If I don't get satisfactory answers at the annual meeting...
Excellent questions, no greater fury than a shareholder scorned! Realistically though, you're not going to get answers to all those questions at an ASM, you might be lucky to get in a couple of questions at best. It might be better to send the questions to investor relations in advance and say if they answer these questions now then they will not be raised at the ASM?
This image just into Annual Report looks a bit weird/ scary (esp the guy on the phone) but I suppose it has some real meaning to those who understand KPG
Think its got something to do with WE BELIEVE THE MORE CONNECTED THE PLACE, THE MORE CONNECTED THE PEOPLE WITHIN IT
See, i read the Annual Report from front cover to the last page
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
Excellent questions, no greater fury than a shareholder scorned! Realistically though, you're not going to get answers to all those questions at an ASM, you might be lucky to get in a couple of questions at best. It might be better to send the questions to investor relations in advance and say if they answer these questions now then they will not be raised at the ASM?
Thanks and I am inclined to agree so have done exactly what you suggested, copy below) I'll let you guys know what response, (if any), I get before the meeting.
To campbell.hodgetts@kp.co.nz
Hi Campbell,
I have some very awkward questions for the annual meeting.
Do you want to address some of them before then ?
1. What's your plan to get back to 6.95 cps in annual dividends that you were paying in 2019 before Covid ?
2. The company was paying 7 cps in annual dividends 10 years ago, how is it possible after all this time the board are only talking about 5.3 cps this year ? (Please note that in inflation adjusted terms 7 cps a decade ago is 8 cps in annual dividends now. Why are dividends going backwards so badly in real terms ?
3. All very well to sell up the under-performing regional assets the provinces but management oversaw the decline of those assets, and have clearly made mistakes as the values have plummeted so badly. Do you take ownership of those mistakes and take learnings from them ?
4. People invest in REIT's for income, why did the board cancel the dividend during Covid when cash earnings were reasonably okay and use the excuse that capital values had fallen as a reason to stop the dividend when you never pay a bumper dividend when capital values go up nicely so why is a capital value decline a reason to stop the dividend ?
5. What assurance can you give us that there are the necessary development disciplines are in place that the development of Drury will be eps accretive and not eps dilutive ?
6. Why bother developing anything when the share price is at such a discount to NTA ?. Why not have a share buy-back instead ?
7. Why should we trust management they have "got this" in terms of a major new development at Drury when you've made such a mess of managing your regional assets ?
8 NTA was $1.34 five years ago and is now just $1.36 (down 10 cps in general inflation adjusted terms and a whopping 62 cps if one uses the housing inflation index). When other property companies such as Argosy have grown NTA by 50% in the last five years what are you doing wrong and how are you going to fix it ?
9. Lots of focus on carbon negative this, diversity that, Aotearoa this and all sorts of other cultural and sustainability politically correct buzz words. I'm struggling to see any laser focus on ensuring the future plans grow eps ? Is there any focus on growing earnings per share ? Why is this not your top priority ?
Regards
Last edited by Beagle; 22-06-2021 at 10:25 AM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Valuers seeing the light of day ….just imagine a record increase for KPG
From a PFI announcement -
PFI Chief Executive Officer, Simon Woodhams, notes: “More than a year on from the onset of the COVID-19 pandemic, industrial property has emerged as a resilient property sector. Investors, benefiting from continued low interest rates, are attracted to this resilience and market fundamentals, that include continued low levels of vacancy and projected rental growth. These factors have combined to result in the most significant increase in value PFI has ever recorded.”
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
8 NTA was $1.34 five years ago and is now just $1.36 (down 10 cps in general inflation adjusted terms and a whopping 62 cps if one uses the housing inflation index).
When other property companies have grown NTA by 50% what are you doing wrong and how are you going to fix it ?
9. Lots of focus on carbon negative this, diversity that, Aotearoa this and all sorts of other cultural and diversity politically correct stuff. I'm struggling to see any laser focus on ensuring the future plans grow eps ? Is there any focus on growing earnings per share ? Is this your top priority ?
They're never going to allow one shareholder to ask that many questions...that's simply not the way annual meetings are run.
Who wants to put their hand up to play "tag team" and grill the board ?
If I don't get satisfactory answers at the annual meeting...
I like all of these questions and certainly have thought about them at one time or another, never at the same time...
I can't be at the meeting, however, as they say, "Smash 'em bro!"
Valuers seeing the light of day ….just imagine a record increase for KPG
From a PFI announcement -
PFI Chief Executive Officer, Simon Woodhams, notes: “More than a year on from the onset of the COVID-19 pandemic, industrial property has emerged as a resilient property sector. Investors, benefiting from continued low interest rates, are attracted to this resilience and market fundamentals, that include continued low levels of vacancy and projected rental growth. These factors have combined to result in the most significant increase in value PFI has ever recorded.”
thats what ive been saying winner.... id love to redo that graph from there presentation witht the dogs backed out of it...
Originally Posted by Beagle
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