Must have come from an investor conference call I think
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Yes. IIRC any holding over 20% is removed from the free float. The NZX uses discretion for holdings between 5 and 20%.
I looked at this a month ago; the following's a table of companies that are might be nearly in or nearly out of the NZ50.
Bold = in NZ50 currently.
In=might get in 'Out' = might be removed
Looks like OHE and VGL might be added and NZX and SKL removed.
More wins for the tech sector at the expense of real companies.
PGW well down the track - $270 mil free float approx needed.
Check again when PGW is 75c
IN OHE ? 900 approx RBD
100% 364 IN VGL 100% 307 STU
100% 293 PEB 100% 290 OUT SKL 94% 268 cushing .06 ADDED MPG
82% 268 Dir Cap .18 SML 50% 264 Brightside .4;campina .1 OUT NZX
100% 256 REMOVED NZO 80% 248 ZETA .2 ERD 100% 228 HBY 73% 222 Castle' 28% IQE 75% 219 Former owners .25 DPC 100% 191 19.9% Hugh Green Inv HLG 100% 190 PGW 50% 168 Agria .5 SCL 82% 166 WYN 66% 160 THL 100% 159 DGL 33% 159 Delegats .67
After 50c the price increments are in 1c, not .005c(half cent), right??
One cent increments is meant to increase liquidity, presumably at the expense of increasing the spread.
There have been studies... which I read the title of.
From personal experience, I think the reason liquidity is increased is that by reducing the number of price points at which you can trade shares, you artificially simplify the buy/no buy decision. I.e. it becomes less about placing an order 0.5 cents in front of the other seller/buyer, and more about whether you are going to make the transaction. But that's just my theory.
Should break 50c mark today looking at the depth.
With the Agria holding 'locked up' for index weighting purposes, and PGW flirting with 50c at what must be near the top of the natural cycle I make the following call: PGW will never again be part of the NZX50.
For me that means I must reduce my holding, because I have made a rule that I won't hold over a certain dollar amount of value for any share I hold outside of the NZX50. I was hanging out for PGW to return to the NZX50. But I can't forecast a realistic scenario where that will become possible.
The problem is the dairy payout forecast isn't up. The dairy products auction "auction prices" are up, yes. But those prices are still below what is required for Fonterra to make their best estimate payout. The other problem is that dairy prices are up because of drought in NZ. Many dairy farmers are drying off their cows because of a lack of feed.
(Decent Milk Price) x (Zero Milk for sale) = (Zero Income)
I took a tiny slither of capital off the market today. Reduced by average PGW holding price from 44.5c to 43.5c. Woo Hoo! OK my buying over the years has not left me with the profit that some of you latecomers have.
I am predicting a really good first half result, and a decent interim dividend mainly as a result of the livestock division. farmers desperately quitting their stock means good turnover at the stockyards even if it is PGW that will be making the profit - not farmers. The problem I think will be the outlook. Mark 'the dewd' Dewdney may just make his forecast of beating last years result on an annual basis. But I can't see FY2016 being as buoyant.
SNOOPY
discl: Sold down, but no plans to quit my holding.
Might close today at 51c
PGW report tomorrow, last time they reported many weren't happy with how the accounts were presented (I'm not an accountant so pardon the lingo) I even saw a Herald article about this saying the muted response in the SP was due to accounting irregularities (nothing fraudulent). The CFO left afterwards in September (I never saw this mentioned here which suprised me). The share price has increased to .51c today (inside trading I hope) and I'm wondering are we in for a nice surprise tomorrow? Good result, good accounting, great divi!
A cracker result.
The business is now really starting to make the most of the opportunities that are coming their way.
Investment in staff,technology,premises and systems starting to show through.
The 2 cent fully imputated divie is the icing on the increasing sp cake.!!!
Well done PGW.
Good aye. Notice buyers building up. What you think 52 to 53c today?
For PGW I always go to the 'segmented' results to see how things are progressing. Of note is the livestock turnover, up to $41.454m compared to $29.494m for the comparable prior period. Operating EBITDA has not unexpectedly grown from $1.026m to $3.358m over the same period. The 'Dewd' commented:
"Livestock improved Operating EBITDA by $2.3m. Livestock tallies were broadly in line with the prior corresponding period but prices were higher in cattle and sheep, resulting in higher commission income and earnings."
So no higher throughput of animals which was a bit of a surprise. Could farmers just be sending excess stock straight to the works? Could that jepordise PGWs Livestock earnings in the second half, should the drought continue?
SNOOPY