enjoyed my div too
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Just watched the SEEKA AGM online. Some highlights:
- Director opened the meeting with a karakia - that's good.
- Did well in Australia - buying and selling (leasing production back) orchards - that's good.
- Successfully managed Covid-19 lockdown - no wage subsidy taken - that's good- round of applause from the shareholders.
- Health and Safety issues - 3 serious harm incidents -one guy came off second best against a fork lift, another got crushed between 2 stacks of kiwifruit and a tractor rolled (near miss) - not good. But, everyone has recovered and now a a new tractor fleet and a new H & S team - that's good.
- Utilising waste kiwifruit for medical purposes i.e., to assist people to evacuate their bowels properly - that's good.
- SEEKA was the only kiwifruit company that sent fruit to rural communities during Covid lockdown. One of the director's, Peter Ratahi Cross, drove the truck - that's good.
- Acquisition of OPAC (Opotiki Packing and Cool store) - $59m approved. Chairman is excited. They've done the due diligence give's SEEKA scale. Time will tell I guess.
- The usual climate change, sustainability, waste minimisation stuff. Pretty standard these days.
- Asked about the potrential impact of the illegally grown gold kiwifruit in China. They don't know yet, could well be an issue :scared:
- Directors got a pay rise. A fait accompli.
- No idea of the quality and quantity of the afternoon tea. One of the downsides of on-line attendance. Not good.
- The live link feed dropped out during question time - not too good.
The end.
Appreciate the update, thankyou.
Yes, all good except the issue of the illegally grown KiwiGold in China.
Impressive performance from the chief executive, Michael Franks.
can someone please explain what this means, from todays announcement
"5. Approval of Issue of new Ordinary Shares in relation to acquisition of
OPAC by Amalgamation
"That Seeka issue up to 7,042,574 new fully paid ordinary shares of Seeka, at
the issue price, and for the consideration, described in the explanatory note
pursuant to the Amalgamation Proposal described in the explanatory note and
accompanying the Notice of Meeting." "
is it like a payment for the recent amalgamation?
yes. .
Seeka is being sought out.
$209K gone through at $5.35
NTA $5.20
P/E 11.35
Div 6.36%
Their slice of the $40M PSA settlement yet to come, and synergies from the OPAC amalgamation.
Broken out on its chart.
Looks like market likes their growth strategy:
Attachment 12469
SP today up another 11 cents (on top of what the chart shows) :t_up:
Discl: holding and enjoying the trend ...
Gold and red kiwifruit license bids reach record highs this season signalling strong confidence in the industry.
https://www.rnz.co.nz/news/country/4...hs-this-season