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  1. #4931
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    Hello Balance

    You say "Firstly, bank covenants are usually measured and monitored twice a year - at the half year and on balance date." In my experience they are measured & reported quarterly but I cannot speak for PGW. That said, all we have to go on is the interim and annual reports.

  2. #4932
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    Quote Originally Posted by Ferg View Post
    Hello Balance

    You say "Firstly, bank covenants are usually measured and monitored twice a year - at the half year and on balance date." In my experience they are measured & reported quarterly but I cannot speak for PGW. That said, all we have to go on is the interim and annual reports.
    Companies which report quarterly (like in the US)?

  3. #4933
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    Quote Originally Posted by Balance View Post
    Companies which report quarterly (like in the US)?
    These were local companies either privately owned or owned by private equity. Those I have observed with banking covenants have all had quarterly covenants, none had 6 monthly. Sample size is 3 from 3 where the covenants were reported quarterly. That said, if there are seasonal fluctuations in PGW debt then I would expect the bankers and finance guys would be smart enough to build that into the covenants.

  4. #4934
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    Quote Originally Posted by Balance View Post
    Companies which report quarterly (like in the US)?
    I was at a function and a chap from the PGW finance, think his name was Bryan or Brice Harris, something like that, do remember he had black curly hair, said that PGW covenant reporting was every three months being end on March, June, Sept and Dec. If they were going close to a covenant then it switched to reporting every month for the banks. Guess if they had to provide monthly reporting to the banks then they would have to announce that of the NZX but I didn't think to ask that question

  5. #4935
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    Quote Originally Posted by Roberto the Brickie View Post
    I was at a function and a chap from the PGW finance, think his name was Bryan or Brice Harris, something like that, do remember he had black curly hair, said that PGW covenant reporting was every three months being end on March, June, Sept and Dec. If they were going close to a covenant then it switched to reporting every month for the banks. Guess if they had to provide monthly reporting to the banks then they would have to announce that of the NZX but I didn't think to ask that question
    Yikes! I wonder if it was monthly reporting that caused Mr B. Harris's hair to start curling! Are there any hairdressers on the forum that could confirm such a possible cause and effect ;-P?

    SNOOPY
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  6. #4936
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    Quote Originally Posted by Snoopy View Post
    Yikes! I wonder if it was monthly reporting that caused Mr B. Harris's hair to start curling! Are there any hairdressers on the forum that could confirm such a possible cause and effect ;-P?

    SNOOPY
    I bought some Braun hair-clippers because we got stuck in the UK for months and the hairdressers were shut (and when they did reopen their were long queues of people who were either really shaggy or had very bad home jobs) and successfully cut my wife's hair such that her cousin who is an hairdresser was complimentary about it, so I feel I do have absolute authority on this subject.

    Monthly reporting would not curl his hair, it would turn it grey.
    So can RoB tell us: do you think he was dying his hair black?
    om mani peme hum

  7. #4937
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    I see that PGW is advertising for a Commercial Manager of their Agency Team. Is this a result of their restructure from last year that this person was a casualty, then EBITDA for that segment is Nil for the 2020 year so the PGW solution is to now re-employ that person. Does this mean the $2.5 million Corporate Restructure saving is going to disappear in the 2021 year?
    Actually thinking about the $2.5 million saving, that would be say 25 people as no senior managers have left the business which seems rather strange. Previously PGW and Seeds division were both based at 57 Waterloo Road. Seeds left and have a nice new building by Lincoln University, two stories, when I drive past looks full of people. So room should be available at Waterloo Road, then Rural Rump leaves to the new palace by the airport which looks bigger than Waterloo Road and also looks very full of people. Then we have the $2.5 million savings, or 25 people. Where were all these people located at Waterloo Road?
    So is the $2.5 million saving a myth, a reality, or only a one year saving that is showing to be a mistake as the departing staff would have left with some form of golden handshake.

  8. #4938
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    Quote Originally Posted by Roberto the Brickie View Post
    I see that PGW is advertising for a Commercial Manager of their Agency Team. Is this a result of their restructure from last year that this person was a casualty, then EBITDA for that segment is Nil for the 2020 year so the PGW solution is to now re-employ that person. Does this mean the $2.5 million Corporate Restructure saving is going to disappear in the 2021 year?
    Actually thinking about the $2.5 million saving, that would be say 25 people as no senior managers have left the business which seems rather strange. Previously PGW and Seeds division were both based at 57 Waterloo Road. Seeds left and have a nice new building by Lincoln University, two stories, when I drive past looks full of people. So room should be available at Waterloo Road, then Rural Rump leaves to the new palace by the airport which looks bigger than Waterloo Road and also looks very full of people. Then we have the $2.5 million savings, or 25 people. Where were all these people located at Waterloo Road?
    So is the $2.5 million saving a myth, a reality, or only a one year saving that is showing to be a mistake as the departing staff would have left with some form of golden handshake.
    Roberto there is one senior manager who has left: Ian Glasson. Look on page 90 of AR2019 and you will see that one employee earned between $3.830m and $3.940m for the year FY2019. I'll bet you anything that wasn't current CEO Stephen Guerin. With the saving on that one salary, there is still plenty of cash to splash around on new building leases and still meet the $2,5m savings target!

    SNOOPY
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  9. #4939
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    So the announcement by Stephen Guerin the then CEO on 13 August said:

    Corporate Structure Review
    “Following the divestment of the Seed & Grain business in May, the PGW Board commenced a review of the corporate service model for the business. Outcomes from the review are now being implemented in a staged manner as we recalibrate our corporate structure to capture efficiencies while also configuring our back office to best serve our customers and our re-sized operation. We expect to see the benefit of cost savings flow through progressively with savings in excess of $2.5 million expected in FY2020,” said Mr Guerin.

    If the only person going was Ian Glasson why would that review still be ongoing? That reads to me to be more 1 person. Also on Page 90 of the annual report it showed Ian Glasson receiving $2.3 million in termination payments and bonuses
    . I am hopeful that the management of publicly listed company would not include those "savings" in a restructure. Hopefully those payments are included in extraordinary expenses below EBITDA and the $2.5 million are additional savings.Otherwise some of your calculations may need reviewing. And I would be interested in knowing what is in included in the $4.5 million of Non-operating expenditure. I had previously assumed $2.3 million was the golden handshake to Ian Glasson.

  10. #4940
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    Quote Originally Posted by Roberto the Brickie View Post
    So the announcement by Stephen Guerin the then CEO on 13 August said:

    [FONT="]Corporate Structure Review[/FONT]
    [FONT="]“Following the divestment of the Seed & Grain business in May, the PGW Board commenced a review of the corporate service model for the business. Outcomes from the review are now being implemented in a staged manner as we recalibrate our corporate structure to capture efficiencies while also configuring our back office to best serve our customers and our re-sized operation. We expect to see the benefit of cost savings flow through progressively with savings in excess of $2.5 million expected in FY2020,” said Mr Guerin.

    If the only person going was Ian Glasson why would that review still be ongoing? That reads to me to be more 1 person. Also on Page 90 of the annual report it showed Ian Glasson receiving $2.3 million in termination payments and bonuses[/FONT][FONT="]. I am hopeful that the management of publicly listed company would not include those "savings" in a restructure.[/FONT][FONT="] Hopefully those payments are included in extraordinary expenses below EBITDA and the $2.5 million are additional savings.[/FONT]Otherwise some of your calculations may need reviewing. And I would be interested in knowing what is in included in the $4.5 million of Non-operating expenditure. I had previously assumed $2.3 million was the golden handshake to Ian Glasson.
    After a good start to FY2020, Steve and the team have worked very hard not to add to that EBITDA figure in the second half. It is only by doing this that less bonuses would be paid and the $2.5m in incremental savings made. As for Ian Glasson, departure isn't a question of 'walking out the door'. First the physical body is escorted from the building. Only then is the gold leaf carpet Ian walked out on re-polished and inspected for damage. This time the golden carpet is still in PGWs possession may be used to make sure the price of gold is not unnervingly high for shareholders when the carpet is finally written out of the PGW books. So you can see that Ian's departure is a stage managed theatrical event which does require ongoing consideration. There is no hurry to send on the carpet because it must wait to take its ultimate place many years down the track. A barrel of Marlborough red wine and a dried Canterbury lamb (fortunately these aren't costly enough to make a future provision for in the accounts) will ultimately be supplied for 'provisions in the afterlife' on Ian's death. At this point the beautifully sheened and rolled golden carpet will will lined up with the food trinkets alongside Ian 's sarcophagus. This is how gratitude and respect is reflected in the 'PGW' (Pre-eminant Gold World).

    SNOOPY
    Last edited by Snoopy; 05-08-2020 at 06:45 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

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