It would have to be my all time favourite Kiwi song.
Loved the sound check,.Never seen it before.
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Now who might be a likely interested party to pick up a stressed VTL lock stock & barrel ?
Any one of the other 3 big telcos - if the price is right - perhaps even IFT ? ;)
SPK & Voda in past have had a little fun with VTL & Teamtalk .. with the upgraded Welly Loop
which VTL have sunk an arm & leg into in place - could this be of interest ?
Sorrry, I have gone a bit off topic here but I thought I would do a 'bit on the side review', since this song seems to have generated some interest.
Ferg has signed off on his music check list, but I was having some withdrawal symptoms so here is my own superficial research on this song.
Max Merritt (active 1956-2020) was a New Zealand-born singer-songwriter and guitarist. He is best known for his association with the group "Max Merritt & The Meteors", which performed as a group from 1959 to 1980. Naming a line up however is more difficult because 33 different individuals, including our own Bruno Lawrence, performed with the group over that time.
By 1975 the then current incarnation of 'Max Merritt and the Meteors' were an old guard act playing the pub circuit in London against the emerging punk scene. After 16 years on the road 'Slipping Away' became the groups biggest hit single making it to number 2 in the charts in Australia and number 5 in New Zealand over 1975/1976. 'Slipping Away' was released from the "A Little Easier" Album on the Aritsa label. The original video for Slipping Away was filmed at The White Hart in Harlesdon in London.
In a 2011 interview by Johnny Kempt, Max had this to say about the song
"l wrote Slipping Away at the time I had that band but I knew it wouldn’t suit the band. When I was writing that song I was trying to write a Phil Spector song, something like 'Be My Baby'. I wrote the thing in about five minutes, I really did. I played some drums on a pillow and all that sort of s?!t. I’m of the belief that if you write a song and you can’t remember it, then it ain’t worth keeping. That’s my working rule."
"I borrowed Dave Russell's bass and Stewie Speer’s drums and went into Command Studios, a little studio in London and did a demo of Slipping Away, with me playing drums and bass, as well as guitar and singing it. But it wasn’t until the band had actually broken up. Dave [Russell] picked up his bass from the studio, after I’d finished doing the demo, and went to the airport and back to NZ!"
"I took that demo to Andrew Bailey, who was at that time editor of Rolling Stone, and Slipping Away was the basis of getting that deal with Arista."
"It’s been covered maybe 20 or 30 times, but they all f?!k up, by trying to make it more than it is. It’s a nursery rhyme! We went in to mix it and I said we couldn’t cos we didn’t have a return phrase. Richard Dodd was the engineer and he took just the last words of the line and bounced them to another track to echo the line."
After 'Slipping Away' the group never reached such chart heights again.
After Max died on September 25th 2020, five fellow Australian musicians (Max was claimed by the Aussies as he left our shores to play there as early as 1965), -these being Marcia Hines, Andy Bull, Didirri, Russell Morris and Mia Wray- produced this montage tribute version of the song dedicated to Max.
https://www.facebook.com/TheMarciaHi...2675494192136/
SNOOPY
1956–1962: Early career in Christchurch
Born in Christchurch, New Zealand, Merritt was interested in music from an early age and started guitar lessons at 12.[3][6] By 1955 he encountered the rock and roll of Bill Haley and Elvis Presley. After leaving school in 1956, aged 15, Merritt formed the Meteors with friends Ross Clancy (sax), Peter Patonai (piano), Ian Glass (bass) and Pete Sowden (drums).[3][5] Initially a part-time group, they played dances and local charity concerts, Merritt continuing his day job as an apprentice bricklayer in his father's business.[3][14] When his parents, together with local Odeon theatre manager Trevor King, developed the Christchurch Railway Hall into a music venue, The Teenage Club, they hired Merritt and the Meteors.[3][14] The Teenage Club drew hundreds of locals and increased their popularity in the city when most businesses and public venues closed until late on Sunday afternoon.[8][14]
Clancy was replaced by Willi Schneider during 1958, the band released their debut single, "Get a Haircut", in June on HMV Records.[3][14] By 1959, the Meteors had become a top youth attraction, regularly pulling crowds of 500 or more.[14] Merritt borrowed players from other bands if a Meteors' member was unavailable, one such band was Ray Columbus & the Invaders fronted by vocalist Columbus.[3][14] From this band Merritt recruited guitarist Dave Russell and bass guitarist / keyboardist Billy Karaitiana (a.k.a. Billy Kristian).[3][14] In January 1959, New Zealand's top rocker, Johnny Devlin, played in Christchurch. Devlin later saw Merritt at a "Rock'n'Roll Jamboree" charity concert where Devlin's manager Graham Dent was impressed enough to praise their performance to Auckland promoter Harry M. Miller.[3][8] Miller added the Meteors to Australian rocker Johnny O'Keefe's 1959 tour of New Zealand.[3][8]
Christchurch had been chosen as the site for a United States paramilitary base to access Antarctica. Code-named "Operation Deep Freeze", it had the only airfield large enough to handle the huge transport planes.[3][8] The US presence provided a greater influence of rock and roll music – young servicemen discovered The Teenage Club and the gravel-voiced young Kiwi singer, Merritt.[8] More rock and roll and R&B records entered local jukeboxes and were on radio.[8] From their US connections, both the Meteors and the Invaders were able to equip themselves with Fender guitars and basses, which were still rare in Australia and the UK due to import restrictions.[3] By 1959 the line-up for the Meteors had become Rod Gibson (saxophone), Ian Glass (bass guitar), Bernie Jones (drums) and Billy Kristian (piano). Early in 1960, HMV released their debut album, C'mon Let's Go.[3][8] Follow up singles were "Kiss Curl" and "C'Mon Let's Go" in 1960 and "Mr Loneliness" in 1961. They had local support but were almost unknown beyond the South Island.[3][8] In an effort to break into the more lucrative North Island market, both Max Merritt & The Meteors and Ray Columbus & the Invaders relocated to Auckland in November 1962.[3][5][
I am sure I older brother used to go to a hall in Spencer Street,Addington ,and not only Max played there,but later or other times so did Ray Columbus.
A very good read there - Snoopy & Percy - thanks for that & I do remember Max back
in past years :)
Sensational news! CEO - gone! Very pertinent observation from Silverblizzard that I have highlighted in the quoted text in bold.
Interesting to reflect on this quoted post from Silverblizzard888 in 2017. Today the company's name is changed to 'Vital', which may be appropriate, considering the Vital signs of the company need watching. Share price is now 29c, up 1c on the day with the announcement of CEO Andrew Millar's sacking today.
Debt is in the half year report listed at $14.850m. But over Andrew's reign:
1/ The Farmside business was sold ($13m of cash in),
2/ An $8.7m capital raising was conducted in 2018
If we add the capital raised to the company debt today I get $36.550m. IOW the only way the company was able to reduce debt since 2017 was to sell assets and tap shareholders for capital. Operationally the capital position of the company has gone backwards over 5 years, and the company expects to make a loss for the year. It is good to see the board chair act decisively to sack the CEO. But replacing the driver doesn't get you off the troubled road. The new 'fill in' driver, James Bull, will need to keep his eye on the road in this current storm. There are some steep hillsides in Wellington. One moment the road is there. Next, just like the emergency services radio contract, that road is 'slipping away'.
SNOOPY
Brings to mind another of my favourite kiwi tracks
https://www.youtube.com/watch?v=qF2PxSQo3k4
Another exec bites the dust …Head of Sales leaving
Only been with Vital a few months
Chair says not fired or anything like that …was head hunted
https://www.nzx.com/announcements/393714
Share price up today …must be good news :t_up:
Discount rate of Future Earnings Terminal Growth Rate Goodwill on Books EOFY FY2019 7.37%-7.71% 0% $17.038m FY2020 9.69%-9.84% 1% $17.038m FY2021 10.23%-10.28% 1% $17.038m FY2022 11.80%-13.60% 1%-2% $0.0m
AR2022 p27 on goodwill
"The base case recoverable amount approximately equals the carrying value of the net assets post impairment."
Chairman - gone. CEO - gone. It has been a tumultuous year, with the devastating blow of losing the new St John Ambulance contract, even if the old one has 3 years or so still to run. But to answer my last question first, hope isn't a strategy. The huge $17m of goodwill on the balance sheet has been carefully groomed through by the auditors and has formally been judged/confirmed to be worthless. I guess that represents a big thumbs down from the auditors about the company's fantastical future growth claims. Management makes brave talk in the Annual Report for FY2022. Talk that is based around how much more it would cost to roll out an equivalent radio network, -or indeed a central city broadband network in Wellington or Auckland today-, and how the whole company is now trading at well below network hardware replacement value. The important caveat being that these networks only have value if Vital can find the customers. But can they? Ah well, at least we have certainty on the goodwill issue.
SNOOPY
New management, and there has been a subtle repositioning of the 'market presence statement'. Fundamentally the story remains the same:
VTL operates in the communications networks market, across different network technologies:
• Wired: provides fibre networks in Auckland and Wellington; and
• Wireless: mobile radio technology. (Note: The legacy 'Action Net' network which started the company in 1994, and has now been replaced by the new digital network, was closed down in June 2021).
From the director and CEO commentary in AR2022
"Recurring revenue also declined, more so on the Wired,(i.e. fibre) network.(-12.1%),"
"The degree of work-from-home activity has likely played some part in soft demand for CBD fibre capacity in Auckland and Wellington."
Ouch! This is the part of the business that will have to carry Vital forward, once they lose the St John Ambulance Wireless contract. So not only did Vital Wireless get a huge sucker punch over FY2022. The rest of the business is bleeding profusely as well! The 'customers work from home' explanation is a worry, because that indicates to me there are less Vital Ltd connections, rather than just less data being shared over the network. IOW the reduction in business is permanent.
"The Company was unsuccessful with its tender for the PSN (Public Safety Network) contract, "
"Commenced remedial action during the year, including moving to change the sales model for the Wireless division."
What is interesting is that the successful PSN contract tenderer, a company called Silverstripe -which is also headquartered in Wellington and is a similar sized company to Vital-, does not appear to have a wireless radio network of their own. So Silverstripe will either have to build an equivalent (a very expensive exercise), or negotiate a contract to run across an existing operational network.
From Vital AR2022
"Mobile radio is utilised by organisations that supply critical services (e.g. electricity network providers) that require “always available” reliability, or have remote work in areas outside cellular coverage."
"Vital provides the only commercial nationwide mobile radio infrastructure across New Zealand."
Hmmm, I wonder who Silverstripe will have at the top of their network negotiation list?
Here is what AR2022 says about Vital's change in market presence emphasis:
"A key strategy change in Wireless during FY2022 has been the move to utilise channel partners."
"Wholesale agreements have been put in place with a number of regional mobile radio operators with the intent they will take over the servicing and support of a long tail of smaller clients that currently contract directly with VTL."
I read that to say that "it is expensive to deal with a plethora of rag tag retail customers" and "it makes more sense for Vital to 'concentrate on running the network' " and transition towards being a wholesale company only.
From the October 2021 market release on their emergency services tender failure:
"Vital remains open to partnering with the down selected parties along with NGCC (Next Generation Critical Communications) (NGCC is the government agency overseeing this project) to assist in delivering the outcomes that PSN (Public Safety Network) and emergency services require."
From the June 2022 newsletter:
"We are excellent at delivering fibre and radio networks while our partners – who are our customers– are best placed to build and maintain the end consumer relationships. This not only shows we understand where we fit within the development of our clients’ communications ecosystems, but it also mitigates the risk of being seen as a direct competitor by those we need to be working with more."
"This could see Vital step back from what could be described as a hybrid wholesale/retail model, placing a greater emphasis on our core position as a specialist utility network operator with both our niche radio and fibre network assets."
This sounds to me as though Vital are positioning themselves to offer their services to Silverstripe as a PSN system sub-contractor. So maybe not all is lost on the PSN job?
In conclusion, nothing has happened to upset the strong hardware position of both Vital's 'nationwide wireless network' and the 'CBD fibre networks'. Particularly so when Vital have redefined their business in a way that says losing end line retail customers does not matter. So as far as Buffett would be concerned, 'Vital' has PASSED this first test.
SNOOPY