CAV - Cavalier Corp (Carpets)

[janner]

Agree

That was then.. This is now... I think that the new team have it right..

Disc. Holder.

[janner]

Sorry.. Be realistic.. The company is in rebuild mode.. Expect nothing apart from good news...

Disc.. Holding and buying.

[blackcap]

Good to see the Chairman purchasing more shares and one of the new directors joining the register :)

[bull....]

Good to see the Chairman purchasing more shares and one of the new directors joining the register :)

always good to see insiders putting there money on the line

[Balance]

always good to see insiders putting there money on the line

Good start.

Prefer to see Rob Campbell (THL) type buying myself - putting real serious money (580,000 shares) into shares of the company.

[bull....]

Good start.

Prefer to see Rob Campbell (THL) type buying myself - putting real serious money (580,000 shares) into shares of the company.

totally agree rob Campbell really backs himself with his money and has certainly made a lot of money in thl

maybe the cav people are not quite as rich as him though

[Balance]

totally agree rob Campbell really backs himself with his money and has certainly made a lot of money in thl

maybe the cav people are not quite as rich as him though

Hard to believe that they do not have enough money to invest 100,000 shares?

[blackcap]

Its a start though, its a start. Would still like to see the other director who said she would be very keen to purchase CAV shares actually go out and buy one. Yes you know who you are... :)

[winner69]

There are some independent non-executive directors who won't buy shares in the company because it takes away their 'true independence' and can cause 'conflict' they would rather avoid

[macduffy]

There are some independent non-executive directors who won't buy shares in the company because it takes away their 'true independence' and can cause 'conflict' they would rather avoid

Now that's odd, isn't it?

Directors are supposed to act in the interests of all shareholders -amongst other requirements. As a shareholder, it's hard to see how they could have a conflict and be losing their "true independence" - if indeed they are truly independent.

[winner69]

Now that's odd, isn't it?

Directors are supposed to act in the interests of all shareholders -amongst other requirements. As a shareholder, it's hard to see how they could have a conflict and be losing their "true independence" - if indeed they are truly independent.

One of those other requirements is that Directors have a duty to provide guidance and advice without regard to self-interest.

So is 'alignment with interests (of share holders)' really a good thing?

[macduffy]

One of those other requirements is that Directors have a duty to provide guidance and advice without regard to self-interest.

So is 'alignment with interests (of share holders)' really a good thing?

Yes, I'm sure it is, winner. The "without regard to self-interest" refers to conflicts which might occur if the director is a supplier or customer of ( in this case) FBU. At least, that's how I would read it.

[blackcap]

Ahha, finally Ms McAteer lives up to her promise. Only 5000 but it is a start. 3 directors purchases in the last month. Got to be a good sign.

[silverblizzard888]

Another director buying lately:

Dianne Victoria McAteer (Director) - bought first holding of 5000 shares at 88 cents per share for $4400 (7th September disclosure)

Coupled with these last buys by Chairman & Director

Sarah Elizabeth Flora Hayden (Chairman) - added to holding of 15000 shares at 88 cents per share for $13,200 (31st August disclosure)

Stephen Ross Bootten (Director) - bought first holding of 25000 shares at 88 cents per share for $22,000 (31st August disclosure)


With all this 88 cents per share buying, looks like directors like the situation around the company and think its good value.
(Something sure to ponder)

[bull....]

nice to see more director buying, looking forward to the agm maybe we get a good update on the yr to date

[silverblizzard888]

nice to see more director buying, looking forward to the agm maybe we get a good update on the yr to date

Yeah looks like it could be a good one. Reminds of THL in very similar forms from when it was just turning around. Growing industry activity, company tightening its expenses, fast debt reduction and insiders buying.

[golden city]

Should be good trend going forward with a November update. With all the restructuring showing through bottom lines

[vin]

Not much going on with this stock. Any insights? 3c drop yesterday

[bull....]

Not much going on with this stock. Any insights? 3c drop yesterday

housing market has slowed due to lvr

[Jinx]

I assume there will be no update until lateish Nov with a FY16/17 earnings guidance as they did last year.

Not worried at this point though, would expect next year to be a very good year for CAV after business consolidation this year. As well as the possibility of a divi next year - Can't see the price dropping too far before the update (and if it does ill be picking up more)

[blackcap]

I assume there will be no update until lateish Nov with a FY16/17 earnings guidance as they did last year.

Not worried at this point though, would expect next year to be a very good year for CAV after business consolidation this year. As well as the possibility of a divi next year - Can't see the price dropping too far before the update (and if it does ill be picking up more)

They did signal some time ago that there would be an update at the AGM, so obviously posted to market before the AGM starts. Will be interesting to see the progress they have made.

[Hoop]

Written and posted on 27th July 2016
Inexperienced or very short term traders maybe but not this Jedi ..The chart has been strong (entry then accumulate on throwbacks) for 8 months now..Notice the accumulating opportunities with the 3 throwbacks...falls back to 52, 65(60), 70 I have only marked in two throwbacks on the chart below the 65(60) & 70...

Although throwbacks occur about 50% of the time CAV's behaviour makes the odds higher than 50% as it has a climbing steps pattern...so chances are the next buy (accumulate) action could be at 76/77c area.

May the force continue to be with you :D

Disc: Own and accumulating

http://i458.photobucket.com/albums/qq306/Hoop_1/CAV%2026072016.png (http://s458.photobucket.com/user/Hoop_1/media/CAV%2026072016.png.html)

I've added my previous chart (Post #713 page 48) (http://www.sharetrader.co.nz/showthread.php?6332-Cavalier-cav/page48) above with one alteration, I've highlighted in bold type the next buy 76/77c area (I must confess after posting and seeing the CAV price rallying into the high 80's and then into the 90's, I thought it highly unlikely for it to fall back to its chart pattern forecasted level of 76-77c)..
I have not added all the comments on today's updated chart (below), this can be seen and read on the July chart (above)..

CAV's drop in share price is a repetitive trading behavioural thing..It seems since the start of this bull cycle CAV has decided not to gradually trend up but rather trend up with sudden rallies followed by extended breather throwbacks creating a climbing of stairs or steps pattern....

As with all patterns sooner or later they die........... but so far so good............however a chartist is always on the watchout for any signs of a chart pattern breakdown so my comments on the last chart shows a worry but that's all it is at the moment..

I normally accumulate around this stage of the pattern but I will hold off for a few days as the TA worry signs may see it fall a little more, perhaps down to test the primary trend/support lines around the 76-77c area but 75c is not out of the question due to the current weakness...I can't discount the fact that perhaps CAV's pattern (bull cycle) is breaking down and will keep an open mind on that matter and worry about it if that time arrives..However any surge in price from here on in and I will be assuming a repeat performance and be buying again..

Disc:CAV is in a bull cycle so for this stock I'm using a buy and hold strategy (sailing) and accumulating during bull market corrections




http://i458.photobucket.com/albums/qq306/Hoop_1/CAV%2025102016.png (http://s458.photobucket.com/user/Hoop_1/media/CAV%2025102016.png.html)

[janner]

The only none dividend payer in my portfolio..

Have been in since last December.. been adding, now averaged @ .68

Happy holder.

[Leftfield]

Thanks Hoop, helpful post, however in future I suggest you post a jpg screen pic of your completed photobucket work, as when I follow your link as per #773 I get so much advertising that I can't see the forest (graph) for the trees (advertising.)

Just a suggestion......

[janner]

I know this is probably not helpful.

I do not get any Advertisements at all Just a clear graph..

For which I must thank Hoop for..

I am amazed ( and thankful ) at the lack of advertisements on this site....

[kiora]

Thanks Hoop, helpful post, however in future I suggest you post a jpg screen pic of your completed photobucket work, as when I follow your link as per #773 I get so much advertising that I can't see the forest (graph) for the trees (advertising.)

Just a suggestion......

If click on link,delete then click on link 2nd time advert doesn't load.Don't know why,just suggesting.
Thank Hoop for the graph. Insightfull.

[Leftfield]

If click on link,delete then click on link 2nd time advert doesn't load.Don't know why,just suggesting.
Thank Hoop for the graph. Insightfull.

Thanks Kiora your suggestion works fine.

[Brain]

Buying undervalued shares is the way you make good money on the share market. It will only be possible to do that when the market sentiment is totally against a share and you have the ability to see value and have the courage to ignore market sentiment and buy. I didn't on this Occassion although Cavalier were a major part of my portfolio years ago when they paid exceptional dividends. I hope the company returns to that level of profitability and the shareholders do very well. Well deserved.

[bull....]

cav is short term down trend, fundamentals have changed building is slowing down thx to LVR ( could be temp like like time?) time will tell immigration changes short term impact , election yr next yr govt would probably like to see a decline in house prices going in to the election I think so short term negatives in my view

[winner69]

This joker was wrong about a few things but ultimately correct about enough to do well.
It's a shame everyone thought it crazy to buy CAV at 37c but now that it's 80c everyone it into it. Not that much has changed - the turnaround is ticking along nicely.
We could be looking at 8-10m underlying NPAT this year although there are more restructuring costs before Xmas according to the annual report.
Discl holding 120,000

That PSE was a good poster. PSE did his homework and once he latched on to something he didso with conviction ....and was prepared to live with the outcomes, good or bad

CAV was a good one - as they say fortune favours the brave (Esp those with conviction)

I still neutral on CAV

[Hoop]

]Buying undervalued shares is the way you make good money on the share market. It will only be possible to do that when the market sentiment is totally against a share and you have the ability to see value and have the courage to ignore market sentiment and buy.[/B] I didn't on this Occassion although Cavalier were a major part of my portfolio years ago when they paid exceptional dividends. I hope the company returns to that level of profitability and the shareholders do very well. Well deserved.

ACC thought that with PPL..ignored negative market sentiment..That thinking didn't work for them..
To be fair CAV was looking very shaky ..PPL had a bad TA chart back in 2014 (http://www.sharetrader.co.nz/showthread.php?461-Pumpkin-Patch/page48) but CAV back then had a worse looking chart (http://www.sharetrader.co.nz/showthread.php?6332-Cavalier-cav/page20) (bottomed out a year later at ~36c)
Great posts from Winner69 under the CAV chart ..Quote.."Altman Z score is 2.43

Z-SCORE BETWEEN 1.8 and 2.7 – Good chances of the company going bankrupt within 2 years of operations from the date of financial figures given..

But the best post is under it (remember this post was written on 24th August 2014....quote "..Bottoms tend to be about every 9 years .... so zigzag might have to wait until 2017 for his divie

[h2so4]

That PSE was a good poster. PSE did his homework and once he latched on to something he didso with conviction ....and was prepared to live with the outcomes, good or bad

CAV was a good one - as they say fortune favours the brave (Esp those with conviction)

I still neutral on CAV

Yes very astute.
He seemed to disappear as fast as he arrived. Very much into Graham if I remember.
I enjoyed his anti TA posts. LOL!

[winner69]

Yes very astute.
He seemed to disappear as fast as he arrived. Very much into Graham if I remember.
I enjoyed his anti TA posts. LOL!

Maybe he be back one day .....sooner than later

[Hoop]

The difference between PPL and CAV was always obvious to those who knew where to look - although it was touch and go for a brief point. Then the turnaround was unambiguous and people were still giving away their shareholding for less than 50c.
The point is that you have to pick the right company not buy those that are going bankrupt.
This information is available in the financial statements and an analysis of the economics of a business.
It's the opposite of buying shares because the price has gone up - also known as technical analysis LOL.
The point is that you have to pick the right company not buy those that are going bankrupt.
This information is available in the financial statements and an analysis of the economics of a business.
Hmmm..best of luck on that HE

[percy]

The point is that you have to pick the right company not buy those that are going bankrupt.
This information is available in the financial statements and an analysis of the economics of a business.
Hmmm..best of luck on that HE

A big Hmmmmmmmmmmmmm from me tooo!!!!!!!!!!.

[winner69]

Originally posted by Hoop

Great posts from Winner69 under the CAV chart ..Quote.."Altman Z score is 2.43

Z-SCORE BETWEEN 1.8 and 2.7 – Good chances of the company going bankrupt within 2 years of operations from the date of financial figures given..

Yes, I did say that ......usually with the rider 'unless drastic action is taken to rectify the situation'

They did take some action .....but not out of the woods yet but in better state than a few years ago.

Current score is 2.73 - its moved into the "On Alert Zone - This zone is an area where one should 'Exercise Caution'."


Still neutral on CAV - from what I'm told still not winning in the market place

(HBY was in much the same state once)

(What a load of the proverbial this credit score thing some might say but it saved my bacon many times in the past)

(That zigzag chart back in 2014 was a cool chart. It has a zag at present so thats good)

(Wonder what happened to zigzag - might be resurrected like PSE?)

[Snow Leopard]

The point is that you have to pick the right company not buy those that are going bankrupt.
This information is available in the financial statements and an analysis of the economics of a business.
Hmmm..best of luck on that HE

Whilst it is theoretically possible to dismiss the "slings and arrows of outrageous fortune", surely one can not forget the circumstances that lead to the plight of the Merchant of Venice, Antonio?

Best Wishes
Paper Tiger

[winner69]

Whilst it is theoretically possible to dismiss the "slings and arrows of outrageous fortune", surely one can not forget the circumstances that lead to the plight of the Merchant of Venice, Antonio?

Best Wishes
Paper Tiger. ....but didn't it all end well for Antonio?

[percy]

So, you guys still think that CAV will follow PPL into receivership then?
It will never be as profitable as it was, consistently making $16m NPAT per annum. There has been a massive shift into dairy which coupled with low wool prices caused a shift to meat breeds so that we now have higher wool prices for the foreseeable future and there has been a technology shift to synthetic carpet.
Still if revenues stay stable and the costs are reduced, as reported to market then we are looking at $8-10m NPAT as a long term average.
There's still risks associated with wool carpets continuing to decline relative to synthetic and the scour rationalization but mainly the market is still looking at this stock through the rear view mirror and pricing it at $50m. There's now only 3 weeks or so to the AGM when guidance will be reported.
No doubt the market will be again surprised as the company reports what they had already foreshadowed and re-rate the company. Right now it's just being hormonal because no-one has talked to it for a couple of weeks.

I just do not see a future for a NZ wool carpet manufacturer.
A no growth business, in a difficult highly competitive sector.
I much prefer sectors with strong tail winds,such as tourism, retirement, medical,car sales, finance/banking,and natural nutritonal products.

[Hoop]

Whilst it is theoretically possible to dismiss the "slings and arrows of outrageous fortune", surely one can not forget the circumstances that lead to the plight of the Merchant of Venice, Antonio?

Best Wishes
Paper Tiger

Antonio didn't use TA for his timing of the loan??:D

[winner69]

Whilst it is theoretically possible to dismiss the "slings and arrows of outrageous fortune", surely one can not forget the circumstances that lead to the plight of the Merchant of Venice, Antonio?

Best Wishes
Paper Tiger

Omen bet from above

ANTONIO - Race 8 Otaki today (not the Melbourne Cup)

[Subway]

I just do not see a future for a NZ wool carpet manufacturer.
A no growth business, in a difficult highly competitive sector.
I much prefer sectors with strong tail winds,such as tourism, retirement, medical,car sales, finance/banking,and natural nutritonal products.

I don’t disagree, however, CAV has diversified into synthetic carpets as well. I think there will always be a market for high end wool carpets, but they haven’t picked just one horse either.

[bull....]

bad announcement

[bull....]

problems with manufacturing consolidation, will there be any benefits then in 18?

[percy]

problems with manufacturing consolidation, will there be any benefits then in 18?

Yeah,right.!!

[vin]

Shock to the system!

[Beagle]

WOW - At the time of annual report on 29 September they said the outlook for FY17 was positive. On the back of a normalised $6.3m in net profit in FY16 investors could be forgiven for interpreting those positive outlook comments as being implied guidance of $7-8M for FY17 BUT at the mid point of their new forecast they're only talking $4.0m. What a shocking flip-flop in less than 6 weeks !

New guidance represents 5.8 cps. Clear break down through the 100 day MA.

Management keen to point out how strategic repositioning and development sets them up for growth in future years but we've heard that song a few times already, where's the results ?

Disc, don't own and not looking to buy either.

[winner69]

Are we surprised ....not really

'Normalised' npat could be as low as $3m - half of FY16

Wonder how much these 'additional one off costs' are? No doubt will affect cash flow

But believe in the 'long term strategy' leading to 'significantly improved profits in the future' this is just a little hiccup on the way

My neutral outlook just turned negative - some company's just can't get it right.

[winner69]

WOW - At the time of annual report on 29 September they said the outlook for FY17 was positive. On the back of a normalised $6.3m net profit investors could be forgiven for interpreting that positive outlook as being $7-8M and at the mid point of their new forecast they're talking $4.0m. What a shocker ! I think they need to have a good long look at the headcount and other operating expenses and restructure.

Probably glad you took your profits on this a few months ago - saved you the anguish of going through downgrades

[Beagle]

Are we surprised ....not really

'Normalised' npat could be as low as $3m - half of FY16

Wonder how much these 'additional one off costs' are? No doubt will affect cash flow

But believe in the 'long term strategy' leading to 'significantly improved profits in the future' this is just a little hiccup on the way

My neutral outlook just turned negative - some company's just can't get it right.



Probably glad you took your profits on this a few months ago - saved you the anguish of going through downgrades

Agree 100% x 2

[Sgt Pepper]

Are we surprised ....not really

'Normalised' npat could be as low as $3m - half of FY16

Wonder how much these 'additional one off costs' are? No doubt will affect cash flow

But believe in the 'long term strategy' leading to 'significantly improved profits in the future' this is just a little hiccup on the way

My neutral outlook just turned negative - some company's just can't get it right.

Real blow for me. Dont have any CAV shares but it was my# 2 in the stock picking contest!!

[sb9]

Are we surprised ....not really

'Normalised' npat could be as low as $3m - half of FY16

Wonder how much these 'additional one off costs' are? No doubt will affect cash flow

But believe in the 'long term strategy' leading to 'significantly improved profits in the future' this is just a little hiccup on the way

My neutral outlook just turned negative - some company's just can't get it right.

Hmmm...looks like not a good year for small caps

[Snow Leopard]

. ....but didn't it all end well for Antonio?

Apparently not !

How did the horse do ?

Best Wishes
Paper Tiger

[macduffy]

It seems that "new broom" board takes longer to sweep clean than we all thought!

Disc: Still holding - just.

:mellow:

[winner69]

Apparently not !

How did the horse do ?

Best Wishes
Paper Tiger

Ran 3rd at $3.30 place .......like Cavalier expect significantly improved returns next time

[golden city]

Looks like endless processs of restructuring

[Beagle]

Looks like endless processs of restructuring

I agree and in my mind at least, its very difficult to make a convincing case that this round of restructuring will be the last and its very interesting they're making this very modest forecast at a time when we're in the middle of the biggest building boom in at least ten years, probably 20 years ! I think shareholders have every right to feel gutted and for that matter quite aggrieved by recent positive outlook comments included within the annual report issued on 29 September, only one month and three days ago !

In my view there's now a question regarding the veracity of directors claims that this round of restructuring underpins profit growth in the future...we heard exactly the same thing with the last expensive round of restructuring and look at the result !

Interestingly for those that follow TA, there was a clear break down below the 100 day MA a little while back so the signs were certainly there for TA people.

[winner69]

Close at 64 cents bad enough ...but then did bounce off 57 with decent volumes so could have been worse

[Joshuatree]

I wonder if PSE got caught here; he was a big holder but got in very low i think.He topped up @ 37c (page15)

[Scrunch]

so could have been worse

Its a bad announcement hence the share price fall today on top of recently weak pricing. Would it be wrong to find some positives within the announcement?

The bottom end of the indicated guidance was still a profit (+$3m)
They noted sales are ahead of last year
Its implied that some of the profitability hit is increased expenditure on a significant advertising campaign
They are on-track with the two key initiatives noted (a significant marketing campaign and consolidation of wool spinning
The letter indicates that the directors recognize that the profit guidance given is not acceptable

[winner69]

I wonder if PSE got caught here; he was a big holder but got in very low i think.He topped up @ 37c (page15)

HE told us earlier this evening he was 'still a happy holder'


All posts deleted I see

[Joshuatree]

Nope still some there.

[winner69]

Nope still some there.

just the posts from the last few days have gone

Pretty sure

[janner]

Mentioned a few days ago... Holding at .68....

Still a happy holder. Looking to buy if ... :-)))

[h2so4]

HE told us earlier this evening he was 'still a happy holder'


All posts deleted I see

Yes
Exit stage left.

[Joshuatree]

Lol hilarious; why bother with a self destruct timer:)

[winner69]

Its a bad announcement hence the share price fall today on top of recently weak pricing. Would it be wrong to find some positives within the announcement?

The bottom end of the indicated guidance was still a profit (+$3m)
They noted sales are ahead of last year
Its implied that some of the profitability hit is increased expenditure on a significant advertising campaign
They are on-track with the two key initiatives noted (a significant marketing campaign and consolidation of wool spinning
The letter indicates that the directors recognize that the profit guidance given is not acceptable

So not totally bad - there is hope

Surely new product ranges /,marketing campaigns is just part of daybto day business for the likes of Cavalier. Don't do that you die.

All I know is that while sales might be on the 'up' they are not gaining market share, here and in Australia. Not good if the market goes against them in future years.

[Beagle]

Shares probably about fair value now (EPS 5.8 cps x 10), can't use a higher PE because clearly this is a cyclical stock... assuming you believe that this really is the final round of restructuring and management with their talk of supporting future years growth are not stringing people along, spinning them a yarn, being a little Cavalier with the truth or stitching them up. Whichever viewpoint one now takes yesterday's announcement was quite a yarn.

[winner69]

I think the speeches at the AGM sort of saying trust us, hang in there, have hope and all will be OK in a year or so.

https://www.nzx.com/files/attachments/248526.pdf

Nice touch about acknowledging the workers made redundant (much to shareholders delight eh)

[bull....]

I think the speeches at the AGM sort of saying trust us, hang in there, have hope and all will be OK in a year or so.

https://www.nzx.com/files/attachments/248526.pdf

Nice touch about acknowledging the workers made redundant (much to shareholders delight eh)

don't expect divs anytime soon either I would think still debt to be reduced and the investment to go into IT will suck up all there profits

[gmatt]

Good bit of interest in CAV this morning ...... what brought this on?

[Beagle]

don't expect divs anytime soon either I would think still debt to be reduced and the investment to go into IT will suck up all there profits

Amazing how many millions those IT projects can suck up and then often they don't run right. The fact that they're suggesting the investment in IT will be made as funds allow, (or words to that effect), gives a clear hint of the enormous costs involved. Plenty of risk with this pup and synthetic is still the way most punters are going. Profit growth was supposed to be happening in FY17 but they have excuses why it isn't. What's their excuse for FY18, IT costs ? Good companies make profits not excuses. I'm definitely in the "Doubting Thomas" camp with this one.

[winner69]

Good bit of interest in CAV this morning ...... what brought this on?

Mohawk rumours again?

[bull....]

actually I thought there agm presentation was pretty good at explaining things.
Restructures are notorious for the unexpected happening so doesn't surprise me that the manufacturing consolidation ran into problems. Once sorted 4-5m of productivity gains is substantial in the scheme of things so theres the money to pay for it upgrade which should lead to more productivity gains as well as the product simplication will add to gains so the 4-5m could easily be more after completion.

wool price is continuing to decline so big gains will flow through and as we all know currency runs in cycles so will no doubt drop at some stage.
elco direct is temp as this situation has happened with nz logs and milk powder also and the buyers did return.

I stick to my 10m profit potential in the future as mentioned previously on thread as long as it pans out lol if if if ?

[bull....]

forgot to mention the sell off didn't affect the long term uptrend as the sell of bottomed out around the 50% retracement level 61c after a low of 55c which was 61% retracement level if it holds around current levels for the mthly looks quite good and in hindsight may have just been a big over - reaction to a short term down grade ??? time will tell

[Beagle]

actually I thought there agm presentation was pretty good at explaining things.
Restructures are notorious for the unexpected happening so doesn't surprise me that the manufacturing consolidation ran into problems. Once sorted 4-5m of productivity gains is substantial in the scheme of things so theres the money to pay for it upgrade which should lead to more productivity gains as well as the product simplication will add to gains so the 4-5m could easily be more after completion.

wool price is continuing to decline so big gains will flow through and as we all know currency runs in cycles so will no doubt drop at some stage.
elco direct is temp as this situation has happened with nz logs and milk powder also and the buyers did return.

I stick to my 10m profit potential in the future as mentioned previously on thread as long as it pans out lol if if if ?

If, If If indeed. Take you point about restructuring issues and delay and agree they explained it well but as for other factors like exchange rate and low wool prices being repeatable, perhaps NZR is the best analogy, they do well when oil and currency is low but at other times...

[winner69]

Any other thoughts as to recent share price gains besides speculating on a takeover by Mohawk

[janner]

Any other thoughts as to recent share price gains besides speculating on a takeover by Mohawk


Flying a kite ??

[golden city]

Strange volume does see something is going on

[golden city]

With this sort of price increase

[janner]

With this sort of price increase


1.381k on23/9 @ close of .84 Nothing strange about 391k @ close of .74 IMHO.

[golden city]

This is without any news. Especially after disappointing forecast

[winner69]

1.381k on23/9 @ close of .84 Nothing strange about 391k @ close of .74 IMHO.

But the 10 cents between the low and high for the day is by far the biggest this year ..... and .'strange' because not on any news .....except maybe Mohawk sniffing around HQ

[janner]

.....except maybe Mohawk sniffing around HQ

They had better make sure that any offer made, is something I would not sniff at .. :-)))))

[golden city]

Any offer should be around 1 dollar

[janner]

Any offer should be around 1 dollar

Cheapskate :-)))

[bull....]

the price fall was simply an over -reaction by panicky people I reckon and now the agm has clarified everything I think investors relize everything is still on track just a speed bump that's all

[janner]

the price fall was simply an over -reaction by panicky people I reckon and now the agm has clarified everything I think investors relize everything is still on track just a speed bump that's all

Agree. My take on it also..

Disc. Hold.

[biker]

Trading Halt.

Whatever the reason, share price movement looks interesting since mid October ie large drop due to downgrade then sharp pick up. Someone in the know?

[blackcap]

Trading Halt.

Whatever the reason, share price movement looks interesting since mid October ie large drop due to downgrade then sharp pick up. Someone in the know?


Looks like its to do with the court judgement...

ALT: CAV: Trading halt

Cavalier Corporation has been advised by the lawyers acting for Cavalier's
50%-owned Cavalier Wool Holdings (CWH) that a judgment for the appeal against
earlier decisions by the Commerce Commission and the High Court to allow the
merger of the wool scouring operations of New Zealand Wool Services
International and CWH will be delivered today at 10.15 am.

To ensure that CWH, its lawyers and Cavalier have every opportunity to
consider the implications of the judgement and Cavalier is able to prepare
its response for the market later today, we have applied to NZX for a trading
halt.

The trading halt will commence from pre-market open this morning, Wednesday,
30 November 2016, until the earlier of the release by Cavalier of its
response to the judgment or open of trading Thursday, 1 December 2016.

[Hoop]

Trading Halt.

Whatever the reason, share price movement looks interesting since mid October ie large drop due to downgrade then sharp pick up. Someone in the know?

CAV a leaky ship?
We all on ST wondered the recent sharp/sudden price increase on no news...Maybe this was it...If so I hope the NZX is monitoring those trades.
Sometimes a hard one to prove..taking a gamble by preempting a favourable result v illegal insider trading

[Scrunch]

Looks like its to do with the court judgement...

ALT: CAV: Trading halt

Cavalier Corporation has been advised by the lawyers acting for Cavalier's
50%-owned Cavalier Wool Holdings (CWH) that a judgment for the appeal against
earlier decisions by the Commerce Commission and the High Court to allow the
merger of the wool scouring operations of New Zealand Wool Services
International and CWH will be delivered today at 10.15 am.

To ensure that CWH, its lawyers and Cavalier have every opportunity to
consider the implications of the judgement and Cavalier is able to prepare
its response for the market later today, we have applied to NZX for a trading
halt.

The trading halt will commence from pre-market open this morning, Wednesday,
30 November 2016, until the earlier of the release by Cavalier of its
response to the judgment or open of trading Thursday, 1 December 2016.

The link below indicates that CWH have been successful in the high court action. Unfortunately there is no time/date stamp on the article link so I can't be sure its accurate. If they have it should be fairly easy for CAV to review the result and lift the trading halt

http://www.btob.co.nz/article/new-zealand-high-court-decision-wool-scouring-industry

[blackcap]

That article says they won the High Court case. We already know this. Todays announcement says:

ALT: CAV: Trading halt

Cavalier Corporation has been advised by the lawyers acting for Cavalier's
50%-owned Cavalier Wool Holdings (CWH) that a judgment for the appeal against
earlier decisions by the Commerce Commission and the High Court to allow the
merger of the wool scouring operations of New Zealand Wool Services
International and CWH will be delivered today at 10.15 am.

So has the High Court judgement been appealed and this decision is coming out today at 10.15?

[Balance]

That article says they won the High Court case. We already know this. Todays announcement says:

ALT: CAV: Trading halt

Cavalier Corporation has been advised by the lawyers acting for Cavalier's
50%-owned Cavalier Wool Holdings (CWH) that a judgment for the appeal against
earlier decisions by the Commerce Commission and the High Court to allow the
merger of the wool scouring operations of New Zealand Wool Services
International and CWH will be delivered today at 10.15 am.

So has the High Court judgement been appealed and this decision is coming out today at 10.15?

Yup - Godfrey Hirst appealed the High Court decision to allow merger to go ahead. Decision today.

[blackcap]

cheers Balance

[Hoop]

Trading halt to be lifted at 12.56pm..no trading through yet

[Hoop]

Wool scouring merger - Appeal to Court of Appeal dismissed


12:41pm, 30 Nov 2016 | GENERAL

Cavalier Corporation advises that the Court of Appeal has dismissed Godfrey Hirst’s appeal against earlier decisions by the Commerce Commission and the High Court to allow the merger of the wool scouring operations of New Zealand Wool Services International and Cavalier’s 50%-owned Cavalier Wool Holdings (CWH).
Cavalier welcomes this decision, which further supports the proposal to consolidate scouring and capture the efficiencies necessary to keep wool processing in New Zealand longer term, while noting that this decision could still be appealed.
The Directors will keep shareholders apprised of developments.
Paul Alston
Chief Executive Officer
For and on behalf of the Board of Directors
30 November 2016
For more information regarding this announcement, please contact Paul Alston on 021 918 033.

I wouldn't thought this would've been earth shattering news to lift the share price the way it did last week (assuming a leak)....something else brewing??

[bull....]

https://www.nzx.com/companies/CAV/announcements/293572

good news for wool scouring in NZ , whats the bet those godfrey hirst parasites appeal again? they just don't want wool scouring to survive in NZ

[bull....]

Wool scouring merger - Appeal to Court of Appeal dismissed


12:41pm, 30 Nov 2016 | GENERAL

Cavalier Corporation advises that the Court of Appeal has dismissed Godfrey Hirst’s appeal against earlier decisions by the Commerce Commission and the High Court to allow the merger of the wool scouring operations of New Zealand Wool Services International and Cavalier’s 50%-owned Cavalier Wool Holdings (CWH).
Cavalier welcomes this decision, which further supports the proposal to consolidate scouring and capture the efficiencies necessary to keep wool processing in New Zealand longer term, while noting that this decision could still be appealed.
The Directors will keep shareholders apprised of developments.
Paul Alston
Chief Executive Officer
For and on behalf of the Board of Directors
30 November 2016
For more information regarding this announcement, please contact Paul Alston on 021 918 033.

I wouldn't thought this would've been earth shattering news to lift the share price the way it did last week (assuming a leak)....something else brewing??

IF YOU THINK MOHAWK IS SNIFFING ? they did aquire 36 businesses this yr as part of there global expansion

[Hoop]

EDIT .. 1.12pm..no trading?.. a bit of a damp squid?

Yeah Bull..that last week price jump seems weird now with no interest after the halt lifting...... Mohawk sniffing you reckon?

[bull....]

EDIT .. 1.12pm..no trading?.. a bit of a damp squid?

Yeah Bull..that last week price jump seems weird now with no interest after the halt lifting...... Mohawk sniffing you reckon?

seems to be interest today, people probably just needed to digest news.
I still believe price fall was just panicky people getting out at any price, share price was in the 80s before whwn they were only forecasting 5m profit so 3 - 5m could still be 5m so why not back to 80c 90c

[Hoop]

seems to be interest today, people probably just needed to digest news.
I still believe price fall was just panicky people getting out at any price, share price was in the 80s before whwn they were only forecasting 5m profit so 3 - 5m could still be 5m so why not back to 80c 90c

I wouldn't say panicky is the right word..Unfortunately the word "panic" is used too often out of context.....

In CAV's case the severe correction seemed rational to me...Too be fair, any shock announcement of a profit downgrade 5 weeks after a rosy prediction (full year report) going forward and two days after the AGM is not a good look and the market viewed it as such. Mr Market is always a suspicious animal...IMHO the share price correction 4 weeks ago was two folded, not only about the negative earnings disclosure, but also a jump in risk discount ...

Most often there is a price effect built in...perception of good management adds value to the shareprice, perceived poor management results in a discounted shareprice to balance the extra risk....Market confidence with Management can suddenly change..eg a sudden bad result or event.

It seems this Appeal result announcement a couple of days ago has more to do with investor confidence and market perception..A bad outcome would've reinforced market perception that the CAV train was slowly derailing...but as this outcome is favourable the Market seems to be (a jump in share price) forgiving Management this time by lowering the risk discount again and the shareprice is back tracking the similar lines as it was previously...as you say Bull "...share price was in the 80s before when they were only forecasting 5m profit so 3 - 5m could still be 5m so why not back to 80c 90c ..." It seems Mr Market is back agreeing with you..

Mr Market has a long memory and I think Mr Market has put CAV's Management on notice...any promises not fulfilled may see CAV punished

[bull....]

http://www.scoop.co.nz/stories/BU1612/S00111/godfrey-hirst-ends-fight-on-wool-scour-monopoly.htm
http://www.stuff.co.nz/business/farming/87142126/wool-prices-in-decline-as-chinese-demand-falls-off



looks like the share rise was yesterday was due to Godfrey not appealing wool merger

[bull....]

looks like the nzdaud is on the verge of multi yr breakout above 95c that would be concerning?

[winner69]

ACC a SSH again

Been buying and selling over the last 2 years and now gone over 5%

Mind you they own a bit of most things on the NZX

[Hoop]

ACC a SSH again

Been buying and selling over the last 2 years and now gone over 5%

Mind you they own a bit of most things on the NZX

..and Mr Market has responded with a big yawn..:sleep:..zzzz

[bull....]

http://www.interest.co.nz/rural-news/85697/lambs-wool-prices-have-dropped-so-low-some-farmers-wont-recover-costs-shearing-and

wool prices crashing

[sb9]

http://www.interest.co.nz/rural-news/85697/lambs-wool-prices-have-dropped-so-low-some-farmers-wont-recover-costs-shearing-and

wool prices crashing

https://nzx.com/companies/CAV/announcements/296361

Not looking that great trading update numbers...

[blackcap]

https://nzx.com/companies/CAV/announcements/296361

Not looking that great trading update numbers...

Looks like its going to get savaged on that. 40 cents anyone? (if its the ASX I think it could get to 40 cents, but being the NZX it might take a bit longer to get there.... )

[winner69]

Still losing share in Australia - it's not the market

Hope reigns eternal, we be right one day

[percy]

https://nzx.com/companies/CAV/announcements/296361

Not looking that great trading update numbers...

No surprises there from this now serial underperformer.

[Beagle]

How many times have we heard the investing for the future story ! If they can't make money in the midst of a building boom why hold ? My 3 cents.

Another great example of one downgrade usually follows another and usually there's three so what's the third one going to be :eek2:

[winner69]

How many times have we heard the investing for the future story ! If they can't make money in the midst of a building boom why hold ? My 3 cents.

Another great example of one downgrade usually follows another and usually there's three so what's the third one going to be :eek2:

Glad you made a few bucks on CAV last year when you had a decent sized bundle.

At least you saw the light of day and didn't hang around for too long.

[winner69]

A lot of business goes through the specifier market - architects, designers etc specifying the product to be used on a project / new build

Cavalier are pretty crap in this market, more so in Australia

The so called 'difficult trading conditions' in Australia is an excuse for crap performance - ie losing share, competitors doing better and all that sort of stuff.

[winner69]

So guidance is forecast to be close to break-even

Suppose close to break even is zero plus or minus a bit

My money is on a LOSS

So $6,3m last year was going to be $3m-$5m this year but a few months later it is going to be a LOSS

And thats normalised profit as well!

Maybe the old management wasn't that bad after all

[bull....]

wool price crash will have caught the scouring business out , stock on hand will now sell at a loss in there processes until the inventory is used then it will be a positive when wool stock is brought at lower prices. they reckon flows thru in 6 - 8 mths but guess depends on how much stock they got.
if the synthetics sales of carpet become the biggest seller then the usd/nzd will become the biggest factor I reckon in sales profitability.
I reckon they should sell out aus focus on nz only till they get it right lol
anyway pretty crap really

[Hoop]

This one came without TA warning (unlike the last time in November 2016)...so Mr Market didn't see this coming....Hmmm not a dicky bird....maybe management didn't see it coming either.

CAV has been in a downtrend for 6 months now..bad things tend to happen in downtrends.

I'm a dead cat bounce fan, I was in on the last one and sadly exited too soon (bottom was too long)........I will pass on this one..best of luck to the others.

[Hoop]

ACC a SSH again

Been buying and selling over the last 2 years and now gone over 5%

Mind you they own a bit of most things on the NZX

Deja vu............. (CAV's 10 year chart silimar shape to PPL"s chart below)

3 years ago nearly to the day....PPL was the stock
Today it is CAV

Common denominator ACC buy ins.....:(

I'm unable to post charts at the moment to show similarities with CAV ...the old PPL chart is below

In the PPL thread quotes below 1/2/2014. (http://www.sharetrader.co.nz/showthread.php?461-Pumpkin-Patch/page48&highlight=ppl).




What a great lesson in financial folly buying a share in a downtrend we are seeing .!!
Maybe more a lesson in grave digging than pyramid building!
5 years down 31.18%
2 years down 20%
1 year down 53.28%
6 months down 24.71%.
They came into retail with fresh product.
Now they are no different from Kmart,Farmers, or The Wharehouse ,all, who pay a lot less rent for their space in malls, and who have logistic systems that work.




ACC in denial about that lesson Percy
PPL has been listed on the NZX for 9.5 years now ....The rise and bumpy fall of PPL ......PPL's recent look.........ugly!!! :p

http://i458.photobucket.com/albums/qq306/Hoop_1/PPL31012014.gif (http://s458.photobucket.com/user/Hoop_1/media/PPL31012014.gif.html)

[winner69]

This one came without TA warning (unlike the last time in November 2016)...so Mr Market didn't see this coming....Hmmm not a dicky bird....maybe management didn't see it coming either.

CAV has been in a downtrend for 6 months now..bad things tend to happen in downtrends.

I'm a dead cat bounce fan, I was in on the last one and sadly exited too soon (bottom was too long)........I will pass on this one..best of luck to the others.

Good dead cat bounce (on smallish volumes)

[Hoop]

Good dead cat bounce (on smallish volumes)

Hmmm..in hindsight..A super quick 10% profit would have been great.....bugger

[Beagle]

WOW - At the time of annual report on 29 September they said the outlook for FY17 was positive. On the back of a normalised $6.3m in net profit in FY16 investors could be forgiven for interpreting those positive outlook comments as being implied guidance of $7-8M for FY17 BUT at the mid point of their new forecast they're only talking $4.0m. What a shocking flip-flop in less than 6 weeks !

New guidance represents 5.8 cps. Clear break down through the 100 day MA.

Management keen to point out how strategic repositioning and development sets them up for growth in future years but we've heard that song a few times already, where's the results ?

Disc, don't own and not looking to buy either.

This from 2 November 2016 after the downgrade to $3-$5m. Subsequently I suggested they were worth 10 x 5.8 cents = 58 cents and to be frank I am surprised they ever traded much higher.
Looking back I find it amazing that they could issue such positive commentary in the annual report of 29 September 2016 and its all gone downhill at what can only be described as an extremely fast rate since then.

Given how fast things have deteriorated and the real possibility of a loss for the current year I'd expect to see this company test its all time lows at some stage later this year. Why anyone would pay more than 40 cents now is beyond my comprehension...suppose they live in faith that one day this pup will bark properly.

[janner]

Have picked CAV for the Comp..

My gut said get out .. I did on 5/1/17. @ 0.76 for a small profit. Phew!!!

Pays to listen to the gut feelings some times ..

[winner69]

Hmmm..in hindsight..A super quick 10% profit would have been great.....bugger

Would have had to be super quick

Wonder what tomorrow will bring?

Maybe better resurrect the Mohawk interest rumour

Like Teamtalk Cavalier desperately needs somebody to put them and shareholders out of their misery.

[bull....]

article in nbr today, I don't have access but looks like they saying the profits are coming in 17 - 18

[winner69]

article in nbr today, I don't have access but looks like they saying the profits are coming in 17 - 18

Hope reigns eternal eh bull

They haven't even got to half year announcement and already saying full year will be a loss.

Betcha around break even is a big loss .....and at best next year will be a slight recovery

You hanging in there bull?

[bull....]

Hope reigns eternal eh bull

They haven't even got to half year announcement and already saying full year will be a loss.

Betcha around break even is a big loss .....and at best next year will be a slight recovery

You hanging in there bull?

I brought a few recently see what happens they seem pretty confident I imagine if 17 - 18 becomes a flop then theres not much hope

[Beagle]

article in nbr today, I don't have access but looks like they saying the profits are coming in 17 - 18

Its like the boy that cried wolf. They've been saying for years now that growth is coming...just saying. I find it hard to believe they're still ~ 60 cents. Fair value to me was 58 cents when they were shooting for $3 - $5m profit. Now I struggle to see a reason why they shouldn't retest all time lows of ~ 40 cents. Obviously some people still believe their latest version of the truth.

[winner69]

Hope CAV not relying on a booming new house market in NZ

Can't make money when number if new house builds anually have doubled in the last few years and now seems to be on the way down as per Westpac comment on today's building consents data release - The number of new residential dwelling consents issued fell sharply in December, down 7.2%. That followed a large 9.6% decline in November. This recent weakness does follow strong issuance earlier in the year. In fact, on an annual basis, consent issuance is still up around 19%. But these data raise the risk of the pace of homebuilding slowing down in early 2017

[macduffy]

They've been saying for years now that growth is coming...just saying

To be fair to current management they havn't really had much time to turn the company around. So I'd give them a bit of lattitude - but no money! - at this stage.

[bull....]

a tale of 2 halfs
https://thewest.com.au/business/agriculture/price-at-26-year-high-as-china-warms-to-wool-ng-b88382579z
(https://thewest.com.au/business/agriculture/price-at-26-year-high-as-china-warms-to-wool-ng-b88382579z)
http://www.scoop.co.nz/stories/BU1702/S00344/nz-lamb-wool-weakens-further-at-auction.htm

maybe they should export carpet to aus from nz cheaper input costs maybe?

[winner69]

Even the 'normalised' numbers are pretty terrible

Still hope reigns eternal we'll be OK soon

Betcha the bank is hoping as well - probably didn't expect debt to increase by $6m to $43m

https://www.nzx.com/files/attachments/253129.pdf

[dodgy]

Even the 'normalised' numbers are pretty terrible Still hope reigns eternal we'll be OK soon Betcha the bank is hoping as well - probably didn't expect debt to increase by $6m to $43m https://www.nzx.com/files/attachments/253129.pdf Just a quick question. It appears that this companies fortunes are not that flash at present. Then how is it that CAV are taking a good sized group of re-sellers on a 10day plus junket to Vietnam in the new future ? Are they paying with off-cuts ? Can a current shareholder ( which I am not) confirm the accuracy or otherwise and explain why and how this is possible ?

[winner69]

Just a quick question. It appears that this companies fortunes are not that flash at present. Then how is it that CAV are taking a good sized group of re-sellers on a 10day plus junket to Vietnam in the new future ? Are they paying with off-cuts ? Can a current shareholder ( which I am not) confirm the accuracy or otherwise and explain why and how this is possible ?

I don't know exactly but probably part of their trading terms - rebates, advertising subsidies etc and these sort of 'junkets'

a reward for supporting the brands - just part of the ongoing sales pitch.

Probably he only decent holiday the reseller gets - poor buggers

[winner69]

Just a quick question. It appears that this companies fortunes are not that flash at present. Then how is it that CAV are taking a good sized group of re-sellers on a 10day plus junket to Vietnam in the new future ? Are they paying with off-cuts ? Can a current shareholder ( which I am not) confirm the accuracy or otherwise and explain why and how this is possible ?

They a bit miserable - Feltex took their best customers on a African safari shortly before they went under.

[sb9]

Up 10c so far today...not much volume though!!!

[Hoop]

Up 10c so far today...not much volume though!!!

back down to 5c up
Hmmm :confused:...fake out, or an impatient investor, or a leaky ship.

[blackcap]

someone is keen on them today.. 65 bid now.

[bull....]

Up 10c so far today...not much volume though!!!

not much volume cause someone soaked them all up under 60c - remember they are saying 2017 - 18 is going to be big year

[Balance]

not much volume cause someone soaked them all up under 60c - remember they are saying 2017 - 18 is going to be big year

Tomorrow is 31st March.

[blackcap]

Tomorrow is 31st March.

Thank you... forgot about that one..

[silverblizzard888]

Tomorrow is 31st March.

You should note that CAV 17-18 FY doesn't start till July.

[blackcap]

You should note that CAV 17-18 FY doesn't start till July.

window dressing.

[silverblizzard888]

window dressing.

Oh right I gotcha

[777]

Someone wanting price up at end of quarter.

Makes my books look better.

I was not a buyer today.

[golden city]

or insider trade... takeover comming

[Balance]

https://www.nzx.com/files/attachments/255914.pdf

CFO quits and resigns 7 months after appointment.

Not a good sign.

[sb9]

https://www.nzx.com/files/attachments/255914.pdf

CFO quits and resigns 7 months after appointment.

Not a good sign.

What's more disturbing is resignation effective immediately....

[winner69]

https://www.nzx.com/files/attachments/255914.pdf

CFO quits and resigns 7 months after appointment.

Not a good sign.

Did thank her for her contribution

[bull....]

probably meant she was gonna be fired otherwise.

[silverblizzard888]

CAV this financial year has been disappointing so I doubt its entirely based on transition cost, looks like CFO probably didn't keep their eye on the ball and a review of past year has left the company trying to fix an issue immediately before they risk of not delivering on the next financial year.

[777]

CAV this financial year has been disappointing so I doubt its entirely based on transition cost, looks like CFO probably didn't keep their eye on the ball and a review of past year has left the company trying to fix an issue immediately before they risk of not delivering on the next financial year.


Or the board does not agree with her opinion on what should be done.

[silverblizzard888]

Or the board does not agree with her opinion on what should be done.

Or could be that as well, obviously past performance hasn't gone well and perhaps disagreements presently was the end of that.

[Beagle]

https://www.nzx.com/files/attachments/255914.pdf

CFO quits and resigns 7 months after appointment.

Not a good sign.

I think that's quite an ominous sign. As you and many others know downgrades comes in three's. Is there anyone left on here who believes the official line that this year they'll break even and everything is fine and dandy for FY18 ?

[winner69]

Oh dear - things a bit worse than first thought.

https://www.nzx.com/companies/CAV/announcements/302019

But no worries -F18 will be OK

Bloody competitors hurting them - no surprise there

Hope must be springing eternal for long suffering shareholders

[winner69]

So $3m to $5m guidance (normalised profit of course) last November to break even in February to a loss of around $2m now

They have no idea - living in hope not a good strategy

[winner69]

One positive is that H2 will be about break even after a around $2m loss in H1 - just that they thought it be $2m profit (normalised)

[bull....]

they should sell AUS division pay of debt focus on NZ reckon this will probably happen at some stage.

[macduffy]

Those bloody competitors!

Maybe that old, much maligned management weren't the problem after all!

:confused:

[sb9]

Few words come to mind...SHOCKING, APPALLING...SHAMBOLIC....

[Beagle]

Agree sb9 but as I suggested a couple of months ago their forecast seemed to lack credibility and as we all know downgrades come in three's.
Actual result could be even worse than $2 million loss. Restructuring for future profitability must be a line that's wearing very thin, (right through the carpet to the underlay so too speak), with shareholders now. A company with very serious ongoing systemic issues.

[percy]

Anyone surprised?

[golden city]

You can tell. Downgrade is comming. After cfo fired

[Balance]

Anyone surprised?

Real shame how this once iconic NZ company is being mismanaged into the ground.

Used to pay quarterly dividends and at one time, I can remember 24c fully imputed dividends a year.

[winner69]

Real shame how this once iconic NZ company is being mismanaged into the ground.

Used to pay quarterly dividends and at one time, I can remember 24c fully imputed dividends a year.

Iconic company now worth less than $30m

Has outlasted that other iconic carpet maker Feltex

When share price got down to 40 odd last time some made plenty as it went to 80 odd on the touted recovery in performance ..... 40 to 80 .....hmmm

[whatsup]

DOWN 15% today , .28 and falling , Feltex here we come !!!

[Sgt Pepper]

Real shame how this once iconic NZ company is being mismanaged into the ground.

Used to pay quarterly dividends and at one time, I can remember 24c fully imputed dividends a year.

I used to look enviously at this share thinking that this was THE share to have in your dotage years

[percy]

I used to look enviously at this share thinking that this was THE share to have in your dotage years

I think Winston Peters still thinks so.

[777]

Winston will fix it. Doesn't he want woollen carpets put in all state residence's or something similar?

[whatsup]

Ah ! Winny the Brian Tamaki of politics !

[Sgt Pepper]

I think Winston Peters still thinks so.

So, most likely outcome
1) death spiral?
2) slow recovery?
3. takeover?

[Beagle]

Management been pulling the wool over shareholders eyes for some time now. Its coming right, yeah right, someone pass me a Tui ! Another good lesson in the value of TA. Selling as it crossed down through the 100 day MA would have got shareholders out at 77 cents and they'd be right pleased with that outcome now ! Obviously the 100 day TA is screaming at you to stay out at this stage, even the 30 day MA screams stay out. Has all the makings of IQE and PPL
No doubt Godfrey Hurst will pick up whatever stock, plant and machinery it likes from the receiver at pennies on the dollar and be laughing all the way to the bank with an even more dominant market position so in future customers whop really do want woolen carpet will be well fleeced.

[Hoop]

So, most likely outcome
1) death spiral?
2) slow recovery?
3. takeover?

I spun the random number spinner (http://www.visnos.com/demos/random-spinners) and got 1 both times....Hmmmm thats a sell dont buy signal:p
I

[forest]

Hoop I think you right. Not so long ago I went through their spinning and carpet manufacturing plant and it was not inspiring.
The future for CAV might be in tourism, its look like a partly working museum to me. :).

[percy]

Just loved the "partly working museum".
Absolute classic.

[Flugenbear]

"The direction is clear and our Company is now completely aligned and focused on core business. The benefits are starting to show. However, there is still much to be done and many challenges lie ahead. But we’re in the best shape to meet them"

That was the front page of last years annual report. It's mostly bollocks except the "there is still much to be done and many challenges lie ahead" part.

Revenue down, debt to equity ratio up 20% despite debt reduction being a priority, CFO suddenly resigns...

No, it does not look good, not at all.

[bull....]

reckon next financial yr is do or die for this company and they should sell the AUS operations paydown debt and should have done a rights issue last yr.

[golden city]

If they have done a rights issue last year when the share price at about 80c. They would be free of headache. This management is way over expection think over do When at agm

[bull....]

someone hoovered up all the supply pretty quickly around and just under 30c smell a turn around next financial yr maybe

[bullfrog]

Winston making his move, forget lime for the cycleway, what's more kiwi and green than a woollen cycleway, conflict of interest methinks, bit of a flax weave for underlay and you're ticking plenty of voters boxes

[bull....]

Winston making his move, forget lime for the cycleway, what's more kiwi and green than a woollen cycleway, conflict of interest methinks, bit of a flax weave for underlay and you're ticking plenty of voters boxes


I think Winston should buy cavalier to furnish the govt buildings

[percy]

I think Winston should buy cavalier to furnish the govt buildings

Oh no,don't encourage him.!!...lol.

[Bluemanarc]

I know a bit about Cavalier.
I would get out while you can.
Don't flog a dead horse.

[bull....]

I know a bit about Cavalier.
I would get out while you can.
Don't flog a dead horse.

tell us more , im really looking forward to there results expecting a cracker

[winner69]

Annual result in line with guidance - good

Bit embarassing to have to mention this is the brief release (esp when they also said the agreement with the bank had been renegioated and there was headroom) -


Based on the performance of the business in FY17, where forecasts were not met due to the issues discussed above, the risk of this happening again needs to be noted. If that was to occur Cavalier may not be able to meet its banking covenants. More detailed commentary is provided in note 2 of the financial statements under the heading “Going concern”.

[bull....]

looks bad - going concern even directors cast concerns on them achieving convenants bad......

funny they are looking at capital raising - bit late? should have done it when price was 80c would have been a very different report today

[winner69]

They say ' there are actions in place to reduce inventory holdings.'

I thought they said that last year .....and the year before that .....and the year before that .......

But being an iconic NZ company they'll be OK - even outlasted Sir Colin. RIP Colin - you were a great guy, and rugby player.

[Flugenbear]

Debt up, revenue down, being eaten alive by the competition in Oz, struggling to meet bankin convenants...
I was hoping for a light at the end of the tunnel for this iconic Kiwi company, but even the overly optimistic board are struggling to convince themselves she'll be right, mate.

[Beagle]

I know a bit about Cavalier.
I would get out while you can.
Don't flog a dead horse. Posted 9 August 2017.

Auditors tagged the accounts too. I reckon this poster might know a bit more than he's able to publicly annunciate and I for one think that's sound advice.
Directors were significantly more upbeat this time last year but look at the very poor result.
Now they're less optimistic it begs the question of how bad will next year's result be ?

[Matt_]

NTA well above the share price, could be some breakup value here?

[bull....]

NTA well above the share price, could be some breakup value here?

debt more than assets i reckon if sales slow any more thats it i reckon.

[Beagle]

NTA well above the share price, could be some breakup value here?

Bank have effectively put them on a choker leash. NTA disappears down a deep hole when you have to start heavily discounting old stock to shift it and on any rationalization plant and machinery would be lucky to be sold for 10 cents on the dollar. NTA of academic interest only in my opinion. Management and directors have it all ahead of them to prove they can service the existing increased bank debt.

[forest]

Not so long ago I went through their spinning and carpet manufacturing plant and it was not inspiring.
The future for CAV might be in tourism, its look like a partly working museum to me.

The above observation I made some time ago, the financials to me are also looking like the ones for a typical museum, a museum struggling to survive.

[Beagle]

https://www.nbr.co.nz/article/cavalier-hangs-thread-db-p-206973?utm_source=newsletter&utm_medium=email&utm_campaign=NBR%252520Heads%252520Up

I can't breech copyright so if you own shares in CAV or are thinking of buying you MUST read this and subscribe if you haven't already.

The title of this article accurately describes the content. This could go either way and the bank have appointed their own independent experts to review forecasts, (implies they don't believe management's claim of better times ahead) and are conducting month by month reviews, (implies they don't trust management to run-up further negative cash flow) which speaks for itself. The last time I remember a bank taking such keen interest was with Pumpkin Patch's debt and I am sure we all remember how that eventually played itself out.

How many times have we heard the same old tripe, better times ahead.... Is it too early for a Tui ?

[percy]

Anyone surprised.????

[Beagle]

They shouldn't be as CAV have a VERY chequered track record of issuing forecasts and not meeting them, probably why the Bank have insisted on having their own independent experts review the forecasts for themselves and are closely reviewing results and cash flow on a month by month basis. Thing is, if you cry wolf often enough, (everything is coming right) and it consistently doesn't happen then management shouldn't be surprised the bank have them on a choker leash.

Effectively now trading at the behest of the bank and shareholders shouldn't be surprised if this goes under. They literally are hanging by a thread. Be profitable or else !
I guess the bank might let them keep trading if they're not profitable as long as stock is coming down quickly and their exposure is reduced quickly but that would effectively amount to a managed wind down...and the chances of shareholders seeing any value at the end of that are VERY slim to none.

[peat]

the question is , is it a true wool fibre thread or a synthetic thread ?

[bull....]

They shouldn't be as CAV have a VERY chequered track record of issuing forecasts and not meeting them, probably why the Bank have insisted on having their own independent experts review the forecasts for themselves and are closely reviewing results and cash flow on a month by month basis. Thing is, if you cry wolf often enough, (everything is coming right) and it consistently doesn't happen then management shouldn't be surprised the bank have them on a choker leash.

Effectively now trading at the behest of the bank and shareholders shouldn't be surprised if this goes under. They literally are hanging by a thread. Be profitable or else !
I guess the bank might let them keep trading if they're not profitable as long as stock is coming down quickly and their exposure is reduced quickly but that would effectively amount to a managed wind down...and the chances of shareholders seeing any value at the end of that are VERY slim to none.

im not surprised looks like debt is more than assets under a liquidation - anyway if they go bust will i be able to get some cheap carpet?

[steveb]

At least one of the directors is behind the company,it has to be positive surely:-
Ongoing disclosure notice - Director2:38pm, 31 Aug 2017 | ADMIN
Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013

To NZX Limited; and
Name of listed issuer: Cavalier Corporation Ltd
Date this disclosure made: 31 August 2017
Date of last disclosure: 14 May 2003

Director or senior manager giving disclosure
Full name(s): Grant Conrad Webber Biel
Name of listed issuer: Cavalier Corporation Ltd
Name of related body corporate (if applicable): Not applicable
Position held in listed issuer: Director

Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: Ordinary shares
Nature of the affected relevant interest(s): Power to exercise right to vote attached to more than 20% of shares of Rural Aviation (1963) Ltd
For that relevant interest-
Number held in class before acquisition or disposal: 8,467,642
Number held in class after acquisition or disposal: 8,567,642
Current registered holder(s): Rural Aviation (1963) Ltd
Registered holder(s) once transfers are registered: Rural Aviation (1963) Ltd

[TheHunter]

Only less than $30k worth, don't get too excited! ​But yes, nonetheless, is a positive signal.

[macduffy]

Yes, showing confidence in the company. But Grant Biel is one of the founders of Cavalier so there may be as much, or more, emotional attachment there as confidence in the future?

[Scrunch]

To NZX Limited; and
Name of listed issuer: Cavalier Corporation Ltd
Date this disclosure made: 31 August 2017
Date of last disclosure: 14 May 2003
....
Number held in class before acquisition or disposal: 8,467,642
Number held in class after acquisition or disposal: 8,567,642
[/FONT]

Interesting, it would appear Rural Aviation had no transactions for 14 years and has decided now to fractionally increase their holding. Some in between CAV annual reports confirm the 8,467,642 shareholding was stable for many years.

[Scrunch]

So NZ first is effectively in government but we don't know who with. One of their policies is wool insulation and natural fibres for flooring for all government funded building including housing nz. This would have to be good for Cavalier - wouldn't it?

[blackcap]

So NZ first is effectively in government but we don't know who with. One of their policies is wool insulation and natural fibres for flooring for all government funded building including housing nz. This would have to be good for Cavalier - wouldn't it?

And being the NZ first type people they are and CAV being the only NZ carpet maker all the better. :) Not holding out much hope though with this one :P

[Balance]

So NZ first is effectively in government but we don't know who with. One of their policies is wool insulation and natural fibres for flooring for all government funded building including housing nz. This would have to be good for Cavalier - wouldn't it?

Election is over.

Winston will get his baubles and all will be happy in the land of Owen Glenn and NZ Morons First.

[bullfrog]

CAV already seeing the Winston effect with a 20% surge in... no wait, going down now. I wonder if this is linked in some spooky way to Winston’s fortune in government or are we seeing the renaissance of wool under Winston, or has the wool simply be pulled over our eyes.

[bull....]

loss for first half next yr .... and directors wish to reward themselves with a fee hike lol ... obviously for a job well done

[PLYNCH]

The market likes it.Share price up to 40c

[Beagle]

Things are coming right...yeah right...like we haven't hear that song before.
Of course if they didn't say things were coming right what do you think the bank might do ? Vested interested to pull the wool over shareholders eyes ?
Time for a Tui !

[bull....]

this make ya sick if your a shareholder

godfrey hirst makes biggest profit ever in nz

http://www.sharechat.co.nz/article/b41b65cc/godfrey-hirst-s-nz-profit-climbs-41-to-six-year-high-ahead-of-mohawk-sale.html

[Scrunch]

this make ya sick if your a shareholder

godfrey hirst makes biggest profit ever in nz

http://www.sharechat.co.nz/article/b41b65cc/godfrey-hirst-s-nz-profit-climbs-41-to-six-year-high-ahead-of-mohawk-sale.html

Yes and no. It reminds me that the industry is capable of allowing 20-25% gross margins and over $10m profits are achievable from the revenue levels CAV has. Big turnaround still required to get there however.

[macduffy]

Yes and no. It reminds me that the industry is capable of allowing 20-25% gross margins and over $10m profits are achievable from the revenue levels CAV has. Big turnaround still required to get there however.

On wool carpets as well as synthetic? Perhaps Godfrey has already eaten CAV's synthetic lunch.

[winner69]

Hirst been killing Cavalier for years and made massive share gains

Obviously Mohawk won’t be Cavaliers white knight now ......still dying a slow death I reckon ...but hope springs eternalu

[golden city]

Cav looks not dead yet. Still floundering

[winner69]

Cav looks not dead yet. Still floundering

Yes ... for Cavalier that is one stunning announcement

[golden city]

Actually profitable. So can anyone guess full year profit numbers ?

[golden city]

Good thing is reduced debt by 7m

[percy]

Good thing is reduced debt by 7m

Yes now down to $33mil.
Maybe still very high for a company whose market cap is only $34.3 mil.?

[blackcap]

Yes now down to $33mil.
Maybe still very high for a company whose market cap is only $34.3 mil.?

Yep still a way to go, but to reduce debt by $7m and reduce inventory by $5m is to me a win win. Moving inventory over to reduce debt. That is what they needed to do and so far so good. Way to go yet but if the 2nd half is like the first s/h's can start breathing a bit easier.

[percy]

Yep still a way to go, but to reduce debt by $7m and reduce inventory by $5m is to me a win win. Moving inventory over to reduce debt. That is what they needed to do and so far so good. Way to go yet but if the 2nd half is like the first s/h's can start breathing a bit easier.

Yes starting to look very interesting.
Just wish I was not so negative about manufacturing in NZ.

[macduffy]

Yes starting to look very interesting.
Just wish I was not so negative about manufacturing in NZ.

It's hard to be positive about manufacturing in NZ, given our relative costs, distance from markets and small scale - unless it comes with a particular, niche quality. CAV must be one of the few wool carpet manufactuters around these days but do their products have that niche quality?

[percy]

It's hard to be positive about manufacturing in NZ, given our relative costs, distance from markets and small scale - unless it comes with a particular, niche quality. CAV must be one of the few wool carpet manufactuters around these days but do their products have that niche quality?

I don't know,but I doubt it.
With a NZ building boom, and ChCh rebuild, they should have made hay while the sun was shining,but didn't.
Alan Clarke who is to become Chairman does have a good record.

[blackcap]

Half decent purchase by a director. Can't be all bad....

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/CAV/315158/275798.pdf

[blackcap]

Buys another lot bringing total bought to over $150k... showing some faith?

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/CAV/315332/275999.pdf

[LAC]

Was quite surprised with the result today. Faith

[Balance]

Was quite surprised with the result today. Faith

Results were announced 23rd Feb - today's the glossy interim report.

[LAC]

Results were announced 23rd Feb - today's the glossy interim report.

Ahh didn't realize that. Just read it as it popped up in the announcements list this morning

[blackcap]

Ahh didn't realize that. Just read it as it popped up in the announcements list this morning

The good thing for me is they have reduced inventory and in doing so paid off debt.

The bit that I have question marks over is why is the $35m or so debt a current debt and they have been paying off non-current debt. Would it not be better to relinquish some short term debt and worry about the long term stuff later?
Is short term debt not more expensive that long term debt?

[Scrunch]

The good thing for me is they have reduced inventory and in doing so paid off debt.

The bit that I have question marks over is why is the $35m or so debt a current debt and they have been paying off non-current debt. Would it not be better to relinquish some short term debt and worry about the long term stuff later?
Is short term debt not more expensive that long term debt?

Non current or term debt will flip to being called current debt when there is less than 1 year left on the fixed term. It will still carry agreed interest rates until it flips to floating. At some stage another slice of debt will be fixed for a multi-year term and term debt volumes go up again, with a corresponding drop in current debt.

[blackcap]

Non current or term debt will flip to being called current debt when there is less than 1 year left on the fixed term. It will still carry agreed interest rates until it flips to floating. At some stage another slice of debt will be fixed for a multi-year term and term debt volumes go up again, with a corresponding drop in current debt.

Thanks Scrunch, appreciate the reply. So its just term debt (the big amount) with the timing being that there is less than 1 year to go and then when they renew it it will become a non-current liability again?

[JoeM]

The good thing for me is they have reduced inventory and in doing so paid off debt.

The bit that I have question marks over is why is the $35m or so debt a current debt and they have been paying off non-current debt. Would it not be better to relinquish some short term debt and worry about the long term stuff later?
Is short term debt not more expensive that long term debt?

Not sure where you are looking but to me the headings are not well placed, from what i can see long term debt reduced from $35M to $33.6M and short term from $6.5M to $.5M. Odd to list long term before short term and not have a sub-heading.

[blackcap]

Not sure where you are looking but to me the headings are not well placed, from what i can see long term debt reduced from $35M to $33.6M and short term from $6.5M to $.5M. Odd to list long term before short term and not have a sub-heading.

You are right I stand corrected. I think I may suffer from late onset Dyslexia. I just (presumed) that current is first and non-current following. Silly me.

And the headings are a bit arse about face too....

[percy]

I reread the interim this afternoon.
Confused me too.
Not up to scratch.

Now they are taking on the world again?

[percy]

Today's announcement is very positive.
The turn around,which I doubted, is now well advanced.
Chairman and CEO proving their worth.

Disc.Not a shareholder.

[sb9]

The update today and numbers around indicate that turnaround is well and truly underway.

Hopefully all the bad things from yester years are behind them now and no more ghosts in the closet.

Disc : Bought at the open today

[Ekrub]

Congrats CAV management, a most encouraging turnaround. About eight months ago I was topping up between 28 and 31 cents, always having the "Feltex" demise in the memory cells, but, after hanging on through thin and thin, the carpet pile's getting thicker!

[blackcap]

Congrats CAV management, a most encouraging turnaround. About eight months ago I was topping up between 28 and 31 cents, always having the "Feltex" demise in the memory cells, but, after hanging on through thin and thin, the carpet pile's getting thicker!

Well done for buying in those ranges. Good bottom picking. I see the NPAT is in the range of nearly $4m. That would mean about 5.8 cps so a Pe of about 11 on todays share price. Seems about fair I guess.

[sb9]

Well done for buying in those ranges. Good bottom picking. I see the NPAT is in the range of nearly $4m. That would mean about 5.8 cps so a Pe of about 11 on todays share price. Seems about fair I guess.

Yes, agree to that. Fair assessment, however being a turnaround story I tend to go for slightly higher PE multiple of 12-13, which would push the price into 70s range. My pick is that's where it'll end up come actual reporting time in Aug.

[blackcap]

Yes, agree to that. Fair assessment, however being a turnaround story I tend to go for slightly higher PE multiple of 12-13, which would push the price into 70s range. My pick is that's where it'll end up come actual reporting time in Aug.

Don't disagree with your analysis, and yes it probably will be in the 70's. However myself I would put a slightly lower PE on this as they (CEO) and board have yet to probe themselves. We did have this "turnaround story" 2 years ago for it to go tits up last year. For me the Jury is still out, need 2 years back to back before I get fully comfortable.

[Scrunch]

So the EBITDA (Normalised) for the last 3 six month periods are:
$0.5m to Dec16
$2.1m to Jun17 (for a full-yr result of $2.6m)
$4.4m to Dec17
To meet the FY advised range requires $5.2m to $5.6m in the six months to Jun18.

Now the real unknown - what is the rest of 2018 and beyond going to look like?

[winner69]

So the EBITDA (Normalised) for the last 3 six month periods are:
$0.5m to Dec16
$2.1m to Jun17 (for a full-yr result of $2.6m)
$4.4m to Dec17
To meet the FY advised range requires $5.2m to $5.6m in the six months to Jun18.

Now the real unknown - what is the rest of 2018 and beyond going to look like?

The trend says it all...big numbers not seen for years will be reported in F19

[sb9]

The trend says it all...big numbers not seen for years will be reported in F19

After few quiet weeks looks like its about to breakaway......not go long to until actual results are out next month.

[biker]

Onwards and upwards.


3/7/2018, 9:04 am MKTUPDTE
Cavalier Corporation reduces debt, extends banking facility and reaffirms forecast

On the back of significantly improved debt position and financial performance, Cavalier Corporation (NZX: CAV) has successfully renegotiated its banking facility through until the 1st of January 2020.

Cavalier has reduced debt by more than $10 million in the past year from $40.2 million to around $29.5 million on the 30th of June 2018.

Cavalier CEO Paul Alston says this is a positive milestone for the business.

“This is the first time in many years Cavalier’s debt has been under $30 million, it’s the result of a strong debt reduction programme and another step towards long term profitability.”

Paul says with the recent close of the financial year (30th June 2018) the company is also pleased to be able to reaffirm its recent earnings guidance.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) is expected to be in the range of $9.6 million to $10 million (FY17: $2.6 million).

Net Profit After Tax (NPAT) is expected to be in the range of $3.7 million to $4 million, excluding any abnormal costs (FY17: Net Loss After Tax of $1.8 million, which excluded $0.2 million of net abnormal costs associated with the consolidation and restructuring in FY17 - Refer to Note 1).

Full year results will be reported on the 22nd of August 2018.

ENDS

[sb9]

Onwards and upwards.


3/7/2018, 9:04 am MKTUPDTE
Cavalier Corporation reduces debt, extends banking facility and reaffirms forecast

On the back of significantly improved debt position and financial performance, Cavalier Corporation (NZX: CAV) has successfully renegotiated its banking facility through until the 1st of January 2020.

Cavalier has reduced debt by more than $10 million in the past year from $40.2 million to around $29.5 million on the 30th of June 2018.

Cavalier CEO Paul Alston says this is a positive milestone for the business.

“This is the first time in many years Cavalier’s debt has been under $30 million, it’s the result of a strong debt reduction programme and another step towards long term profitability.”

Paul says with the recent close of the financial year (30th June 2018) the company is also pleased to be able to reaffirm its recent earnings guidance.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) is expected to be in the range of $9.6 million to $10 million (FY17: $2.6 million).

Net Profit After Tax (NPAT) is expected to be in the range of $3.7 million to $4 million, excluding any abnormal costs (FY17: Net Loss After Tax of $1.8 million, which excluded $0.2 million of net abnormal costs associated with the consolidation and restructuring in FY17 - Refer to Note 1).

Full year results will be reported on the 22nd of August 2018.

ENDS

That's solid reduction in debt over past year. I'm sure there going to be more nice surprises when they announce FY results next month. This update may help push the sp close to the 70c mark by that time.

[blackcap]

Whats not to like:

"Operating cashflow was $12.1 million, a significant turnaround on FY17.
Cavalier's debt position improved by $10.8 million to $29.4 million, and
inventory levels improved with yarn and carpet inventory reduced by $3.3
million.

Whilst FY18 delivered a strong improvement in results, dividend payments will
remain suspended as the company establishes sustainable earnings growth and
performance."

[sb9]

Whats not to like:

"Operating cashflow was $12.1 million, a significant turnaround on FY17.
Cavalier's debt position improved by $10.8 million to $29.4 million, and
inventory levels improved with yarn and carpet inventory reduced by $3.3
million.

Whilst FY18 delivered a strong improvement in results, dividend payments will
remain suspended as the company establishes sustainable earnings growth and
performance."

Yep, looks be in good shape for FY19. Expect to see 65c range soon.

[percy]

Certainly looking very good for the future.
I guess the low wool price will be helping to keep the value of inventory lower.
Lowering the debt has been a great achievement.

[blackcap]

Certainly looking very good for the future.
I guess the low wool price will be helping to keep the value of inventory lower.
Lowering the debt has been a great achievement.

The lowering of the debt and the operating cashflow of 12m does it for me.

Are you on board yet Percy? Or waiting for confirmation that this is not a flash in the pan?

[percy]

The lowering of the debt and the operating cashflow of 12m does it for me.

Are you on board yet Percy? Or waiting for confirmation that this is not a flash in the pan?

Not yet.
Like Alan Clarke.
Yes that great operating cashflow is stunning.
Also like the fact they have decided not to pay a divie in the meantime,while still strengthening the business.
Trying to hold onto the cash I have until the result season is over.Results have been good,and had nothing to sell, so far.

[Pintboy568]

I really can't figure how CAV can have an NTA of .97 and a turnover of $148m and still be valued at only $41m. Still suffering from historical mis-management?
Still, not too unhappy given I jumped in at 30c - primarily as I thought it might be a takeover target.

[sb9]

I really can't figure how CAV can have an NTA of .97 and a turnover of $148m and still be valued at only $41m. Still suffering from historical mis-management?
Still, not too unhappy given I jumped in at 30c - primarily as I thought it might be a takeover target.

Partly due to their chequered past history and heavy baggage that they come with. Takes bit of time to wipe off those....