Will do mate. Wild horses won't keep me away from this meeting and you can count of me to have a good yap about it afterwards :)
I wonder when the next dividend will be announced and if the newly converted shares will be issued before it goes ex?
If there's 4.5m new shares issued (@2.85) a 4c dividend will cost the company an extra $180k.
Last year the dividend was announced October 13th, record date October 27th and payment November 3rd.
Given however this was the first "quarterly" and given that they (hopefully) might want to give the SP a slight change in direction ... who knows - maybe they announce it already at the AGM (September 27)?
And yes, I'd expect the record date being after the conversion date of the new shares ... unless they really would need to rush it.
Here we go....big test of multi year long term support level $2.80 started. Hope the directors and management are ready for a marathon quantum of questions on 26 Sept.
Just received the NZSA voting intentions. They do look at revenue and earnings growth ...
... and comment on the additional complexity of governing an insurance together with a trading company.Quote:
The company enjoyed another strong performance on the back of increasing used vehicle sales and a buoyant
economy. Revenue was up 32% to $330.5 million, NPAT was up 33% to $23.4 million and the dividend was
15.5 cents per share up 7%.
They intend to vote for the proposal to increase the board fees.Quote:
A chart setting out the current and proposed fees is contained in the Notice of Meeting. The increase includes
provision for the additional Director appointed August 2018. Turners is unusual in that the insurance
subsidiary is required by RBNZ to have its own board and this adds to the total fees.
Since the last fee increase the company has grown revenues from $96.5 million in 2015 to $330.5 million this
year. NPAT has increased from $18.1 million to $23.4 million. The market is a little underwhelmed with the
share price declining over the last year, however we believe the proposed Fees are reasonable for a company
of this size and complexity.
Personally - a bit disappointed they looked at NPAT instead of EPS growth - i.e. didn't took the impact of the constant capital rises on revenue and earnings growth into account, but the comments on the additional complexity re governing an insurance might be fair.
But hey, I can't understand everything - can I?
I did gave them my proxy, but instructed them to vote (for my shares) against the fee rises.
This mongrel will be testing the patience of all holders now including myself, directors and management will have a hard time convincing anyone that it's just a fickle market that's to blame for the ski slope that started over a year ago.PS-This ski slope needs a mega dump of powder snow to freshen things up.
I just got their undirected proxy voting intentions and was disappointed with their conclusion too. Did like their bit about Paul Byrnes and his tenure and that displays good though processes and analysis. Maybe a question that can be asked at the AGM for those going.
Like you BP, its the EPS that is important, NPAT is largely irrelevant. Maybe the NZSA nominee who wrote this piece is unaware of all the extra shares that have come on board the last few years?
60cm's, (yes 60 cm's !) of fresh powder at Coronet Peak mate...and we're back at work watching the Turners ski slope, life isn't fair is it lol (although some people watch share prices even in the toilet but best I don't tell tails out of school eh lol)
Very disappointed with NZSA approach. Quite obviously they overlooked Colonial Motors comparison with 3 times the annual turnover and the Chairman is happy with a little over half the fee Grant Baker wants. Doesn't he get enough already from his 10% shareholding and dividends for goodness sake. I'll be telling Noodles (who perhaps seems to be representing their interests a bit lately ?), that NZSA needs to think harder about these sort of outrageous fee increases for such a modest sized company. How hard is it really to govern a company that sells used cars with finance and insurance !