SCY Chart

[Lizard]

Presumably, they get the report written to try and get the share price to a point where they can reasonably use equity in some form to fund the purchase of an appropriate business in Auckland/Waikato?

[percy]

I think any one reading it and acting on it would be making a big mistake.!!
"He who pays the piper calls the tune."
SCY commissioned this report.

[winner69]

yes, written by 2 analysts from London. Come on. Is it even worth reading? Or are they just writing the story management tell them?

thl has commisoned edison as well. It is a shame that our local analysts won't cover the small caps.

I really lookin forward to their PEB report

That be a boomer methinks

[winner69]

I think any one reading it and acting on it would be making a big mistake.!!
"He who pays the piper calls the tune."
SCY commissioned this report.

But Percy me old mate Smiths say 'This report has been prepared using information that is publicly available. It should be noted that the opinions and conclusions in the report are those of Edison Investment Research Limited and not Smiths City.'

See, it is independent

[percy]

But Percy me old mate Smiths say 'This report has been prepared using information that is publicly available. It should be noted that the opinions and conclusions in the report are those of Edison Investment Research Limited and not Smiths City.'

See, it is independent

Yeah Right!!!
For fear of being sued that's my only comment.!!

[troyvdh]

Giday you grumpy lot...can you folk post any holdings please...just asking is all.

[percy]

I see this morning's daily sharechat was SCY.Mcdouall Stuart value them at 71cents and their recommendation is Buy.

Above posted 08-07-2010.
I used to be a top 20 shareholder,as was my wife.A very successful investment, as I started buying them the day they were delisted from the NZX and going into receivership.I kept buying their shares off market from Christchurch brokers who had estate holdings to clean up.At one stage I was receiving in dividends what my original shares cost me.!!!
I sold out a few years ago.My reasons for selling were.Competition,low margins,increasing staffing costs [ie extra week holiday,and company having to contribute to staff Kiwi savings],huge costs with large fleet of vehicles.
Earlier this year I brought some SCY shares off one of my daughters as she needed some money.Sort of felt a traitor selling out of Smiths.Thought they would do well with the ChCh rebuild.They when I read the latest annual report I realised nothing had changed.The issues that made me sell were still ongoing.I then sold the shares I had brought from the daughter,so neither my wife nor I hold any SCY shares.The other daughter is still holding her shares ,so I still have access to the annual report.
You may think they are "well positioned",however I think they are still on the road to nowhere.

[noodles]

Always good to see the face of who is running the company.
https://www.youtube.com/channel/UCZ6...wG_IrR64NZAkOw

[blackcap]

Always good to see the face of who is running the company.
https://www.youtube.com/channel/UCZ6...wG_IrR64NZAkOw

Sweet and sour. They sell Colombo Road store for $20m (38 cents per share) but then say they are going to put the money back into the business. Bye bye 38 cents is my initial thought. The retail division is still making losses, only supported by finance which keeps posting profits.
I am really disappointed they did not give at least half of the proceeds back to shareholders. Might consider whether its worth staying with this investment. Cannot see retail (in its traditional form) getting any easier.

ASSET: SCY: Smiths City Colombo Street Property, Christchurch 11:36a.m.
SCY
07/08/2015 11:36
ASSET
PRICE SENSITIVE
REL: 1136 HRS Smiths City Group Limited

ASSET: SCY: Smiths City Colombo Street Property, Christchurch

7 August 2015

SMITHS CITY COLOMBO STREET PROPERTY, CHRISTCHURCH

As advised to the shareholders of Smiths City Group Limited in its annual
report for the year ending 30 April 2015, the directors have engaged Colliers
International to investigate market interest in the Colombo Street property
including the possible sale and lease back of the property.

The company is pleased to advise that Smiths City Properties Limited (one of
its subsidiaries) and the owner of the Colombo Street property has entered
into a conditional agreement to sell that property. In addition Smiths City
(Southern) Limited (another of its subsidiaries) and the main retail trading
arm of the Group has conditionally agreed to enter into a lease in respect of
the property from the new purchaser.

In terms of the sale the subject property is located at 550 Colombo Street,
Christchurch. The sale price is $20 million plus GST. Settlement will be 18
September 2015 conditional on satisfaction of the further terms in the
agreement. There is a due diligence condition and lease approval condition
both inserted for the benefit of the purchaser within 10 working days. The
agreement also contains conditions requiring the approval of the transaction
as a major transaction by both vendor Smiths City Properties Limited and the
shareholders of Smiths City Group Limited. In terms of the latter approval,
this will be put to shareholders of Smiths City Group Limited at its annual
general meeting to be held on Tuesday 25 August 2015 in Christchurch.

With regard to the lease the commencement date is to be aligned with
settlement of the property and rental is $1.409 million per annum plus GST
and outgoings. The initial term is for 12 years with two further rights of
renewal of six years each.

This transaction is also subject to the approval of Smiths City (Southern)
Limited and the shareholders of Smiths City Group Limited as major
transactions.

ROY CAMPBELL
CHIEF EXECUTIVE OFFICER
0272239574

http://www.stuff.co.nz/the-press/bus...-and-leaseback

[winner69]

So Ron Brierley taken a reasonable stake in Smiths City

Must be after the shareholder discount for the fridge ....oops Smiths City don't have a branch in Sydney and going down to Harvey Norman would be a better bet.

Must see something in the business. Obviously not Colombo St seeing that's gone. Must be the finance part.