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  1. #4301
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    Should the sale of the Seeds & Grain go through, there will be bugger all left of PGW, think I'll be saying no on the 30 oct.

  2. #4302
    percy
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    Quote Originally Posted by waikare View Post
    Should the sale of the Seeds & Grain go through, there will be bugger all left of PGW, think I'll be saying no on the 30 oct.
    Well I think the "bugger all" will be in very good shape,well focussed and financed,and will still be able to sell a lot of seeds via the agency arrangement.
    Coud be a good little earner.paying very good divies.
    A big YES vote from me.
    Last edited by percy; 13-10-2018 at 11:23 AM.

  3. #4303
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    Is there been any indication what they will do with the proceeds if the sale goes through?

  4. #4304
    Speedy Az winner69's Avatar
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    Quote Originally Posted by percy View Post
    Well I think the "bugger all" will be in very good shape,well focussed and financed,and will still be able to sell a lot of seeds via the agency arrangement.
    Coud be a good little earner.paying very good divies.
    A big YES vote from me.
    Many seem to overlook that PGW will still be selling hundreds of millions of dollars of seeds and still make a decent margin out of doing so, even though not the ‘full’ margin they don’t have all the expenses that go with it either.

    Might even be better off selling it

    I note Agria haven’t ‘irrevocably’ agreed to sell their share.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  5. #4305
    Speedy Az winner69's Avatar
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    Quote Originally Posted by NZSilver View Post
    Is there been any indication what they will do with the proceeds if the sale goes through?
    Probably give you heaps silver

    KM talking about $292m ...that’s 38 cents a share
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #4306
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    Quote Originally Posted by waikare View Post
    Should the sale of the Seeds & Grain go through, there will be bugger all left of PGW, think I'll be saying no on the 30 oct.
    Not quite true in my opinion - real estate, water, merch and Fruitfed - do the mathes they produce about half of profits so quite a good business left and more way more than the market is pricing at moment.

  7. #4307
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    Quote Originally Posted by NZSilver View Post
    Is there been any indication what they will do with the proceeds if the sale goes through?
    Taken from press release Fri, 12th

    If it gets approval, the board said Wrightson plans to return up to $292 million through a share cancellation. The remaining cash will repay debt and fund capital expenditure. Wrightson will probably need to shrink its corporate head office and the smaller business may attract less analyst and investor coverage.

  8. #4308
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    Quote Originally Posted by waikare View Post
    Taken from press release Fri, 12th

    If it gets approval, the board said Wrightson plans to return up to $292 million through a share cancellation. The remaining cash will repay debt and fund capital expenditure. Wrightson will probably need to shrink its corporate head office and the smaller business may attract less analyst and investor coverage.
    Are we are being asked to vote on a proposal where the returns to shareholders have not yet been finalised.

  9. #4309
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    Need your votes in re seed sale by 28th Oct.

    I'm voting with Snoopy and the shareholders association against this sale. Short term versus long term I guess. Although my shareholding will be hard to count unless you have a lot of decimal points on your calculator.

    Am I correct in thinking you need over $4mill in shares or 7,548,488 shares to have a 1% vote.
    Last edited by Aaron; 24-10-2018 at 07:39 AM.

  10. #4310
    On the doghouse
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    Default Dividend Capitalisation Method valuation: Part 1 (FY2018 Data)

    Quote Originally Posted by Snoopy View Post
    I posted the above on 31st October 2015.

    I am now changing my valuation method to reflect the dividends actually paid from years 2012 to 2016 inclusive, representing the whole Alan Lai era.

    Year Dividends Paid 'per share' Total
    FY2012 0.0cps + 0.0cps 0cps
    FY2013 2.2cps + 1.0cps 3.2cps
    FY2014 2.0cps + 2.5cps + 1.0cps (s) 5.5cps
    FY2015 2.0cps + 2.0cps 4.0cps
    FY2016 1.75cps + 2.0cps 3.75cps
    FY2017(f) 1.75cps + 2.0cps(f) 3.75cps
    Average FY2012 to FY2017 inclusive 3.37cps

    (f) indicates forecast result.
    (s) indicates 'special dividend'
    My valuation method to reflect the dividends actually paid from years 2012 to 2018 inclusive, representing the whole Alan Lai era.

    Year Dividends Paid 'per share' Total
    FY2012 0.0cps + 0.0cps 0.0cps
    FY2013 2.2cps + 1.0cps 3.2cps
    FY2014 2.0cps + 2.5cps + 1.0cps (s) 4.5cps
    FY2015 2.0cps + 2.0cps 4.0cps
    FY2016 1.75cps + 2.0cps 3.75cps
    FY2017 1.75cps + 2.0cps 3.75cps
    FY2018 1.75cps + 1.25cps 3.00cps
    Average FY2012 to FY2018 inclusive 3.17cps

    (f) indicates forecast result.
    (s) indicates 'special dividend'. I have decided not to include any special dividend in this dividend model as I consider the special dividend is unlikely to be repeated.

    SNOOPY
    Last edited by Snoopy; 23-03-2019 at 09:41 AM.
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