TIL - Trilogy [formerly ECO - Ecoya]

[vin]

There she goes!!

[boysy]

She's an illiquid share when you think the low to high range so far was 30 cents at this stage

[boysy]

Decent run this morning will she test recent highs while we await the first broker report. Person who dumped at 385 yesterday must be hurting today.

[boysy]

Opportunistic bidding at its best someone's keen to buy on market but place short term bids at the highest offer price but withdraws when no sellers take the bait.

[muss1]

All quiet here... No news of any broker reports I take it?

[boysy]

Nothing yet I don't believe though a nice plug for trilogy at the bottom of this herald article today on the share market

[sb9]

Nothing yet I don't believe though a nice plug for trilogy at the bottom of this herald article today on the share market

Snippet from that article in Herald:

"Trilogy's chairman Geoff Ross said the company gained further momentum from its brands and its overall business during the year. Ross said: "The strategies for our Trilogy and Ecoya products continued to deliver solid growth for Trilogy, which we expect to continue."

[winner69]

Pie funds says still good value (latest newsletter)

[winner69]

Analyst coverage wouldn't do any harm but we really want some more instos/fund managers getting interested

[muss1]

Yes pie commenting on the potential in the US market and a possible deal into China looking likely in the near future. I also believe their words were "excellent" value for what it's worth

[winner69]

Yes pie commenting on the potential in the US market and a possible deal into China looking likely in the near future. I also believe their words were "excellent" value for what it's worth

I'm comfortable with my $6.35 valuation (high growth case)

So at $4. 25 still undervalued by a longway

The market will wake up one day

[muss1]

I'm comfortable with my $6.35 valuation (high growth case)

So at $4. 25 still undervalued by a longway

The market will wake up one day

No arguments here

[Balance]

I'm comfortable with my $6.35 valuation (high growth case)

So at $4. 25 still undervalued by a longway

The market will wake up one day

W69, a note of caution here - high PE high growth stock cannot afford to disappoint as the market reaction will be savage.

I think TIL is ok as the directors and management are sufficiently savvy with the ways of the market and know the adage of PR 'underpromise and overdeliver'.

Nevertheless, the beauty care market can be fickle so let's be careful out there.

[Southern_Belle]

Be good to go into the long weekend on a new high.

[boysy]

Plenty of buyer interest staying off the buy/sell spread as can be noted throughout the day when opportunistic bids are put on market briefly and then pulled when no takers bite. As the clsa report noted the other major brands in the world trade at an average of 28x PE with TIL at this valuation based on the most recent results you have to question how the earnings will grow against the market expectation. The main risk as noted in the report was rose hip oil supply which they have mitigated through the recent aquisition.

[boysy]

Someone wanted in big this morning with a 1 share purchase

[boysy]

Decent plug by Pie Funds management in their latest newsletter with trilogy discussed on page 7

https://www.piefunds.co.nz/assets/newsletters/PieFunds-Newsletter-June-2016/Monthly-Newsletter-June2.pdf

"After running up close to 30%, Trilogy pulled back on the result. With high earnings growth, industry tailwinds from the to natural skincare, and large global markets, we believe that Trilogy represents excellent value at current levels"

[sb9]

Strong recovery after going ex-div...

[boysy]

In fairness was sold down on minimal volume but good to see the strong showing ex 5.4c divi. Back to a decent 10c buy sell spread so volatility will continue for the near future. With the majority of the income coming from NZ and costs presumably in USD one has to think the recent strength of the dollar cant be a bad thing either.

[mondograss]

I thought record date was the 13th June.

https://www.nzx.com/files/attachments/236345.pdf

[Jinx]

I thought record date was the 13th June.

https://www.nzx.com/files/attachments/236345.pdf

Weird....Nzx bug?

[Fox]

Record date is on Monday, with Ex-Div being today. Today was the date at which all T+2 settlements will appear on the record upon closing on Monday, therefore the dividend was 'effective' today.

[boysy]

https://www.asbsecurities.co.nz/section209.asp

Showing todays date 10/06/2016

[mondograss]

Ah OK, that makes sense.

[Kelvin]

NZX site showing 0 cents imputation, but I thought the dividend was fully imputed?

[sb9]

NZX site showing 0 cents imputation, but I thought the dividend was fully imputed?

Correct, however on their presentation docs page 11:
Dividend
•
TIL's dividend policy is to pay 45-55% of business earnings
excluding CS&Co and after interest and tax.
•
Allows adequate earnings to be retained to fund initiatives that
drive capital growth for Trilogy shareholders and allow for debt repayment.
•
Full year dividend of 5.45 cents per share, up 51% on FY15.
•
Dividend fully imputed
•
Equivalent to 50% of 2016 business earnings excluding CS&Co
earnings and after interest and tax.

[Kelvin]

So does that mean NZX is correct and imputation is $0.0212 per share?

[winner69]

The Appendix 7 form says dividend 5.451 cents with 2.12 cents imputation credits attached ....along with supplementaries etc for overseas holders

[boysy]

More press for pie funds managements impressive return with TIL the top stock noted

http://www.barrons.com/articles/pie-funds-serves-up-tasty-small-cap-returns-1465521539

[Joshuatree]

What were the 5 stocks boysy; im not wanting to subscribe there?. My PIE funds up 75% plus in re 3 years.Triology champion for them.

[boysy]

Nzx til Cvt then Asx Vtg egh cat

[sb9]

Knives are out on this one too...

[HeartOfGold]

Nice little spread on the back pages of viva in this mornings herald

[Southern_Belle]

Nice little spread on the back pages of viva in this mornings heraldNice little free sample on their website to win, also newsletters worth signing up for if you are an interested shareholder. Like to see these type of marketing initiatives. A quick perusal of past winners show the following is internationally widespread.

[janner]

Nice little spread on the back pages of viva in this mornings herald

Local advert costs are cheap...

Disc.. Holding.

[winner69]

I think it going to be an unexciting time for TILwatchers over the next few months.

I would say growth prospects are factored in by the market and until they get near the half year there is little in the way likely to give the share price a boost

Todays 4 bucks might look good come Aug/Sept

[trader_jackson]

It will certainly be interesting... with buyers seemingly running away from the stock (in recent times)

[boysy]

Decent buying pressuring popping up when someone's keen to offload so not all one way sailing. Think it's the patient buying shares off the impatient but after a run up of over 300% you can blame those profit takers. The recent 25% aquisition of the Chilean rose hip producer shows these guys are thinking longer term and thinking big (the risk clsa produced in the recent analyst presentation was a worldwide shortage of Rosehip oil may hinder trilogy's growth). Further market penetration of the trilogy brand in Aussie and worldwide will make or break this company. Assuming the natural skin care market continues to expand as does trilogy's market share this really could be an international success storey assuming a multinational cosmetic company doesn't buy them out.

[misterx]

just the same old pattern till next rise isn't it

[Balance]

https://www.nzx.com/companies/TIL/announcements/284118

$20m capital raising and $30m selldown by Ross & gang.

Underwritten at $3.70 so sp will be about $3.80 when trading halt lifted?

[winner69]

https://www.nzx.com/companies/TIL/announcements/284118

$20m capital raising and $30m selldown by Ross & gang.

Underwritten at $3.70 so sp will be about $3.80 when trading halt lifted?

Good move

Can't blame the Bakery taking a bite out of the cake that is getting bigger and bigger

[percy]

$20mil placement and $5mil SPP.
Don't think we will get many with only $5mil to be raised from the SPP.
Very positive however that the capital raise is at $3.70, and the extra capital should strengthen the balance sheet.
With the increased free float we may see more interest in TIL from brokers.
At this early stage I doubt I will participate in the SPP,as I hate putting up thousands of dollars just to get a few hundred dollars of shares.Also it would take up average cost to over a dollar ps..

[Balance]

Good move

Can't blame the Bakery taking a bite out of the cake that is getting bigger and bigger

Agreed. This is a proper way to do a selldown - transparent, underwritten and no hidden agendas.

[winner69]

Agreed. This is a proper way to do a selldown - transparent, underwritten and no hidden agendas.

Yes indeed

My high growth $6.35 valuation reduces to $5.90 odd with the new shares ......but then more cash to spend and an ASX listing gives me more comfort around my numbers

[silverblizzard888]

Capital raising at $3.70, its very close to the $3.81 per share that I thought it was currently worth, so I think the company has a similar fair value model as me. My valuation basis was 50% growth going forward for the main business, so I think the company sees themselves growing around this rate.

[sb9]

Yes indeed

My high growth $6.35 valuation reduces to $5.90 odd with the new shares ......but then more cash to spend and an ASX listing gives me more comfort around my numbers

Agreed, good move by them. ASX listing could draw wider investor exposure and better prospects. Looking to participate in capital raise, may not get much due to paltry allocation of $5 mln public pool.

[boysy]

http://www.nbr.co.nz/article/australian-fund-managers-get-whiff-trilogy-international-cs-p-190416

Australian fund managers get a whiff of Trilogy International

Calida Smylie · Thursday June 16, 2016

Trilogy International chief executive Angela Buglass

Trilogy's Angela Buglass on why her company's raising cash

Trilogy International [NZX:TIL] was prompted to increase the liquidity of its stock by Australian fund managers who wanted a slice of the action.

The natural skincare and scented candle maker announced a capital raise this morning, with $20 million through a placement and $5 million to existing shareholders through a share purchase plan.

Money raised will be used to reduce the bank debt incurred to acquire beauty product and fragrance distributor CS Company and fund growth. Some will be kept aside for future acquisitions, although there is nothing in the pipeline right now.

Majority owner The Business Bakery, which underwrote Trilogy’s $10.1 million initial public offering in 2010 and owns 48.6% of the company, is selling $30 million of its shares – a 13% stake – at the same $3.70 price as the placement and share purchase plan. It will retain at least a 30% stake after the raise.

The Business Bakery – the investment vehicle for 42 Below Vodka founders Stephen Sinclair, Grant Baker and Geoff Ross (Trilogy’s chairman) – is doing particularly well out of its investment and has chosen a good time to sell down some of its stake.

Trilogy’s share price has risen an impressive 340% in the past year and 590% in the past two years, when it was at 58c.

The stock – which last traded at $4 – has been put in a trading halt until Trilogy tells the market it has reached the allocation sought.

Chief executive Angela Buglass tells NBR there has been a lot of interest in the capital raise already.

The Business Bakery chose to sell down its stake now after growing interest from Australian institutional investors but who needed more liquidity to be enticed in, Ms Buglass says.

“We have spent a lot of time recently with our Australian investors and, because the funds over there are so much bigger, they’re finding they can’t get access to enough shares. So, by balancing the Bakery portfolio, which still retains the majority shareholding, we’re able to offer more opportunity out to the market to invest.”

Australia is Trilogy’s largest market, producing 44% of group revenue, although the company faces more competition from local organic skincare brands than it does in New Zealand.

Interest from across the Ditch is also why the company is seeking a secondary listing on the ASX, where it hopes to list in the second half of the year.

Ms Buglass says a number of large Australian funds had “actively sought to meet with us” but many of them are mandated to not buy stock listed just in New Zealand. “The dual listing opens up much more opportunity for us.”

She also hopes greater liquidity could help Trilogy get covered by analysts, as so far none do.

The Auckland-based company more than doubled annual profit to $9.4 million in the 12 months to March 31 while revenue jumped 127% to $83.1 million.

The company's Trilogy and Goodness natural skincare brands were the biggest contributor to earnings, with revenue increasing 112% to $34.5 million and earnings before interest, tax, depreciation and amortisation up 116% to $11.5 million.

The natural organic skincare segment in the New Zealand pharmacy sector grew 21% and the Trilogy brand outperformed this at 39% growth, while in Australia, the market grew 27% while Trilogy grew 67%.

Its Ecoya brand – which produces candles and soaps – is also growing, with one Ecoya product sold every 23 seconds around the world. Sales increased 23% to $20.1 million and earnings were up 99% to $2.5 million.

The company as it is now came about after candle maker Ecoya listed at $1 in 2010 and soon after bought skincare business Trilogy for about $19 million. The name was changed to Trilogy International in 2013 after skincare sales started to dominate candles.

Recent acquisitions include a 25% of the largest rosehip oil producer in Chile, Forestal Casino, for $US8 million in cash and shares, and distribution company CS division was acquired for $37 million last August.

The company sells its skincare into 27 markets and especially focusing on the US, where it is stocked in a nationwide grocery chain.

[Balance]

http://www.nbr.co.nz/article/australian-fund-managers-get-whiff-trilogy-international-cs-p-190416

Australian fund managers get a whiff of Trilogy International

Calida Smylie · Thursday June 16, 2016

Trilogy International chief executive Angela Buglass

Trilogy's Angela Buglass on why her company's raising cash

Trilogy International [NZX:TIL] was prompted to increase the liquidity of its stock by Australian fund managers who wanted a slice of the action.

The natural skincare and scented candle maker announced a capital raise this morning, with $20 million through a placement and $5 million to existing shareholders through a share purchase plan.

Money raised will be used to reduce the bank debt incurred to acquire beauty product and fragrance distributor CS Company and fund growth. Some will be kept aside for future acquisitions, although there is nothing in the pipeline right now.

Majority owner The Business Bakery, which underwrote Trilogy’s $10.1 million initial public offering in 2010 and owns 48.6% of the company, is selling $30 million of its shares – a 13% stake – at the same $3.70 price as the placement and share purchase plan. It will retain at least a 30% stake after the raise.

The Business Bakery – the investment vehicle for 42 Below Vodka founders Stephen Sinclair, Grant Baker and Geoff Ross (Trilogy’s chairman) – is doing particularly well out of its investment and has chosen a good time to sell down some of its stake.

Trilogy’s share price has risen an impressive 340% in the past year and 590% in the past two years, when it was at 58c.

The stock – which last traded at $4 – has been put in a trading halt until Trilogy tells the market it has reached the allocation sought.

Chief executive Angela Buglass tells NBR there has been a lot of interest in the capital raise already.

The Business Bakery chose to sell down its stake now after growing interest from Australian institutional investors but who needed more liquidity to be enticed in, Ms Buglass says.

“We have spent a lot of time recently with our Australian investors and, because the funds over there are so much bigger, they’re finding they can’t get access to enough shares. So, by balancing the Bakery portfolio, which still retains the majority shareholding, we’re able to offer more opportunity out to the market to invest.”

Australia is Trilogy’s largest market, producing 44% of group revenue, although the company faces more competition from local organic skincare brands than it does in New Zealand.

Interest from across the Ditch is also why the company is seeking a secondary listing on the ASX, where it hopes to list in the second half of the year.

Ms Buglass says a number of large Australian funds had “actively sought to meet with us” but many of them are mandated to not buy stock listed just in New Zealand. “The dual listing opens up much more opportunity for us.”

She also hopes greater liquidity could help Trilogy get covered by analysts, as so far none do.

The Auckland-based company more than doubled annual profit to $9.4 million in the 12 months to March 31 while revenue jumped 127% to $83.1 million.

The company's Trilogy and Goodness natural skincare brands were the biggest contributor to earnings, with revenue increasing 112% to $34.5 million and earnings before interest, tax, depreciation and amortisation up 116% to $11.5 million.

The natural organic skincare segment in the New Zealand pharmacy sector grew 21% and the Trilogy brand outperformed this at 39% growth, while in Australia, the market grew 27% while Trilogy grew 67%.

Its Ecoya brand – which produces candles and soaps – is also growing, with one Ecoya product sold every 23 seconds around the world. Sales increased 23% to $20.1 million and earnings were up 99% to $2.5 million.

The company as it is now came about after candle maker Ecoya listed at $1 in 2010 and soon after bought skincare business Trilogy for about $19 million. The name was changed to Trilogy International in 2013 after skincare sales started to dominate candles.

Recent acquisitions include a 25% of the largest rosehip oil producer in Chile, Forestal Casino, for $US8 million in cash and shares, and distribution company CS division was acquired for $37 million last August.

The company sells its skincare into 27 markets and especially focusing on the US, where it is stocked in a nationwide grocery chain.

If in demand placements in Australia are any indication, TIL will hit $4.50 by year end.

[winner69]

If in demand placements in Australia are any indication, TIL will hit $4.50 by year end.

No no Balance me old mate - almost been there not that long ago

Surely $5 by year end

[misterx]

great article, thanks for sharing. Looking forward to the future.

[stevevai1983]

I like the capital raise.
TIL's debt is now quite big compare to EBITDA.
so TIL has 2 choices:
1: slow down and reduce debt level
2: continue to fast expand and capital raise

obviously option 2 is a better choice for current situation.

[noodles]

There is a market darling stock on the ASX called BWX. They have an almost identical business to TIL except they are not organic.

BWX are trading on a FY17 EV/EBITDA=16.6
TIL are trading on a FY17 EV/EBITDA=11.8 (using Analyst forecasts)

If TIL attracts the same multiple as BMX, they will be trading at $5.64

This is the main reason I think today's announcement is brilliant.

[sb9]

There is a market darling stock on the ASX called BWX. They have an almost identical business to TIL except they are not organic.

BWX are trading on a FY17 EV/EBITDA=16.6
TIL are trading on a FY17 EV/EBITDA=11.8 (using Analyst forecasts)

If TIL attracts the same multiple as BMX, they will be trading at $5.64

This is the main reason I think today's announcement is brilliant.

Yes, Aussies would love this pup and also would attract better PE multiple.

[Balance]

https://www.nzx.com/companies/TIL/announcements/284181

All done. Now to see what the Aussie instos do.

[winner69]

Going to be a pretty big dilution with 9.4 million new shares (the acquisition and the cap raise) relative to the 61.9 million shares currently.

But what the heck its all for the good - maybe a smaller piece of the pie but pie going to get pretty big.

[Balance]

Going to be a pretty big dilution with 9.4 million new shares (the acquisition and the cap raise) relative to the 61.9 million shares currently.

But what the heck its all for the good - maybe a smaller piece of the pie but pie going to get pretty big.

If TIL is able to get 2 or 3 of the big Oz funds into TIL, the sp will fly for sure. I recall talking to one of the Oz big fund managers at a company function recently and he lamented the fact that NZ market is so small and so hard to get set in good emerging stories. Their mandate is that they must invest a minimum of A$60m in any one stock! Hence their preference to invest in good stories via placements.

On the other hand, some of the fund managers there are also very aggressive traders and they will not hesitate to make their quick 10% to 20% in IPOs and placements by flicking out quickly.

Let's hope TIL placed the shares with the right funds.

[kiora]

Going to be a pretty big dilution with 9.4 million new shares (the acquisition and the cap raise) relative to the 61.9 million shares currently.

But what the heck its all for the good - maybe a smaller piece of the pie but pie going to get pretty big.

Isn't it 6,756,756 new shares,$20m + $5m raised divided by $3.70 ?
Dilution + going to cost $ to get diluted !!!
Is there another acquisition coming?

[Well Endowed]

The $30m shares sold by the business bakery chaps are already issued and are only a transfer between entities. So I think it'd only be the issuance of 5.4m shares to cover the $20m placement right?

[sb9]

The $30m shares sold by the business bakery chaps are already issued and are only a transfer between entities. So I think it'd only be the issuance of 5.4m shares to cover the $20m placement right?

You've omitted $5 mln public pool, I think kiora is right, the extra shares issued will be to the tune of 6,756,756...($25 mln - $20mln+$5mln) @$3.70 a piece!!

I'm applying for full limit of $15K allowed, see how much will be allocated though.

[winner69]

They going to issue 2.6 million shares for the Forestal Casino acquisition as well

[Well Endowed]

haha fair point, I hadn't even read about the $5m public pool. Have held since 80c, but is tempting to partake, I like the planned asx exposure.

[QOH]

So if the record date for new Trilogy shares is 15 June, and I sold my shares that day, who owns the rights me or buyer?

[couta1]

So if the record date for new Trilogy shares is 15 June, and I sold my shares that day, who owns the rights me or buyer?
You do because as at 5pm on June 15th, your name is still recorded on the share register.

[Balance]

You do because as at 5pm on June 15th, your name is still recorded on the share register.

I think you will find that the broker will make an adjustment for the rights to be transferred to the buyer.

[QOH]

I think you will find that the broker will make an adjustment for the rights to be transferred to the buyer.

Yes it doesn't seem as clear cut as usual, it was more or less announced retrospectively, hence my confusion.

[waikare]

They were very quick off the mark, I received my application form for the Share Purchase plan in yesterdays mail (Sat)

[stevevai1983]

is there a way to apply SPP online?

[waikare]

is there a way to apply SPP online?

Yes there is two options, by cheque or online, and one has the option of selecting the amount to invest $1000, $2500, then in lots 0f $2500 up to the maximum of $15000 ,

[kiora]

A strong endorsement?
http://stocknessmonster.com/news-item?T=5a6HWsZQtlE7rPQUSBbZ9B&E=NZSE&S=TIL&N=284262

[boysy]

Decent buying interest today with 50k shares traded off market late in the day

[QOH]

$5 million doesn't seem a lot, is there likely to be heavy scaling.
it's annoying if you don't want $15,000 but feel obliged to apply for that amount in case you only get 10%.
Interested in whether most shareholders intend taking up the offer, they're not much of a discount.

[Southern_Belle]

$5 million doesn't seem a lot, is there likely to be heavy scaling.
it's annoying if you don't want $15,000 but feel obliged to apply for that amount in case you only get 10%.
Interested in whether most shareholders intend taking up the offer, they're not much of a discount.shareholder here and will be applying for full allocation

[boysy]

Don't think scaling will be an issue I would be surprised if TIL have more than 3500 shareholders are there ?

[stoploss]

Don't think scaling will be an issue I would be surprised if TIL have more than 3500 shareholders are there ?
Boysy not a holder but for someone who posts every trade on here would expect you to do a bit more investigation into the SPP.If the quoted 5 million above is correct .
5,000,000/ 15000 = only 333 shareholders getting the full allocation .

[boysy]

Stand corrected guys and gals

[NZSilver]

How many holders are there?

[blobbles]

I am another one, will be going for full allocation. Hopefully will at least get 1k!

[waikare]

Being a gold card holder, can only manage $10,000


I am another one, will be going for full allocation. Hopefully will at least get 1k!

[Balance]

I am another one, will be going for full allocation. Hopefully will at least get 1k!

If past SPP allotments of other companies are a guide, pays to go for the full $15k but scaling will be applied based upon number of shares held.

[mondograss]

I've applied for the full allocation too.

[QOH]

If past SPP allotments of other companies are a guide, pays to go for the full $15k but scaling will be applied based upon number of shares held.
If that is the case, I have a dilemma, husband sold his holding on record date but has received the offer, so holds no shares. I hold a few, but don't think I'm prepared to tie up $30,000 if we may only get 1000 shares.

Life was simpler in the days when you knew you how many rights you had and how many dollars to pay.

[couta1]

If that is the case, I have a dilemma, husband sold his holding on record date but has received the offer, so holds no shares. I hold a few, but don't think I'm prepared to tie up $30,000 if we may only get 1000 shares.

Life was simpler in the days when you knew you how many rights you had and how many dollars to pay. Send your money in as close to close off date as possible and then your money will only be tied up for 5 days before you will know how many shares you have been allocated, that's what I'm doing, picking heavy scaling so not expecting to get many even with $15000 option.

[boysy]

Decent uptick in volume and the pricing with $400k turnover and Sp up 7 cents to $4.10. Divi due this Friday as well.

[boysy]

starting to get on aussie radars. Comparing to BWX

http://www.afr.com/markets/nzs-trilogy-soars-on-boom-in-natural-skincare-demand-from-china-20160621-gpob63


Kate Middleton, Duchess of Cambridge, is reportedly a fan of Trilogy's rosehip oil.
Kate Middleton, Duchess of Cambridge, is reportedly a fan of Trilogy's rosehip oil. Photo: Chris Jackson

9:51am: New Zealand's Trilogy International has joined the rarefied air of BWX Limited and Blackmores, becoming the latest stock to land on the radar of investors for its hand in the China consumption boom.

Shares of Trilogy, which will obtain an ASX listing later this year, have advanced 332 per cent over the past year (and 362 per cent in Australian dollar terms), culminating in a $NZ20 million capital raising last week. Cornerstone investor The Business Bakery partially sold down its stake, to 33 per cent from 48 per cent, expanding the free float.

The raising was done at $NZ3.70 a share; Trilogy stock traded at $NZ4.02 on Tuesday.

Trilogy is a maker of affordable skincare and scented candles, and its biggest-selling product is certified organic rose-hip oil, which is how it fits into the natural-based skincare niche. The China skincare market is forecast to grow at 9 per cent a year for the next five years according to Euromonitor, and the natural segment paves the way for Australian operators in a market otherwise dominated by Western conglomerates and Korean and Japanese brands.

The Trilogy brand is already the top-selling natural line in NZ pharmacies, but it has observable earnings in Asia where it recorded revenue of $NZ4 million in 2015-16, up from $NZ2.8 million.

Most growth is still coming from its home markets. "Really, they're getting significant growth in Australia and New Zealand. The market in Australia for natural skincare is growing at 25 per cent as a category and Trilogy is getting above that," said Mike Taylor of Pie Funds Management. Pie owns around 12 per cent of the company after lifting its stake in the capital raising.

"It's pretty easy to get to a valuation over $NZ6 without working that hard and if you consider the opportunity in front of them, the number could be a lot higher than that."

Read more: http://www.smh.com.au/business/markets-live/markets-live-calm-before-brexit-storm-20160621-gposun.html#ixzz4CGfiCl4V
Follow us: @smh on Twitter | sydneymorningherald on Facebook

[vin]

^ Gotta signup to read it :/

[boysy]

Posted the smh article above which was first reported in the AFR

[vin]

Exciting stuff, great to read.

[sb9]

"Mr Taylor said Trilogy's share price performance this year was entirely founded in earnings and the stock is trading at a material discount to its closest peer, BWX. Trilogy is priced at 17 times 2016-17 earnings compared to 31 times for BWX, which produces the Sukin brand (http://www.afr.com/business/manufacturing/sukin-maker-bwx-eyes-the-long-game-in-china-20160516-gowoxb)."

The above is key for me, Mr Taylor is from Pie Funds.

Sorry couldn't access the full content from AFR.

[boysy]

And one has to remember none of BWX products are Certified organic that I know of this is a key point of difference

[janner]

Being a gold card holder, can only manage $10,000

Also in the same position :-))). Will not be applying.

Using any spare cash for SCL. More tangible IMHO..


Disc. Hold both.

[percy]

Also in the same position :-))). Will not be applying.

Using any spare cash for SCL. More tangible IMHO..


Disc. Hold both.

I used my "spare" cash to buy more SCL today.
Have a good holding in both .
Not keen on SPPs.
Pleased to see you posting.I was concerned the cheap Vodka may have got the better of you.!!!

[janner]

Pleased to see you posting.I was concerned the cheap Vodka may have got the better of you.!!!

Perc... The Vodka is not " cheap ". It is export quality.. The price is much lower than the rip off prices charged for most things in NZ..

Just arrived back from a rail trip 400 Klms. One way.. $NZ30.00 Return.. Comfortable. Fast... Milk.. One litre Tetra pack.. 15 Grivna.

1 NZ$ = 17.5 Grivna.. Approx. Go figure !!.. Why does a Tetra pack cost so much in NZ ??...

How ever.. The roads are bad.. The footpaths atrocious.. The " Eye Candy ".. Compensates :-)))))))))))))

Having said that.. I HUNGER for a good roast Leg of Lamb.. :-)))

Til.. As said I hold... Will not be taking up the offer..

[boysy]

Going for the full allocation. Good buying yesterday it appears as though the Aussies might be starting to sniff around. The Aussie listing should light a fuse under this one when more meaningful comparisons can be made to BWX and to a lesser extent BLK

[boysy]

Decent plug in the latest Pie Funds release as you could imagine

https://www.piefunds.co.nz/news/trilogy-soars-on-boom-in-natural-skincare/

Great to see a brand like Trilogy analysed by the Australian Financial Review (http://www.afr.com)

New Zealand’s Trilogy International has joined the rarefied air of BWX Limited and Blackmores,becoming the latest stock to land on the radar of investors for its hand in the China consumption boom.

Shares of Trilogy, which will obtain an ASX listing later this year, have advanced 332 per cent over the past year (and 362 per cent in Australian dollar terms), culminating in a $NZ20 million capital raising last week. Cornerstone investor The Business Bakery partially sold down its stake,to 33 per cent from 48 per cent, expanding the free float.

The raising was done at $NZ3.70 a share; Trilogy stock traded at $NZ4.02 on Tuesday.

Trilogy is a maker of affordable skincare and scented candles, and its biggest-selling product is certified organic rosehip oil, which is how it fits into the natural-based skincare niche. The China skin care market is forecast to grow at 9 percent a year for the next five years, according to Euromonitor, and the natural segment paves the way for Australian operators in a market otherwise dominated by Western conglomerates and Korean and Japanese brands.

The Trilogy brand is already the top selling natural line in NZ pharmacies, but it has observable earnings in Asia where it recorded revenue of $NZ4 million in 2015-16,up from $NZ2.8 million.

Most growth is still coming from its home markets. ‘‘Really, they’re getting significant growth in Australia and New Zealand. The market in Australia for natural skincare is growing at 25 per cent as a category and Trilogy is getting above that,’’said Mike Taylor of Pie Funds Management. Pie owns around 12 percent of the company after lifting its stake in the capital raising.

‘‘It’s pretty easy to get to a valuation over $NZ6 without working that hard and if you consider the opportunity in front of them, the number could be a lot higher than that.’’

Mr Taylor said Trilogy’s share price performance this year was entirely founded in earnings and the stock is trading at a material discount to its closest peer, BWX. Trilogy is priced at 17 times 2016-17 earnings compared with 31 times for BWX, which produces the Sukin brand.

He anticipates more institutions coming on to the share register and says the stock has been ‘‘under the radar’’without broker coverage.

CLSA started in April with a ‘‘buy’’ rating on the stock.

‘‘There’s a big trend in the industry away from people buying stuff like Nivea,’’Mr Taylor said.‘‘The trend to natural has been occurring for a while and it’s not just going to reverse overnight. The Asian consumers want to buy to products manufactured in Australasia.’’

Trilogy acquired a 25 per cent stake in Forestal Casino of Chile last month to ensure a reliable supply of sustainable,certified organic rosehip oil.

Jeffrey Kim from NAOS Asset Management does not hold Trilogy,but has owned Bellamy’s and Comvita. Even though Chinese consumption is a broad trend, the investment side can vary widely between companies, he said.

‘‘No one really understands it entirely, I think that’s fair to say,’’he said.‘‘They are very,very company specific.There’s different regulations for infant formula and normal foods and health foods. That’s why I think you’ve seen a lot of them pull back and it’s on going in terms of what earnings are going to be.

‘‘Everyone focuses on quarter-to quarter, but if you take a longer-term view the companies are definitely going to be bigger than they are,’’Mr Kim said.

- Article first published in the Australian Financial Journal on Wednesday 22 June 2016 (http://www.afr.com)

[boysy]

Large off market share sale of $870k taking place at $4.20 someone sees value at this level.

[stoploss]

Large off market share sale of $870k taking place at $4.20 someone sees value at this level.

2 sides to every trade, so someone sees this as a fair level to sell or feel it is over valued at this level .....

[Jinx]

2 sides to every trade, so someone sees this as a fair level to sell or feel it is over valued at this level .....

True but there are many reasons to sell, maybe it's profit taking, maybe someone just needs capital, there a number of possibilities.
There aren't many reasons to buy other than you think the company is solid and the sp will rise.

[sb9]

True but there are many reasons to sell, maybe it's profit taking, maybe someone just needs capital, there a number of possibilities.
There aren't many reasons to buy other than you think the company is solid and the sp will rise.

Couldn't agree more, in light of recent company specific events its only fair to assume that someone is accumulating at these levels as they see more upside from current levels.

My take is most these funds are taking positions before ASX listing happens later on. Or could be those that participated in sell down didn't get enough stake and they would like to add more at these levels.

[muss1]

With a few new significant holders added to the register and some good churn at these levels hopefully we are creating a good base for future SP appreciation. Remember the current SP compares to an SP of approximately $4.70 SP pre dilution

[sb9]

With a few new significant holders added to the register and some good churn at these levels hopefully we are creating a good base for future SP appreciation. Remember the current SP compares to an SP of approximately $4.70 SP pre dilution

Agree, I guess once ASX listing happens we might see the sp with a 5 in front of it.

See you're having few battles with Hockey over on HC on BWX thread, good on ya muss1.

[Poaix]

Hi everyone, new member here and current happy holder of TIL.

Does anyone have an idea of the scale of demand for the current offer at $3.7? I am weighing up how much I want to buy i.e. I want $7,5k but know it might get scaled back to $5k so therefore I might want to put in $10k order so that I get $7,5k.

Keen to hear your thoughts!

[boysy]

With the SP around 55 cents higher than the SPP price heavy scaling will occur I think most holders would be lucky to get a few thousand dollars worth after reading the announcement correctly

[mondograss]

As one poster suggested, put your application and money in just before it closes, pay the most you can afford and you'll get some back via scaling and you can always sell some when they're issued.

[sb9]

Divvy just paid into bank a/c...very happy :)

[winner69]

Apply for the whole 15k and if lucky might get your 7.5k worth but probably a little less. If you get more can always sell the excess. ...or go without a few treats for a while

[Poaix]

Thanks for the efficient responses. Obviously with the discount been offered, one might expect the share price to pull back quite significantly due to profit taking etc. Any thoughts on this? Surely it wouldn't pull back to $3.7!

[couta1]

Divvy just paid into bank a/c...very happy :) Yep a nice divvy plus a 30% gain in the 2 months since buying the stock is not to be sneezed at, especially in comparison to the carnage going on over much of the rest of my portfolio, should have bought more of them but 12% of portfolio allocation is reasonable for such a stock.

[winner69]

No profit taking. Most will be happy holders - wanting more and more and then new auspices buying as well

6 bucks on horizon

[couta1]

No profit taking. Most will be happy holders - wanting more and more and then new auspices buying as well

6 bucks on horizon Sounds good winner, that would make a big red portfolio arrow a lot smaller.

[Poaix]

Thanks and good luck to everyone holding :)

[golden city]

I am out today

[muss1]

Agree, I guess once ASX listing happens we might see the sp with a 5 in front of it.

See you're having few battles with Hockey over on HC on BWX thread, good on ya muss1.

Ha asking questions to a guy with no ears and BWX shaded glasses... Didn't learn anything that's for sure.

I'm interested to hear people's thoughts on how Sukin sells compared with Trilogy in Aus. We've seen the stats in recent presentations, but I wonder how that compares with the products on the shelves currently

[boysy]

Anyone notice the 50000 share bid in pre close for 402 someone's keen to pick up shares without bidding up the price most closes

[sb9]

Anyone notice the 50000 share bid in pre close for 402 someone's keen to pick up shares without bidding up the price most closes

Yep, noticed that and its taken out now from trading depth...seems some keen buyers are lurking behind scenes.

[boysy]

It's been happening for a good wee while presumanly Insto investors perhaps Aussie funds buying prior to the anticipated asx listing. If traded on the same multiples as BWX this thing could fly on an asx listing markets ****ting themselves aside of course.

[boysy]

Good detail in the annual report about each of the individual businesses within TIL. It would appear as though each brand should continue to grow strongly while CS is looking to grow its distribution offerings in NZ

[Poaix]

Annual report looks solid. Seems like TIL held up pretty well amidst Brexit. Hopefully that's a good sign long term :)

[sb9]

1
1
9:06:56 am
412
173,419
$714,486
Put Through Special Crossing



Bit of pre-market activity to kick things off to good start...

[boysy]

That's a fairly sizeable cross to start things off with. Will be good for til to come through on the asx listing in the short term.

[Poaix]

Does anyone know when the ASX listing will happen?

[JayRiggs]

I have just transferred my money for the TIL share purchase plan, but I noticed on the application form it says:

In addition, please print and attach to this application form the payment confirmation page displayed after you have made your application payment.

However I already closed the payment confirmation page on my banking website. Wondering what I should do now? I didn't realize it was necessary they wanted a printout of the confirmation page???

[Cricketfan]

I have just transferred my money for the TIL share purchase plan, but I noticed on the application form it says:


However I already closed the payment confirmation page on my banking website. Wondering what I should do now? I didn't realize it was necessary they wanted a printout of the confirmation page???

I'd say just show the line in your online statement that shows the transfer.

[JayRiggs]

I'd say just show the line in your online statement that shows the transfer.
Thanks Cricketfan, I never thought of that!

[QOH]

I have just transferred my money for the TIL share purchase plan, but I noticed on the application form it says:


However I already closed the payment confirmation page on my banking website. Wondering what I should do now? I didn't realize it was necessary they wanted a printout of the confirmation page???
I decided to send ours by cheques yesterday, so long since I sent a cheque, now panicking that I remembered to sign them. Hope we don't have to wait too long for refunds.

[sb9]

I decided to send ours by cheques yesterday, so long since I sent a cheque, now panicking that I remembered to sign them. Hope we don't have to wait too long for refunds.

That's one of the downside paying by traditional method like cheque as the refund would be sent back in form cheque only and that'll take few days cash it. Online payment is best as its quick and any refund comes to same bank a/c that original payment was made from. Far less hassles...I'll be doing mine next week closer to the deadline.

[Poaix]

For my benefit, will allocations be allocated at a first come first serve basis or will it be scaled once all applications are received? (assuming it is over subscribed)

[Cricketfan]

For my benefit, will allocations be allocated at a first come first serve basis or will it be scaled once all applications are received? (assuming it is over subscribed)

Scaled once all applications are received.

[sb9]

For my benefit, will allocations be allocated at a first come first serve basis or will it be scaled once all applications are received? (assuming it is over subscribed)

I doubt if its First come first serve basis when it comes to allocation.

[QOH]

That's one of the downside paying by traditional method like cheque as the refund would be sent back in form cheque only and that'll take few days cash it. Online payment is best as its quick and any refund comes to same bank a/c that original payment was made from. Far less hassles...I'll be doing mine next week closer to the deadline.
I'll be surprised if my refund is by cheque, normally I'd do it all online, just don't have a wireless printer/ scanner at moment and doubt they would accept a screenshot from iPad.

Does anyone know on what formula they are going to use for scaling?

[Balance]

I'll be surprised if my refund is by cheque, normally I'd do it all online, just don't have a wireless printer/ scanner at moment and doubt they would accept a screenshot from iPad.

Does anyone know on what formula they are going to use for scaling?

Normally how much much applied for, then scaled back (if any) by proportion to size of shareholdings. So someone with 20,000 shares will get double what someone on 10,000 shares.

[QOH]

Normally how much much applied for, then scaled back (if any) by proportion to size of shareholdings. So someone with 20,000 shares will get double what someone on 10,000 shares.
Are you sure that's the way it will be scaled, the wording is very vague, I guess it hinges on the word "proportionate" it doesn't say anything about your current shareholding, so I would have thought " proportionate " referred to how many you applied for .

[LAC]

Does any1 know how many shareholders are on register?

[QOH]

Does any1 know how many shareholders are on register?

On 3 June 2016 there was 1112 shareholders( if I'm looking in right column)

[Balance]

Are you sure that's the way it will be scaled, the wording is very vague, I guess it hinges on the word "proportionate" it doesn't say anything about your current shareholding, so I would have thought " proportionate " referred to how many you applied for .

Having participated in a few of these SPPs over the years, proportionate in the old days used to be that - ie. if $10m is received in subscriptions for $5m, then everyone receives half of what they subscribed for with a minimum allotment of $1,000.

Now, companies can and do use shareholdings to allot shares as it would be unfair for someone with 500 shares to get say the same number of shares by applying for the maximum $15k vs someone with 50k shares applying for $15k.

Companies give themselves room to allocate.

[QOH]

Having participated in a few of these SPPs over the years, proportionate in the old days used to be that - ie. if $10m is received in subscriptions for $5m, then everyone receives half of what they subscribed for with a minimum allotment of $1,000.

Now, companies can and do use shareholdings to allot shares as it would be unfair for someone with 500 shares to get say the same number of shares by applying for the maximum $15k vs someone with 50k shares applying for $15k.

Companies give themselves room to allocate.

In that case they should just have a renounceable rights issue, simpler for everyone

[LAC]

So worst case scenario would mean all shareholders wanting the max allocation would get approx 1215

[Balance]

In that case they should just have a renounceable rights issue, simpler for everyone

Expensive and cumbersome exercise for the amount raised - easier to do placement (10% of market cap) and SPP. Helps attract 'right' institutions as well to give company's sp a boost.

[boysy]

8. Scaling
8.1 If Trilogy International receives applications in
excess of $5 million, it will scale back all applications
on a proportionate basis, and the number of Shares
you receive will be determined by dividing the dollar
amount of the Shares you have applied for (as scaled
back) by the Issue Price. If this produces a fractional
number, the number of Shares you will be allotted will
be rounded up to the nearest whole number of Shares.

8.2 If your application is scaled, your application
monies will be greater than the value of the Shares you
will be allotted. The difference will be refunded to you
either by direct credit to your bank account (if those
details are held by the Share Registrar) or by cheque
mailed within 5 business days of the Allotment Date.
No interest will be paid on any application monies
returned to you.

[boysy]

Its interesting to see how TILs closest competition is priced on the ASX. BWX is valued at Aud$442m on forecast turnover of $54m with EBITDA of $19m and NPAT of $12M (eps $0.13) meanwhile TIL has a MC of nzd$298m had actual turnover of $83m EBITDA of $16.3m and NPAT of $9.4m. (Eps $0.15)Looking at the disparity between BWX and and TIL on a PE basis considering they are operating in the same markets with competing products I can see why the largest TIL shareholder PIE funds management thinks following a ASX listing of its priced like BWX the SP should have a $6 in front of it.

[sb9]

Does anyone know when the ASX listing will happen?

From recent investor presentation its says they plan to list on ASX in second half of 2016 and board has already approved this. My best guess is that once SPP is done and dusted, it shouldn't be too far away may be AUG '17 or SEP '17.

[Balance]

Reminder to get your SPP applications in by tomorrow.

Don't miss out.

[sb9]

Reminder to get your SPP applications in by tomorrow.

Don't miss out.

Surely just filling out my form today, pay online and scan the form and payment details and send to computer share via email...sweet!!! No hassles.

[LAC]

Surely just filling out my form today, pay online and scan the form and payment details and send to computer share via email...sweet!!! No hassles.

They accept via email???.......aaaahhhh FML, I had to make a special trip to post that off

[sb9]

They accept via email???.......aaaahhhh FML, I had to make a special trip to post that off

Yes, from the forms sent by company....

"Only Applications with payment by direct credit may be scanned and emailed to Comuptershare Investor Servives to trilogy@computershare.co.nz."

[Blendy]

Yep, I emailed mine off today as well. Will be interesting to see what the outcome is. Do we know when to expect a result? I should probably go read the information again.

[Blendy]

Oh, July 13 is when we will receive our shares, how ever many it ends up being.

[IAK]

Reminder to get your SPP applications in by tomorrow.

Don't miss out.

Thanks Balance, emailed mine off last Friday.

[sb9]

Yes, from the forms sent by company....

"Only Applications with payment by direct credit may be scanned and emailed to Comuptershare Investor Servives to trilogy@computershare.co.nz."

All done and got acknowledgement back from Computer Share too. Easy peesy....ouch just that bank a/c looks bit light :p

[boysy]

Strong close up to 424 with $500k worth trading hands today. With the SPP closing shortly one hopes they can provide an update around the asx listing sooner than later. At today's close the best part of 54 cents a share benefit in purchasing shares at the 370 level.

[QOH]

Bad publicity for Ecoya candles on Fair Go tonight.
Unfortunately the Trilogy spokesperson wasn't particularly convincing with her explanation

[stoploss]

Bad publicity for Ecoya candles on Fair Go tonight.
Unfortunately the Trilogy spokesperson wasn't particularly convincing with her explanation

Have to say this happened to us and it absolutely exploded everywhere . The candle was a gift to my wife , so we had no proof of purchase so did nothing about it ( 4 months ago) very dangerous .I hope they use a more robust glass in future .

[Joshuatree]

Saw that programme. Instructions are to trim the wick and not go below the last cm of wax. Not good enough imo a little redesign sounds necessary and paying extreme top dollar and not being able to use it all is bit rich/wasteful.
Am a shareholder belatedly; may have bought yours Golden City.

[boysy]

God that ecoya representative was terribly unprofessional and seemed unprepared to answer the questions and explain the situation.

[LAC]

God that ecoya representative was terribly unprofessional and seemed unprepared to answer the questions and explain the situation.

ABSOLUTELY AGREE!!!!!!!! was cringe worthy

[waikare]

ABSOLUTELY AGREE!!!!!!!! was cringe worthy

And we are paying her big dollars, she was utter crap, didn't get her message across at all...........

disc: Holding

[Bilbo]

And we are paying her big dollars, she was utter crap, didn't get her message across at all...........

disc: Holding

Seems she was just following the brand's generic response. Look at some of the customer service comments to visitor posts at https://www.facebook.com/ECOYA/posts_to_page?ref=page_internal

Does not seem to be an admission of a problem, just the customer must have used incorrectly etc. Not good enough imho. The first complaint I found dated to 2011. This absolutely should not be happening. Thankfully Ecoya is a minor brand in the TIL stable and appears to be run separately, but I will be looking for a better response from TIL than what I have seen so far.

[LAC]

And we are paying her big dollars, she was utter crap, didn't get her message across at all...........

disc: Holding

Especially when she said "it doesn't happen all the time". I thought I was dreaming. I did email them via the Trilogy page but does anyone have an investor email address for TIL?

[waikare]

Especially when she said "it doesn't happen all the time". I thought I was dreaming. I did email them via the Trilogy page but does anyone have an investor email
for TIL?

You can contact them via their website they have a page for suggestions general enquires and feedback.

[winner69]

Especially when she said "it doesn't happen all the time". I thought I was dreaming. I did email them via the Trilogy page but does anyone have an investor email address for TIL?

Go straight to the top

angela@trilogyproducts.com

[Poaix]

I've submitted my form. Good luck to everyone. Can anyone please confirm the final date we should receive our allocation?

[LAC]

The response from Ecoya "she was the best person to answer and they were happy with the way it was answered"

[boysy]

Some media training wouldn't be too much to ask before the lady was wheeled out in front of fair go I mean they must of had some idea where the line of questioning was going to be. Poor form far to many ums and ahhs in the piece for me to believe they prepared her well enough for the interview.

[LAC]

Here is initial response:

Thank you for your email. We appreciate you getting in touch and as a valued shareholder, we appreciate your thoughts.

Our Brand General Manager had media training prior to this interview and was more than prepared for any questions that were asked. Claire has been with the business for close to eight years and knows the brand and our product inside out, hence she was the best person to answer any questions.

Unfortunately what is out of our control is how Fair Go cut this story together. The interview ran for approximately half an hour and was cut into a four minute story.

Am sure you can appreciate that these situations are high pressure but we are happy with the manner in which this was handled.

Business as usual here and onto selling candles !

[Balance]

Here is initial response:

Thank you for your email. We appreciate you getting in touch and as a valued shareholder, we appreciate your thoughts.

Our Brand General Manager had media training prior to this interview and was more than prepared for any questions that were asked. Claire has been with the business for close to eight years and knows the brand and our product inside out, hence she was the best person to answer any questions.

Unfortunately what is out of our control is how Fair Go cut this story together. The interview ran for approximately half an hour and was cut into a four minute story.

Am sure you can appreciate that these situations are high pressure but we are happy with the manner in which this was handled.

Business as usual here and onto selling candles !

So typical - Fair Go decided it wants to do a negative story and edited/cut the story to suit.

I recall one analyst complaining that he spent an hour with TV1 for a news item on the Auckland housing market and he appeared for 10 seconds with the one comment that he actually qualified heavily!

[sb9]

Here is initial response:

Thank you for your email. We appreciate you getting in touch and as a valued shareholder, we appreciate your thoughts.

Our Brand General Manager had media training prior to this interview and was more than prepared for any questions that were asked. Claire has been with the business for close to eight years and knows the brand and our product inside out, hence she was the best person to answer any questions.

Unfortunately what is out of our control is how Fair Go cut this story together. The interview ran for approximately half an hour and was cut into a four minute story.

Am sure you can appreciate that these situations are high pressure but we are happy with the manner in which this was handled.

Business as usual here and onto selling candles !

Thanks for the update LAC.

Didn't get around to watching that piece on Fair Go, will do later on today. As the saying goes there are always two sides to the story and sometimes media portrays a different picture. Not supporting TIL in this case and am sure they'll be better prepared next time.

[vin]

Interesting, media can be pricks and edit the footage to make her come across like an idiot. Hard to know everything that was covered.

[sb9]

I've submitted my form. Good luck to everyone. Can anyone please confirm the final date we should receive our allocation?

I think its 13th when we know our allocations.

[boysy]

Gosh the 425 line taken out next to no depth from here up with only 8651 shares for offer on asn securities

[stoploss]

So typical - Fair Go decided it wants to do a negative story and edited/cut the story to suit.

I recall one analyst complaining that he spent an hour with TV1 for a news item on the Auckland housing market and he appeared for 10 seconds with the one comment that he actually qualified heavily!

If you go on the fair go Facebook page you will see this is far from an isolated incident . Imagine exporting these to the USA what the consequences would be if one of these explodes , the glass hits someone in the eye ...the wax causes a major fire ......Bottom line these should be made out of something more robust .
What is the split Ecoya/Trilogy for profit etc ? Presume the candles are on a downward spiral anyway as seem to be plenty of "like " products in the supermarket and bed bath beyond etc ....

[HeartOfGold]

Does anyway know if you can request a pdf version of the SPP?
I've had a quick squiz on computershare and come up short.
Apologies if this has already been answered.

[sb9]

Does anyway know if you can request a pdf version of the SPP?
I've had a quick squiz on computershare and come up short.
Apologies if this has already been answered.

https://nzx.com/companies/TIL/announcements/284203

I guess this is what you're after, right?

[HeartOfGold]

https://nzx.com/companies/TIL/announcements/284203

I guess this is what you're after, right?

I see I wasn't very specific. The form to apply for the shareholder issue. I've misplaced it somehow.

[winner69]

If you go on the fair go Facebook page you will see this is far from an isolated incident . Imagine exporting these to the USA what the consequences would be if one of these explodes , the glass hits someone in the eye ...the wax causes a major fire ......Bottom line these should be made out of something more robust .
What is the split Ecoya/Trilogy for profit etc ? Presume the candles are on a downward spiral anyway as seem to be plenty of "like " products in the supermarket and bed bath beyond etc ....

Ecoya are a drag on company performance ......and although boysy would disagree i dont think they will ever make much of a contribution to the overall future profits.

Its all about skincare - thats what matters

[sb9]

I see I wasn't very specific. The form to apply for the shareholder issue. I've misplaced it somehow.

Gotcha, I suggest ring Computer Share with your CSN No and am sure they can sort you out.

[boysy]

Winner lets see about Ecoya its fair to say they are a slow burn no pun intended. They spent considerable amounts of money in branding last year which should result in improved profitability this year as revenue grows (Aus will be the major market they are trying to improve market share and take on the market leader Glass House). I think Trilogy as such having a few diversified income streams albeit high end is not a bad thing in the long run. While not growing at the same rate at present ecoya's level of profitability and margin is growing off a low base. All in all though lets bring on the ASX listing and see how much of the action Aussie instos want in, then we might get a positive broker report (TIL have done themselves no favours in the brokerage community by not providing a forward forecast however).

[winner69]

Yes boysy, things are looking good

As long as Ecoya plods along without causing any damage i'm still confident about my $6.35 valuation.

Hopefully almost there by xmas

[winner69]

If Ecoya was still the old Ecoya (pre Trilogy acquisition) i reckon the share price would be 39 cents now - if they hadn't already gone broke.

Brand made of dreams but money making .... Nah

But boysy may be right - lets see how F17 goes.

[Gizzajob I can do that]

If Ecoya was still the old Ecoya (pre Trilogy acquisition) i reckon the share price would be 39 cents now - if they hadn't already gone broke.

Brand made of dreams but money making .... Nah

But boysy may be right - lets see hoe F17 goes.

Love #5 Even less demand for exploding scented candles, LOL

[boysy]

Boom best part of $2M through at 430 a share. 55k buy vs 3k sell at present.

[IAK]

Love #5 Even less demand for exploding scented candles, LOL

Don't know about that, might be a great present for the mother in law lol.

[sb9]

1
21
4:19:27 pm
430
500,000
$2,150,000
Off Market



Cranking up guys....

[boysy]

Decent accumulation taking place who is buying and who is selling is the question ? Aussie instos picking up shares from sophisticated investors who backed up the truck at $3.70 perhaps ?

[boysy]

Zero liquidity for us poor old retail buyers ASB only has one sale at 4.35x1500

[Rawiri]

how did you go with finding the application? I cant find it for the life of me and still have not received a physical copy arrrggghhh!
EDIT it was in my emails I am an idiot

[stoploss]

Zero liquidity for us poor old retail buyers ASB only has one sale at 4.35x1500


Sold...........

[boysy]

People willing to step up and pay 435 for TIL today with $75K having changed hands this morning. Would be good to get a local brokerage firm covering TIL with a MC of >$300M and fairly decent daily turnover on the NZX one wonders will it take an ASX listing and comparisons with BWX before a brokerage firm looks at this ?

[sb9]

Make that 440 as we speak...boom!!!

[boysy]

Someones keen to buy and bid up the price. Those off market buys are coming thick and strong. Not many crumbs for us retail traders currently on ASB securities.

[BlackPeter]

Someones keen to buy and bid up the price. Those off market buys are coming thick and strong. Not many crumbs for us retail traders currently on ASB securities.

Just put in a bid say above $5 and I am sure you will find a willing seller :p. As well - currently several parcels available well below this price. Not sure I understand your reference to ASB securities ... I would think that they trade on the NZX as everybody else as well - don't they?

[boysy]

As per attached current Buy/Sell debt via ASB Securities

[winner69]

Lot of dreamers on buy side eh boysy

My $6.25 sooner than i reckon the way its going

[Balance]

Lot of dreamers on buy side eh boysy

My $6.25 sooner than i reckon the way its going

The Ozzies buy and they will keep buying.

[sb9]

The Ozzies buy and they will keep buying.

Looks like it, more accumulation....


1
29
12:44:55 pm
440
25,000
$110,000
Off Market


2
28
12:44:26 pm
440
75,000
$330,000
Off Market


3
27
12:44:15 pm
440
175,000
$770,000
Off Market

[boysy]

Yep those off market buys certainly show someone is keen on buying one would imagine the sophisticated investors selling shares bought at $3.70 a few weeks ago.

[boysy]

Someones going to have to disclose a change in shareholder movement of > 1% in the coming few days based on the turnover since the last such release on the 24/06/2016.

[Kelvin]

Looks like the TIL SPP is also going to be scaled. But I can't see anything about the scaling rate?

https://www.nzx.com/companies/TIL/announcements/285520

[boysy]

We can assume max scaling though can't we based on the below calculation that all 59% went for the full $15k allocation

$5m / 1112 * 59% shareholders (as at 03/06/16) = $7704 or 2,082 shares at $3.70

[Poaix]

The way I thought about it was a little different.

1112 shareholders x 59% (people participating)

*assumed average buy is somewhere between 10-15k and sure you will get over $5m !

[boysy]

My figures assume everyone is applying for $15k and will therefore result in each individual getting $7704 worth of shares in other words everyone would get scaled by 49%. In reality not everyone would of gone for the max allocation available so the figures will be higher.

[theace]

Any idea, when we get informed?

[LAC]

Yeah the worst case will be 2082 shares for all who wanted MAX allocation.
I think we should be informed tomorrow I read somewhere on this thread

[HeartOfGold]

Any idea, when we get informed?

From the announcement - final line, paragraph 4:
Shares issued under the SPP will be allotted and commence trading on 13 July 2016.

[sb9]

I expect there'll be an announcement later on today re the allotment process and criteria...

[sb9]

1
5
3:21:27 pm
445
200,000
$890,000
Off Market



More accumulation at current price level...

[boysy]

Decent afternoon chomp I see BWX is nearing all time highs on the ASX.

[Balance]

I expect there'll be an announcement later on today re the allotment process and criteria...

Obtained 75% of what I went for - reasonably happy.

You can check your allotment via Computershare registry.

[QOH]

Obtained 75% of what I went for - reasonably happy.

You can check your allotment via Computershare registry.
Thanks for the heads up, got more than I expected. Wonder how much the share price will fall tomorrow.

[sb9]

Obtained 75% of what I went for - reasonably happy.

You can check your allotment via Computershare registry.

Thanks, same here got 78% of what I went for, very happy...

[golden city]

I got 78% too

[muss1]

Thanks for the heads up, got more than I expected. Wonder how much the share price will fall tomorrow.

There are obviously going to be some profit takers, but there are probably institutions ready to soak up any of the 5m worth that come on offer. I won't be taking any profits at this level.

Probably a few retail buyers lining up too given how difficult it has been getting in over the last few days

[muss1]

I got 78% too

Welcome back golden city. Looks like you managed to get a good allocation given you sold out in February (saying it was too expensive). SP has gone up a lot since then too.

Just kidding... hopefully your trade went well.

[boysy]

One would hope the recent Insto action will support the price at the 440+ level. Of the 1.5m shares from the SPP who is really planning on selling ? With the planned ASX listing and continued growth in the natural beauty sector winners $6 valuation could well appear conservative in the next few months.

[golden city]

thanks.., at that time .., I sold out .., was making huge profit already.., almost three fold.., never expecting it go that crazy.., but after the result.., I trusted they making cs acquisition perfectly., so I decide to back in again.., making pretty good profit again.., which is very cool

[NZSilver]

I received 3177 shares for &15000 allocation. More than I thought I would get, so I'm stoked.

[Blendy]

I received 3177 shares for &15000 allocation. More than I thought I would get, so I'm stoked.

So did I - seems like we have all done very well today! I'm off to Fiji on Friday :)

[kerryo]

I received 3177 shares for &15000 allocation. More than I thought I would get, so I'm stoked.

Me too. :)

[Poaix]

For those that don't have computershare, how can we find out? Thanks!

[HeartOfGold]

For those that don't have computershare, how can we find out? Thanks!

Judging by the responses and my experience just x0.783660 by your applied allocation amount

EDIT: This was my ratio for full allocation

[Balance]

For those that don't have computershare, how can we find out? Thanks!

Go to website and sign on. Best way to track your holdings.

[Blendy]

i totally expected to see some profit taking this morning, but no trades yet!

[sb9]

There are obviously going to be some profit takers, but there are probably institutions ready to soak up any of the 5m worth that come on offer. I won't be taking any profits at this level.

Probably a few retail buyers lining up too given how difficult it has been getting in over the last few days

Totally agree, the way I see it that their growth is just gaining momentum and there's long way to go. Could be nice story in few years time when the sp has 8, 9 or even 10 in front of it...sorry to get ahead of myself :p

[Joshuatree]

3452 through @$4.49; only 12050 on show to sell.

[boysy]

On asb securities a 25 cent buy sell spread at 450 and 475

[sb9]

Have rung Computershare re the refund and they said it'll be done by Friday...

[Blendy]

Have rung Computershare re the refund and they said it'll be done by Friday...

thank you, I was wondering about that. I'm also surprised not to have received an email with all the details yet - I only know my new holding because I logged into Computershare.

[LAC]

thank you, I was wondering about that. I'm also surprised not to have received an email with all the details yet - I only know my new holding because I logged into Computershare.

Yeah I agree, all other SPP's have always emailed me....
Slackers

[sb9]

Yeah I agree, all other SPP's have always emailed me....
Slackers

I think they might be sending them later on today sometime, they're generally pretty good.

Anyway, on other note I see BWX on ASX has broken through the $5 mark, currently at 502 and I guess we'll see TIL sp starting with 5 in front of it in not distant future.

[Kelvin]

Might get another NZX speeding ticket :eek2:

Pretty happy with the already 20+% gain on my new SPP shares, should have bought more.

[golden city]

Very inpressed

[winner69]

More than comfortable with my DCF valuation of $6.25

That's what I reckon it's worth today - not a target for a years time or whatever

So 27% undervalued at the moment according to me.

[boysy]

At this rate TIL might be in line to enter the NZX50 come the next quarterly rebalance. MC now $320m

[RupertBear]

Have rung Computershare re the refund and they said it'll be done by Friday...
Spoke to Computershare this afternoon, they said refunds will be done on Monday 18th. Apparently they had mistakenly told people earlier in the day it would be Friday

[clarky]

Have to be pretty happy with allocation and the close share price today. Another great day to be a Trilogy shareholder

[Balance]

SP $4.65 - nice bonus with the SPP for shareholders!

Looks like institutions are waiting in vain for flippers to bail out.

[winner69]

SP $4.65 - nice bonus with the SPP for shareholders!

Looks like institutions are waiting in vain for flippers to bail out.

Easiest 3 grand for a while eh

No reason to sell though

[sb9]

SP $4.65 - nice bonus with the SPP for shareholders!

Looks like institutions are waiting in vain for flippers to bail out.

Absolutely, I think this is catching upto BWX (ASX) price range and should see with a 5 in front of sp before it lists on ASX later on...

[Balance]

Easiest 3 grand for a while eh

No reason to sell though

And not a single broker coverage anywhere.

[boysy]

Not yet anyway aside from the clsa report. Assuming an ASX listing takes place the question will be asked why is TIL not priced at or above BWX considering respective sales revenues/ growth opportunities

[LAC]

2
12
12:46:20 pm
465
100,000
$465,000
Off Market



Another decent off market trade.

[sb9]

Notice the 465 offers are being mopped up pretty rapidly...

[boysy]

Make that 467 line taken out

[Balance]

Make that 467 line taken out

So that's a cool $14.4m up on the $55m of shares sold/placed/SPP at $3.70 in a few weeks!

[boysy]

Lack of posting another stellar day today It is looking crack the $5 mark sooner than later. Bring on the ASX listing at this rate

[janner]

Easiest 3 grand for a while eh

No reason to sell though

How does the Ole Blue Eye's song go ???.

Regrets I have a few ..

Did not take my allocation.. :-((

How ever.. I did put the monies into SCL..

Time will tell if " My Way " was better.

[vin]

hmm, I'm also bricking myself not applying for the allocation but hey, nature of the game. This has spiked in a big way, wouldn't be surprised to see profit takes come monday.

[boysy]

On that basis profit taking should of taken base sometime this week following the share issuance.

[kizame]

hmm, I'm also bricking myself not applying for the allocation but hey, nature of the game. This has spiked in a big way, wouldn't be surprised to see profit takes come monday.

Great then I will add some more,why waste the trend,daily,weekly and monthly its a beautiful picture.

[sb9]

hmm, I'm also bricking myself not applying for the allocation but hey, nature of the game. This has spiked in a big way, wouldn't be surprised to see profit takes come monday.

I doubt that vin, if any there was any profit taking should've happened this week. And the way it's going at the moment there seem to strong buyer interest and I suspect that's coming mainly from our Aussie mates...

[golden city]

Looking at the current trend. 5 dollar per share is on its way. Won't be profit taking yet.

[boysy]

Quite right sb9 it would appear more buying pressure following announcement of the SPP scaling than before this. Would be good to hear a trading update but on the basis TIL lists on the ASX I think we will come continue to play catch up with BWX. i guess it's hard to put a brokerage report together when TIL is unwilling to put a number on anticipated revenue this year.