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

[percy]

According to the latest annual report, James Urquhart owned over one million shares. What will happen to them. Is this an overhang, or an opportunity for someone with deeper pockets than me.

I would expect most if not all of Ian's AWF will come onto the market as his estate tries to balance his portfolio.What is interesting,but sad, is since Ian's death his largest holdings SCT and AWF have increased a lot in value.So his unbalance ? portfolio is throwing up some good winners.This should make trustees job easier.
PS James was always known as Ian.

[minimoke]

I would expect most if not all of Ian's AWF will come onto the market as his estate tries to balance his portfolio.

And no telling when that will be. Greg Webster is still shown on the register.

[percy]

I have to laugh.Just when I think AWF has gone off the boil,they come out with my favourite "a profit upgrade".

[minimoke]

A wee milestone reached which we should not let go by without some celebration. Nearly five years after listing at $1.50 AWF is finally back up to listing price. And what a few years that has been. Bit hard to pick out the highlights in a stock that only went downhill for so long. But the low point has to be their purchase of Contract Labour service and becoming part of NZ's biggest ever labour scam. Buyers who picked the $0.50 low will now be happy.

[percy]

A wee milestone reached which we should not let go by without some celebration. Nearly five years after listing at $1.50 AWF is finally back up to listing price. And what a few years that has been. Bit hard to pick out the highlights in a stock that only went downhill for so long. But the low point has to be their purchase of Contract Labour service and becoming part of NZ's biggest ever labour scam. Buyers who picked the $0.50 low will now be happy.

Fair comment.I wanted to buy at issue.but my broker Derek at Craigs thought they would weaken off.I did buy some at about 72cents ,but sold for some reason,however I am pleased to sayIi brought some before Xmas at $1.05.I thought they would come right after they appointed the present CEO.Their entry into health/age care should see positive growth.

[Lizard]

Result on target today at underlying $3.8m NPAT for year to 31 March. Revenue at $95.8m, so starting to look like a respectably sized business, though may still some way to go before it gets on the "broker coverage" list.

Op cashflow looked impressive - reinvested in purchases of Panacea and Mourant (healthcare and mining sectors). This should help boost profit for the coming year, as they only contributed for 6 months in this result. Second half produced $2m NPAT, so I'm pencilling in $4.5m NPAT for the 2011/12 year, though looks as though we will have to wait for the 27 July agm to get an update from them on outlook. If they can hit that, then forward P/E remains under 10 and net cash position.

Final div of 6.4cps brings total to 10.2cps for the year and will make it a 6% net yield plus imputation at $1.70 - not too shabby. Will continue holding, as currently think there is more left in this.

[percy]

Well I thought it was a "cracker' result. forward PE looks very modest compared to growth.Try this ratio.PE/growth +yield and the SP has some way to go yet.{I hope.}

[Lizard]

Got the Annual Report recently and thought the forward-looking statements were pretty positive:

We are witnessing slow improvement in market confidence and employers continuing to increase staff numbers but perhaps not ready to commit to permanent staff.

Our new businesses will bring extra value in 2011/12 and at the same time we have some exciting new initiatives to introduce in the first half.

We are very confident that we will continue to grow in 2011/12, achieving acceptable margins and profitability.

Although the value-gap has closed a bit, I have added to the income portfolio at below $1.80 on the basis of strong yield and growth. Also think this one avoids the tricky area of forex exposure that is making some other local shares harder to gauge, plus a degree of inflation-proofing from this type of business. Good also to see some pedigree amongst the top 20 shareholders. Ideally, I'd hope for $2.40 in 12 months - being a forward PE of 14 on my guesstimate earnings for current year - but that could be a bridge too far given the lack of liquidity.

[percy]

I can not see this company staying "under the radar" for too much longer.The company is gaining mommentum.The upturn we were well positioned for is happening now!!
The lack of liquidity will make it hard for any one wanting a good number of shares. I see the company's chairman is the 20th largest holder with 83,000 shares.
Perhaps the largest shareholder,Simon Hull with 66.83% [he founded the company] may have to look at selling down a few a some stage.Whatever, it is pleasing to read such a positive annual report.

[percy]

Tim Hunter's article on AWF in to-days Sunday Star Times is quiet good.
"Overall,AWF looks a well managed business with a respectable outlook."
Talking of respectable, reminds me that there are some very respectable names in the top 20 shareholders' list.