ALF - Allied Farmers Limited

[NeverQuestion]

Change is in. Share Price is now 0.75 as expected. Time to update your Portfolio views with your new share totals.

[Vaygor1]

Change is in. Share Price is now 0.75 as expected. Time to update your Portfolio views with your new share totals.

It kind of appears to be trading when viewing on the nzx, and the price has been adjusted to 10 x its previous, but I don't think it is trading yet NQ.

10680

Have to wait until Thursday by the looks.

Direct Broking have correctly updated the ALF volumes held in my portfolio, but the shareprice is still sitting at 7.5 cents on their website with no trades today.

[Vaygor1]

Annual Result out today: https://www.nzx.com/announcements/339901

A solid result and pretty close to my prediction 2 months ago here:
https://www.sharetrader.co.nz/showthread.php?3044-Allied-Farmers-Limited-ALF&p=764214&viewfull=1#post764214

:D

[golden city]

Hope you are right about the dividend amounts

[Vaygor1]

Hope you are right about the dividend amounts

I think there is plenty of free cashflow to pay a dividend and ALF's working capital required through this financial year's H1 will be substantially less than the amount of free cashflow they have on hand. I am guessing the holding off to announce a dividend is for the following reasons:

1) The announced dividend timing is current board policy as agreed with the 020 Bond Holders some years ago (the 030 Bonds have been fully repaid now).
2) Waiting may allow ALF to pay more of a dividend in January than would otherwise be the case.
3) Some other reason like a possible acquisition by ALF within the next few months requiring some extra capital.

I certainly like the direction the following 2 graphs are going (as per ALF's Annual Report released today):

10741

[golden city]

With little cash reserve they only can afford a very small acqusition

[NeverQuestion]

With little cash reserve they only can afford a very small acqusition

Best they wait for a bit do you think?

[golden city]

Better stay away from acqusition and growing organically to be safe and pay higher dividends

[Vaygor1]

Better stay away from acqusition and growing organically to be safe and pay higher dividends

Growing is recycling capital and lowering the dividends.
Growing is borrowing money at a rate lesser than the after tax returns gained from using it.
Organic growth and acquisition are both valid means to an end, none worse than the other, just different.

[golden city]

Any one In agm today

[golden city]

What is the outlook for this year

[Beagle]

2 year chart doesn't do anything to inspire.

[golden city]

Not a chart guy more prefer fundamentals

[Vaygor1]

Any one In agm today

Yes. I was there.
Will write a commentary soon.
Watch this space....
:)

[percy]

Yes. I was there.
Will write a commentary soon.
Watch this space....
:)

Are they downsizing livestock financing.?
The presentation did not give clear information.

[golden city]

They didn’t provide address details this time. Was not able to attend craving for your detail of commentary

[blackcap]

Yes. I was there.
Will write a commentary soon.
Watch this space....
:)

Thanks Vaygor. Will wait with anticipation. I was going to attend but ended up going to Westport this morning so could not make it this year. Will have to resign myself to next years AGM.

[Lola]

Are they downsizing livestock financing.?
The presentation did not give clear information.

No. on the contrary. But very selective and a big empahsis on risk management.
The CEO said (carefullY0 that this year is tracking well.
They have about 65 stock agents on board now verses 40 something a year ago.
Good business, good balance sheet, management with feet on the ground but nimble.

[percy]

No. on the contrary. But very selective and a big empahsis on risk management.
The CEO said (carefullY0 that this year is tracking well.
They have about 65 stock agents on board now verses 40 something a year ago.
Good business, good balance sheet, management with feet on the ground but nimble.

Thank you..

[Vaygor1]

Are they downsizing livestock financing.?
The presentation did not give clear information.

They described their finance operation as plateauing.

My understanding (and I could be wrong) is the banks don't want to lend money for this kind of activity under the present climate. Nothing to do with ALF's health. Based on this, if they can secure further funding, then the financing of livestock transactions will continue increasing.

[percy]

They described their finance operation as plateauing.

My understanding (and I could be wrong) is the banks don't want to lend money for this kind of activity under the present climate. Nothing to do with ALF's health. Based on this, if they can secure further funding, then the financing of livestock transactions will continue increasing.

Thank you.

[percy]

They described their finance operation as plateauing.

My understanding (and I could be wrong) is the banks don't want to lend money for this kind of activity under the present climate. Nothing to do with ALF's health. Based on this, if they can secure further funding, then the financing of livestock transactions will continue increasing.

Thank you.

[Vaygor1]

December 2019 ASM Commentary

I had to retrieve the notes I took down during the meeting before writing the following which is not in any particular order:


Company performance to the end of October (with 2 calendar months remaining in H1) was described as "heartening".

The plateauing of financing livestock transactions (refer my previous post) was described as a risk. ie the plateauing may not eventuate.

ALF have increased their number of agents to 66. Relationships between the agents and the farmers is paramount and succession planning is important to the Board and senior management.

The MyLivestock App continues its path of continuous improvement as is normal and required of apps. Improvements/changes in system architecture should be complete by end of January, user experience and functional improvements will then follow.

FMEL (Bobby calves, meat exporting) business has expanded with a 2nd processing plant in operation now (I can 't remember the location - Morrinsville?).

Strong Red-meat payout from the US currently.

USD-NZD exchange rate not unfavourable for ALF in comparison to last year.

Dairy stock prices are firm. If anything was said about dry stock pricing I missed it.

M Bovis, while suppressing farmers' desires to transfer and move around stock, also provides opportunities for the agencies who have the know-how in dealing with it and complying with the authorities on the matter. Lesser impact on the sector than originally thought and not as bad as (at least initially) portrayed by the press.

Ongoing growth in the areas of recruitment, acquisition, Northland, and South Island. ALF focussed on growth, actively looking regarding acquisition, but not at any price.

Strong balance sheet.

They describe the Sector as challenging, but describe ALF as well positioned with immense opportunities, very bright future, exciting times ahead, future as optimistic.

Dividend payout of 2c/share fully imputed (at an imputation rate of 28%) announced, to be paid in January 2020.

Referring to the Slide 5 of the presentation....

10868

... equity stated as $6million (Double last years stated equity) but this figure "excludes assessed value of investment in subsidiaries or increase in value of rural fixed assets".

If including the worth of ALF's ownership in various sale yards around the region (some they own, some they partly own, some they lease), I put ALF's equity at over $0.60 per share.

[forest]

Great summary, thanks Vaygor.

[blackcap]

Thanks for that Vaygor. Totally appreciated here.

[golden city]

Thanks very much for that

[golden city]

Director reducing

[Vaygor1]

Director reducing

... from 129,563 (post consolidation) shares down to 95,557 = 34006 shares at the market price on the day equates to about $24,500 worth.

Not a lot on the overall scheme of things. Maybe a few home renovations needed? One never really knows, but it is always nicer to see a Director buying rather than selling.

[golden city]

Only small money but doesn’t like insider reducing

[golden city]

How does the tax will effect Alf

[Vaygor1]

How does the tax will effect Alf

My understanding after discussions with my accountant:

No effect on equity.
Any amount paid now (if paid... still a decent amount of process to go through before we know) is recovered over time by equivalent amount of imputation credits.
Impact is then only on cashflow then I suppose.
ALF has the free cashflow to pay it now, but is there an associated opportunity cost for the interim period between payment (if paid) and recovery? ie Something else they could have done with the money?

[golden city]

What about on the profit and loss statement for the current year of that tax occurred will there be a one off expense for current period. Alf is a sleeping dragon that just those little things always came out to cap it in sleep

[mfd]

Not a lot of excitement in the market, but ALF are going to be able to keep that million dollars after all

https://www.nzx.com/announcements/349308

Quite handy for a company with a market cap of around 12 million. Currently trading on a PE ratio of around 6.

[kiora]

Today announced Frankton & Stratford
Online, real-time bidding at saleyard auctions! in livestock auctions streamed live and direct from saleyards. This is a hybrid of the traditional saleyard format and supports a return to confident trading.

[kiora]

On line sales popular
https://www.stuff.co.nz/taranaki-daily-news/121360181/cattle-prices-strong-at-new-online-sale-format?utm_source=ST&utm_medium=email&utm_campaign=ShareTrader+AM+Update+for+Friday+1+Ma y+2020

[Snoopy]

On line sales popular
https://www.stuff.co.nz/taranaki-daily-news/121360181/cattle-prices-strong-at-new-online-sale-format?utm_source=ST&utm_medium=email&utm_campaign=ShareTrader+AM+Update+for+Friday+1+Ma y+2020

Popular? The article said that 20 bidders attended in the flesh. But they didn't specify how many bidders registered on line. If the sale was really popular, I would have thought that 'NZ Farmers Livestock' would have released that latter figure.

480 cattle went through. Not sure how that compares to a 'normal' auction. But given this was only the second auction to be held by 'NZ Farmers Livestock' since the lock down, some of the through put could be pent up demand.

A cattle beast represents big dollars these days. Would a farmer really prefer looking through the eyes of a camera rather than eyeing up the beast in the flesh?

SNOOPY

[golden city]

Today’s announcement clear future direction mr perry is better fit and qualify for the chairman job. Hopefully he can bring some excitement into the company with some agritech acqusition opportunities

[mfd]

Big acquisition, spending up to 5 million with a current market cap of 11 million. Slightly complex structure, multiple conditions, whole load of shares issued. Looks pretty exciting, but a lack of detail this stage, presumably this will follow later.

https://www.nzx.com/announcements/361572

[Nigel]

Paying $2.5 million (in shares) for 50% of a new company that will raise $75m in an IPO. Am I reading that right? Seems attractive! And no record date announced for the cap raising, so people can still get on board... buying a portion today and then more in the cap raising at 50c once details are announced. Or maybe they'll make the record date 15 Oct, who knows. Regardless, market cap is only $11m, the company makes a profit and the PE ratio is under 10. Worth a look perhaps.

[mfd]

Paying $2.5 million (in shares) for 50% of a new company that will raise $75m in an IPO. Am I reading that right? Seems attractive! And no record date announced for the cap raising, so people can still get on board... buying a portion today and then more in the cap raising at 50c once details are announced. Or maybe they'll make the record date 15 Oct, who knows. Regardless, market cap is only $11m, the company makes a profit and the PE ratio is under 10. Worth a look perhaps.

As I understand it, they are just buying the company with the contract to manage the land owned by the company raising the capital, although it looks like they may end up owning a little of the IPOing company as well through the convertible loan ALF are providing.

[golden city]

Let’s see what sort the return those management contract can producing It is a good fit business for Alf. Livestock agency . Rural land management rural finance meat export a complete rural company in making

[Nor]

I would be more interested in the actual land company. Despite having an external management company, which are supposed to be disadvantageous.

[blackcap]

The market seems to like it. Up 11% to 69 cents.

[golden city]

I think more acqusitions on the way to leverage the listing shell

[nztx]

I think more acqusitions on the way to leverage the listing shell

Possible if not very likely - check the interests of the following incoming Director:

From announcement:

"At completion, an Allied Farmers Director representative will join the Board of NZRLM, and NZRLM co-founder Christopher Swasbrook will join the Allied Farmers Board;"

Smart Money - Meet small Rural Servicing & Livestock Services Co sitting in Listed NZX Shell with interesting past ;)

SP could be elevated on further developments ;)

[golden city]

Also to leverage Historic loss for tax benefits from new profitable acquisitions

[nztx]

The same Christopher Swasbrook who was/is involved in BIL (Bethunes Investments)
with it's listed shell effectively sold off in past years & used by TIL (Transport Logistics)

The BIL unlisted Shell still exists with investments portfolio after in specie distribution
of the subsidiary with investment interests after listed shell 'sold'

Listed Company Share Registers can be very useful for floats of other ventures too
as was demonstrated by HGL with two in specie distributions of floated ventures

Holders of ALF certainly deserve some 'luck' & better prospects after parts of the Hanover
Finance bag of tricks / unfolding disaster landed in ALF's lap for final tidy up, some years back

[golden city]

Won’t be surprise if we crack one dollar after one more good news

[nztx]

Won’t be surprise if we crack one dollar after one more good news

Remember that there is a planned Cap Raise & Rights issue this side of Year End which is on the way - as announced

[golden city]

The capital raising is for expansion if they keep bring us good deals cr is a good thing sometime

[nztx]

A Change of Address Notice for Eric the Great's Christmas Cards & Other Communications:

All those eager followers & other unfortunate participants in HANGOVER FINANCE
will be interested in Eric's new updated address for Christmas Cards etc:

C/o HER MAJESTY'S LOCK UP & JAIL SERVICE, UK GOVT, LONDON, UK


Don't expect any response even if Return First Class Postage Stamps are included

Eric would be especially appreciative of really large donations, which can be sent direct
to Sir Owen Glenn, to hopefully stave off Insolvency / Bankruptcy motions in pursuit of the
Millions of Pounds awarded to Sir Owen, by the UK Courts & will be gratefully received
from ALF Shareholders who received their share swap at pennies in the pound for their
HANGOVER FINANCE Deposits when the job got dropped into ALF's lap some years ago.


For more on Eric's recent unfortunate UK adventures & tangle with UK Courts, read under :


https://www.stuff.co.nz/business/123143130/eric-watson-sentenced-to-jail-in-uk-for-contempt-of-court-in-sir-owen-glenn-case

Eric Watson sentenced to jail in UK for contempt of court in Sir Owen Glenn case


Note: Eric Watson is not believed to be involved in today's ALLIED FARMERS (ALF) in any way, which appears to
be reflecting reasonably positive prospects, years after suffering it's end of the HANGOVER FINANCE debaccle.

;)

[Nigel]

Details out today about cap raise and $2.5mil investment for a 50% interest in New Zealand Rural Land Limited Partnership.

The new partnership will be the manager of New Zealand Rural Land Company Limited (NZRLC), a new entity that will acquire rural land under a landlord model, whereby the underlying rural land will be leased to high-quality farming operators. NZRLC is planning an IPO for later this month of up to $150 million and list on the NZX Main Board in December 2020.


The announcement describes the new venture as "an incredibly exciting and pivotal opportunity for Allied Farmers."

"Our strategy is to 'be the major solution provider to agricultural producers, growing value for those producers and our investors'. Our NZ Farmers Livestock subsidiary is the foundation upon which we have built and delivered that strategy, and this investment enables diversification in a manner that is complementary to our core values and activities."

"From our deep understanding of the rural sector built over more than 100 years, we know there is compelling long-term value in owning rural land, and
we can see the benefits for farm operators wishing to expand their operational platforms in a capital efficient manner. NZRLC will be a capital-providing partner for New Zealand's highly-skilled and productive food producers."

As flagged in the earlier announcement, ALF has today outlined a cap raise for existing shareholders. This additional capital (to be raised at 50c) will be
raised through a 1:3 renounceable rights issue to existing shareholders, and (assuming shareholder approval) a further placement to existing holders.

Will be interesting to see if a few more people jump on board to get access to the 50c shares.

The company is already profitable and focused on continued growth.

[blackcap]

Details out today about cap raise and $2.5mil investment for a 50% interest in New Zealand Rural Land Limited Partnership.

The new partnership will be the manager of New Zealand Rural Land Company Limited (NZRLC), a new entity that will acquire rural land under a landlord model, whereby the underlying rural land will be leased to high-quality farming operators. NZRLC is planning an IPO for later this month of up to $150 million and list on the NZX Main Board in December 2020.


The announcement describes the new venture as "an incredibly exciting and pivotal opportunity for Allied Farmers."

"Our strategy is to 'be the major solution provider to agricultural producers, growing value for those producers and our investors'. Our NZ Farmers Livestock subsidiary is the foundation upon which we have built and delivered that strategy, and this investment enables diversification in a manner that is complementary to our core values and activities."

"From our deep understanding of the rural sector built over more than 100 years, we know there is compelling long-term value in owning rural land, and
we can see the benefits for farm operators wishing to expand their operational platforms in a capital efficient manner. NZRLC will be a capital-providing partner for New Zealand's highly-skilled and productive food producers."

As flagged in the earlier announcement, ALF has today outlined a cap raise for existing shareholders. This additional capital (to be raised at 50c) will be
raised through a 1:3 renounceable rights issue to existing shareholders, and (assuming shareholder approval) a further placement to existing holders.

Will be interesting to see if a few more people jump on board to get access to the 50c shares.

The company is already profitable and focused on continued growth.

What I do not understand and maybe someone can help me out here, but ALF is giving a hell of a lot of money for an entity that has just been set up and actually only has the rights to manage a Land Company. So the "vendors" are getting 5 million ALF shares or $2.5m for what?

[nztx]

What I do not understand and maybe someone can help me out here, but ALF is giving a hell of a lot of money for an entity that has just been set up and actually only has the rights to manage a Land Company. So the "vendors" are getting 5 million ALF shares or $2.5m for what?

Agree with postings in previous two posts

Looking at the Announcement -

https://www.nzx.com/announcements/361572



Only half the Management Company is being acquired initially, with call option for remaining 50% after two years

and this:

"The $375,000 convertible loan will be capitalised into shares in NZRLC, at the IPO issue price, or any residual repaid to Allied Farmers if the PDS is not lodged by 31 December 2020 or the offer is withdrawn. The loan does not bear interest."

It would appear that ALF is funding the NZRLC Float expenses

The whole deal could be considerably more generous for both ALF & it's shareholders (ie: a preferential IPO allocation to ALF stakeholders) for the overall risk & resources of ALF apparently being thrown at the NZRLC project

How much is Swasbrook & his interests putting into the IPO - if ALF is effectively bankrolling IPO of the Merchant Banker's "newly created Idea & Scheme" and picking up initially 50% of a Company managing it ? (later possibly 100% in 2 years)

"At completion, an Allied Farmers Director representative will join the Board of NZRLM, and NZRLM co-founder Christopher Swasbrook will join the Allied Farmers Board;"


Most will recollect that Swasbrook is a major holder & Director of the now unlisted BIL (Bethunes Investments Ltd) which sold it's
listed shell (effectively) to enable TLL (Transport Logistics) an NZX Listing in recent few years..

The residual investments in BIL at the time were distributed in-specie via shares in a BIL subsidiary to former BIL shareholders
and remains an unlisted company


Further questions:

How much revenue / surplus will NZRLM likely generate for ALF - has this been disclosed ?

What will further Share Issues (& existing Holder Dilution) by ALF for this likely do for ALF's future EPS & DPS ?


At least twice the $2.5 million plus (depending on price of remaining 50%) & $375 k convertible note headed towards NZRLM & NZRL IPO ; plus Management time & Resources are being thrown at the NZRL project from a relatively small NZX Company's resources - to a relatively new venture

[Felix]

A lot more information would be helpful to have comfort increasing from 17.8m to 38.8m shares on issue. I assume the NZRLC prospectus will shed light on what fee arrangement will be in place for NZRML so that will be good to see.

What makes me most nervous is issuing 10m shares partially to invest in ‘early-stage initiatives in the rural sector’s innovation space’. That sounds like venture capital funding which is a hit and miss activity.

I get the impression the directors want to build a bigger company than their current $12m market cap. Question is whether this is the right approach or is it grasping at straws, like buying Hanover Finance.

[nztx]

http://www.sharechat.co.nz/article/95dfdaaa/allied-farmers-limited-nzx-alf-2020-annual-meeting-chair-speech-and-dividend-announcement.html

ALLIED FARMERS LIMITED (NZX: ALF) 2020 ANNUAL MEETING CHAIR SPEECH AND DIVIDEND ANNOUNCEMENT


Tuesday 24th November 2020

"My name is Richard Perry and I’m the Chair of Allied Farmers. I welcome you all to our Annual General Meeting today on the behalf of the Board and the Management team. The financial statements and the reports of the directors and auditors for the year ending 30 June 2020 are set out in the company’s 2020 Annual Report. The year’s highlights included:



• Continuing to service our clients during the Covid-19 lockdown to deploy NZ’s first ever hybrid auction system that allowed sale yards to re-open safely in a limited capacity and famers to participate in live auctions online and remotely.



• Improving our approaches to health and safety, risk management and staff wellbeing through a number of initiatives including the extension of some staff benefits such as health insurance for staff.



• The further strengthening of our Board with the appointment of Ross Verry to chair our Finance business and lead the development of that opportunity.



• Appointment of KPMG as the new auditors including the refinement and improvement of our financial statements to “cut the clutter” and improve transparency and communication of our financial performance and position to stakeholders.



• The clarity obtained in challenging and resolving an issue with IRD in respect of using the accumulated tax losses of the company.



• Evaluating several strategic opportunities to deliver new solutions to our customers either via partnering or investment with the most visible being the NZRLM opportunity.



We seek shareholder approval to issue up to $5 million in shares at 50 cents per share by way of placement. This level of capital, coupled with new capital from the rights issue, will give us the funds we require to accelerate our diversification strategy.



I’m delighted to announce a dividend to holders of our existing shares of 1.2 cents per share (fully imputed). This dividend will not be available to any participants in the placements (including the vendors of the Management Company) or participants in our rights issue. To achieve this in the current financial year is a pleasing accomplishment, but you will note that it is lower this year to reflect the lower profit. As has been the case for the last few years, the dividend will be paid in January 2021."

[Beagle]

I was pleased to hear from Vaygor1 the other day, albeit quite briefly. It sounds like he was not keen on this deal. I thought he was going to post his thoughts on here about it but he did mutter something about this place being a whirlpool that drags you in and sucks you under...or words to that effect.

I know he was always keen on these and did have a very large holding but I have always agreed to disagree and think the pedigree of this mutt has always been in question.

[golden city]

I personally think the acquisition is a good one if the listing is successful. The manger company could have revenue of 2 to 3m. Plus it could grow much bigger. Allied could expand to real estate agency beside farm land management I guess

[nztx]

I personally think the acquisition is a good one if the listing is successful. The manger company could have revenue of 2 to 3m. Plus it could grow much bigger. Allied could expand to real estate agency beside farm land management I guess

Okay sure - but ALF themselves have come out with Lower Veal = Lower Profit

That in turn meaning a 40% chop in 2020 already small dividend & that's before
the Cap Raise and throwing around the further Share placements etc

What was the Lead time between 2020 & projected large dallop of NZRL Management
fees again ? What will ALF do in meantime for trading profits & to pay an even smaller
Div on the then enlarged issued Share Capital ? ;)

ALF are primarily an Ag / Livestock Service company.

That is despite the past distraction of being sitting ducks for remnants of the Hangover
Finance outfit landing in their lap to tidy up, some years ago..

ALF have also made mention of drought & the sector is sailing at whims of the seasons
for it's results, quite clearly

If margins & costs are important on farms then how will adding another layer of costs
to operations on captive NZRL Rural sticks likely fare ? - is it even economically viable ?

Will Veal off those blocks, for example be 10-15% more yielding with the NZRL Stamp attached ?

The large scheme of things is a Merchant Banker dreamed up scheme with a hefty price tag
for ALF & it's stakeholders - a new operation at that - in return for giving away a slice of the action.
what will this add to the sector ? Will it even fly at all ?

$5 - $10 million is basically a fair chunk of other's money to throw at a dreamed up start up
Could it not have been more yielding in being added to upsizing their existing businesses
or adding further existing similar businesses to the fold - as was case with their buying into Redshaws ?

How would a new Rural Real Estate Outfit fare in the existing populated Rural RE market ?
What could they offer which was better than those other participants in the game ?
Perhaps there is a bolt-on existing RE Business for Ag service which may be a better add-on
out there as potential acquisition rather than throwing $5 million plus & slice of the action at another
grandiose scheme dreamed up in an Auckland Merchant Banker's office ? ;)

[Lola]

I personally think the acquisition is a good one if the listing is successful. The manger company could have revenue of 2 to 3m. Plus it could grow much bigger. Allied could expand to real estate agency beside farm land management I guess

I also agree with this whole strategy and the given reasons leading to it. Critics forget or are just happy to be ignorant of the fact that the Hanover deals saved Allied from extinction and gave it breathing space to fight another day. This day has come with this visionary proposal.

[golden city]

Time will tell if it is a good acqusition or not. I truely believe it is. As the rural land company growing. The manger company is a printing money machine. With not much risk to allied farmer. It is acting just like an agency. Charging management fees. Transaction fees and lease fees. The most importantly the acqusition is paying by share not cash that make the vendor the biggest shareholder in allied farmer and diversify allied income stream in the long term Keep pumping in money for expansion. Allied be steady those years but without expansion it is only 12m company the share price will be static without growth or expansion to attract more investors

[nztx]

I wish I that could see your optimism - golden_city, unfortunately I cant

I see far better candidates both here & in US markets where progress & prospects
eclipses what the Stratford based ALF have or are likely to achieve many many times over .. ;)

[golden city]

That comes to personal. It is just like a career choosing ,Everybody have different dreams different options in this case I like agricultural business because I am a farmer my self I fully understanding the important of food production and agriculture in nz. Also during covid 19. It makes agriculture even more important

[Jantar]

….. The manger company is a printing money machine. With not much risk to allied farmer. It is acting just like an agency. Charging management fees. Transaction fees and lease fees. ...
I am not an AFL holder and only became interested because of this deal. I received an email inviting me to participate in the IPO, and while it looked interesting the management fees put me right off. Instead I became interested in buying into the manager, i.e. AFL.

The way I see it, it will be some time before those fees start to make a difference, so I shall watch with interest, but until AFL start to show a decent return I shall not buy in just yet.

[golden city]

the whole idea of the aqusition is to widen investor interests in the rural sector either you invest in the ipo company or allied farmer. It is benefiting Alf in this deal that is the way I see it

[Jantar]

the whole idea of the aqusition is to widen investor interests in the rural sector either you invest in the ipo company or allied farmer. It is benefiting Alf in this deal that is the way I see it
Yes, I see that was the intent. I am already in the rural sector through PGW and SCL, and will buy into ALF if they improve their earnings and cashflow, then start paying a reasonable dividend.

[golden city]

I think we have a very hard working board that in near future we should have a very good company that is profitable and expanding

[golden city]

Looks like the market agreeing with me. New high for allied for some years. Now

[Nigel]

The IPO info for NZ Rural Land Co is out, and there management terms are quite attractive for NZRLM, of which ALF will own half (with a call option to own 100% later). If this IPO flies, then it would be a really good earner for ALF. ALF has a tiny market cap and yet is profitable, with significant growth potential through NZRLM.

See https://farmersweekly.co.nz/section/agribusiness/view/investors-sought-for-rural-land-fund for more.

[nztx]

Think everyone is still ignoring the basics .. being

Saddling budding farmers leasing potential NZRL Dairy lands with another raft of costs

Leadtime of project to really get off ground - say 2-3 years or longer ?

Increased ALF capital & nothing aside from whats already there to generate surplus to pay dividends
on said higher capital, until it chops in

Giving away a large slice of the ALF action to partake in said trumped up Rural Land Scheme.

The economic signals being given off by ALF right now should be warning enough IMO ;)

I expect to see ALF SP fall quite a bit lower than 50c in the coming 12-18 months if current rural
conditions as they have seen of recent times persist, the div chopped to Nil or near to it and a long wait
to see how many buy into the pie in the sky 'vast gravy train on the horizon' or consider prospects elsewhere
better suit their investor needs & returns to risk instead .. ;)

How long is the queue right now to take up the pristine NZRL prime plots of dairy pasture to generate
the NZRL Fee chain.. or has no-one done any work researching how many likely eager takers
will be banging on the NZRL door when the doors open ? ;)

Let's face it - likely entrants looking at NZRL Land lease would be pondering being either buy their own freehold
& large mortgage (ie own the farm) or equivalent of sort of 'sharemilker class' but owning the herd at best but not
the sticks & pasture the herd was on.. now which way would members here say was more desirable ? ;)

[golden city]

It is totally non sense. They are buying existing Dairy land which dairy farmer leasing. Which only take a few months for a transaction than income will start to flowing in. Plus allied is forecast second half looking ok. The first half is the worst you can get from covid 19 point of view. Which Alf still manage to be profitable. Plus the new acqusition I only can see profit increases plus share price Appreciation. I am thinking it is on its way to one dollar if they get another accretive acqusition

[nztx]

The best of Farming Sticks & pasture transfers follows patterns of Succession - along lines of 'Keep it in the Family'

A long pattern of this evident

ALF elude to Drought conditions

- How many sell in a Drought environment ?

- How many would sell & lease back in a Drought ?

- How many would look to lease (long term) in a Drought ?

- How many would rather follow 'Succession steps" as referred to earlier or perhaps use the 'Family Bank" to enter the sector ?


What sort of standard would any potential NZRL buys be - given the above ?

What vast pool of Management Skillsets do ALF have now or available for their part of this add-on Scheme ?

Buying a portfolio of reasonable quality dairy properties doesn't happen overnight, nor does capturing
potential mutation of the "Sharemilker" type of participant for such properties, which NZRL are targeting as their audience ;)

[golden city]

What a day for alllied farmer after rights. Up 14%

[nztx]

Seems so -- Market seems to like the scheme of things

[golden city]

It just continues to go up Could be another merger acqusition with a finance company comming up soon

[nztx]

... then it go down today .. ;)


Has someone found yet another HANGOVER FINANCE on it's last legs to nicely fit into a gap at the ALF stable ? ;-)

[ratkin]

1 in 3 share consolidation at 50c is a pretty large discount to the current price, too large.
Shows either bad management or a lack of confidence in their ability to attract finance at a reasonable price.
Surely they could have aimed a little higher than .50C

No wonder the price took a hit yesterday, with this news it should be closer to Sixty cents. The market has been carried away just because they are going to buy a bit of land and rent it out.

[mfd]

1 in 3 share consolidation at 50c is a pretty large discount to the current price, too large.
Shows either bad management or a lack of confidence in their ability to attract finance at a reasonable price.
Surely they could have aimed a little higher than .50C

No wonder the price took a hit yesterday, with this news it should be closer to Sixty cents. The market has been carried away just because they are going to buy a bit of land and rent it out.

You have got this a little bit backwards - the 50 raise was proposed back in October with the share price a little under 60c. Since the announcement, the share price has risen quite nicely.

A good problem to have.

Edit: also ALF are not buying any land, they are buying part of the company that will manage the land that NZRLC buys and rents out. ALF will simply be clipping the ticket.

[golden city]

It is a very good problem to have The share price goes up after the deal announcement With a big discount when you look back now but that will attract all shareholder take up the rights and a very good outcome for the company

[nztx]

All your positivity - golden_city tempted me too much to put toe in the water again ;)

we shall see - huh ;)

[golden city]

Good luck All

[nztx]

Whoa -- did that SP slide 10 points or what on Friday ? ;)

More encouragement needed - Golden ;)

With such positive partnership news into the vastly profitable NZRL management Co -
the gumboots at ALF shouldn't be sinking into the thick Stratford mud & getting bogged down
like this .. ;)

[golden city]

Just patiently enjoy the fess once the ipo succeed It is always going to be long term stock to get the dividends rather than quick money scheme fliping

[frostyboy]

There are quite alot of sell limits on the 50 cent rights, holding it back.

I'm not a holder, If they achieve the "NEW ZEALAND Rural Land Co IPO" without issues, then I will think current prices are a buy and I will act.
At the moment I think the risk reward isn't very good, ALF have done alot of dilution at 50cents.

[nztx]

It looks like some lucky punter out there managed to get a gumboot unstuck out of the thick Stratford
muck only to manage to kick things back up late in the session .. ;)


but will they be half as optimistic about the NZRL grand trumped up scheme to want to throw anything
that way .. or perhaps leave it for the other suckers out there ? ;)


After all, the volume of ALF shares on the loose is still fairly minute - even after Cap Raise so
existing punters dont miss out, the 'Reward a Merchant Banker for the Idea' issue and other share
issues, than the more plentiful NZRL 'own a slice of some Dairy Dirt - but only if a Farmer can be found'
incarnation & what may seem to be a Farm Revaluation driven slower moving sucker issue .. ;)


The good news seems to be - if NZRL don't Fly' then it wont be as bad a ALF's past tangle & long
sort out necessitated with 'Eric the Great's Hangover Finance' remnants landing in ALF's laps .. ;)


Let's not forget in passing to wish the claimed penny less 'Eric the Great' a very Merry Christmas locked up in
HM's UK jail for the duration for other deeds that the local Media have covered extensively .. ;)


The bad news is with ALF's Veals not looking so well of late & "Drought Conditions" ALF have eluded
to recently - the unwinding cost may well put pay to prospect of future ALF dividends.. but then who knows ;)

[nztx]

There are quite alot of sell limits on the 50 cent rights, holding it back.

I'm not a holder, If they achieve the "NEW ZEALAND Rural Land Co IPO" without issues, then I will think current prices are a buy and I will act.
At the moment I think the risk reward isn't very good, ALF have done alot of dilution at 50cents.


SP is starting to record lowering SP levels - be further shares available shortly out of the 1:3 CI too
depending on how many are stayers & how many are players..

Fridays fall was with ALF shedding the January Div

[nztx]

close down to around a big fat 60c today

probably below the pre 1:3 CI adjusted theoretical now .. has everyone lost interest in ALF or woken up
after ex div ? ;)

[mfd]

close down to around a big fat 60c today

probably below the pre 1:3 CI adjusted theoretical now .. has everyone lost interest in ALF or woken up
after ex div ? ;)

Could be some holders selling down to free funds for the placement, uncertainty over the NZRLC capital raising, who knows? Generally quite thinly traded so it does bounce around a bit. Will see how things settle over the next few weeks.

[Nigel]

Down from 68c to 58c in the last couple of days. In trading halt today as we wait for the announcement on NZRLC. I hope it wasn't a leaky ship (with news the IPO isn't proceeding) that led to the sell-off. I guess we will find out today/tomorrow. If the IPO has been successful, it will be excellent for ALF and I'd expect the shareprice to head back towards 70/80c, possibly higher (recent high was 82c).

[nztx]

https://www.nzx.com/announcements/365132

Final Chance to Invest in Rights Offer/NZRLC IPO Successful

"FINAL CHANCE TO INVEST IN ALLIED RIGHTS ISSUE FOLLOWING SUCCESSFUL RURAL LAND COMPANY IPO

• Shareholders are reminded that Allied Farmers’s Rights Offer @ 50cps closes this Friday 18 December 2020.

• The NZ Rural Land Company Limited (NZRLC) IPO has successfully satisfied its minimum raise condition of $75 million in its Initial Public Offering, meaning that Allied Farmers will acquire a 50% interest in NZ Rural Land Management Partnership (the Manager). To assist in the success of the IPO capital raise, Allied agreed to invest $750,000 in the NZRLC IPO.

Final Chance to Invest in Allied Farmers’ Rights Issue Capital Raise

Allied Farmers Limited’s (“Allied Farmers”; NZX: ALF) shareholders are reminded that Allied Farmers’s Rights Offer closes this Friday 18 December 2020. For those shareholders that may have been waiting to understand the outcome of the acquisition of a 50 percent share in the Manager, you will see from the update below that you can now do so with confidence that this will be proceeding.

We encourage shareholders to consider investing, as it provides the opportunity to acquire shares in Allied Farmers’s for 50 cents per share, (being a discount of 19.4% against the closing price of 62 cents per share on 15 October 2020, being the date immediately prior to the date Allied Farmers’s capital raising plan was announced), and goes some way to reducing the impact of full dilution by those that do chose to participate.

Acquisition of 50% of Management Company

Allied Farmers’s is pleased to confirm that it has been advised by NZ Rural Land Company Limited (NZRLC) that it has successfully satisfied its minimum raise condition of $75 million in its Initial Public Offering.

As a result, the previously announced conditional agreement for Allied Farmers to acquire 50 percent ownership in the Manager will be completed in the coming days. The Manager holds the external management contract to NZRLC.

Allied Farmers’s Chairperson, Richard Perry, said “We are delighted that this significant milestone has been achieved, and we look forward to NZRLC commencing its farm acquisitions. We believe this is an excellent outcome for Allied Farmers, as it generates additional cash return for a modest capital outlay, and enables us to diversify in a manner consistent with our strategy and values”.

Additional Investment in NZ Rural Land Company Ltd

Allied Farmers has agreed to invest $750,000 in the NZRLC capital raise. The $750,000 investment, made from existing group reserves, is in addition to the $375,000 in costs loans that convert to shares in NZRLC, taking Allied Farmers’s investment in NZRLC to $1,125,000 (based on a subscription price of $1.25 per share). This ensures that the owners of the Manager all have a meaningful investment in the entity it will manage (the owners of the remaining 50% of the Manager have invested a similar amount into NZRLC).

This investment has been made for two equally compelling reasons. First, it has assisted NZRLC to achieve the $75 million minimum capital raise, and therefore triggers the acquisition of Allied Farmers’s 50 percent interest in the Manager. Second, Allied Farmers firmly believes that its investment in NZRLC aligns with its strategy to invest in businesses that complement our existing core activities and that provide solutions to the issues facing the agricultural sector

Richard Perry

Chairman"

[Nigel]

Great news that the IPO is proceeding. And the shareprice heading north again!

[golden city]

Nice one. Up from here

[nztx]

Announcement after market close yesterday -


https://www.nzx.com/announcements/365365

Settlement of NZ Rural Land Management Purchase


"18/12/2020, 5:22 pm CORPACT

SETTLEMENT OF NZ RURAL LAND MANAGEMENT PURCHASE

Allied Farmers Limited (“Allied Farmers” NZX: ALF) is pleased to confirm that it has today settled the purchase of a 50 percent interest in NZ Rural Land Management Partnership (NZRLM). NZRLM is the external manager of The NZ Rural Land Company Limited (NZRLC) which is listing on the NZX on Monday 21 December 2020.

The purchase will be settled in two tranches. The first tranche was completed today by the issue of 4,463,682 ordinary ALF shares @ $0.50 to the vendors of NZRLM. The second tranche will be paid to the vendors in either cash or shares after Allied Farmers has completed its Renounceable Rights Offer, which closed today.

As previously disclosed, Chris Swasbrook joins the Allied Farmers Board from today. Chris is a co-founder of NZRLC. He is also the Managing Director of Elevation Capital Management Limited, a Board Member of the Financial Markets Authority, a member of the NZX Listing Sub-Committee and a member of the NZ Markets Disciplinary Tribunal. Chris also Chairs Bethunes Investments Limited and is a director of Swimtastic Limited. Chris was previously a Partner of Goldman Sachs JBWere Pty Limited, Co-Head of Institutional Equities at Goldman Sachs JBWere (NZ) Limited and a Foundation Broker of the New Zealand Exchange Limited (“NZX”) and before that an Individual Full Member of the NZ Stock Exchange.

Allied Farmers Chair Richard Perry said “We are delighted to have Chris join our Board. Chris has an impressive background in capital markets and governance and brings the ideal set of skills and relationships to assist Allied to develop and execute its growth aspirations”.

The Board has determined that, due to Elevation Capital being a significant shareholder in Allied Farmers, Chris Swasbrook is not an independent director.

Richard Perry

Chairman"

[golden city]

With the successful capital raised we are heading for more acqusition soon looking good

[Nigel]

Lots of opportunity ahead. Still a very low market cap, profitable, money in the bank, new revenue stream through NZRLM and a very savvy new director in Chris Swasbrook.

[golden city]

And a very good chairman all comes to fruition Maybe in future add Mr Campbell in as Director

[nztx]

With the successful capital raised we are heading for more acqusition soon looking good


heard rumour of something further - have you ? ;)

[nztx]

Lots of opportunity ahead. Still a very low market cap, profitable, money in the bank, new revenue stream through NZRLM and a very savvy new director in Chris Swasbrook.


Let's see how well they manage to elevate the flying machine & keep it aloft on an even keel
sailing through the effects of Mother Nature's seasonal tinkerings .. ;)

Obviously it's not the done thing in height of a drought to paint a Veal's head on it's other end & attempt
to count it twice .. ;)

It is what it is .. ;)

similarly the ins & outs for attracting in a new sharemilker cocky class onto potential dairy acreage to have
something to manage & clip the ticket on, in current local dairying times & conditions .. ;)

NZL's current SP doesn't do a lot to excite based on initial IPO price, but it's early days .. let's
face it the dough is in the bank and finalising arrangements with the Management Co is possibly
the only activity to date, past listing .. before everyone took off on holiday .. ;)

[golden city]

Very interesting here the nzrlc largest shareholder also bought 20% of the management company which potentially could bought back to Alf with the swap option to Alf shares. So the connections is very strong that the Clyde and Rena Hollard could also be the top shareholder of Alf. Which should attracting other investors to look into Alf

[nztx]

https://www.nzx.com/announcements/365532

Rights Issue Oversubscribed

'RIGHTS ISSUE OVERSUBSCRIBED

Allied Farmers Limited (“Allied Farmers”; NZX: ALF) is delighted with the demand for its $3 million 1 for 3 renounceable rights offer (the Offer) which closed oversubscribed on 18 December 2020.

Shareholders and investors that exercised their entitlements will receive their full allocation. Those that applied for shares in the over-subscription facility will be scaled on a pro-rated 63.6% acceptance basis*. As a result, Allied Farmers has raised $3 million in the Offer.

Allied Farmers Chair, Richard Perry, said: “We are very encouraged by this strong show of support. A significant proportion of the capital was raised in the couple of days after we announced that the NZ Rural Land Management Agreement was unconditional, and that we had agreed to invest an additional $750,000 in the New Zealand Rural Land Company IPO.

This tells us that shareholders endorse this investment, and want to participate in our strategy to invest in businesses that complement our existing core activities and that provide solutions to the issues facing the agricultural sector”.

The new shares will be allotted, and shareholders will be advised of the their final allocations, on Thursday 24 December 2020.

Richard Perry

Chairman

*Applicants will not be scaled for the first 1,000 shares that they applied for in the oversubscription facility.'

[mfd]

Newly issued shares can now be seen in link accounts - a nice Christmas present with them currently showing a 28% return. I also got quite a few through the over-subscription facility, so it appears quite a few holders did not partake.

Time for the company to get on with the hard work getting NZRLC moving.

[nztx]

Newly issued shares can now be seen in link accounts - a nice Christmas present with them currently showing a 28% return. I also got quite a few through the over-subscription facility, so it appears quite a few holders did not partake.

Time for the company to get on with the hard work getting NZRLC moving.


Similar here .. only complaint -- could have thrown more at the Over Sub, but hindsight is a great thing .. ;)

*Note to Self* must listen more to Golden .. ;)

[kiwimalayalee]

58c not bad...

[nztx]

58c not bad...


and closed @ 0.61

still a smallish company in terms of Cap & available loose shares out there

perhaps investor perception in light of recent visibility is changing ?

[Ferg]

I have been trying to figure out the impact of NZL and the Management Co.

What we know is that ALF invested $2.5m for 50% of the Management Co plus $375k loaned to NZL (to convert to shares) plus an extra $750k in the IPO. What is interesting is that without this extra IPO investment of $750k and the increased investment from the insiders per the NZL thread post #35, the IPO for NZL would not have reached the minimum $ required to list. Total investment for ALF is $3.625m. If the interest free loan is converted to shares, this gives ALF 900k shares in NZL - if it is interest free, then whata is the benefit to ALF of NOT converting that loan to shares?

Per my post #8 in the NZL thread, I reckon the dividend from NZL will be about 1.7c gross per share based on 80% of NPBT. Assuming the $300k loan is converted to shares this will give ALF a gross dividend of circa $15k p.a. on 900k shares.

The Management Co will generate larger fees in the years where it acquires and leases farms. Based on the current funds and aspirations of NZL this equates to about $1.4m revenue per 10 year cycle, or $140k p.a. The ongoing fees based on NAV improvement (I assumed +3% p.a.) and performance incentives could be around $0.9m p.a. Total income to the Management Co (relating to NZL only) will be around $1.04m p.a. (based on spreading the upfront fees) Deduct Management Co operating costs of say $300k p.a. giving NPBT of $740k. 50% of this is $370 before tax for ALF.

Total ongoing gross returns to ALF are $370k from the Management Co + $15k dividends = $385k p.a. on an investment of $3.625m. This is a return of 10.6%, which is not bad considering the cost of funds and shareholder dividends is considerably less. Extra NPBT of $385k p.a. over 28.27m shares is an extra 1.3c per share, after tax is 1c per share. Apply a PE ratio of 10-20 and that implies additional "value" of 10-20c per share for ALF prior to the NZL IPO.

Keep in mind that if there is a surge of farm acquisitions and leases in year 1 then there will be a one-off spike in the revenues of the Management Co in that year. Possibly up to $1.4m with no further acquisition fees until the next round of capital raising in NZL, loan defaults and/or the 10 year cycle renews. I'm not sure of the IFRS treatment of such revenues, whether they would be recognised in the year of activity, of spread over the life of the deal - maybe the lease fees would be spread but the acquisition fees would not..?

[golden city]

I think they have mentioned they will raise money again this year

[golden city]

Imagine if they keep raise money every year for acquisitions that will make huge difference

[Ferg]

Imagine if they keep raise money every year for acquisitions that will make huge difference

Are you referring to NZL? I agree that one off fees are the bread maker, and more offerings are likely given the funds raised represented about 1/3rd of the opportunities identified. However, given the offer was for 60m shares but ALF and the insiders increased their stakes by 600k and 2.87m shares respectively to ensure minimum subscriptions were met, I suspect the appetite for low yielding rural farmland isn't as attractive as they think. So it may be a while before the next offer is on the table, I would say more than 2 years away.

Ongoing capital raising and farm acquisition will see 1.25% of the farm purchase prices go to the Management Co as transactions fees plus another $30k per new lease. This ends up being about 1.8-1.9% of the funds raised (the percentage on equity goes up given there is also debt funding).

Assuming a $75m capital raising and round of farm acquisitions every 4 years changes the numbers like this:

Annual dividends (assuming no new shares are bought by ALF) = $15k
Annual earnings based on 4 yearly raises are $925k, based on ($1.4m/4 + ($0.9m x2) - $0.3m)/2
Total annual pre-tax earnings lift is $940k (26% return on investment)
Per share impact is 3.3c per share before tax, or 2.4c per share after tax.

Annual capital raising will make a bigger difference but I do not see this as being likely. In any case, if ALF want to buy out the other 50% of the Management Co, then I'm guessing they will want to keep the earnings lower for the first 2 years.

Looking at the return on capital:
Dividends of $15k on an investment of $1.125m is a return of 1.3%.
Management fees of $925k on an investment of $2.5m is a return of 37% (or a 10 year cycle is a return of 370/2500 = 14.8% p.a.) - this is once all new leases are in place and NZL has effectively doubled in size, and assuming NZL can maintain NAV increases of 3% p.a. This might be optimistic given some of the initial NAV increases will be due to acquiring farms at a discount which will not be repeated in the quiet years.

Maybe the $375k loan should be repaid and not converted to shares. ALF should be able to get a better return elsewhere with that cash.

[nztx]

Did someone say 50c earlier in here ? ;)

Don't go away .. the SP is coming down to kiss whoever had thoughts at that level .. ;)

[frostyboy]

Did someone say 50c earlier in here ? ;)

Don't go away .. the SP is coming down to kiss whoever had thoughts at that level .. ;)

Probably me

Why 50c, who are the sellers;
- Elevation Capital are selling, they only bought to make deal happen to get their commission. Elevation capital are probably ok with selling down to their purchase price of 50cents.
- People who took up the rights offer are re-balancing their portfolios
- People getting impatient at the time it takes for NZL to buy properties and ALF getting the commissions. I suspect it will take longer than the market expects for a new company to setup their systems and processes, eg. you need to hirer staff

[kiwimalayalee]

Wow 55c, not a bad way to end the day on...

[nztx]

Wow 55c, not a bad way to end the day on...


it depends which way you're looking at it though .. ;)

Also if the all New 'best thing since Sliced Bread' Large ALF Money Spinner is still on the blocks, with wheels spinning furiously
but still not going anywhere fast just yet .. ;)

Hope they can see through all the mud splatters being flicked up clearly on where it's supposed to be going ..

[nztx]

Experienced & Eager Dealermaker starting back from Zero (fresh out of jail) seeks new assignments:


www.stuff.co.nz/business/124089385/eric-watson-plots-possible-bankruptcy-and-tv-series-from-postprison-ibiza

Eric Watson plots possible bankruptcy and TV series from post-prison Ibiza

What an opportunity for ALFred to recruit a skillset with a penchant for making the deals .. ;)

Maybe provide a bit of recompense for all those hung out from Hangover Finance left with bits of ALF instead .. ;)

Who knows - he might be able re-invigorate the newly installed Auckland Merchant banker's stalling dream of getting
untold mega swathes of newly bought Dairy blocks under lease contracts to a waiting queue of excited cockies .. ;)

Maybe even a bulk deal or two to lease 10 at a time .. ;)

No sense in mucking about, if opportunity presents itself .. ;)

ALF & it's newly acquired Muddy Boots Lease Management job could have more blocks of prime dairy dirt leased than it ever
imagined and the ALF SP might head back upwards towards 5 buckses on startling news from the ALF Muddy Boots empire .. ;)

A knocked down consultancy fee to rescue 'Eric the Great' from his Zero Start & possible bankruptcy in HM's homelands
might be cheap at twice the going rate and considerably faster than waiting for the Managers & Directors
to finally decide on how the new desks & chairs are going to be arranged at ALF Headquarters too ..
and rescue all from their dismay at the ALF SP promptly sagging & plummeting south.. ;)

[kiwimalayalee]

What about rocketing north..???

[nztx]

What about rocketing north..???


South may be the new North for ALF, until glowing evidence of untold blocks of Dairy dirt successfully leased
to eager Cockies is released .. References Vealer trade & drought didn't seem too promising .. ;)

The the once a year Div payout by ALF on top of it all will be further diluted down by all the extra shares issued
as price for getting into the new magical money spinning scheme which may take a while to get spinning .. ;)

[nztx]

Wonder if the team at ALF have woken up just yet ? ;)

Probably should have done a KiwiFruit job instead of mucking around with fanciful schemes
about leasing Dairy Dirt being the next sliced bread job .. ;)


SP looks like it's descending .. is it too late to change direction ? ;)

[nztx]

53.0 pennies today & no sign of any of the favourable trends which PGW is seeing happening in ALF's
localised neck of the woods .. ;)

Perhaps ALF are too busy ducking around with trying to make fast money Dairy Dirt lease schemes work
and missing the core bread & butter wood for the trees in the process ? ;)

[nztx]

Report on what is & isn't happening out today:

https://www.nzx.com/announcements/368333


HY Profit is up... but then again so is the enlarged number of shares on issue, due
to jump into the 'Muddy Boots Lease out some Dairy Dirt' grand scheme

HY half mil Surplus whilst an improvement is still fairly light on the pile of shareholder bucks tossed at ALF ;)

It looks like Mr Market has had a brief glance & sniff, and back to more of the same, possibly having decided
not a lot happening, no interim Divvie spitout as well ..

Will we see a SP sub 50's soon ? ;)

[kiwimalayalee]

Would it ever go sub 50..??
Who would be mad enough to go below what they bought..??
With the HY profit not that bad and the involvement of the so called new investors i think its looking good...

[golden city]

Just have to be patient. Once they have settle farms. Things will start to look good They have new acqusition in the way too as I have received response letter from office about funding options

[kiwimalayalee]

A lot of shares taken off the market... hold phase now...???

[nztx]

perhaps just holding a few farms aint so sexy in the scheme of things .. ALF still
dont look like a prospect to make instant large wealth .. unless some record
the job in counting the sheeps & cattles sitting on the distant horizon .. ;)

Probably the neighbour's livestock - those ones .. ;)

[kiwimalayalee]

Omg, well that escalated quickly...

[nztx]

What one-off fee did ALF get out of that large bundle of Farm Land Ca$h rapidly heading out the door ? ;)

[nztx]

wont be anything much happen for another 5 or so months in the Muddy Boots Empire & the SP may well shrink again towards the low 50's .. ;)

[mfd]

wont be anything much happen for another 5 or so months in the Muddy Boots Empire & the SP may well shrink again towards the low 50's .. ;)

You were very critical of the delays in getting farms on board, I thought you might enjoy this large deal but I guess you're hard to please.

Most of the raised capital now has a home, great job. Looking forward to the next couple of years with this large string added to ALFs bow.

[kiwimalayalee]

He truly is a hard man to please...

[nztx]

You were very critical of the delays in getting farms on board, I thought you might enjoy this large deal but I guess you're hard to please.

Most of the raised capital now has a home, great job. Looking forward to the next couple of years with this large string added to ALFs bow.


far better fish to fry elsewhere which pay very high fully imputed dividends .. hope some will eventually wake up .. ;)

[nztx]

He truly is a hard man to please...


Not at all .. critiquing listed companies indeed would hopefully show others to learn to question what they thrown
by some listed outfits.. How many Merchant bankers & their follow on investor followers did ALF's foray
into it's new Muddy Boots Empire actually enrich ?

You might say with some listings - the smarter ones are already in & out before some get to post on here .. ;)

[kiora]

Hmmm
Alf set to receive
:Management fee
+ Transaction fee $1,425,000
++ Lease Fees $ 420,000
Ok NZL due diligence costs included in TF & LF but who is carrying out the due diligence? ALF ?

When returns on farms are said to be around 3% on total assets I wonder what is left for NZL shareholders?

& NZL SP jumps 7%,go figure?

[golden city]

The money machine is start rolling More Pipeline fir acqusition if they raise another 50m to 100m next time and keep doing it. That will be massive for Alf

[kiora]

Hmmm
Alf set to receive
:Management fee
+ Transaction fee $1,425,000
++ Lease Fees $ 420,000
Ok NZL due diligence costs included in TF & LF but who is carrying out the due diligence? ALF ?

When returns on farms are said to be around 3% on total assets I wonder what is left for NZL shareholders?

& NZL SP jumps 7%,go figure?

Ok so return on leases 5.08% before fees
"The Van Leeuwen Group was placed into receivership earlier this week by Calibre Partners, but will lease back the farms after settlement through three different companies. The lease arrangement is worth $5.8m a year, with an 11-year term and two 12-year rights of renewal".
https://www.stuff.co.nz/business/farming/124993348/rural-investor-clinches-deal-to-buy-14-van-leeuwen-farms-for-114m

Not on my radar

[Lola]

The best of Farming Sticks & pasture transfers follows patterns of Succession - along lines of 'Keep it in the Family'

A long pattern of this evident

ALF elude to Drought conditions

- How many sell in a Drought environment ?

- How many would sell & lease back in a Drought ?

- How many would look to lease (long term) in a Drought ?

- How many would rather follow 'Succession steps" as referred to earlier or perhaps use the 'Family Bank" to enter the sector ?


What sort of standard would any potential NZRL buys be - given the above ?

What vast pool of Management Skillsets do ALF have now or available for their part of this add-on Scheme ?

Buying a portfolio of reasonable quality dairy properties doesn't happen overnight, nor does capturing
potential mutation of the "Sharemilker" type of participant for such properties, which NZRL are targeting as their audience ;)


Where can I send the cutlery to help you start eating a few of your words.?

[nztx]

The Muddy Boots Empire Farm Buying Slush fund is now apparently all spent up & bare

Cap Raise all round anyone - for when the next lot of Farm Dirt hits the market (distressed or not) ?

Bound to be great for the SP & those hoping to get rich off owning blocks of Farming Dirt .. ;)

[nztx]

Where can I send the cutlery to help you start eating a few of your words.?

The latest large scale buy up doesn't count -- obviously a captive former owner aka 'ready to pay up large on leases'
in somewhat of a distressed situation .. not as if the Muddy Boots Empire had to do too much work
to enlist & entice new willing residents willing to pay large lease money for the privilege .. ;)

Better save up the pennies as any further buy ups may well come with a Cap Raise Ticket attached
filtering through to unfortunates holding ALF as well .. ;)

[mfd]

The latest large scale buy up doesn't count -- obviously a captive former owner aka 'ready to pay up large on leases'
in somewhat of a distressed situation .. not as if the Muddy Boots Empire had to do too much work
to enlist & entice new willing residents willing to pay large lease money for the privilege .. ;)

Better save up the pennies as any further buy ups may well come with a Cap Raise Ticket attached
filtering through to unfortunates holding ALF as well .. ;)

ALF own 1.49% of NZRLC. I believe NZRLC intend to lever up at some point so more farms could be funded by debt, but let's say they go hard and want to raise another $100m. That means ALF have to knock up ~$1.5m dollars - at the half year report a few months ago they had $2.5m cash on the balance sheet, and there's at least $700k coming their way as their cut from the latest acquisition.

Worst case, if they come up short they would need to raise about 5c per share, ~8% of the market cap. Not particularly worrying. You may also remember that ALF have approval to raise up to $5m in additional placements which could be used to keep us from dipping into our own pockets.

That's not even mentioning that if NZRLC are raising capital and buying more farms, this is fantastic for ALF as it gives them more scale and they take 0.25% of NAV as a management fee. You need a scarier story.

[nztx]

NZRLC seem to have a fair bit of exposure coming on board to properties operated by one operator group
which in itself has seen past dramas - M Bovine - just a few years ago

Dairy may be humming now, but who knows what future dairy fortunes hold or the aspirations of our
resident politicians on the hill may dictate or a further slight of the hand & strike of the pen to disallow
interest deductions across all property purchases (not just Residential property as most recent mutation has done)

Any further moves towards CGT based initiatives may tend to wipe the smiles off the faces of many
should that be explored or occur at a pen stroke from those muddling & fuddling away on the hill .. ;)

NZRL & ALF would undoubtedly be casualties, if CGT initiatives were entertained by a Govt perched
on the edge of a large 'self created' fiscal crater, moving to fill the gap.. ;)

ALF has already doubled it's capital - hints at drought, varying results from it's own livestock trading.
Large scale NZRLC buy ups may deliver one off bonus windfalls to ALF, but in the longer term
both appear to be overly overweight in interest in the NZRL interests, possibly to detriment of ALF's
other core operations, in part appearing to seasonally based.

NZRL's investment mode focused on just land in one sub sector with no diversification or
spread suggests high risk & vulnerability to fortunes to that sector exists in volatile markets,
even with just holding real estate in that sector in a passive role.

Available ALF working capital at interim maybe capital needing to be used in it's own seasonal activities, so in turn
may not be available in take up of NZRL further rights issues (if any) to even maintain their 1.49%

There is so much more issued capital needed to be covered by any dividend they may intend proposing,
limitations on windfall Management profits, with growing exposure to just one sector.

In a global stage, other countries are developing their Dairy, we see Fonterra, Synlait & ATM as possible
hints as to what can (& does) go awry with degrees of excessive exposure to any one sector or part thereof.

At the end of the day, NZRL's mode to infinite wealth some may guess must be towards to Farm Value appreciation
as time goes on, if one to assume low margins operating after Management fees are stumped up
& lesser in operating surplus if farm financing comes into play on further acquisitions with or without
possible Cap Raise in NZRL camp..

Taking on financing further adds risk to medium term interest rate rises, which may or may not be
fully recoverable in farm lease receipts

Farm value appreciation is generally linked to fortunes of the farming type itself, or those of a better
land use prepared to stump up higher values for the same land for their purposes..

It's interesting how much the market has valued up both NZRL & ALF based on announcements
of buy up of the Dairy Dirt & a good question on whether risks, exposure & possible understanding of how
the deck of cards is structured have been fully factored in .. ;)

Discl: Not a holder & happy to be a deckchair spectator to ALF & it's Captive NZRL Management Scheme

[golden city]

Land value are always going up. Imagine if some of the dairy farm allow to develop into housing in future what opportunties will that bring It will be massive

[golden city]

For Alf. The bigger the nzrl grows the better income they will have .which looks very good if the nzrl grows into monster billion dollar portfolio funds

[kiwimalayalee]

Past 2 days of trades over 150k+ volume...

[kiwimalayalee]

Did anyone see the new announcement 🤑🤑🤑

[nztx]

Did anyone see the SP of ALF & the NZL 'Much Dairy Dirt to Lease to Budding Cockies' fall ? ;)

Must be a hand out for some more dough somewhere as thought earlier at beginning of the month .. ;)

Of course some will rejoice at a further one off fees ..

how's that Capital gain going with NZL or not yet ?

[kiwimalayalee]

No news is good news right..??

[nztx]

Just removing the double posting - for those who may be thinking their glasses
are playing tricks .. :)

[nztx]

No news is good news right..??

SP move today = - $0.02 .. ;)

is that good news ?

[kiwimalayalee]

Add more to the portfolio I suppose...

[nztx]

SP move today = $0.00 = not going anywhere .. ;)

is that good news ?

[kiwimalayalee]

Dividend and Earnings Guidance
24/6/2021, 11:36 am MKTUPDTE
24 June 2021

announce@nzx.com

NZ Rural Land Management Dividend and Earnings Guidance Update
(“Allied Farmers” NZX: ALF) is pleased to advise that NZ Rural Land Management Limited Partnership (NZRLM) has resolved to pay a cash dividend to its partners of $700,000, of which $350,000 (50 percent) is payable to Allied Farmers.

On 3 June 2021 Allied Farmers advised that NZRLM considers that Allied Farmers’s attributable earnings from NZRLM will be approximately $500,000 - $600,000 pre-tax as at 30 June 2021. Allied Farmers also advised that this would be subject to final transactional costs and end of year adjustments relating to transactions that settled on 1 June 2021.

NZRLM has confirmed that these final costs and adjustments have been finalised, and that Allied Farmers’s attributable earnings from NZRLM will be toward the bottom of the range advised on 3 June 2021 (excluding FY21 Performance Fees (if any)).

Richard Perry
Chair

[nztx]

Eric The Great (Or Wat-Now) sends his thanks all of the very few ALF supporters who bothered sending their best wishes
while he was incarcerated in the UK Pentonville Jail .

Unfortunately Eric will be unavailable for a while to help in ALF's up-marketing program, as the SEC is now
vigorously trying to nail his sorry destitute frame to the wall over alleged Insider Trading in the US .. ;)



https://www.stuff.co.nz/business/industries/300354195/former-nz-richlister-eric-watson-charged-with-insider-trading-by-us-market-watchdog

Former NZ rich-lister Eric Watson charged with insider trading by US market watchdog



Former New Zealand rich-lister and ex-convict Eric Watson has been charged with insider trading after passing non-public information about a drinks company to a friend before it announced to the stock market it would “pivot” from dealing in beverages to blockchain technology, sending its share price skyrocketing.

The United States Securities and Exchange Commission (SEC) laid the charges against Watson, along with his friend and broker Oliver Barret-Lindsay, and Barret-Lindsay’s friend Gannon Giguiere, in relation to information shared in advance of an announcement by Long Blockchain, formerly called Long Island Iced Tea. Both Barret-Lindsay and Giguiere are convicted criminals.

The charges come just six months after Watson was released from London's Pentonville Prison where he served four months for contempt of court, after withholding information about his assets from philanthropist and former business partner Sir Owen Glenn.

The SEC’s complaint, released on Saturday, alleges Watson, “an undisclosed control person of Long Blockchain”, helped drive business change within the company and signed a confidentiality agreement not to disclose the company's business plans of switching to blockchain technology, a technology used to record cryptocurrency transactions.



The SEC said Watson tipped Barret-Lindsay of such plans, including by sharing with him a draft of the company's press release.

Barret-Lindsay, in turn, allegedly passed the material non-public information on to Giguiere, the SEC said.

Within hours of receiving the confidential information, Giguiere purchased 35,000 shares of Long Blockchain stock, the SEC said.

According to the complaint, the company's stock price skyrocketed after the press release was issued, spiking more than 380 per cent within one day.

Within two hours of the announcement, Giguiere sold his shares for over US$160,000 (NZ$229,000) in illicit profits, the SEC said.


More at Link


Eric Wat-Now would be most appreciative of any donations from his enriched ALF fans (out of the deal with bits of Hang-Over Finance shot into ALF for many many valueless ALF bits, quite some time back) - to assist with trying to get the SEC off his back ASAP .. ;)

[golden city]

Going to fly soon. Someone is accumulating

[Lola]

Going to fly soon. Someone is accumulating

Dear Golden, You seem to have a good handle on this company and its strategy. Certainly better grasp than nztx who is stuck in the past with all his obvious grudges.

[nztx]

Nice to see a few with a hardened appetite for the Muddy Boots empire
and a few flash in the pans dividend aspects .. last few H2 & FY reports carry
enough warnings on what lurks within, in places .. ;)

What sort of grip on anything they have could be curiously interesting .. ;)

IMO far better fish to fry elsewhere with better flying qualities, without getting stuck in the muck .. ;)

[nztx]

Eric The Great (Or Wat-Now) sends his thanks all of the very few ALF supporters who bothered sending their best wishes
on news of the S.E.C announcing that it was chasing his butt in connection with alleged naughty trading in US Markets .

Unfortunately Eric will be unavailable for a further while to help in ALF's up-marketing program, due to some incoming
LIQUIDATOR LOVE on the horizon from the Liquidation clean up team at Cullen Investments


https://www.nzherald.co.nz/business/incoming-57m-lawsuit-more-legal-action-for-eric-watson-after-secs-insider-trading-allegations

Incoming $57m lawsuit: More legal action for Eric Watson after SEC's insider trading allegations

[Under NZH's Premium Edition Curtain]



Eric WAT-NOW sends his best wishes to all his loyal ALF Fans - more Donations to help fend off the Liquidator's delving mits
would be gratefully appreciated ;)


It must be gratifying to know that you've so popular that authorities & agencies globally are now swarming to try to take pot shots
at your butt, even after admissions of being destitute and only surviving on meagre pocket money from an elderly family member .. ;)

Do they not understand ? ;)

[golden city]

Soon we will find out what is the profit like this year

[nztx]

https://www.nzx.com/announcements/376562


New Zealand Rural Land Management Partnership Earnings Contribution Update

Allied Farmers Limited (“Allied Farmers” NZX: ALF) is pleased to note the announcement today from New Zealand Rural Land Company Limited (NZL.NZX) that, subject to audit completion, a performance fee of $1.183 million has been calculated as payable to its manager, New Zealand Rural Land Management Limited Partnership (NZRLM) for the period ending 30 June 2021.


In accordance with the management agreement the performance fee is to be satisfied in NZL shares at the 30 June 2021 - Net Asset Value (NAV) of $1.3351 per share.

Allied Farmers confirms that, that the attributable earnings (including the performance fee) from NZRLM for FY21 will be approximately $1.1 million.

The above figures are all subject to any final audit adjustments.


Okay so a bit of fancy footwork & reward for a bit of 'you pay me a fee to buy some farm blocks for you' and we'll call it fees
revenue around the camp .. (please watch where you're walking to try to miss all the cowpats in the paddock) .. ;)

Hope the REA's got their large commissions on the sales & buys - did ALF provide that service as well .. or not ? ;)


No Ca$h out of this one for ALF - Boys & Girls - as it's all been reinvested back into the Muddy Boots Management Co ..
for an increased exposure to managing large dairy plots .. ;)


Should make ALF's FY 2021 look a bit prettier, (on paper at least) even though there still wont be cash out of it for this then either .. ;)


Guess everyone can go back to sleep again as ALF only spit out a Cash Dividend once a year in January .. ;)

[Lola]

https://www.nzx.com/announcements/376562



Okay so a bit of fancy footwork & reward for a bit of 'you pay me a fee to buy some farm blocks for you' and we'll call it fees
revenue around the camp .. (please watch where you're walking to try to miss all the cowpats in the paddock) .. ;)

Hope the REA's got their large commissions on the sales & buys - did ALF provide that service as well .. or not ? ;)


No Ca$h out of this one for ALF - Boys & Girls - as it's all been reinvested back into the Muddy Boots Management Co ..
for an increased exposure to managing large dairy plots .. ;)


Should make ALF's FY 2021 look a bit prettier, (on paper at least) even though there still wont be cash out of it for this then either .. ;)


Guess everyone can go back to sleep again as ALF only spit out a Cash Dividend once a year in January .. ;)

I was wondering when you would pop out from under your paddy. ALF can always bolster their cash and pay a nicer div by selling a few of the sister company shares. Not a bad change in direction so far ....and all done by a banker from Parnell. Who would have thought?

[nztx]

I was wondering when you would pop out from under your paddy. ALF can always bolster their cash and pay a nicer div by selling a few of the sister company shares. Not a bad change in direction so far ....and all done by a banker from Parnell. Who would have thought?

Paddy has raised a few relevant questions with your posting and understanding of things:

Sell shares in the Management Company ? ;)

Who paid what for their interest in this again ? ;)

NZL isn't a sister company to ALF , as most would imagine (maybe a only small ALF holding)
but more a captive listed entity subject to the Muddy Boots Management Co fees regime .. ;)

Selling a few shares in anything may not mean dividend or entitlement to one .. ;)

What is ALF's overall exposure to NZL Management now & total ingoing investment into the NZL overall Camp ?

What is the likely return on this 'major ALF investment' after eliminating one-off flash in the pan items ? ;)

[golden city]

Alf is progressing well happy with the acqusition so far. With both dividends from nzl and nzlm. What else acqusition you can make almost 50% investment returns, 3 years 2.5m back in full I think

[nztx]

Alf is progressing well happy with the acqusition so far. With both dividends from nzl and nzlm. What else acqusition you can make almost 50% investment returns, 3 years 2.5m back in full I think


I'm lost - where's the 50% coming from ? ;)

Since when did ALF manage to get 50% of the NZL shares on issue ? ;)

The job looks like it was intended to run more than 3 years

A few acquisition performance fees (abeit non cash book entries) and the stated Management fee to
ALF half owned Muddy Boot Management Company certainly don't look like 50% even over 5 years .. ;)

You could try adding NZL revaluation gains but that wont go far on ALF's few shares held in NZL, but
the buck probably stops at ALF because they won't be distributed & any revaluation gain will be spread
in NTA increase across an inflated ALF issued capital base which has probably at least doubled or more
in past 12 months .. unless really lucky, the 2021 cash dividend may be subject to be chopped in
half for all the extra shares on issue .. ;)

Some may have already thought through the ins & outs around the enlarged camp with the Muddy Boots
Estate as a 1/2 the fee contributing satellite to reach a guestimate of what is likely outcome ahead .. ;)

Can you share the secret of what is smoked or the miraculous medication that produces images
of untold Investment Return flowing forth from ALF and mere half interest of NZLM farm management outfit ? ;)

Don't worry the secret wont spread far .. thoughts of Eric the Great has probably scared off all earlier ALF holders
long before now .. so not many read the thread .. ;)

[mfd]

I can't shed any light on the 50%, but the benefits to ALF are obvious. This is a small company, now valued at about 15 million. They now have a repeatable, growing annual stream of a million or so, on top of their other ongoing operations which have tended to produce about a million in annual profit. They continue to try to grow these steams and expand into other areas.

We're unlikely to be looking at a ten bagger, but the company is likely to make very tidy profits over the next few years and the NZRLC management fees are a very useful contribution to that. Perhaps shares will be a dollar in a year or two all being well.

Not sure what else you are trying to insinuate, you will have to be more explicit about your concerns.

[golden city]

590k performance fees in shares that will produce ongoing dividends to Alf or Alf can sell those shares into cash that is obvious total income from nzrlm 1.1m. Over time the nzl will just raising more money to buy more land ‘it is a growing benefit trend to Alf . Alf issuing shares for the acqusition not cash. 1.1m out of 2.5m for the first year that is a mega 44% returns what more we expects ? And it is growing .it adds fuels to our tank for further acqusition in the future

[nztx]

590k performance fees in shares that will produce ongoing dividends to Alf or Alf can sell those shares into cash that is obvious total income from nzrlm 1.1m. Over time the nzl will just raising more money to buy more land ‘it is a growing benefit trend to Alf . Alf issuing shares for the acqusition not cash. 1.1m out of 2.5m for the first year that is a mega 44% returns what more we expects ? And it is growing .it adds fuels to our tank for further acqusition in the future



but look - those performance fees on NZL Farm acquisitions are just one-off Fee jobs, aren't they ? ;)

Sure more farms may be bought for/by NZL next year, presumable a similar Buying fee applies
to just the new ones as well.

what's the management fee rate on the value or lease, what-have-you without the one off Acquisition fee jobs ?

the large performance fees on acquisitions are one off's for any increased acquisitions in the year
and wont recur on the same plots of dirt in relation to NZLM managing the buying of them for NZL..

Now halve the Net Management surplus - because ALF holds just 1/2 of the Management outfit - and that's
all that is attributable to ALF - more or less according to normalised run of the mill M'fees, excluding
non repeating one-off jobs. (but probably less if they decide to buy NZL shares - which will only gain in value
if NZL sees gains on farmland - that's increases in value,

ALF buying NZL shares out of revenues means less of the 1/2 cash coming across for distribution to ALF holders
(You'll see it - in book entries, but the cash has already gone, been applied into shares, so not there any more)

Now with ALF - take the half of the Management fee net surplus (ALF own half OF NZLM currently)
add any surplus etc from ALF's continuing operations . bear in mind ALF have pointed to
drought and poor Weaner trading in past, I seem to remember - so possibly less than in past - but who knows

Let's look at ALF - it's Issued Capital has more than doubled in the past year

So any ALF surplus is then divided by roughly twice as many shares = 1/2 of what was EPS per share before
because it is split across double the number of shares

Bear in mind that ALF don't own NZL wholely 100% or 50% even - but may only have parcels of shares in it, so any
NTA gain will only be indirect only in relation to that shareholding in NZL directly held by ALF, as a revaluation movement
on the NZL equities they actually hold etc.

I still dont see how you get to vast amounts of Surplus out of NZL being created for ALF, which you are parroting on about .. ;)

Where is it coming from ? ;)

[Lola]

but look - those performance fees on NZL Farm acquisitions are just one-off Fee jobs, aren't they ? ;)

Sure more farms may be bought for/by NZL next year, presumable a similar Buying fee applies
to just the new ones as well.

what's the management fee rate on the value or lease, what-have-you without the one off Acquisition fee jobs ?

the large performance fees on acquisitions are one off's for any increased acquisitions in the year
and wont recur on the same plots of dirt in relation to NZLM managing the buying of them for NZL..

Now halve the Net Management surplus - because ALF holds just 1/2 of the Management outfit - and that's
all that is attributable to ALF - more or less according to normalised run of the mill M'fees, excluding
non repeating one-off jobs. (but probably less if they decide to buy NZL shares - which will only gain in value
if NZL sees gains on farmland - that's increases in value,

ALF buying NZL shares out of revenues means less of the 1/2 cash coming across for distribution to ALF holders
(You'll see it - in book entries, but the cash has already gone, been applied into shares, so not there any more)

Now with ALF - take the half of the Management fee net surplus (ALF own half OF NZLM currently)
add any surplus etc from ALF's continuing operations . bear in mind ALF have pointed to
drought and poor Weaner trading in past, I seem to remember - so possibly less than in past - but who knows

Let's look at ALF - it's Issued Capital has more than doubled in the past year

So any ALF surplus is then divided by roughly twice as many shares = 1/2 of what was EPS per share before
because it is split across double the number of shares

Bear in mind that ALF don't own NZL wholely 100% or 50% even - but may only have parcels of shares in it, so any
NTA gain will only be indirect only in relation to that shareholding in NZL directly held by ALF, as a revaluation movement
on the NZL equities they actually hold etc.

I still dont see how you get to vast amounts of Surplus out of NZL being created for ALF, which you are parroting on about .. ;)

Where is it coming from ? ;)


June year accounts due 30th August NZTX. Get that toxic pen ready. There will be plenty of Investment Bank speak to try and understand.

[nztx]

Oh Management fees converted into extra Shares in Muddy Boots Management Co. ... must equal NO Cash changed hands ;)

Some of us aren't befuddled by magic ring-a-ring-a-rosy book entries & revaluation movements ..

Revaluations can go up & disappear as quickly .. just like the ALF SP


Try paying out no cash received as a dividend ;)

[golden city]

Very funny NZtx. Profit is profit. Either in share or cash Don’t know what is your intention or matter

[nztx]

Very funny NZtx. Profit is profit. Either in share or cash Don’t know what is your intention or matter


What happens if an adverse event affects Farming (for eg - outwards Supply chain problems worse than now for exports)
Farm valuations downturn, ability of the Cockie Leasees to meet their obligations to the Muddy Boots empire ?

The downwards spiral including valuations is likely to go round a full circle NZL through to ALF

Dont think it couldn't happen, because it can..

Look no further than ATM's recent 2 years of Export Markets issues

Anything in primary sector is this country is & can be susceptible to climate, weather, diseases, market & other factors

ALF investors should be well aware of this with past warnings of Drought conditions & other Livestock sectors in their trading
portfolio.


Exposure to further primary sectors / structures may well represent increased risk to Farming stacked on those previously within ALF

In adverse times the stack of cards sometimes may be teetering in risk of collapse according to worst of prevailing conditions out there when they occur .. ;)

These occurences can take in places 5, 10 or longer years to see tangible recovery from..

In face of NZL adverse results, added to by inhouse ALF risks becoming reality, any dividend from ALF would be first at risk

Dont underestimate the exposure of companies to certain sectors

Droughts in the early 1980's affected a wide range of Farming activities, and could well happen again.

The climate we are lead to believe is changing - wetter areas suitable for certain activities can change to the opposite
and vice versa. NZL as a long term land holder would be exposed to possibility of adverse conditions appearing
and with it NZLM & ALF also .. ;)

[mfd]

It's nothing new for ALF to be exposed to risks in the primary sector. The NZRLC management fees gives them a useful, comparably reliable, income and diversifies the company.

All companies have risks, this is why we have portfolios.

[golden city]

What companies doesn’t have risk factor ? I can’t imagine

[golden city]

The way I see Alf is working on to diversifying income. It is on its way to recovery

[nztx]

The way I see Alf is working on to diversifying income. It is on its way to recovery


Nothing like doubling up on more risk in the same sector .. fine if it pans out, but then many primary sectors
are cyclical .. ones with knowledge through the 1980's - 1990's will know this .. :)

Dairy is increasingly seeing more large scale entrants into the game in China, South America & elsewhere
- all capable of cheaper base production

NZ has the disadvantage of being further from markets, and possibly affects of global shipping routes
congestion / higher shipping costs / shortages of empty boxes etc, etc

that's before climate / weather / other sector risks come into play or the merry band of Politicians
really get interested in having a fiddle at destocking, as our Green mates have hinted at enjoying :)

Dairy has had a good run - it wasn't always that way & the dial could turn back the other way
like many other sectors have experienced. A2 Milk demonstrates market issues nicely of late.

Of course these things go right back up the supply chain to producer to bods owning the leased out farms etc
when they occur dependent on severity - ultimately affecting or influencing market values for dairy acreage

but don't let me discourage anyone that a flutter at ALF & it's wider NZL turf empire doesn't look like an undiscovered
gold mine with a treasure trove hidden within .. ;)

A bit of a shame that most of the easy gold may have already been harvested from the muddy boots empire
long before it hit the market in a loud fanfare & rapid card building exercise .. ;)

[mfd]

https://www.nzx.com/announcements/378136

Fantastic result at first glance, 63% increase in EPS despite the rights issue. Only includes 6 months of NZRLM, although the results from it are probably juiced a little from the initial flurry of farm purchases.

Currently trading on a PE of 8.5.

[golden city]

Very good progress with cashflow from operating activities over 4million dollar no need raise additional funding for growth

[percy]

I was so impressed with the result and outlook I brought some ALF shares.

[golden city]

Good on you Percy the engine just started

[nztx]

Remember - twice as many shares on issue over last year to spread dividend across

that's likely to be based on cash earnings too - after removing income creation by book entry,
shares in a circle & one off job effects ..

Report does specify update 'if ANY Dividend or Capital Return" ;)

Will the Div Yield still stack up better or slide to worse than NPH currently records ? ;)

The smart money onboard now may even decide that no-one will get any dividend at all
given the one off NZLM one off revenue items present :)

[percy]

vRevenue and other income A1 21,661 20,061
Cost of sales and operating expenses A1 (18,594) (18,425)
Depreciation and amortisation A1 (827) (784)
Net interest income B7 241 247
Profit before tax 2,481 1,099
Income tax (expense) / benefit A2 95 119
Profit after tax 2,576 1,218
Total comprehensive income 2,576 1,218
Profit attributable to:
Shareholders of Allied Farmers Limited ('Allied') 2,021 767
Minority shareholders of NZ Farmers Livestock Limited ('NZFL') 555 451
Basic Earnings per share (cents) 7.02 4.30

Note last line eps increase from 4.30 to 7.02.

[mfd]

Remember - twice as many shares on issue over last year to spread dividend across

that's likely to be based on cash earnings too - after removing income creation by book entry,
shares in a circle & one off job effects ..

Report does specify update 'if ANY Dividend or Capital Return" ;)

Will the Div Yield still stack up better or slide to worse than NPH currently records ? ;)

The smart money onboard now may even decide that no-one will get any dividend at all
given the one off NZLM one off revenue items present :)

Earnings growing much faster than number of shares, and potential for more shares being issued has now faded away as they are kicking out enough cash to fund their own growth.

I expect a small dividend and happy for them to keep the rest to fund further growth. They've previously given out equivalent of a cent or two, 2c would be a payout ratio of 28% of earnings and give us a 3% yield.

[percy]

"We are pleased with the growth of our livestock lending business, with the loan book expanding by an
additional $1.6 million to $5.2 million, largely made possible following the successful capital raise in late
2020. In addition, this business concluded a successful first year introduction of a new seasonal store lamb
financing facility (Lamb Plan) which we expect to grow over coming seasons."

That growth was 44.44%.I expect further growth.While they are achieving that sort of growth I do not mind if they do not pay a dive in January.

[Lola]

vRevenue and other income A1 21,661 20,061
Cost of sales and operating expenses A1 (18,594) (18,425)
Depreciation and amortisation A1 (827) (784)
Net interest income B7 241 247
Profit before tax 2,481 1,099
Income tax (expense) / benefit A2 95 119
Profit after tax 2,576 1,218
Total comprehensive income 2,576 1,218
Profit attributable to:
Shareholders of Allied Farmers Limited ('Allied') 2,021 767
Minority shareholders of NZ Farmers Livestock Limited ('NZFL') 555 451
Basic Earnings per share (cents) 7.02 4.30

Note last line eps increase from 4.30 to 7.02.


It would be interesting to know if there were any significant one off expenses relating to the Rural Property investment eg Legal, and how they have been treated in these accounts. Regardless , its an impressive result even though not impressive enough to stop NZTX taking a dour view...as anticipated.

[nztx]

Earnings growing much faster than number of shares, and potential for more shares being issued has now faded away as they are kicking out enough cash to fund their own growth.

I expect a small dividend and happy for them to keep the rest to fund further growth. They've previously given out equivalent of a cent or two, 2c would be a payout ratio of 28% of earnings and give us a 3% yield.



Shares on Issue Growth was 50% - wasn't it ? ;)

What's the bet the Cash Divie will be 1.0 cps with imputation credits for next January ? ;)

Remember ALF's resident goose only lays a small golden egg - and just once a year ;)


No dividend from the Muddy Boots Management Outfit either for 2021, but plenty of Revaluation Hike Up's
on the turf recently added to the stable .. Good luck with eating the revaluation gains .. you're just stuck
firmly in place for the longer term up & down ride .. ;)

[golden city]

Dividends is good but growth even better

[mfd]

Shares on Issue Growth was 50% - wasn't it ? ;)

What's the bet the Cash Divie will be 1.0 cps with imputation credits for next January ? ;)

Remember ALF's resident goose only lays a small golden egg - and just once a year ;)


No dividend from the Muddy Boots Management Outfit either for 2021, but plenty of Revaluation Hike Up's
on the turf recently added to the stable .. Good luck with eating the revaluation gains .. you're just stuck
firmly in place for the longer term up & down ride .. ;)

No, shares issued increased by about 60%. Luckily, profits attributed to those shareholders increased by about 160% ($0.77 million to $2 million). That means my profit per share is up about 60%, and I got some cheap rights issue shares along the way.

Remember these accounts only reflect 1/2 a year of the new NZRMC income, but 100% of the share dilution. No dividend from NZRLC just yet, but they will be paying out in 2022 - another steady income stream adding to the diversification.

Onwards and upwards. If I was after huge dividend yields I wouldn't be here - happy to sit back and let the company grow. Looking back over the last few years the trend is pretty clear - 2020 wasn't great but is very much an outlier due to M Bovis, Covid and drought.

[nztx]

Dividends is good but growth even better


Is it ?

Meaningful Growth in both & spread risk over more than primary segment may be better

Remember - what goes up fast can come crashing down even further equally as fast .. ;)

[mfd]

Is it ?

Meaningful Growth in both & spread risk over more than primary segment may be better

Remember - what goes up fast can come crashing down even further equally as fast .. ;)

Surely you can't mean the share price - you'd be hard pressed to say it's gone anywhere fast. If you mean profits, the main reason for the huge jump this year is 2020 was a bad year. 2021 puts us back on the longer term trend of growing profits at ~15%.

Edit: I'll mention again the PE is still below 9...you're not looking at a high flying, overvalued company here. Solid, cheap, steady growth is the name of the game, with enough of a yield to keep you interested.

[nztx]

No, shares issued increased by about 60%. Luckily, profits attributed to those shareholders increased by about 160% ($0.77 million to $2 million). That means my profit per share is up about 60%, and I got some cheap rights issue shares along the way.

Remember these accounts only reflect 1/2 a year of the new NZRMC income, but 100% of the share dilution. No dividend from NZRLC just yet, but they will be paying out in 2022 - another steady income stream adding to the diversification.

Onwards and upwards. If I was after huge dividend yields I wouldn't be here - happy to sit back and let the company grow. Looking back over the last few years the trend is pretty clear - 2020 wasn't great but is very much an outlier due to M Bovis, Covid and drought.


61.3% - just seeing if anyone is awake ;)

Drought, ALF's own livestock trading etc etc havent been wonderful for some time, as they admitted

The whole basket is still very rural / farming linked -- see a downturn in that - I'd say run a mile :)

But there have been all those wonderful one off Land buying rewards to offset the part year

Huge revaluations up for short period too -- Muddy Boots Management Co should be creaming it & stumping up
some sort of reward for those who got hooked on the Cap Raise rather than all sharing a smaller ALF pot :)

Currently not an ALF or NZL holder, have been - currently far better fish to fry elsewhere ;)

Have seen what the worst of the times can do to outfits in the rural game in the past .. not pretty !

Need to see proof that the stack of cards is resilient enough to weather the elements, downturns & times
better than other more seasoned offerings are capable of doing .. ;)

[percy]

https://sendy.tarawera.co.nz/l/J6oLVth2f3f6IXNYvUBQEg/EU9vpjjjtvZ763qUDJXaWFwg/Eab1j4qMeIolIWhw859g1g

[percy]

http://link.silverfernfarms.com/c/6/?T=NzQ1MDE1NDc%3AMDItYjIxMjM5LThiNjIxZjI3NjU1ODQ3O TViYTQzMWMwNjgzY2JiNDg4%3AYXVzdGVuLmt5bGVAeHRyYS5j by5ueg%3AY29udGFjdC1iZjFiMGYxYmY3YzZlYTExOTEyNDAwN TA1NmI2NDg2ZS0wNDM5NzgxMDdhNzI0ZThkYWVkZDQ5MjUwYjQ 2ZmZhMw%3AZmFsc2U%3AMQ%3A%3AaHR0cHM6Ly9maWxlLXVzLm NsaWNrZGltZW5zaW9ucy5jb20vc2lsdmVyZmVybmZhcm1zY29u ei1hY2hsYi9maWxlcy9zdXBwbGllcnVwZGF0ZV9jZW5ld3NsZX R0ZXJfMjcwODIxdjQucGRmP209OC8yNy8yMDIxJTIwNjo0NTo1 MiUyMEFNJl9jbGRlZT1ZWFZ6ZEdWdUxtdDViR1ZBZUhSeVlTNW pieTV1ZWclM2QlM2QmcmVjaXBpZW50aWQ9Y29udGFjdC1iZjFi MGYxYmY3YzZlYTExOTEyNDAwNTA1NmI2NDg2ZS0wNDM5NzgxMD dhNzI0ZThkYWVkZDQ5MjUwYjQ2ZmZhMyZlc2lkPTFkMTI2MWFl LWRhMDYtZWMxMS05MTQ4LTAwNTA1NmI2NDg2ZQ&K=yw9FcxQTtK32OXC7Y8_amg

[nztx]

https://sendy.tarawera.co.nz/l/J6oLVth2f3f6IXNYvUBQEg/EU9vpjjjtvZ763qUDJXaWFwg/Eab1j4qMeIolIWhw859g1g


Granted .. SFF would be the obvious more likeable target

ALF in it's own operations only clip the ticket on headage through / and any financing margins if they have interest in
herd funding. That aside from their Weaner ? trading ..

The overall stable however has peculiar resemblence to rural trading & property ownership

The latter with general propensity to seeing revaluation gains taken through revenue in many instances
hints to low tax paid / unimputed dividends and perhaps not the most generous dividends ;)

Let's hope ALF see to it that they ensure there are reasonable returns in the bowl for stakeholders
and dont lean towards the meaner property company vision .. ;)

All follow the fortunes of Rural Trading & fortunes can easily evaporate, as those landed with ALF
script many years ago would have learned from their fateful tangle with Hangover Finance
and being dumped into ALF's lap with bundles of low value 6c ALF dreadfuls received in return ;)


$15 m in NZL Farm gains booked for such a short term ?? ;)
Were the Vendors blind, or were a couple of producing Gold mines discovered after purchase ?
How much of that flows through in cold hard Ca$h to ALF
How much left in the captive entities floating on the wild seas of Rural & Farm Ownership future fortunes ?

[percy]

PGW Chairman, Rodger Finlay said that “it was pleasing to be able to report that PGW has continued
to perform strongly over the second half of the year following an exceptionally good first half. The Board
is delighted with how the business is performing and is confident that PGW is well placed to be able to
sustain such performance based upon the sound market fundamentals for New Zealand growers and
primary producers.”

We know Silver Fern Farms are trading very well.

The sector ALF trade in is doing very well.
ALF is trading very well.
Making the most of the growth that is available to them.

[nztx]

PGW Chairman, Rodger Finlay said that “it was pleasing to be able to report that PGW has continued
to perform strongly over the second half of the year following an exceptionally good first half. The Board
is delighted with how the business is performing and is confident that PGW is well placed to be able to
sustain such performance based upon the sound market fundamentals for New Zealand growers and
primary producers.”

We know Silver Fern Farms are trading very well.

The sector ALF trade in is doing very well.
ALF is trading very well.
Making the most of the growth that is available to them.


Yes Agreed - at the moment
But it can change progressively from good to bad to worse on a seasonal basis.
Say for example - Drought - we know weather patterns are changing
There are cycles as well - Unfavourable changes can make sectors, industries
or regions vulnerable, as can diseases, market changes, difficulties in or
accessing markets, or lower cost economies coming onstream

but then many companies face similar risks
Some have reduced the risk or diversified

Others have increased their exposures & vulnerabilities (ALF fits in this category)

Anyone remember what happened to livestock & farming land values
in the 1980/81 drought ? .. that illustrates a certain set of risks ;)

Some may remember the times of Government Livestock Subsidies paid out, SMP's &
NZMPB aka "The Meat Board' - particularly if they had involvement with the Meat Industry

[golden city]

NZtx you are talking all the doubts or big if that if that We are based on current performance of Alf . The way you see things all the if go bad or worst. Than you should not in share market. Even you drive could have accidents any time so you not driving ?

[nztx]

NZtx you are talking all the doubts or big if that if that We are based on current performance of Alf . The way you see things all the if go bad or worst. Than you should not in share market. Even you drive could have accidents any time so you not driving ?

Were you not the one who brought up Risks ?

There you have some of the more obvious ;)

I don't drive blind - do you ? ;)

[golden city]

I have bought in Alf when it was about 5c. I enjoy my holding to date. Not sure what risk you talking about. You must be taking a big hair cut to hate Alf so much

[golden city]

I am a full time investor and I have been financial free when I was 31.by investing If I am blind investor not sure about you

[nztx]

I am a full time investor and I have been financial free when I was 31.by investing If I am blind investor not sure about you

Over 40 years seeing every float of anything that could remotely be called an enterprise thrown together, in many cases
schemes destined to fail or just the current 'in fad' - be sure I've seen, dissected & done a post mortem on most of them .. ;)

ALF owes me nothing, I don't hate ALF, but I see a range of risks - if you don't see them that's fine with me & probably everyone
else on here, I'm sure .. ;)

[percy]

Rural Equities another in this sector doing well.
REL’s operating earnings before interest and tax was $6.402 million compared to $4.985 million recorded last year.

[nztx]

If ALF were doing half as well as some believe, then some may be wondering why they haven't out come
with an interim dividend presto or moved away from just the once a year small payout .. ;)

Let's face it - a quarterly dividend like TRA & other property companies may instill a bit more faith in things :)

[mfd]

If ALF were doing half as well as some believe, then some may be wondering why they haven't out come
with an interim dividend presto or moved away from just the once a year small payout .. ;)

Let's face it - a quarterly dividend like TRA & other property companies may instill a bit more faith in things :)

I expect their cashflows are a lot more seasonal than a car and finance company. Doesn't really make a difference to me how often they send me money.

Perhaps after a couple of years of the new venture they'll be able to revisit the policy, but I don't see the rush.

[nztx]

I expect their cashflows are a lot more seasonal than a car and finance company. Doesn't really make a difference to me how often they send me money.

Perhaps after a couple of years of the new venture they'll be able to revisit the policy, but I don't see the rush.


Or closer to non existent (outflow)with NZLM surpluses getting soaked up into new NZL Shares before landing
& the Livestock division etc sucking up more of what's left on the loose ;)


Must be doing well - huh ? .. hopefully no drought hits some loot coming back in .. ;)

[percy]

Or closer to non existent (outflow)with NZLM surpluses getting soaked up into new NZL Shares before landing
& the Livestock division etc sucking up more of what's left on the loose ;)


Must be doing well - huh ? .. hopefully no drought hits some loot coming back in .. ;)

Actually PGW have stated droughts can be good for their business.Usually droughts are regional,so farmers in drought regions sell stock to those not in a drought region.
I expect the same applies to ALF.

[nztx]

Actually PGW have stated droughts can be good for their business.Usually droughts are regional,so farmers in drought regions sell stock to those not in a drought region.
I expect the same applies to ALF.


and the next few season's Bull & Cow haggling + Weaners trade look like ? ;)


A bit of a one-off IMO .. like NZLM being paid a fee for buying multiple muddy paddocks for NZL to have some acreage .. ;)

[mfd]

Or closer to non existent (outflow)with NZLM surpluses getting soaked up into new NZL Shares before landing
& the Livestock division etc sucking up more of what's left on the loose ;)


Must be doing well - huh ? .. hopefully no drought hits some loot coming back in .. ;)

Not sure if you had a chance to look at the results. Operating cash flow was 4.5 million and closing cash was 2.5 million higher than a year before, after raising 2.7 million and spending it on debt reduction and NZRLM. They also put another 1.5 million into livestock lending and paid out a dividend.

[nztx]

Not sure if you had a chance to look at the results. Operating cash flow was 4.5 million and closing cash was 2.5 million higher than a year before, after raising 2.7 million and spending it on debt reduction and NZRLM. They also put another 1.5 million into livestock lending and paid out a dividend.


the excuse with ALF in past for a very late TBA dividend has been the bucks have been tossed into the Stock lending

NZLM should mean an end those excuses, with what should be more cash flow available unless they choose to
continue coming up with delaying excuses or not take the cash at all from NZLM ;)

[percy]

Stock lending is showing soiid growth for both PGW and ALF.
I would prefer no divie, so as ALF can increase their stock lending book.

[nztx]

Stock lending is showing soiid growth for both PGW and ALF.
I would prefer no divie, so as ALF can increase their stock lending book.


you may get your wish if certain events play out - but then there may not be much ca$h for anything .. ;)

best be careful what you wish for ;)

that fellow old Murphy may be listening in :)

[percy]

Rabobank Agribusiness Monthly: NZ Price Records Sprung ahead of Spring.

That headline says it all.lol.

[nztx]

Seasonal, Market or other factors can & do change in less than a single season, more so than cyclical influences ;)

[percy]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/ALF/378880/354395.pdf

From the annual report.
Shares on issue..28,807,000 [page 34] at current share price of 64 cents gives a market capitalisation of $18,436,480.,which means ALF is still a small company.
Net profit after tax was $2,021,000 [page 6] meaning current PE ratio is 9.12
Growth in Livestock lending,currently $5.2 mil is projected to hit $10 mil within the next 2 to 3 years.[page 12].
Statement of cash flow from operating activities was an extremely healthy $4,501,000 [page 29].
ALF is is sound financial shape with excellent growth opportunities.,and I would expect they will not pay a dividend,but use the funds for growth..
High milk prices may deter farmers hanging onto boby calfs,which will work to ALF's advantage.

[golden city]

Something happened big behind the door the chairman and director gone and now the biggest shareholder bought out elevation capital has different direction fir the business

[percy]

Something happened big behind the door the chairman and director gone and now the biggest shareholder bought out elevation capital has different direction fir the business

Should add to our fun.

[golden city]

Yes very interesting in deep plus the us millionaire property developer bought in 25% of the management company which will soon swap to Alf shares

[nztx]

Yes very interesting in deep plus the us millionaire property developer bought in 25% of the management company which will soon swap to Alf shares


The Muddy Boots Empire might get taken over - then what ? ;)

[golden city]

NZtx is living in muddy world nothing constructive you tell me then what ?

[nztx]

NZtx is living in muddy world nothing constructive you tell me then what ?

Obviously not true

Do you think before posting or not ? ;)

[percy]

ALF agm is on 24th November.
I expect The Chairman's address will be of interest.Perhaps clarity on future plans that were mentioned in the annual report.
I am keen for available funds /capital to be used to expand their very profitable livestock finance lending,even if it means forgoing a dividend..

[golden city]

Let’s see what will happen next month as our share price starting to setting a solid foundation

[Muzz1234]

Nztx wouldn't you be happy to see it get taken over ? then goodbye I would love to know what really irks you about this company historically was a **** show or something current ?

[golden city]

I think he must be burned hard by handover before

[golden city]

Elevation won’t take it over I think they might take control to have a new plan to play with as the management company will be fully under Alf soon

[nztx]

I think he must be burned hard by handover before


No burnies from that saga here - did you ? ;)

[nztx]

Nztx wouldn't you be happy to see it get taken over ? then goodbye I would love to know what really irks you about this company historically was a **** show or something current ?

You only need to read back a few pages & on NZL on how a successful NZL Cap Raise went ;)

No exposure to this duo, No loss - as it appears to not be going anywhere fast ;)

Perhaps a take out may save a few souls some pennies & grief on hopes of invisible value added being distributed ..

[golden city]

I am very happy and enjoy my investment here in Alf as I can see every improvement to date I can’t believe someone with no interests in Alf and consistently attacking Alf and rural land. As I can see on both forum. Unless you are hurting burned

[percy]

https://www.nzx.com/announcements/381498
Another big acquisition,from which.ALF will clip the ticket.
Bit surprised the positive outlook from PGW has not rubbed off on ALF.

[nztx]

https://www.nzx.com/announcements/381498
Another big acquisition,from which.ALF will clip the ticket.
Bit surprised the positive outlook from PGW has not rubbed off on ALF.


I'm interested in how much (or likely little) this Elf will be giving out to the boys & girls after Christmas ? ;)

Remember the Jan 2022 delivery round is likely to take twice as long as last year's .. :)

[percy]

I'm interested in how much (or likely little) this Elf will be giving out to the boys & girls after Christmas ? ;)

Remember the Jan 2022 delivery round is likely to take twice as long as last year's .. :)

As per a previous post I am more than happy to forgo a divie,as I see the funds could earn more being invested in their livestock lending book..
However I will not complain should they decide to pay a divie.

[golden city]

As per a previous post I am more than happy to forgo a divie,as I see the funds could earn more being invested in their livestock lending book..
However I will not complain should they decide to pay a divie.
Nzl is going to be a billion dollar company in future and Alf is clip the ticket of that huge fees in the future that is how I see Alf is in a very good position.

[golden city]

Alf is in break out face. Soon Would be a dollar

[percy]

PGW is currently trading on a PE of 14.32.
Should ALF be rated at the same PE ratio. its share price would be $1.53.

[golden city]

Medium term achievable

[nztx]

Medium term achievable

when you reckon that may happen ? ;)

in 20 years time by chance ? ;)

[golden city]

Just don’t be jealous You are not a holder why you care when

[nztx]

Just don’t be jealous You are not a holder why you care when


No need to be jealous .. nothing to be jealous of .. good luck with those dreams ;)

[percy]

Alf is in break out face. Soon Would be a dollar

The share price rising on solid volume.
Positive .

[golden city]

It is big things happening behind door

[Lola]

No need to be jealous .. nothing to be jealous of .. good luck with those dreams ;)

awe c'mon Hawk. Sell a few pigs and climb aboard before these pups go up through80.

[golden city]

Could be 80c tommorow

[nztx]

awe c'mon Hawk. Sell a few pigs and climb aboard before these pups go up through80.


I may have to decide which multi baggers elsewhere should be sacrificed for a piece of slower moving Ag Turf .. ;)

I do recollect sacrificing an ALF div or two for better prospects elsewhere

Let's see how much further this little ride goes :)

[golden city]

Is this the highest volume we traded for last a few years

[nztx]

must be a reason why Sellers are selling - surely ? ;)

[percy]

must be a reason why Sellers are selling - surely ? ;)

As we all know there is always a number of reasons why people sell,BUT THERE IS ONLY ONE REASON WHY PEOPLE BUY.

[nztx]

May see some SPH notices in days coming, depending on who is selling down ;)

[golden city]

I guessed the last chairman sold down all the American rich lister bought in

[golden city]

I should said the last last chairman

[percy]

https://www.nzx.com/announcements/381759
Pleasing seeing ALF attracting a person of Mark Franklin's high calibre.

[golden city]

He is elevation capital boss”s friend. So the whole board gone. New board coming in with elevation has taking full control. Something is cooking

[golden city]

Rod Campbell could be next to join looks like

[nztx]

He is elevation capital boss”s friend. So the whole board gone. New board coming in with elevation has taking full control. Something is cooking

Might be selling everything farming & farms next .. but who knows ;)

May want to use the listed shell for something else :)

[golden city]

Happy day it is in a break out again. Will see 85c this week crack one dollar agm day

[percy]

Happy day it is in a break out again. Will see 85c this week crack one dollar agm day

Getting momentum .
Am enjoying the ride too.

[nztx]

Happy day it is in a break out again. Will see 85c this week crack one dollar agm day

Final one & only 2021 Div 1.5 cps on optimistic side ? - looks like a wonderful Div yield :)

Even the lowest of Port Companies seem to manage better :)

It's real difficult to trying see any pigs I could sacrifice for small bundle of ALF :)

ALF probably needs a few more dedicated followers like a few here on board :)