Sounds fair enough
http://www.nzlii.org/nz/other/nzlc/report/R74/R74.pdf
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Sounds fair enough
http://www.nzlii.org/nz/other/nzlc/report/R74/R74.pdf
On 9th January a 'dissenting to the demerger' shareholder received a full payout on their 9,724 PGW shares of 58c each. I am not clear that this is a result of an 'independent valuation' just before the demerger offer was made. But it does seem to confirm that the board does not work for the benefit of all shareholders. This looks like proof, if any was needed, that the seeds division demerger has destroyed shareholder wealth.
SNOOPY
At last the OIO news release is on their own website for all to read.
https://www.linz.govt.nz/news/2018-1...gria-singapore
I wonder what these 'penalty proceedings' will be? Can't the OIO release their own accusations? It does seem odd that the OIO can't comment further on what the charges they are taking to court are.
SNOOPY
Interesting update from PGW with the announcement that the 'new' PGW Chairman , Joo Hai Lee, is to be removed from his position by the end of the financial year.
https://www.nzx.com/announcements/329732
Joo Hai Lee is listed as a 'non-independent director' appointed by Agria, by dint of being an independent director on the Agria board. Mr Lee is an accountant by trade, although a professional director these days. This coming de-appointment is significant, because it shows that the target of the OIOs review is no longer just Agria Chairman Alan Lai, but the whole of Agria. Is it now more likely that the OIO will now require Agria to place their PGW shares with new owners? And is a discounted placement across multiple new owners in the wind?
SNOOPY
Looks as though the seeds sale is well on the way.
It looks like on further investigation by the Commerce Commission, that DLFs own program 'to develop novel ryegrass endophytes and high-performing ryegrass cultivars specifically for New Zealand conditions' was not that successful. They have also noted that this ineffective product development has not increased the tension in the market so it doesn't matter if the PGW seed unit is brought 'in house' by DLF to squash their own failed product. Next by using GE techniques, new competitive cultivars can be produced in a couple of years, not fifteen . And finally if it all turns to custard for NZ farmers, they can buy their own cultivars from overseas!
Good stuff commerce commission! You must be right because the Australian Competition and Consumer Commission agrees with you. And now the OIO is the sole significant pillar to be knocked over in the process of privatising decades of NZ taxpayer subsidised seed investment for greedy PGW shareholders!
Having topped up my PGW shareholding over the last couple of months with two baskets of shares, first at 51c and then 48c, I can feel my wallet bulging already. My greed triumphant over our farmers need! Ha ha!
SNOOPY
Snoops ...the way the share price is going today seems the market thinks PGW is worth heaps by selling the seeds division ...or is me market just relieved this might just happen now.
The market doesn't like uncertainty Winner, and even at 55c the share price is still less than before the seed division sale was announced. I reckon if the seed sale is called off, the share price might bounce even more (upwards in case that wasn't clear).
You had better ask that question of yourself Winner! I always realised you were a big player. Didn't realise you controlled the whole thing though.Quote:
or is me market just relieved this might just happen now.
SNOOPY
But if the seed division is losing money at NPAT level as suggested in the last update,I can't see the SP bouncing back up,if the seed sale is called off.It will be interesting to see the half year results in a couple of weeks.