AGL - Accordant Group. was previously AWF Madison, Allied...

[Misc]

HC , its not about being 'down on the company' ... its simply about honesty and continuos disclosure ... do you agree there is a case to answer here? This kind of thing throws not only Directors of the affected Company but the whole of the NZX into disrepute .. as I said , disgraceful , and too many people know the real story to try and 'fudge' an announcement like Mr Hull did today . This kind of thing makes bankers very nervous , not to mention shareholders.
I fear this company has shot its foot off with todays effort .. time will tell.
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[Happy Camper]

This Happy Camper has a history of buying into small-caps. The thing about small-caps is that they don't have the same depth of resources large-caps do to have all bases covered simultaneously. One of the bases that is often left uncovered is shareholder communication.

Part of the reason for the delay is probably that Simon Hull's response will have been prepared for him by a third party. This third party will more than likely be a clip the ticket type of outfit rather than one intimately involved on a daily basis with AWF, so in terms of priority for preparing the press release, AWF weren't at the top of their list.

I would hope that AWF bankers have a strong enough relationship to know the type of customer they are dealing with. They should know whether Simon Hull is a salt of the earth type, full of ****e, or somewhere in between. In situations like these they will bank the person. It must also be remembered that they will have prepared the credit submission as part of the original acquisition, so they will (should) have a copy of the contract for S&P. Plus it is likely that a solicitor will have had to provide an undertaking that they have overseen the process, which invariably involves dotting all the i's and crossing all the t's.

Have yourself a Merry Christmas. This Happy Camper is hooking up the caravan tomorrow morning and heading off to a "quiet" spot until after Christmas.

Cheers

[BRICKS]

DEAR Happy don't worry about the M&Ms as they are the largest NONHOLDERS of this stock but they love to cut down trees just to watch them fall over.. at the moment CLS is under investigation and would not like to be in there shoes IF they have been naughty as this will effect AWL relationship who will sue them anyway have a good time camping and all will be soon out in day light and the M&Ms the do goodies will have to find another company to ROAST.. [8D]

[Misc]

Bricks , AWF own 64% of CLS , are you suggesting they sue themselves?? Can you seriously believe AWF was totally unaware of any of this ?? Im sorry , I cant . An NZX investigation is needed , and will happen in my opinion.
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[minimoke]

Bricks, I’m not a holder because I’m not interested in investing in a company that appears to have speed wobbles. While there is good news in AWF there has also been bad news which undermines this as a long term investment. It has had profit downgrades, ACC blow outs, unexpected motor vehicle cost increases, devalued investments and now a connection to an enterprise involved in apparently dodgy practices all in the space of a year. This suggests to me a company that does not have a clear eye on their business.

I agree with Happy Camper that the small caps have some challenges however the market needs to be properly informed and if Simon Hull wants an exit or business growth strategy which involves listing on the NZX then he has to take those responsibilities seriously. The market ought to be getting tired of directors such as FTX and PLS and to me the warning flags are waving in the wind for AWF.

And this isn’t just a case of underpaying a few workers – it is in Immigrations word the country’s biggest labour scam. If this isn’t a concern to AWF holders and those looking at putting their hard earned cash into AWF then good luck to them because they are playing the lottery not making a sound investment decision.

[minimoke]

Throw a stone in the pond and see how far the ripples go. From todays news:

Two charged with helping illegal staff
Wednesday, 13 December 2006
Two Vietnamese men have appeared in the Nelson District Court charged with offences arising from what officials say is the biggest illegal worker scam ever uncovered in New Zealand.
The men, who did not enter pleas, were granted interim name suppression when they appeared before Judge David McKegg on Tuesday.
The pair, a 34-year-old from Stoke and a 38-year-old from Napier, are charged with helping or enticing illegal workers to stay in New Zealand for their own material benefit.
The Napier man faces nine charges, while the Stoke man faces one.
The offences are alleged to have taken place between August 2004 and November 2005, and relate to 10 different workers located in Napier, Hastings, Gisborne, Wellington and Blenheim.
Duty solicitor Michael Vesty, representing the Stoke man, said his client worked extensively with the Vietnamese community and was applying to be a police officer.
The man wanted interim name suppression because publication would affect his young family, he said.
Judge McKegg remanded the man on bail without plea to January 16, but required him to surrender his passport.
The Napier man was remanded in custody until this morning.
Department of Labour prosecutor Shona Carr asked for name suppression for immigration officers who had their names listed in court documents as informants, to protect their security. Judge McKegg suppressed their names until further notice.
The department carried out a two-day operation last week in Hawke's Bay and Marlborough, targeting employers who were allegedly flouting immigration and labour laws.
Another Vietnamese man, Ut Danh, also known as Kha, 41, appeared in the Hastings District Court last week on eight charges relating to seven illegal workers.
Immigration officers and police who raided 12 houses in Hawke's Bay last week allege that the network was the biggest illegal worker scam ever uncovered in New Zealand.
Department of Labour investigations national manager Carl Manning said the two-day operation aimed to collect evidence of unlawful immigration and labour practices in the Hawke's Bay and Marlborough horticulture and viticulture industries.
The department was aware of the significant labour shortages in the industry, he said.
"The department has an ongoing relationship with the industry to help them find workers, and there are a number of measures already in place, including facilitiating overseas recruitment where there are no New Zealanders to fill jobs, and developing training to enhance productivity.
"Shortages are a real issue, but this does not mean people can break the law."

[minimoke]

And Bricks if you don’t like my views then perhaps you should follow Mr Market which saw someone quitting 20,000 shares at the end of trading driving another 11% off the value.

[Misc]

Yikes , no buyers on screen. Falling like a tonne of , errr, 'Bricks' )

Misc

[Misc]

Bit of a surprise the press havnt covered last weeks announcement , Im sure all shareholders will be looking for an update and resolution to this matter asap , (especially those that got slotted recently at $1.40) , how long before the NZX issue a 'please explain'??
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[Misc]

CONTRACT LABOUR SERVICES (NZ) LIMITED ("CLS")

Further to Allied Work Force Group Limited's ("AWF") announcement on 14
December 2006, that they were undertaking an investigation of its subsidiary
CLS, the shareholders of CLS at 5pm on the 22nd December resolved to place
CLS into liquidation. AWF is working with the Liquidator in an attempt to
ensure that all employees of CLS will be paid for the work undertaken prior
to the liquidation.

I assume AWF is still exposed to the criminal investigations regarding illegal aliens , but have chosen to 'kill' CLS to try and distance themselves from what is obviously an industry wide problem?

I wouldnt touch this crowd with cattle prod!

Misc