high maintenance. The techday scuttlebutts are probably wondering what happened to the wonderful days when they received plenty of service and supplies from RNS for bugger all!

One of those turnaround stories which can reap huge returns like RBD and DIL.

Renaissance MagnumMac business reports strong growth
Turnaround is six months ahead of schedule

Auckland, 7 July 2010 - Renaissance has announced that its MagnumMac retail business has returned to profitability six months ahead of plan, reporting 17 percent year-on-year revenue growth for the first three months of 2010.

Renaissance Group, which will deliver a full six-month report to the market in early August, had originally expected that the MagnumMac retail business would not return to profitable trading until the end of 2010. After weathering a challenging environment in 2009, the Renaissance retail business, comprised of seven MagnumMac stores across New Zealand, began 2010 with an improved product mix, stronger sales focus and improved cost controls.

39 cents.

Up 77% since beginning of the year.

RBD all over gain.

[percy]

39 cents.

Up 77% since beginning of the year.

RBD all over gain.

Mr.Market thought otherwise.last sale 27cents.down over 30% since your post.

[Felix]

Today's announcement must be a joke, surely. The company provides an interest free loan of $335k to the then Managing Director for the purposes of implementing a long term incentive scheme, the Managing Director leaves, he decides he can't (won't???) pay any of it back and the company decides the loan will be written off if he transfers approx $95k of shares back to the company. In the meantime the shares have absolutely tanked since the loan was provided in 2008.

C'mon, please tell me this is some kind of joke. How can the company's "long term incentive scheme" go so wrong and how is it that a big whig cannot pay back $$$? RNS seems to be going from bad to worse.

[HarryFlashman]

Have to agree. Anyone know what is behind the fall in the shares? I thought Magnum Mac was trading well given the strengths of the Apple range and that the reshaping of the business was looking good.

On share acquisition - could the board not have asked/required "the Shareholder" to pay for the 500,000 shares based on the average price over the past three months (or some other formula) so as to get at least some cash out of the deal?

[Voltaire]

No idea how Magnum Mac (Yoobee) are doing overall but I've always thought they were/are very exposed to the growth of business via the online Apple Store. Personally, I very rarely use Magnum Mac - not so much based on the retail experience but rather a series of sub-standard efforts by their repair centres. Anyone who's been into a genuine Apple store overseas will find it hard to be excited by MM's efforts and if Apple ever decided to open a store/stores in NZ I'd be recommending bailing from RNS asap ...

[Lizard]

Paul Johnston was with Renaissance for 12 years. He was MD from 2003 until his resignation in 2009. According to the 2008 annual report, he earned $378,108 in that year. He departed at end of FY 2009, for which his reported remuneration was $706,363. The 2008 report says this regarding the issue of shares (and the terms are confirmed as unaltered in the 2009 report):

Loans to directors
Paul Johnston was granted an interest-free loan of $335,000 for a period of three years to enable him to exercise 500,000 outstanding employee share options. This loan was approved by shareholders at the Annual General Meeting held on 23 May 2008. The purpose of this loan is to align Mr Johnston’s interests with those of the Company’s shareholders and must be repaid irrespective of the performance of the Company or its share price.

If the guy was worth $1,000,000 for his efforts over two years, yet he no longer has assets to repay more than the equivalent of about $75,000 (i.e the equivalent of 500,000 shares at current share price of around 15cps), then perhaps he should turn up at the office and work off his debt... :)

[winner69]

Paul Johnston was with Renaissance for 12 years. He was MD from 2003 until his resignation in 2009. According to the 2008 annual report, he earned $378,108 in that year. He departed at end of FY 2009, for which his reported remuneration was $706,363. The 2008 report says this regarding the issue of shares (and the terms are confirmed as unaltered in the 2009 report):


If the guy was worth $1,000,000 for his efforts over two years, yet he no longer has assets to repay more than the equivalent of about $75,000 (i.e the equivalent of 500,000 shares at current share price of around 15cps), then perhaps he should turn up at the office and work off his debt... :)

.... even as the tea lady eh?

[brucey09]

Snrs.
Maybe the money he has is as you say in a trust - not his??

[percy]

Interesting to note "the cowboys are still in the financial markets and not just in the movies."

[Balance]

The deal involving the ex-CEO is a shocker! Especially when Paul Johnson is working for a competitor. He was the guy who stuffed up RNS with several bad acquisitions and along with his sidekick, Clive Lewis, resigned after 'stock' issues were discovered by the company.

Looks like he has not stopped shafting the company and the company is willing participant.

Hopeless.

[percy]

Nice to see brave buyers at 11.6 and 11.5 cents.On behalf of all of us, may I wish them well.Just when you thought things could not get worse,they just did.

[winner69]

So even worse than they said ..... and the perfect storm scenario is about to come true and the 2012 forecast will need to be downgraded even further .... and essentially broke and will need to go to shareholders with their hands out

And I like the way the head honcho apologised to the people of Chch for 'belittering' them by reducing the impact to such financial terms .... good on him ..... deserves a medal for bad taste I reckon

Giffney seems to blame everybody for this unmitigated disaster on everybody but himself and his Board .... again anothe medal for being brave

But all should take heart cause their is '(quote) There is no doubt in the minds of the Directors that Renaissance has a future.' .... I'll think I'll include in my picks for the 2012 NZX stock picking comp

[percy]

So even worse than they said ..... and the perfect storm scenario is about to come true and the 2012 forecast will need to be downgraded even further .... and essentially broke and will need to go to shareholders with their hands out

And I like the way the head honcho apologised to the people of Chch for 'belittering' them by reducing the impact to such financial terms .... good on him ..... deserves a medal for bad taste I reckon

Giffney seems to blame everybody for this unmitigated disaster on everybody but himself and his Board .... again anothe medal for being brave

But all should take heart cause their is '(quote) There is no doubt in the minds of the Directors that Renaissance has a future.' .... I'll think I'll include in my picks for the 2012 NZX stock picking comp

Sober reading.You would have to be a brave [foolish] shareholder to give these roosters any more money to loose.The sooner it goes into liquidation the better.