I missed the intro bit. Why would the Board change the date to a date the Chair couldn't attend? If they were changing dates couldn't they change to one he could attend.
I voted online Jaa.
Certainly , without a valid reason extremely disappointing re grant baker. Is he arrogant and only int in adding value for one as ive read an opinion somewhere before ?
I don't know.I remember going to a neice's wedding years ago,in Sydney.Booked our tickets for us going from ChCh return ,and neice's mother coming from Gold Coast.Neice had to change the date, because of venue double booking.Yes changed date was the day we were meant to fly home.Changing flights AIR NZ screwed me blind.Venue said tough.Maybe Grant wanted a laugh at Donald at the UN.?.Maybe McGinty will find the answer at next year's agm.
Go to YouTube;Turners Automotive Group agm 2018 and you can hear the whole meeting.
at 8.46 into to it, Paul Byrne talks about the share price.
Many ways to increase ones portfolio couta. if your way works(holding fewer larger baskets) for you thats great. But for many holding a decent number of stocks in different sectors is a lower risk way of investing.
Managing ones risk and limiting losses is the most important investment rule imo.
Your way you can make higher gains but bigger losses as well and it can happen anytime. Often we dont really know what our risk level is until our first decent disaster in my experience.
Having owned my own businesses I often had all my eggs in one basket.The basket being a toy shop,then a bookshop,then a school library supplier, the basket was not very strong.
Now I can invest with directors/managers who are a lot more capable in business than I ever was.
Interesting reading the comments on the AGM (thanks for sharing)..... while I'm never averse to being 'overweight' in some shares, and respect Percy's views, I remain doubtful that TNR's model is capable of exceeding NZX top 50 average growth and suspect that while this is a relatively 'safe' investment for some, it is just not for me. GLH.
http://nzx-prod-s7fsd7f98s.s3-websit...475/287523.pdf
I'd have liked to have seen the numbers. Especially on the remuneration for directors.
For posterity below is what the Deputy Chairman said about why is the share price so low.
He only said what punters wanted to hear and maybe he is grumpy as some others. Funny thing though a lot of the things he pointed out says ‘fair value’ today is only $2.90/$3.00 anyway
They don’t seem to get that analysts target prices if around $3.30 means today’s price should be about $2.90/$3.00 — (about the same price he bought at ...hmm). It should be noted that the mentioned analysts are on the same page as the company as they cone up with the same profit figure - sort of says they understand the business model / strategy etc. so where’s the problem Paul
Paul did say the market is what it is ...and done it’s sums and think it’s only worth $3.00 now and if things go OK maybe $3.30 in a years time. What’s the problem
Anyway here’s the words Paul used -
The only area of performance that has disappointed is our languishing share price. As it must be a concern for all shareholders we should take some time to discuss possible reasons and market feedback.
As most will know both First NZ Capital and Craigs Investment Partners commenced analyst coverage of Turners in 2016 with regular in-depth analysis of our full year and interim results, providing guidance for their respective clients. As part of these regular market research reports, analysts include their forecast of future profits for 3 years out and a share price target for the next 12 months based on their analysis.
The most recent research reports following the release of our profit result to 31 March 2018, had 12 month target share prices of $3.29 and $3.35, so an average of $3.32. Forecast profit for this current year FY19 from the 2 reports were similarly close to each other with an average profit before tax of $34.5 million, just under the mid-point of our current guidance of between $34 million and $36 million. We would also expect actual earnings per share for FY19 to come close to assumptions included in these reports.
So why is our share price currently around $2.85, well below the price suggested by conventional analysis in these reports? And trading at a level at which the Board sees value – you will have seen directors and senior executives including Grant, Todd and myself recently buying at around $3.00 per share.
Of course there will be a number of factors influencing a share price in any dynamic stock exchange market, and no doubt some of you will have other ideas that we would be happy to hear about. But feedback from shareholders and market commentators suggest 3 possible issues at play;
1. Strategy in a more complex Turners business
2. Concern about the tightening credit cycle
3. Negative sentiment from last year’s capital raise
^^^^This. Something is not right here. Free warning sign for those that choose to take notice of it. Reasons could be many and varied but unless someone close is in dire straights no other reason is valid in my view and I simply don't "buy" the change of date excuse given. It was very weak and implausible. Interestingly the deputy chair chose not to give a specific reason other than Mr Baker had a long standing commitment, (what, for a holiday ?), and based on body language looked very uncomfortable about the whole situation. That body language may or may not show up on youtube but was obvious to those who were there. He still gets his pay increase despite not being there. If one is the Chairman of the board and shareholders have just one chance per annum to eyeball said person and ask them questions when they want a large pay increase THE VERY LEAST said chairman should do is to turn up to the annual meeting. It is absolutely DISGRACEFUL that he didn't attend and reflects very poorly on the rest of the board and the company.
Next year if I am still a shareholder I will get a good sarcastic dig in...something like. Starting off a question with... Nice of you to choose to join us this year Mr Baker...
One positive...at least this board has the common sense not to be obsessed with diversity like some are...