TY Harvey S. for clarifying that to me.
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Company couldn't talk to Radionz on Friday because they were in private briefing with analysts.
All good news though. The man from Milford says things happen but the company has convinced him that 2015 will be better than prospectus.
Don't you guys feel so important and treated well by the company?
The Radionz report
http://www.radionz.co.nz/audio/player/20144163
Maybe gentrack will front up tomorrow
http://www.stuff.co.nz/business/indu...ntract-dispute
If they were an Australian company a class action would be undertaken if they new before the IPO of an impending dispute with a customer and it wasnt disclosed.Guess in NZ they dont have to answer to anyone?
It does seem rather unfair 'to privately brief analysts' on Friday but make no more public comment
I am sure the guy from milford (no doubt part of the private do) said on the radio this morning that he's confident that 2015 will beat prospectus number. Listen to him in link above, he gives impression hat is what the company lead him to believe.
Strong day today, conspiracy theorists might ask wonder whose buying.
Gentrack won't comment on profit warning soon after listing
Monday, 4 August 2014, 1:06 pm
Article: BusinessDesk
Gentrack eschews public comment on profit warning 6 weeks after listing
By Suze Metherell
Aug. 4 (BusinessDesk) - Gentrack Group, which touted its "proven revenue and earnings record" in its $99 million share sale in June, is refusing to answer questions after a shock profit downgrade hammered its shares on Friday.
Shares of the June-listed company dropped as low as $2.10 on Friday, below its $2.40 offer price, after it said profit in the 12 months ended Sept. 30 was now expected to be $2.5 million to $2.8 million, below the $3.7 million forecast in its prospectus. Sales would be between $38.1 to $38.5 million, missing the prospectus forecast by as much as 6.2 percent. While the company immediately privately briefed analysts on the downgrade, it declined to make any public comment.
"We have nothing to add to or comments to make regarding the notice on Friday," said Aaron Baker, general manager in an email to BusinessDesk this morning. Chairman John Clifford and executive director James Docking were unavailable on Friday because of the briefings, Baker said.
The warning came just over a month after the company raised $36 million in new capital, to cover IPO costs and pay off debt, in its initial public offer, while existing shareholders, including chairman John Clifford and executive director James Docking, sold off $63 million worth of shares, and retained a 43 percent stake in the company. There was no public pool.
"It is disconcerting for a profit warning to happen so soon after listing," John Hawkins, chairman of the New Zealand Shareholders Association, adding that his board would discuss the situation at a meeting on Wednesday.
After Fridays debacle one needs to wonder about their compliance capability. I believe they overlooked that Half Year report (might be wrong) and were reminded about it.
Lot of rich people and don't forget why they listing - H1Report says : The public listing will provide a new level of transparency on ownership and financial strength that will reassure the larger utilities and airports around the world that now use or are considering using Gentrack.
Looks like small shareholders don't count
FMA will be undertaking an investigation.
I've started dumping my holding. I've lost all confidence in management since they failed to disclose this when it first come to light but a mere 27 days after listing.
There is maybe a interesting story here
At a guess if UBS loaned stock to a shorter - did the shorter know of the customer dispute? before they took the stock or did they take the stock after the issue knowing the dispute was going to eventuate after the float?
did the company know of possible dispute before ipo or after ipo - Guilt by non comment? If you only found out after ipo surely you would comment and say so? and close down guessing games like im doing lol.