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  1. #1
    Reincarnated Panthera Snow Leopard's Avatar
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    Default TUR - Turners & Growers

    quote:
    http://www.stuff.co.nz/stuff/0,2106,3044621a13,00.html

    Turners and Growers to list
    25 September 2004
    By KAREN CHAN and SUE ALLEN

    Turners and Growers has announced it will list on the stock market next week, but has surprised observers by staying silent over the question of a share offering.


    It had been speculated that the company would raise up to $100 million in a share issue or selloff at the time of listing.

    The move to list would give more than 900 existing Turners and Growers shareholders the chance to trade shares more easily on a more sophisticated market than at present, chairman Tony Gibbs said.

    Turners and Growers shares had been traded on the NZX unlisted trading facility, but its closure in June has driven the company to seek a full listing.

    Mr Gibbs, who is overseas, did not specifically refer to the market's previous expectation that the company would make a public share offering on listing, but said in the listing document that doing so would "enable the company to more efficiently access the capital markets in the future should it wish".

    Turners and Growers forecast net profit after tax would drop by nearly 27 per cent to $8.6 million in the year to December 2004 as revenue slipped 5.8 per cent to $564.7 million.

    The company said it had assumed projected revenue and profit to December 2004 would be adversely affected by foreign exchange trends, a small drop in pipfruit volumes and weaker prices compared with 2003.

    In the listing document, Mr Gibbs confirmed it would go ahead with plans to separate off its juice manufacturing arm, Enzafoods.
    om mani peme hum

  2. #2
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    More details required about the float though.
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  3. #3
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    If you remember that the object of this exercise is to make a sh*tload of cash for Tony Gibbs and GPG then what happens next will make sense...

  4. #4
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    Kiwi-I hope you are correct as a GPG shareholder-but you will recall that the TUA float made a lot of money for TUA shareholders.Perhaps this one will be the same.

  5. #5
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    KJ what did they do with TUA as the Enza situation is probably similar ?

  6. #6
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    Kiwi-I do not see how it is similar-perhaps I do not understand your question.

  7. #7
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    Well Turners & Growers spun Turners Auctions off as an IPO and now they are talking about spinning Enza off as an IPO. Thats what I thought was similar. Why do you reckon they are listing without an IPO whats up with that KJ ?

  8. #8
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    Hi K1W1, the object of most floats in the market is to make a shirtload of cash for someone. There is nothing inherently wrong with that, we just bear it in mind at decision time when we decide to buy,sell, or stand aside.

  9. #9
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    Airedale, I dont disagree.Normally a seller would do an IPO- here there has not been one.

    I think that the clue to this is not anything about Turners but the history of GPG. Istead of selling out in the past they have had rights issues which they have underwritten to increase their holdings in the company. Capral Aluminium and Tower are two examples.I am wondering whether they may do the same thing here.

  10. #10
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    Kiwi-TUR acquired ENZA in 2002 which will allow them to combine export operations into a single marketing structure,rationalise property holdings,and realise certain synergies in warehousing in transport,warehousing,IT etc.

    There is no intention to spin off ENZA as an IPO.Their intention is to spin off Enzafoods-a very small part of ENZA with a turnover of approx $61m.There is no need to list to do this.

    Listing will increase awareness of the coy,open the door to new investors,and give the coy better access to capital markets.I think that this is the reason for listing.Hopefully it will lift the shareprice.

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