Probably Superlife buying up ...they just love these sort of cheap stocks
Printable View
Hey C88,
Just come back from the big smoke and caught the last half of the AGM. As can be imagined she was a reasonably volatile sitting, Brian Gaynor made some good comments. When it came to Alan's re-election it was a tense moment, I would say about 55-60% not in favour via show of hands. Alan had to move to a poll vote of which the results should be posted on their website any minute now.
He did mention that with the proxy votes that he would win it - didn't look like a strong vote of confidence.
As i said I missed the first half so will leave it to another ST member to do a write up justice but to me looking at the demographis of the shareholders at the meeting it seems apparent that a large share base holds this stock for dividend reasons. Their will be no dividends for another 12-18 months easy so would expect a bit more bleeding. Definitely did not time my entry well with $1.08 average buy in but at these prices I will increase my token stake to a more significant holding.
Still confident in my initial assessment, timing might be a little off. CAVs a bargain at present - will wait to see it hit the bottom before I start buying.
GTG will do a more indepth post later.
DISC: young, reckless and playing with chips - please DYOR - I'm on this forum for education purposes not to be an impromptu financial advisor.
Cheers
TG
Cavalier Chair:
"So far as my position as chair is concerned, perhaps it could be said that I have been here too long and it's about time that I stepped down," James said according to speech notes lodged with NZX. "Perhaps this is so, but the chairmanship of Cavalier might well be regarded as something of a poisoned chalice at this time, and the board thinks it best that I continue in the role for the time being."
Sheez, I bet that poisoned chalice bit fills holders with confidence.