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

[percy]

I like AWF and have for some time now, but this is not doing much to promote liquidity in a stock that is already very illiquid is it? Surely issuing options would be a better way to incentives the execs.

Liquidity has/is a problem.The shares are very tightly held,with some top twenty holders adding to their holdings over the past year.
I do not know what they are going to do with the treasury stock,so can't comment.
ABA,and SCT also have market caps of approx $70mil,and I note their shares are also illiquid.PHB before the sudden rise were also around the $70mil market cap.Their shares are/were also illiquid.

[4be]

Liquidity has/is a problem.The shares are very tightly held,with some top twenty holders adding to their holdings over the past year.
I do not know what they are going to do with the treasury stock,so can't comment.
ABA,and SCT also have market caps of approx $70mil,and I note their shares are also illiquid.PHB before the sudden rise were also around the $70mil market cap.Their shares are/were also illiquid.

Yeah good points, I guess it comes back to the NZX been an illiquid market overall and the general buy and hold mentality of a lot of retail investors.

[percy]

Yeah good points, I guess it comes back to the NZX been an illiquid market overall and the general buy and hold mentality of a lot of retail investors.

From memory there are some very astute shareholders on both PHB and AWF's top 20 holders.Although I hold and like ABA I can't remember if there are many astute holders I recognize. AWF's ROE is very high,so the company can expand without coming back to shareholders for more funds.They certainly are performing very well,and I would expect with earnings coming on stream from new acquisitions,we will see another year of positive growth in the coming year.

[stoploss]

looks like they got 321,000 @ 250 this morning.

Today's announcement "The board of AWF Group intends purchasing up to 500,000 ordinary shares to be held as treasury stock,shall be completed by 31/3/13".
Means if you have not already brought some, you have serious competition.
Not sure how many have traded in the past year,but I doubt it is much more than 500,000,and that has driven the SP from $1.65 to $2.50. Another positive announcement for us shareholders.

[stoploss]

just had a read of this years annual report,very positive ,much the same as last year.Loved the bit" the first two months of this year have seen new record levels " Maybe some good comments to come at the AGM later in the month.I won't be able to make it.Hope someone here can go along and report back.

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



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]

just had a read of this years annual report,very positive ,much the same as last year.Loved the bit" the first two months of this year have seen new record levels " Maybe some good comments to come at the AGM later in the month.I won't be able to make it.Hope someone here can go along and report back.

Wife says thank you,for getting me to have a big clean out.Been hunting for the 2112 AWF annual report.Found last years,but not this year's.
Pleased to report this year's arrived in yesterday's post. lol.
Report reads very well.Top 20 largest holding very interesting.I notice the fifth largest shareholder has increased his holding from 82,600 to 449,100.Astute investor, so we are in good company.I really do have problems with actual profits and "underlying earnings",get me very confused.At least cash flow statement is clear.I recently added to wifes holding,as I feel they can grow the business by aquisition and organic growth,without coming back to shareholders for more funds.I rang Michael Huddleston a couple of months ago and found he was easy to speak to.Answered my questions well, with straight answers you get from a competent CEO who enjoys his job.

[Lizard]

AGM presentations read well. Good to read that they have budgeted for continued high levels of growth and are achieving them.

[stoploss]

Have to agree, I have purchased some more today on the back of this.Pity they didn't put any numbers on the forecasts though.I suppose in this day and age not so easy to do this.

[percy]

Good presentations.The continued high levels of growth and room for expansion confirms to me that this is an excellent business,well run,with very good prospects.Like you Stoploss I have recently brought more at these levels.Looks to me as they are looking at 15 to 20% growth this year.May surprise on the high side.

[stoploss]

Gee bit of a turnaround from yesterday...they have sold Panacea...must be something good on the horizon they want the money for .......

AGM presentations read well. Good to read that they have budgeted for continued high levels of growth and are achieving them.