What gives with Perry Dines?

[Major von Tempsky]

I see that Brian Roulston, Michael Greer and Alistair Ward are bringing Lazarus back to life but in a strange way...

They are using a definition that a Minimum Holding is 2,000 shares and that all those who have less than 2,000 shares will have them forcibly confiscated for no compensation. Furthermore these holders will not be given any opportunity to purchase extra shares in any shape or form. They mention 90 days but the timing is not clear - posting of the info? the AGM motions? The arbitrary 15 September 2015 at which they froze the register?
This is calculated to remove nearly all shareholders other than Messrs Roulston, Greer and Ward.

The normal approach is to offer more shares to existing shareholders so that you then have a sufficiently wide spread of shareholders to satisfy NZX listing requirements. One would also expect it in natural justice.

Messrs Roulston, Greer and Ward are fairly solid and able individuals so I for one would have gone for more shares. There is absolutely no word of their plans for the new company....

If NZ had a real investigative media and/or lawyers I would expect so more info before the expiration of the 90 day killing zone...

[macduffy]

It's not an NZX listed company these days, major, so I would think they aren't bound by any normal listed company conventions. Clearly, NZX listing requirements aren't a consideration!

[tim23]

Gee Perry Dines - pre 1987 from my recollection, Taranaki based engineering co and went bust?

[percy]

I have had a chuckle over the years to see my wife's 200 Perry Dines showing up on her registry holding statement.
Wish the new guys well.!

[Major von Tempsky]

All I need is my investment companies 200, Percy's wife's 200 and 8 other lots of 200 and we could be in business to see what's really going on!

[skid]

Time for some off market transfer action! (not that I have any)

[Vaygor1]

Time for some off market transfer action! (not that I have any)

Yes Major.. definitely go with the off-market transfers. I have done many over the years and the process is a piece of cake, as you may well be aware.
All you have to do is find the existing holders with <2000 shares each who are also willing sellers :D (not me by the way.. I don't hold).

If you can find some holders, it might be worth entering into an agreement with them regarding the registered holder (ie you) and the beneficial owners (ie each contributors %age of input that makes up the final holding >= 2000 shares), but be careful with this. You might have trouble selling them ever if all beneficial owners don't agree on when to sell or at what price.. a clause or 2 more in such an agreement could cover that eventuality I suppose. And there could be some major admin work if the numbers that make up the final 'pool' are high. Easier to just buy the shares off-market if you can find the holders.

[BWR]

Major, if anyone with less than 2000 shares wants to retain their shareholding all they need do is let the company know. Likewise, if they want to increase their shareholding let the company know and it will try to match with shareholders interested in selling.

[waikare]

Major, if anyone with less than 2000 shares wants to retain their shareholding all they need do is let the company know. Likewise, if they want to increase their shareholding let the company know and it will try to match with shareholders interested in selling.



I hold 250 I think, when the papers came a couple of weeks ago I threw them away, a quick read gave me the notion that these two were going to take over my shares regardless.

But you are say, if I advise the company I can still retain them, not that they any great value, but the principal is what I am not too delighted with, that someone can come along and take your shares, just because the company is unlisted, and you have less than the minimum number, I would rather to give them to someone else................

[BWR]

Waikare, as explained in the notice the less than 2000 share parcels that will be acquired will be sold and the proceeds donated to the Cancer Society. These shares will be available for purchase in the unlikely event that an existing shareholder wishes to top up their holding.

[Major von Tempsky]

The major point you [deleted] are missing is that a consortium has pounced upon Perry Dines and organized so that they squeeze everyone else out for nothing
(unless a remote small donation to The Cancer Society sends you into ecstasies of gratification and utiles of satisfaction?)

Whereas if you were able to retain your shareholding and top it up you could then see what is happening and participate in the very profitable expansion of PD as some rather profitable enterprises are backed into it for sharemarket listing.

[deleted]

Two deletes = a weeks ban

[Major von Tempsky]

Vindicated. Absolutely vindicated.

Today I received a letter from Perry Dines Corporation saying that I (and all the other sub 2000 shares shareholders) are being allocated 2000 extra shares free of charge and I don't have to lift a finger, just let it happen.

This is very obviously to Perry Dines advantage (a) further down the track they have the spread of shareholding required for NZX relisting once PD have regained some value (b) also further down the track they have a much bigger sharebase on which to make issues and call upon for support.

PD now has 3 well known and high achieving individuals associated with it and I for one would put some more investment into it (even more if I knew somewhat of those plans!).

[percy]

Just loved;
"If you want to accept the top up shares you need take no action,and the shares will be transferred on 9th February 2016."
That's us Major.NO Action Men.!!!

[waikare]

Rather strange and odd offer, but happy to accept.

[percy]

Today's holder statement shows we have gone from 100 to 2,000.

[Major von Tempsky]

Ditto, gone from 200 to 2,000 :-).

Neks minit a small cash issue and/or announcement of new direction for PD.
On attends patiemment....