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According to this little NZHerald article propectus will be issued Thursday.
I presume that this company does well in most phases of the economic cycle.
Boom times companies need all the hands they can get.
Bust times casual labour is easier to get rid off.
etc etc.
May have some merit
PAPERTIGER, I have used this company over a period of a few years so will let you know from a business perspective warts and all how i was treated. I have hired labourers and carpenters in various building projects as required when required. I found the company honest punctual and easy to deal with. The quality of labour when treated right give me good service. If i require labour to suppliment i have no hesitation in calling them. That is a very honest opinion i have no doubt that they employ the occasional rat bag. As far as listing and buying shares well its up to you. macdunk
BONGO, I would not be interested, even although as i stated i found it to be an honest company, easy to deal with that supplied a good service. They have nothing of substance to sell if it goes bad. Why list?. Why not expand without listing?. It costs very little to open a new office, and hire out casual labour. What is to stop you or me renting an office and doing the same. It looks like someone wants to take my money, and bugger off leaving me with all the risk.
The labourers and other trade workers mostly have their own transport, the only expence being an office, and a van to take the others that dont have transport to the workplace. To me that risk is definately not on. macdunk
The economy is slowing.
For those that are interested
[quote]quote:
NZXR
09/06/2005
GENERAL
REL: 1130 HRS New Zealand Exchange Limited
GENERAL: NZXR: Allied Work Force IPO to raise $11.4 million
Allied Work Force IPO to raise $11.4 million
Specialist labour hire firm Allied Work Force Group Limited today announced
that it plans to list on the NZSX and raise $11.4 million in an initial
public offering of ordinary shares.
The share offer opens on June 13 and the company expects that its shares will
be listed on July 6. ABN AMRO Craigs are lead managers of the offer.
Founded 17 years ago by its managing director and major shareholder Simon
Hull, Allied operates nationally and is New Zealand's largest specialist blue
collar labour hire company. It provides on-demand labour across an industrial
spectrum that includes firms operating in the distribution, manufacturing,
processing, infrastructure and construction industries.
Simon Hull says the company has a 'crew' of around 8000 skilled and
semi-skilled workers who are available to be placed in some 6000 client
businesses.
In the year to March 31, 2006, the company is projecting a net profit after
tax (pre goodwill amortisation) of $3.1 million on revenue of $74.2m. Based
on the offer price of $1.50 per share the company will list with a market
capitalisation of $39.2 million.
"The business has grown on the back of demand for more flexible labour
arrangements," says Simon Hull.
"We believe we are now one of the largest employers in the country in terms
of the number of IRD returns we file each year. This year we expect to supply
4.4 million hours of work to our crew and our customers."
"We make it easy for businesses to use casual labour, which means that they
can get the necessary work done without incurring the long-term costs
associated with having a permanent labour force.
"For many companies we open the door to a more cost-effective business model
that allows them to cope with seasonal trends, special projects and overflow
work."
He says the on-hire business model also provides benefits to members of the
Allied crew, in that as well as enjoying attractive wage rates and
conditions, they get to handle a variety of work and to develop a range of
different skills.
ACC information suggests that, based on the wages paid to on-hire workers,
the New Zealand market has grown by 56% in the four years to 2004.
The company's board is made up Simon Hull, Allied's chief executive, Greg
Webster, and the independent directors Ted van Arkel and chairman Ross
Keenan.
Mr Keenan says Allied is a hands-on, can-do sort of business that has
expanded rapidly in the past few years through organic growth and more
recently by acquisition.
"We believe that growth is far from over yet and part of the reason for
listing is to position the company for further acquisitions."
Mr Keenan says that after the IPO Simon Hull will retain a 66.8% stake in the
company, and will continue to lead the business through its next phase of
development.
"At this stage he is only selling down to the extent required to meet the
spread requirements of the NZX and to provide some liquidity in the market,"
he says.
Allied Work Force is projecting an annualised gross dividend yield of 9.48%
based on a fully imputed net dividend of 9.5c per share for the financial
year ending 31 March, 2006. The company expects to pay dividends of 70% to
80% of net profit after tax, subject to prudent future investment
requirements.
Allied has 90 full time staff and operates from 21 locations around New
Zealand in addition to the 'crew' in its 8000 strong labour pool.
The company uses its own software and proprietary systems for managing
on-hire labour and its rate of successfully placing 'crew' into available
roles is approximately 98%.
Allied estimates that the New Zealand on-hire labour market is made up of
around 15,000 workers, or some 0.7%
From a straight practical point of view i would not buy in. The only thing that this company supplies is a service. They rent an office hire casual labour and take the cut off the top. All the workers supply their own tools of trade work boots etc. It sounds like someone wants to sell the business to the punters. Seem to remember things like this that went on in the past i will definately not be in. macdunk
Given that I started this thread spose I ought to come "out" and admit that I almost certainly will not be "in". I do not even intend to acquire a prospectus.
I've not heard of them, 21 locations they say but not in the Wellington phone book. Perhaps trading under another name?
Doubt if it will get off the ground. At best another MPM.
This is a growth industry. If you want proof just look at the number of copycats who have cropped up around the place. We have 3 or 4 in Wellington (Quinn Workforce is another). It is a successful business model.
Yes it will be subject to economic conditions but as they don't actually "employ" the workers is this really a big risk? A downturn will merely cut into their overall revenue, same as any other volume-based business.
I will not be purchasing, but I am impressed at the size and turnover of the company. Had no idea it was so big!
SaintJohn there is a trick to reading phone books. You have to look under "Allied Work Force". Look on page 76, it's highlighted in red (3rd column, about an inch from the top).:)
I think their catchphrase is "it's not just actors who have agents". Lately they have been appealing to students to sign up for extra money.
Dont get me wrong guys i think its a good company with nothing to show for it if it goes bad. You are buying what?. Start one up yourselves with limited capital. macdunk
i disagree... this one will be successful...
anyone can buy a van and get a gang of 10 dudes to start their own... but its all based around the relationship customers have with the leader/organiser... and these guys are trusted...
plus all the one man bands dont have the ability to deliver the people 98 times out of 100... the small outfits have no ability to bring in people from other cities within hours if necessary etc..
they do well when the eceonomy is cranking (no spare people and low enemployment)... and when the economy is slowing (businesses hesitant to commit to permanent contracts etc as not confident of prospects)...
I'd prefer to make judgement after I've read the prospectus than before. Albeit the timing does seem interesting with the economy indicating signs of coming off the boil.
While a company may have defensive or counter cyclical qualities, lean times hit everyone, even if only to shave some growth off a company lower down the S curve. A bit hard to make a call on Allied's defensive qualities without access to historical data.
The issue of hard assets is a non event. If hard assets measured the value of a business then media companies and Microsoft would be worth very little and Carter Holt Harvey would be worth a lot more than it is. A company earning high returns on few assets is a flag for investment rather than against.
Quote:
quote:from the Herald
Allied working up an appetite for float
10.06.05
By Georgina Bond
One of the country's biggest employers, Allied Work Force, will raise $11.4 million when it lists on the stock exchange next week.
Offering $1.50 a share, the labour hire company will list with a market capitalisation of $39.2 million.
The offer opens on Monday and the company expects its shares will be listed on July 6.
Allied Work Force started 17 years ago when its managing director and main shareholder, Simon Hull, set up a casual workforce business from a rented office in Penrose, Auckland.
It now has 21 branches, employing 90 staff, and from a pool of 8000 daily places workers across a range of industries including construction, factories, transport and food processing. Based on the number of IRD returns it filed each year, Hull believed it was one of the largest employers in the country.
In the year to March 31, it is projecting a net profit after tax of $3.1 million on revenue of $74.2 million.
Hull said the business had grown rapidly through demand for more flexible labour arrangements.
And with the unemployment rate below 4 per cent, his crews were in heavy demand.
This year, it expected to supply 4.4 million hours of work to its 6000 client businesses.
Early this year, the company boosted its manpower by buying Wellington-based Quin Workforce, following up its acquisition of Far North Labour Hire last year.
Chairman Ross Keenan said the company believed its growth was far from over and part of the reason for the listing was to position it for more acquisitions.
Also on the board is Hull, Allied's chief executive, Greg Webster, and independent director Ted van Arkel.
Keenan said Hull would retain a 66.8 per cent stake in the company after the IPO and would continue to lead the business through its next phase of development.
"At this stage. he is only selling down to the extent required to meet the spread requirements of the NZX and to provide some liquidity in the market."
The company expected to pay dividends of 70 per cent to 80 per cent of net profit after tax, subject to prudent future investment requirements.
ABN Amro Craigs is the lead broker.
Time and a half
* Allied Work Force started 17 years ago from a rented office in Penrose, Auckland.
* It now has 21 branches nationally, employing 90 staff, with a pool of 8000 workers.
* It has 6000 clients.
* The crews work in a range of industries including construction, factories, transport and food processing
Quote:
quote:and from Stuff
Allied share float to drive expansion
10 June 2005
By ADRIAN BATHGATE
Labour hire firm Allied Workforce is looking to a sharemarket float to drive further expansion and make it the only provider of a national casual labour force.
It will be the first big float of 2005 when it puts one-third of its shares on the market early next month to raise $11.4 million.
None of the 7.6 million shares in the float are being offered publicly. Seven million will be available to organising broker ABN Amro Craigs' clients, with the other 600,000 going to Allied Workforce management and staff.
They are new shares on issue, with Allied Workforce founder and managing director Simon Hull retaining his existing holding of 18.5 million shares, giving him 70 per cent control of the company.
Mr Hull said the float was primarily to finance further expansion, both through extending its branch network and by snapping up small regional-based companies.
These include recently acquired Wellington company Quin Workforce, which generated $10 million in revenue for the year ended March 31.
"It's a fantastic company, and these are the sorts of opportunities that we're looking for."
Mr Hull said Allied Workforce would not look to diversify into other fields, or expand overseas. "We'll just stick to our knitting."
The company has enjoyed strong growth over the past few years, with revenue rising from $38 million in the March 2003 year to a projected total of $74.2 million in the March 2006 year.
Mr Hull is confident the company will have a strong dividend payout policy.
"This is a cash business: We make real money, not paper money. The board has said if there's nothing within the company to invest it in, we'll pay it out and that's what we intend to do."
Allied Workforce has workers in a range of industries broadly classed as "blue collar". It specialises in short notice and contract work, and has 8000 workers on the books. Of these, Mr Hull said, there was a core of about 2000 workers who were almost exclusively full time. Workers are employees of Allied Workforce, which contracts them out to its clients.
Allied Workforce has also expanded to 21 branch offices, with another four planned. "Some of our clients are now using us nationwide."
Mr Hull attributes this to more businesses employing a casual labour force, with ACC figures showing the casual workforce has grown by 56 per cent in the four years to 2004.
Up to one-third of the workforce is now employed in casual or part-time positions.
Because of this, Mr Hull said, it was strong enough to absorb any downturn, with the main issue being getting skilled workers.
Another Article from Georgina Bond appearing in the Herald. She must have got some through ABN Amro.
Hands-on boss knows what job's about
Simon Hull is selling more than one-third of his company to raise cash for its expansion.
26.06.05
By Georgina Bond
In a company specialising in providing workers who roll up their sleeves, the managing director does a lot of it himself.
Although the labour hire firm he started 17 years ago is going public, Simon Hull still enjoys the practical aspects of the job - driving the company vans and firing up the barbecue at the end of each week, when Allied Work Force puts on sausages and beer for its workers.
The past few weeks have seen him in new territory, however, presenting the company's prospectus to brokers' analysts around the country.
Now the roadshow is over, he's looking forward to getting back around the sites and working with "the guys" on his management team.
Which is in keeping with his history of hard work and good leadership.
Hull is selling more than one-third of the company he calls "my baby", selling down to raise cash for its expansion. He will be worth $26 million when it lists on the stock exchange next month.
The move is by no means an exit strategy for the 45-year-old, who reckons there's still a lot of horsepower left in him yet. Listing is the realisation of a pipe dream he had at 28, but it's hardly finished business.
"We have an ambition to take this company to the point where it's first choice for employment, to industry and workers alike."
Hull, who has three school-aged sons, grew up on a farm on Auckland's North Shore. After finishing his school days at King's College, he started an engineering degree at the University of Auckland but quit after one year to milk cows on the family farm.
An interest in horticulture led him to develop a kiwifruit orchard in Kaukapakapa and, in the early 1980s, he took those skills to the Bay of Plenty, where he developed several orchards.
Returning to Auckland in 1987 to "make some money", he tripped over the concept of labour hire and thought it would fly.
Renting a small office in Penrose - now the urinal block at its head office - and a few vans, he started knocking on doors offering casual labour to the construction industry, somewhat incognito.
Those were the days after the sharemarket crash and the only substantial labour hire business at the time, VH Farnsworth, was close to receivership.
It wasn't a raid, but he took some of Farnsworth's construction workers and was gaining about 60 clients a month by the end of the first year.
Spotting the potential early on, Hull took the on-hire labour concept beyond the construction industry to all areas of blue-collar work.
With 6000 customers on its books today, construction is now only 31 per cent of Allied's business.
The company's footprint has also grown geographically.
After bedding in its first branch in Hamilton in 2000, it has rolled them out quickly from Kaitaia to Dunedin, boosting its manpower by 300 workers a day when it bought Wellington-based Quin Workforce for $3.63 million this year.
Hull says it's not a sexy business but it's practical and productive, supplying people to do anything from factory work to driving trucks, food processing or painting.
"Anywhere we see someone rolling up their sleeves, they could or should be one of our workers," he says.
In the hours before dawn, Allied Work Force buses take Hull's crews to the various branches where staff match them to the needs of their clients.
Times of economic uncertainty have proved good for the on-hire industry and Hull says Allied wins at both ends of the economic cycle.
"In boom times, companies need to hire more staff and, in down times, they look to casual workers to reduce their costs."
Allied is forecasting revenue of $74.2 million in the year to March 2006, which is almost twice its 2003 earnings of $38 million.
Revenue growth slowed in 2003-2004 when the company inve
Gidday
This will all end in tears..
Don't buy for long term
oppourtunist vendor may have his left his run too late
Why go for 9% with a one man band vs 6.45% ASB fast saver every month no feltex type downgrades.
CASH & PRESERVATION IS KING
Agreed. Low barriers to entry in their market. Personally I would wait and see.Quote:
quote:Originally posted by duncan macgregor
Dont get me wrong guys i think its a good company with nothing to show for it if it goes bad. You are buying what?. Start one up yourselves with limited capital. macdunk
Low barriers to entry I agree but processes, contacts, customers and a history of reliability go a long wayQuote:
quote:Originally posted by warthog
Agreed. Low barriers to entry in their market. Personally I would wait and see.Quote:
quote:Originally posted by duncan macgregor
Dont get me wrong guys i think its a good company with nothing to show for it if it goes bad. You are buying what?. Start one up yourselves with limited capital. macdunk
However in saying that not really my cup of tea either.
My sentiments exactly,with storm clouds gathering this type of operation is on notice.Quote:
quote:Originally posted by Contrarian
Gidday
This will all end in tears..
Don't buy for long term
oppourtunist vendor may have his left his run too late
Why go for 9% with a one man band vs 6.45% ASB fast saver every month no feltex type downgrades.
CASH & PRESERVATION IS KING
(but they are in the phone book......sorry private joke)
Ditto - have walked passed this one...
Despite doing her best to talk up the SP before the IPO poor Georgina didn't make much of a profit did she?
Labour firm makes NZX debut
07.07.05
By Georgina Bond and NZPA
Labour hire company Allied Work Force made its sharemarket debut yesterday - the main board's first listing for the year.
Shares in the company traded at $1.52 in the opening minutes but ended the day back at its initial public offer price of $1.50.
Celebrating at the company's Penrose headquarters as the market opened, managing director Simon Hull said the listing was the start of a new phase for the company which had raised cash to help it expand.
The firm has a market capitalisation of just under $40 million.
Its initial public offer of 7.6 million shares closed fully subscribed on Friday.
Hull, who started the company 17 years ago, has retained a 68 per cent stake, selling down to raise cash for its expansion.
The remaining shares went to company directors, select NZX participants and staff, so yesterday was the first chance for retail investors to get their hands on the stock.
Allied Work Force has 90 full-time staff and a "crew" of around 8000 skilled and semi-skilled workers which it employs to hire to businesses in all areas of blue-collar work, including construction, distribution, manufacturing, processing and infrastructure.
It has 21 regional branches, and is planning four more.
The company previously forecast a March 2006 year net profit of $3.1 million, on revenue of $74.2 million.
SP still down on listing but today’s announcement shows a bit of creativity towards solving a labour shortage problem and diversifying into land and property.
Allied Workforce buys Blenheim holiday park
06 April 2006
Blue collar labour hire firm Allied Workforce (AWF) said today it has bought a Blenheim-based holiday park to house seasonal workers in the region.
AWF spinoff Contract Labour Services (CLS) bought the Spring Creek Holiday park, 6km from Blenheim, for $1.8 million.
AWF chief executive Simon Hull said Marlborough – with its dozens of vineyards – was a key growth area for the company, but that had been hampered by a lack of suitable accommodation.
The Spring Creek purchase meant CLS could provide accommodation for several hundred workers at the peak of the pruning season.
The park could accommodate up to 280 visitors and was a popular stopover for tourists en route to the Cook Straight ferry.
"We intend establishing the Spring Creek Holiday Park as the first point of contact for all travellers and tourists who either simply need reasonably priced accommodation or who are looking for help and assistance in finding casual and seasonal work in the area," Mr Hull said.
The purchase would be settled next month.
Shares in AWF last traded yesterday at $1.33.
[V][V]:(:( Thats where im staying while i'm working in blenheim.
SOUNDS pretty COOL at first idea but wait for the PROFITS.. [8D]
Happy Camper remembers sharing the camping ground at Tokomaru Bay with a gang of Northland forestry workers back in 2005. They were well set up for this sort of caper.
Happy Camper
AS your been there and seen were or is there money to be MADE..[8D]Quote:
quote:Originally posted by Happy Camper
Happy Camper remembers sharing the camping ground at Tokomaru Bay with a gang of Northland forestry workers back in 2005. They were well set up for this sort of caper.
Happy Camper
I won't be passing through Blenheim again until October of this year, so will be sure to check it out then. I may even park up there for the night. Having just recently finished a wee trip in the van I can assure you, camping grounds seem to be getting their fair share of business at the moment. It has just about got to the point where you need to book ahead!
By my reckoning full-year result for AWF is due to be announced soon. Even with hints of a softening labour market, I am picking that it will be respectable. It had better be, or my recent investment in AWF will not be looking so flash.
Cheers
By crikey, todays announcement certainly gave the shareprice a fair old beating today.
I got out at $1.75 around 20th of July. Around one month later and it is looking like re-entry opportunities under $1.50 will be showing their face tomorrow.
The rational half of me thinks I will stay on the sidelines with this one for a while yet. The irrational half is tempted to "re-pitch my AWF tent" before I go camping with the family late September/early October.
Cheers
THESE things happen but you know the stock which is Good so stick with it and BUY after the drop the mob is wrong all the TIME.. [8D]Quote:
quote:Originally posted by Happy Camper
By crikey, todays announcement certainly gave the shareprice a fair old beating today.
I got out at $1.75 around 20th of July. Around one month later and it is looking like re-entry opportunities under $1.50 will be showing their face tomorrow.
The rational half of me thinks I will stay on the sidelines with this one for a while yet. The irrational half is tempted to "re-pitch my AWF tent" before I go camping with the family late September/early October.
Cheers
The signs aren’t good. A blow out of operating costs in a low capital business isn’t a great look. Real reasons are probably a drop in demand due to the weather. Or is there another big expense in there that isn't being mentioned. Sure vehicles costs, mainly fuel, will have gone up but if they can’t pass on, say a $0.25c an hour per worker cost now then what makes them think they can do so in the future.
DEPENDS what you want to read into the statement they are telling you the worst and then the best but the div seems SAFE.. [8D]Quote:
quote:Originally posted by minimoke
The signs aren’t good. A blow out of operating costs in a low capital business isn’t a great look. Real reasons are probably a drop in demand due to the weather. Or is there another big expense in there that isn't being mentioned. Sure vehicles costs, mainly fuel, will have gone up but if they can’t pass on, say a $0.25c an hour per worker cost now then what makes them think they can do so in the future.
The blenheim motorcamp, im staying at which allieds subsidary brought, seem to be spending money at will, they've just put down 2 large slabs of cement for campervans, so they wont get bogged on the grass, also they brought a big shed for storing stuff in, and they still have a number of cabins laying around not being used which must be wasting some money. Also the motorcamp cant support more then 50 people for long periods because the water pressure is so low. also alot of the workers leave the motorcamp on the 1st of sept which will reduce cost over the summer season.
there is one good thing though they put our rent up by $20 per week. bar steds
This Happy Camper has twice purchased shares in AWF for $1-50 or less, and has twice sold them for $1-70. Two respectable trades, both completed inside 90 days.
I await with interest the release of financials confirming just how badly impacted the company was by the June storms. It may just present another buying opportunity. Then again, I may have jumped off the bus a couple of stops too early.
If I do buy into AWF for a third time this year, I expect it will be for the long-haul.
Cheers
Once again, an AWF announcement has given the shareprice a fair old shake-up.
Re-entry opportunities around/under $1.50 keep showing their face with this stock. And as long as they do, this Happy Camper continues to get out there and "re-pitch the AWF tent".
As per my comments of a week ago, my third foray into AWF will most likely be for the long-haul. Definitely longer than the average number of days (75) that I have held this stock for on past occasions.
Cheers
WELL Happy keep up the good work and buy a water tight tent but your letting your win tactics go public and could get some followers not a good idea also have now put AWF on the radar SET.. [8D]
BRICKS, this Happy Camper thinks that if you picked up a few AWF at $1.40 today, you will have set a solid foundation for the future.
Of course, I could be proved 100% wrong tomorrow.
Cheers
HB firm in NZ's 'biggest' illegal-worker scam
07.12.2006
KELLY BURNS
The country's biggest operation to uncover illegal-worker scams burst into life at dawn yesterday as police and immigration officers swooped on a Hawke's Bay company and its associated "facilities".
The raids were the culmination of a two-day operation that saw 12 search warrants issued in both Hawke's Bay and Marlborough.
The Labour Department's national manager for investigations, Carl Manning, said the sting uncovered the largest illegal-worker scam in New Zealand.
It focused on one Hawke's Bay firm in the viticulture and horticulture industries, with ties to Marlborough.
The company, which cannot be named, and associated facilities were searched yesterday from 6am, to ensure workers were present.
Mr Manning said the rogue company appeared to employ illegal immigrants, whom they recruited by "word of mouth".
Most were Southeast Asian overstayers, though as the investigation expands, the nationalities of workers look set to widen.
The workers were paid less than the minimum wage of $10.25 per hour and the department was looking into whether some were on the pay-roll at all.
The company also appeared to dismiss holiday-pay and Act requirements.
Mr Manning stressed they were targeting employers, and not workers at this stage - though two overstayers were being held at the Hastings police station, awaiting deportation as a result of the investigation. He hoped companies would take heed of the operation, and the likely charges.
"This sends a clear message that we will not tolerate employers who assist people to remain in New Zealand unlawfully, or deny workers minimum employment entitlements. When we find out about such occurrences, we take action," he said.
The department had been aware of the company for some time, with two investigators working full-time, gathering evidence. The company had a "substantial number of workers on their books".
The department would not comment on the number of people likely to be charged, or how many workers were affected. Mr Manning did say however, that it was a large operation and the likely charges would be serious.
As the investigation continued, charges linked to the exploitation of workers would likely follow charges of aiding a worker to breach conditions of their work or visitor's visa.
Police in Marlborough were investigating similar offences. The swoop came less than a week after a labour shortage was declared in Central Hawke's Bay. But Mr Manning said that was no excuse for employers to exploit vulnerable foreign workers.
"Shortages are a real issue but this does not mean people can break the law. When they do, it's at the expense of employers who do follow the rules. It's also at the expense of workers who end up being exploited," he said. A supervisor of the targeted company was arrested, with more arrests likely by the new year.
Ut Danh, 41, a Vietnamese national, appeared in the Hastings District Court yesterday on eight charges relating to the investigations. Danh is accused of aiding and abetting seven Vietnamese who breached work-permit conditions between April 2005 and February this year. Danh entered no plea, and was freed on bail until his next court appearance on December 14.
ARE we saying Misc, Wink , Wink we cant say but you Know whats going On, over stayers are a prob in any country only this time police and others are doing the job that they are payed to do other than sitting in the office reading the paper waiting for someone to turn themselves IN.. [8D]
Im not sure what your meaning is 'BRICKS' , but if I held this stock I would be ringing the company and enquiring about the above article.
At very least the company should make an NZX announcement , um , dont you think?
Misc
answer.. NO.. [8D]Quote:
quote:Originally posted by Misc
Im not sure what your meaning is 'BRICKS' , but if I held this stock I would be ringing the company and enquiring about the above article.
At very least the company should make an NZX announcement , um , dont you think?
Misc
Looks like DOL can move as fast on this problems as the police did with the Kahui's.
From last year:
Labour scarcity hits vineyards (July 2005)
06 July 2005
By DAN HUTCHINSON
A chronic labour shortage and repeated immigration scandals are starting to have a serious impact on Marlborough's wine industry, growers say.
Marlborough Grape Growers' Association president Stuart Smith said there was an extreme shortage of labour in the region at a critical time for growers.
"There seems to be an awful lot of unpruned vines out there, and certainly some growers are very nervous about getting finished," he said.
Labour contractors have differing views about the cause of the problem, with Marlborough Horticulture owner Bob Lee saying those contractors employing illegal immigrants were forcing prices to unsustainable levels and making money by swindling their workers.
Lee had dropped his rates below cost to remain competitive, but said he was aware of four experienced labour contractors who had folded in the face of "ridiculously low prices" from other contractors.
"I am pretty hot on it really. I have seen some good people go to the wall just recently. If this continues, we will have no option but to fold."
He said he had heard of 130 illegal workers brought down in two shipments from Hawkes Bay to staff Marlborough vineyards recently.
Lee, who also owns Jacks Backpackers in Blenheim, said he had come across plenty of stories from vineyard workers who had been ripped off by previous contractors.
There were many overseas workers who could be brought into the country legally if the rates were there to attract them.
However, Mike Porter, managing director of Contract Labour Services New Zealand, said the current labour shortages in New Zealand meant those who had briefly overstayed should be encouraged to stay rather than be deported.
"It has become very obvious in recent months that the amount of people here now with legitimate work permits is not nearly enough to fulfil the labour requirements for the horticulture and viticulture needs of New Zealand," he said.
The Immigration Department estimates there were more than 20,000 illegal overstayers in New Zealand in November last year.
Porter said workers, particularly from South-east Asia, had exceptional skills in the horticulture and viticulture industries.
"There needs to be put in place urgently a mechanism with new criteria specifications for their work permit extensions," Porter said.
"People currently eligible to work in New Zealand should have their permits extended to cover shortfalls in other regions."
He said it was becoming increasingly difficult for him to find New Zealand workers to staff vineyards and orchards and he estimated Marlborough grape growers were short by 1500 workers this season.
Smith said he and others were in the process of looking at the extent of the problem and the impact on the current pruning season. "I have been saying for a long time it is going to be bad this year and I am still going to have to say that for next year as well."
He said the bad publicity surrounding illegal workers was also scaring away legal workers, particularly people from countries where they mistrusted police and government officials.
He said any use of cheap, illegal labour was not being reflected in pruning costs for growers as they had risen by 14 per cent on last year.
"And I don't know of any grower who is not asking the question, `Are your workers legal?'
"None of this would be an issue if we didn't have a labour shortage, and there is an extreme shortage," Smith said.
Marlborough has fewer than 200 unemployed people listed with Work and Income.
Smith said the region simply did not have a large enough population base to draw workers from.
And spot the similarities between this note in AWF's 2006 Annual report and yesterdays newspaper article.
"Contract Labour Services is a leading supplier of temporary labour to Horticultural, Agriculture, and Viticulture. The directors of CLS all carry lifetime experience in primary growing and have built a reputation for the supply and management of staff to carry out the seasonal requirements. It has established a presence in all the major growing districts and is well set to supply the needs of a burgeoning viticulture industry.
For AWF Group it is a welcome addition in that it extends both the numbers of crew required and offers the opportunity to utilise crew more evenly throughout the year. The business model for this company requires flexibility in moving large numbers into and out of seasonal “hotspots” and the arrangement of accommodation for large numbers of people as they move from one location to the next. The CLS understanding and experience in making this happen makes it a welcome addition to the AWF Group."
minimoke are you saying your story is connected with AWF if not you should infer SAME.. [8D]
The trouble with suppression orders and the likes of Immigration not naming the companies is that one is left to speculate on who it might be and unfortunately that speculation can tarnish the good reputation of others. Can we and indeed should we read anything into AWF’s silence. The Hort industry (HortNZ) is now distancing itself from this matter
I should also suggest that investors are reliant on companies providing information to the market to guide their investment decisions. We know with the likes of FTX and SMS that Directors can be a little niggardly with fully and correctly informing the market which means the market must look for other sources of information and make the best decisions on all available information.
There are loads of companies working in this area but how many do both horticulture and viticulture AND have accommodation AND can work out of Hastings and Marlborough AND can manage a large number of workers?
minimoke,, you are whistling in the wind and spreading rumor with inference make sure your facts are right first and a firm would never in public discuss these MATTERS.. [8D]
If it materially affects their share price perhaps they should: down 3.4% today on a couple of trades with only a couple of interested buyers starting at $1.37Quote:
quote:Originally posted by BRICKS
a firm would never in public discuss these MATTERS.. [8D]
minimoke,,you have shown your hand a non holder so stuff the exciting holders with infer statements your a CAD , SIR.. [8D]Quote:
quote:Originally posted by minimoke
If it materially affects their share price perhaps they should: down 3.4% today on a couple of trades with only a couple of interested buyers starting at $1.37Quote:
quote:Originally posted by BRICKS
a firm would never in public discuss these MATTERS.. [8D]
Bricks , you seem a touch nervous and ignorantly defensive , the question here is simply whether the company is in breach of NZX Listing rules regarding disclosure of price sensitive information.
Misc
Misc your question is in your head only the company is in NO breach of any rules,, therefore Sir you are fishing for an untrue BITE.. [8D]Quote:
quote:Originally posted by Misc
Bricks , you seem a touch nervous and ignorantly defensive , the question here is simply whether the company is in breach of NZX Listing rules regarding disclosure of price sensitive information.
Misc
Bricks , are you saying that AWF (or subsidiary) were not the subject of the DOL raids earlier this week , refered to in the news article above?
Misc
This Happy Camper thinks that this is one of those situations whereby they are damned if they do, and they are damned if they don't.
I keenly hope that they aren't at the centre of the investigation. Assuming they are innocent, they are unlikely to make friends or encourage investment in their company by drawing additional attention to the slimy under-belly that obviously exists within their industry.
Cheers
Misc you are doing all the saying so prove IT.. [8D]Quote:
quote:Originally posted by Misc
Bricks , are you saying that AWF (or subsidiary) were not the subject of the DOL raids earlier this week , refered to in the news article above?
Misc
Bricks , there is strong 'speculation' that AWF or subsidiary were the target of the raids. If that is the case then the company should inform the market. If it is not the case (as you clearly imply) then the company should also inform the market to quash the speculation.
You can probably find the answer with a couple of phonecalls , thats what I would have done last week if I held the stock.
Misc
Misc,, you are a proven babies rattle with NO guts so you would have rung up but you could NOT.. [8D] WELL bugger ME..[8D]Quote:
quote:Originally posted by Misc
Bricks , there is strong 'speculation' that AWF or subsidiary were the target of the raids. If that is the case then the company should inform the market. If it is not the case (as you clearly imply) then the company should also inform the market to quash the speculation.
You can probably find the answer with a couple of phonecalls , thats what I would have done last week if I held the stock.
Misc
No need for childish name caling Bricks.
I dont need to call anyone , I know exactly what is going down , as do most in the Hort sector in HB and Malborough ..
Good Luck to you anyway.
Misc
HERE is the CALL,, BUGGER OFF.. [8D]Quote:
quote:Originally posted by Misc
No need for childish name caling Bricks.
I dont need to call anyone , I know exactly what is going down , as do most in the Hort sector in HB and Malborough ..
Good Luck to you anyway.
Misc
I see NZO got a 'please explain' over non disclosure today .... and they were only 24hrs late with their price sensitive info regarding a subsidiary LOL
"We write with respect to the NZSX Listing Rules on continuous disclosure.
Listing Rule 10.1.1 is set out in the Schedule to this letter. In summary,
this rule requires issuers to immediately disclose any Material Information
to NZX. The rule provides limited exceptions to this obligation. Material
Information does not need to be disclosed where a reasonable person would not
expect the information to be disclosed and where the information is
confidential and its confidentiality is maintained and where one of five safe harbours applies."
Immigrations “largest operation” of its type has to mean to the affected business:
- Loss of clients using dodgy labour
- Loss of large numbers of illegal / underpaid workers contributing to income
- Significant increase in Labour costs to meet legal requirements
- Loss of other clients due to dodgy dealings
- Impact on value of goodwill
- Increased legal costs to defend / plead charges and any subsequent fines
- cost to repair reputation
I would have thought these things would have impacted a share value no matter who the company is. A small company would probably go under, a medium sized one might have to retrench a large one might recover – either way it can’t be good for the affected business.
On the flip side the other labour contractors (including AWF?) could do very well as they move in to soak up the hole left in the labour supply – and this too could materially affect the share price
Good balanced post mini-moke , I have no idea what all this will mean for the AWF shareprice either way. I simply cannot believe the company has not addressed the 'speculation' but should the 'speculation' prove correct Im sure the NZX will be asking more than a few questions of the Directors.
Poor old Bricks though , as it is obvious English is not his first langauge , I wonder if he's tied up in all this LOL
Misc
Misc..BRICKS is far from POOR as for English you don't understand even when some writes to you and the only "speculation" is in your head so why don't other people write about what you don't KNOW .. [8D]
No sellers at all at the moment. I wonder why?
ANOTHER dumb STATEMENT.. [8D]Quote:
quote:Originally posted by minimoke
No sellers at all at the moment. I wonder why?
Check the board again in a few moments Bricks and you’ll see a new seller in at 1.45 – the only one and he wasn’t there a few minutes ago – his order will go through but not the full amount. Not speculation but fact.
THERE has been sales this fine morn what fact of importance are you talking ABOUT.. [8D]Quote:
quote:Originally posted by minimoke
Check the board again in a few moments Bricks and you’ll see a new seller in at 1.45 – the only one and he wasn’t there a few minutes ago – his order will go through but not the full amount. Not speculation but fact.
Bricks, prior to my post there were no sales this morning and still only one. Indeed if another sale goes through at $1.45 it will probably be the original seller completing his order. At the time I posted there were no sellers in the market. I just think this is a little strange as virtually every other company on the NZ boards have at least someone willing to sell. I don’t know what to read into this nor do I know why someone is prepared to lift the price 3.6% on a couple of $k.
Your statement that there have been sales this fine morning is incorrect and misleading. Check the board before you post.
ALL this heavy talk about nothing ,, FEEL like I`m talking to a pair of M&Ms which colour are YOU.. [8D]
I notice Bricks has invented a new rule for punctuation. You don't use capital letters where you should but save them up and bung them all into the last word of your message. very INVENTIVE.
DEAR Lawso Get Stuffed.. [8D]Quote:
quote:Originally posted by Lawso
I notice Bricks has invented a new rule for punctuation. You don't use capital letters where you should but save them up and bung them all into the last word of your message. very INVENTIVE.
Capitals at the front, capitals at the end. Like his ears probably not much of substance in between.
THE word is BUY AWF if the M&Ms [Lollies if you don't know] had any cash.. [8D]Quote:
quote:Originally posted by minimoke
Capitals at the front, capitals at the end. Like his ears probably not much of substance in between.
WHAT happened to all this inside info & speculation rampant immigrants but its come down to CAPITAL LETTERS do the right thing get the FACTS.. [8D]
The facts will come out eventually once Immigration has finished its investigations but from the Hawkes Bay Today paper it suggests to me it is a large company:….
“The department would not comment on the number of people likely to be charged, or how many workers were affected. Mr Manning did say however, that it was a large operation and the likely charges would be serious.... As the investigation continued, charges linked to the exploitation of workers would likely follow charges of aiding a worker to breach conditions of their work or visitor's visa.”
but BRICKS if you know who Ut Danh is and what company he works for you can probably shed some light…
“A supervisor of the targeted company was arrested, with more arrests likely by the new year. Ut Danh, 41, a Vietnamese national, appeared in the Hastings District Court yesterday on eight charges relating to the investigations. Danh is accused of aiding and abetting seven Vietnamese who breached work-permit conditions between April 2005 and February this year.”
AS things stand at this very moment all has nothing to do with AWF..[8D]Quote:
quote:Originally posted by minimoke
The facts will come out eventually once Immigration has finished its investigations but from the Hawkes Bay Today paper it suggests to me it is a large company:….
“The department would not comment on the number of people likely to be charged, or how many workers were affected. Mr Manning did say however, that it was a large operation and the likely charges would be serious.... As the investigation continued, charges linked to the exploitation of workers would likely follow charges of aiding a worker to breach conditions of their work or visitor's visa.”
but BRICKS if you know who Ut Danh is and what company he works for you can probably shed some light…
“A supervisor of the targeted company was arrested, with more arrests likely by the new year. Ut Danh, 41, a Vietnamese national, appeared in the Hastings District Court yesterday on eight charges relating to the investigations. Danh is accused of aiding and abetting seven Vietnamese who breached work-permit conditions between April 2005 and February this year.”
:DQuote:
quote:Capitals at the front, capitals at the end. Like his ears probably not much of substance in between.
I come back to my original question which was: “There are loads of companies working in this area but how many do both horticulture and viticulture AND have accommodation AND can work out of Hastings and Marlborough AND can manage a large number of workers?”
PICKNZ is another option but it doesn’t look like they actually employ people even though they meet the other criteria. But would the Fruit Growers Association get involved in such practice?
Montana is in both regions but only viticulture – so do you have any other names to throw in the ring? If not we’ll have to wait for news as prosecutions come out in the New Year and only hope that investors in whatever enterprise are being appropriately informed.
"AS things stand at this very moment all has nothing to do with AWF"
LOL
Misc
Given Bricks word confusion should this read:
"AS things stand at this very moment nothing has everything to do with AWF"
and since we know nothing AWF is therfore implicated.
No word from (****tin)Bricks lately. Im sure this is totally unrelated BUT I believe Ut Danh deported was this afternoon LOL
Misc
Bricks probably won't be interstedin this but.....
GENERAL: AWF: CONTRACT LABOUR SERVICES NZ LIMITED
CONTRACT LABOUR SERVICES (NZ) LIMITED (CLS)
As previously reported, Allied Work Force Group Limited ("AWF") is a 64%
shareholder of CLS. CLS supplies seasonal labour to horticulture,
viticulture and agricultural businesses in the Hawkes Bay, Nelson and
Canterbury areas.
It has come to AWF's attention that CLS is under investigation by Police and
Immigration officials in respect of possible offences under the Immigration
Act 1987, including using sub-contractors to provide crew, where such crew do
not have the right to work in New Zealand. Such offences may have occurred
prior to AWF acquiring its shareholdings in CLS and may have continued since
that time, all without AWF's knowledge. AWF has commenced its own
investigation in respect of this matter. It is not known at this time
whether any offences have occurred. AWF received a number of warranties in
the sale and purchase agreement when it acquired its shareholding in CLS.
Simon Hull
And this wasn’t price sensitive information!!
All buyers have dried up with none on the board and one willing seller only at $1.45
Youch - and a buyer now in at $0.90Quote:
quote:Originally posted by minimoke
And this wasn’t price sensitive information!!
All buyers have dried up with none on the board and one willing seller only at $1.45
I wonder what the warranties actually covered?
$8 - $10m in income at risk; 700 workers – how many were underpaid and will stay? Settlement September 2006 – probably paid up. How good are those warranties??
AWF
27/09/2005
ASSET
REL: 1401 HRS Allied Work Force Group Limited
ASSET: AWF: ALLIED WORK FORCE GROUP LTD EXPANDS INTERESTS
Allied Work Force Group Ltd (AWF) today announced its intention to purchase a 64% interest in the agricultural labour hire business of Contract Labour Services (NZ) Ltd (CLS).
AWF managing director, Simon Hull, says the acquisition will provide AWF with a strategic opportunity to supply labour to agricultural and horticultural industries, a sector that, because of its seasonal nature is well suited to labour hire.
The key personnel of CLS have been involved in agricultural labour hire for more than 15 years and, with a total crew in excess of 700 people, supply seasonal labour to apple, wine, horticulture and agricultural businesses in the Gisborne, Hawkes Bay, Nelson, Blenheim and Canterbury areas. CLS meets the seasonal needs of businesses in primary industries, by moving labour resources around the country as required.
AWF will acquire shares in CLS at a price based on the EBITDA CLS achieves in the 12 months from 1st October 2005. Settlement will be payable in cash and completed after the results for the period to 30th September 2006 are produced. While CLS is expected to have revenues of $8 to $10 million annually, it is not expected to make a contribution to AWF FY2006 profit projections due to the intention to invest in growth opportunities through this period.
AWF will provide financial services to CLS and as a consequence of the
introduction of AWF management systems and synergies between the businesses, the profitability of CLS will improve significantly from next year onwards.
Simon Hull says that he expects CLS to grow to be an important part of the AWF Group. "Through CLS and its experienced management team, AWF plans to expand its agricultural offering to other industries and other geographic areas where AWF already has established branches. The partnership between AWF and CLS will provide significantly more capacity and potential to a respected supplier in a sector searching for reliability," he said.
Mr Hull said he expected the agreement to become unconditional by 30th
September.
Hmmm , what more can one say ....except that this announcement should have been made a week ago and recent buyers will feel justifiably shafted by the Company.
Misc
And AWF had no worries and knew nothing??
From Simon Hulls address in the 2006 half year report:
“The competitive horticulture and viticulture sector where CLS operates continues to grow and show strong demand, with sourcing staff a big challenge. We are continuing to work on multiple solutions to add motivated and capable staff to our crews.”............
“At 31 March 2006, the purchase consideration was estimated to be $952,000, based on the first six months earnings and an estimate of earnings for the six month period to September 2006. Actual earnings were however lower than expected and the final purchase consideration was $285,000.”
And this from Sept last year ....
"AWF will provide financial services to CLS and as a consequence of the
introduction of AWF management systems and synergies between the businesses,
the profitability of CLS will improve significantly from next year onwards"
Is Simon Hull saying that AWF management inside CLS did not notice their computers and other records missing on the 5th December?? LOL
What a disgrace ! NZX investigation coming up ??
Misc
Or that the payroll system was showing people getting paid $5 (or whatever) an hour? The following suggests most workers (but probably not all) were on the payroll!
“Most were Southeast Asian overstayers, though as the investigation expands, the nationalities of workers look set to widen.
The workers were paid less than the minimum wage of $10.25 per hour and the department was looking into whether some were on the pay-roll at all.”
Looks like AWF have adopted the 'Sargeant Schultz' approach and are trying to distance themselves from what is obviously a ticking timebomb ...
My questions would be:
1. What did you look at when you did your Due Diligence prior to purchasing the subsidiary?
2. Have you had AWF staff and management working inside the subsidiary , and if so , for how long?
3. When did you come to know of the 'raid' of early a.m. 5th December 2006? (DOL will have the answer to this)
4. As there have been no charges laid , why have you not vigorously refuted the allegations and sought to defend them?
5. Why does the NZX release of 14th December 2006 contain statements that are probably misleading or at best belated?
6. What profit guidance can you give to shareholders given the likely scenario that the subsidiary may not longer be able to function?
7. Are similar problems likely in other areas of the AWF business?
I guess the NZX will have a much more exhaustive list , I cant believe this kind of thing still goes on , Im sure the Directors will not be having a very Merry Christmas , LOL they may be (or should be) on the end of push-hoes and picking buckets to 'make up numbers'!!
Misc
Sorry Misc, this Happy Camper thinks that you are being overly down on this company.
IMHO the answer to question 4 is that not all battles are won by fighting. Please bear in mind that the department you are proposing they come out blazing against is one that AWF are likely to schmooze/lobby heavily from time to time. The best long-term answer for AWF could well be to co-operate fully with the investigation, provide "meaningful" input into the process with a view toward encouraging constructive results for the future.
If they have to take the punishment, then so be it. By all accounts warranties exist in the original S&P agreement to mitigate the materiality of any monetary penalty.
Cheers
HC , its not about being 'down on the company' ... its simply about honesty and continuos disclosure ... do you agree there is a case to answer here? This kind of thing throws not only Directors of the affected Company but the whole of the NZX into disrepute .. as I said , disgraceful , and too many people know the real story to try and 'fudge' an announcement like Mr Hull did today . This kind of thing makes bankers very nervous , not to mention shareholders.
I fear this company has shot its foot off with todays effort .. time will tell.
Misc
This Happy Camper has a history of buying into small-caps. The thing about small-caps is that they don't have the same depth of resources large-caps do to have all bases covered simultaneously. One of the bases that is often left uncovered is shareholder communication.
Part of the reason for the delay is probably that Simon Hull's response will have been prepared for him by a third party. This third party will more than likely be a clip the ticket type of outfit rather than one intimately involved on a daily basis with AWF, so in terms of priority for preparing the press release, AWF weren't at the top of their list.
I would hope that AWF bankers have a strong enough relationship to know the type of customer they are dealing with. They should know whether Simon Hull is a salt of the earth type, full of ****e, or somewhere in between. In situations like these they will bank the person. It must also be remembered that they will have prepared the credit submission as part of the original acquisition, so they will (should) have a copy of the contract for S&P. Plus it is likely that a solicitor will have had to provide an undertaking that they have overseen the process, which invariably involves dotting all the i's and crossing all the t's.
Have yourself a Merry Christmas. This Happy Camper is hooking up the caravan tomorrow morning and heading off to a "quiet" spot until after Christmas.
Cheers
DEAR Happy don't worry about the M&Ms as they are the largest NONHOLDERS of this stock but they love to cut down trees just to watch them fall over.. at the moment CLS is under investigation and would not like to be in there shoes IF they have been naughty as this will effect AWL relationship who will sue them anyway have a good time camping and all will be soon out in day light and the M&Ms the do goodies will have to find another company to ROAST.. [8D]
Bricks , AWF own 64% of CLS , are you suggesting they sue themselves?? Can you seriously believe AWF was totally unaware of any of this ?? Im sorry , I cant . An NZX investigation is needed , and will happen in my opinion.
Misc
Bricks, I’m not a holder because I’m not interested in investing in a company that appears to have speed wobbles. While there is good news in AWF there has also been bad news which undermines this as a long term investment. It has had profit downgrades, ACC blow outs, unexpected motor vehicle cost increases, devalued investments and now a connection to an enterprise involved in apparently dodgy practices all in the space of a year. This suggests to me a company that does not have a clear eye on their business.
I agree with Happy Camper that the small caps have some challenges however the market needs to be properly informed and if Simon Hull wants an exit or business growth strategy which involves listing on the NZX then he has to take those responsibilities seriously. The market ought to be getting tired of directors such as FTX and PLS and to me the warning flags are waving in the wind for AWF.
And this isn’t just a case of underpaying a few workers – it is in Immigrations word the country’s biggest labour scam. If this isn’t a concern to AWF holders and those looking at putting their hard earned cash into AWF then good luck to them because they are playing the lottery not making a sound investment decision.
Throw a stone in the pond and see how far the ripples go. From todays news:
Two charged with helping illegal staff
Wednesday, 13 December 2006
Two Vietnamese men have appeared in the Nelson District Court charged with offences arising from what officials say is the biggest illegal worker scam ever uncovered in New Zealand.
The men, who did not enter pleas, were granted interim name suppression when they appeared before Judge David McKegg on Tuesday.
The pair, a 34-year-old from Stoke and a 38-year-old from Napier, are charged with helping or enticing illegal workers to stay in New Zealand for their own material benefit.
The Napier man faces nine charges, while the Stoke man faces one.
The offences are alleged to have taken place between August 2004 and November 2005, and relate to 10 different workers located in Napier, Hastings, Gisborne, Wellington and Blenheim.
Duty solicitor Michael Vesty, representing the Stoke man, said his client worked extensively with the Vietnamese community and was applying to be a police officer.
The man wanted interim name suppression because publication would affect his young family, he said.
Judge McKegg remanded the man on bail without plea to January 16, but required him to surrender his passport.
The Napier man was remanded in custody until this morning.
Department of Labour prosecutor Shona Carr asked for name suppression for immigration officers who had their names listed in court documents as informants, to protect their security. Judge McKegg suppressed their names until further notice.
The department carried out a two-day operation last week in Hawke's Bay and Marlborough, targeting employers who were allegedly flouting immigration and labour laws.
Another Vietnamese man, Ut Danh, also known as Kha, 41, appeared in the Hastings District Court last week on eight charges relating to seven illegal workers.
Immigration officers and police who raided 12 houses in Hawke's Bay last week allege that the network was the biggest illegal worker scam ever uncovered in New Zealand.
Department of Labour investigations national manager Carl Manning said the two-day operation aimed to collect evidence of unlawful immigration and labour practices in the Hawke's Bay and Marlborough horticulture and viticulture industries.
The department was aware of the significant labour shortages in the industry, he said.
"The department has an ongoing relationship with the industry to help them find workers, and there are a number of measures already in place, including facilitiating overseas recruitment where there are no New Zealanders to fill jobs, and developing training to enhance productivity.
"Shortages are a real issue, but this does not mean people can break the law."
And Bricks if you don’t like my views then perhaps you should follow Mr Market which saw someone quitting 20,000 shares at the end of trading driving another 11% off the value.
Yikes , no buyers on screen. Falling like a tonne of , errr, 'Bricks' ;))
Misc
Bit of a surprise the press havnt covered last weeks announcement , Im sure all shareholders will be looking for an update and resolution to this matter asap , (especially those that got slotted recently at $1.40) , how long before the NZX issue a 'please explain'??
Misc
CONTRACT LABOUR SERVICES (NZ) LIMITED ("CLS")
Further to Allied Work Force Group Limited's ("AWF") announcement on 14
December 2006, that they were undertaking an investigation of its subsidiary
CLS, the shareholders of CLS at 5pm on the 22nd December resolved to place
CLS into liquidation. AWF is working with the Liquidator in an attempt to
ensure that all employees of CLS will be paid for the work undertaken prior
to the liquidation.
I assume AWF is still exposed to the criminal investigations regarding illegal aliens , but have chosen to 'kill' CLS to try and distance themselves from what is obviously an industry wide problem?
I wouldnt touch this crowd with cattle prod!
Misc