Yep, about $2m has gone through at $3.48. I reckon a natural support will form at $3.50
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Yep, about $2m has gone through at $3.48. I reckon a natural support will form at $3.50
lagging behind RYM though
Indeed. Couta on his way to airport with Roger & Forest. Nobody in a state to seriously comment
at moment though :). Except to say its basically steady as she goes but internalisation going slower than we were all hoping for. Company explained static Q1 numbers due to high sales in newly opened Dunedin in Q1 2013 but no openings Q1 this year. Co says its on target with annual unit sales and nothing really restricting growth except their goal not to jeopardize on quality of care
Actually club sandwiches and cookies, very good.
Several adjourned after to St Johns bar later for the Tiger beer.
Overall the AGM was well done, and earnest directors was my impression.
I think the one obvious area for improvement with the AGM is that the forward guidance could be much better, and responses to questions about this and progress with in house development at the meeting could have also have been much better.
For me comments along the lines of "it is very complex", "directors are reluctant to do this", "may set up too rapid development", "ask your broker" etc are not good responses to a legitimate questions from shareholders attending the meeting and seeking information that is relevant to all of us.
imho
Ho hum Ho hum as he shrugs off his cider induced headache,Moosie you should know by now that Rymans price always increases a month or so before its results are released,same old but good pattern and yes winner those index boys are back as well ie check out the closing volume,no comment on AGM at the moment other than the company at the bar was excellent(Roger/Forrest/Iceman and his good lady/Toulouse and meeting onion also beforehand,apologies to anyone left out) Looks like Sum due for a rise tomorrow aye:cool:
Interesting comments Toulouse. Thanks
Suppose all these 'very complex' issues and keeping tabs on the pace of development ......along with the requirement to actually talk to shareholders once a year .......is a good reason to ask for higher directors fees.
I presume that passed. I voted NO
Greedy pack of bastards ......and they have the temerity to talk about their low paid staff at the same meeting.
Seems like the ordinary man in the street shareholders treated like second class citizens (were there many insto investors present?) but as long as you came away the warm fuzzies mission accomplished.
My summary of the AGM is as follows. Basically steady as she goes,board looks well balanced with its new additions but yes winner its always a prickly subject when board members are getting paid 80 k per year for offering up a few days a month while sitting on multiple boards and collecting multiple fees. Forward earning guidance lacking other than confirmation of projected build rate but this was balanced IMO by their focus and committement to maintaining excellent care standards for their residents and their desire to remain best of breed in this area . In house operations still in juvenile stage with many areas of savings still untapped at this point. Finally for those with less than a 3-5 year time frame for their investment perhaps they should look elsewhere because their expectations may not be met.
I didn't attend the AGM but reports give the impression of a smoothly-run formality, as a lot of these meetings are. I don't expect "market-moving" revelations from AGMs - after all, directors need to be careful to observe the rules around market sensitive information - but as Percy has observed elsewhere it can be useful to watch the body language at times.
Disc: Holding a few and not fazed by hourly/daily/weekly fluctuations in the shareprice!
Others have summed up the SUM AGM well so its only left for me to add the following:-
- During question and answer time Mr Cook made it clear that whilst the company was very reluctant to give specific guidance it was not expecting 2014 profit growth to match 2013 growth.
- Increased development margins by bringing development "in-house" would take some considerable time to eventuate
It was a real pleasure spending time with my fellow shareholders and meeting some of the team at SUM.
people with deep pockets (NZ Super fund) buying in:
https://www.nzx.com/companies/SUM/announcements/250015
My wife received an email on her phone from Aged care housing weekly, an Aussie aged care news publication which includes NZ news and the latest snipets are Norah Barlow buys into Ingenia, interesting she does this after selling down her Summerset holding isn't it? Remember she is a non executive director on the Ingenia board as well as being on the Summerset board.The other snippet says Summerset claims it wants to be the best care provider but new CEO has already made a decision which precludes that possibility. I'd love to read the full articles but its subscription only however after a month you can read the old edition for nothing, hmm I sense a slow down bumps ahead sign being waved here
Couta - you say The other snippet says Summerset claims it wants to be the best care provider but new CEO has already made a decision which precludes that possibility.
Can you elaborate .....seems a bi ominous