Yes but they stuffed up their obligation to list all Substantial Holders >5% and Milford and Salt are those.
Never mind mistakes happen ...but Turners seem to make a lot of them
I guess I am more worried about them secretly fixing their mistakes and updating the document and hoping nobody is finding out instead of rereleasing the document ...
Questions would be: When did they find the mistake? When did they update the document? Did they update any other material information we did not discover yet? Why did they not inform the stock exchange about the updates - I guess sending them an email and attaching the updated document (and maybe a list of changes) can't be that hard - can it?
The list of substantial shareholders is clearly material information - and so far I don't see why they tried to conceal their changes and why they thought they can get away with not making sure every shareholder is aware of this information.
Maybe they learnt from their mistakes because when they stuffed up the Interim Report they reissued a new one and told punters where the changes were.
Must look at what changed in the Notes re Fair Value Disclosures .....hmm ....might be important to know.
Turners .,..champions of trying to fix things up.
Mid Sep last year (just prior to the AGM) I notice the same missing SPH and contacted the company about this and another discrepancy I found.
They agreed that I was correct in the below response, as to updating the market on changes well.... :confused:
Attachment 10355
The case of the wildly swinging cash flows used to model the goodwill on the books from 'Buy Right Cars' has not been altered. Refer to page 65 in the annual report to see where I have extracted the information. However, just to show that Turners are not the only entity to get things wrong, I am going to ping myself for not noticing a minus sign (change made in bold) . The table which I wrote, that I wish to correct is republished below:
Valuing the Goodwill on the books for BuyRight Cars
Year 1 Forecast Cashflows Year 2 Forecast Cashflows Year 3 Forecast Cashflows Year 3-4 Forecast Cashflows Year 4 to 5 Forecast Cashflows Terminal Cashflows FY2017 Perspective 10% 7.5% 5.0% 2.0% FY2018 Perspective -60% 8.0% 5.0% 2.0%
The corrected version still looks out of context to me. We all know that BuyRight cars have had stock turn issues. But to be modelling cashflows and hence sales to be down by 60% does seem extreme, particularly when that co-incides with the expansion of the 'BuyRight' chain to Hamilton. I wonder if this is a typo and the true figure is -6%?
SNOOPY
PS I notice that in the HY2019 report (that I was sent), that the revenue from external customers was up to $32.218m from $28.958m for the pcp half year. That is a revenue increase of +11.3%.
Admittedly - a bit concerned around the story with the version control and announcements re the annual reports. While I believe that it is just a clerical error and afterwards a somewhat unfortunate judgement call - how do they say: If in doubt - sell;
This I did with my remaining parcel, taking a significant loss. So far TRA is for my portfolio this year, what CBL did for me last year: bigliest destroyer of capital (or of capital gains other companies worked for). On the bright side - I stopped the bleeding in my portfolio which basically concealed all these nice gains I made over the recent days with HGH, SEK, some property companies and not to forget BIN (:)) ... and even over MCK started the sun to smile again;
Don't drink and buy in a downtrend you bl**dy idi*t - Oh, oops, this must be me :blush:
BP ...you did mention capitulation the other day .....seems it was
Good on you for doing what you think is best
At least 215 held today
Hope minimoke’s stop loss is much lower ....don’t want those shares to flood the market
Beagle might be right .....2 bucks or lower he said ....surely not
Nearly $60m has been wiped off Turners market cap since the share buyback announced
The buyback surely fixed the ‘grossly undervalued shares’ problem eh
Sorry for your loss BP. Yes this has certainly been a stinker share to hold. Thankfully I got out unscathed with this one but only just. I still hold my fair share of capital destroyers, ERD springs to mind! Both have ugly ugly ugly charts but I have yet to muster up your courage and sell out, so good on you for taking action.
And I keep waiting in the corner drooling on that dividend percentage. I want to invest but when? Last time we were approx 10 cents higher
Hey RB how does an 84k paper loss sound to you minus about 10k of divvies. PS-Im going to need a lot more divvy feeds to break even aren't I.PPS-Bit of a bummer to watch it keep dropping but the milky one has been so good to me over the last few months I'm still a happy chappie.
In times of despair like this just need to remind myself what Newton said - "The stock market is a device for transferring money from the impatient to the patient”
I’m being patient