PGW - PGG Wrightson

[Snoopy]

Above posted 28-05-2019.
Snoopy read it.

I did read it Percy, and I posted my impressions a day later. That Tim Hunter article does not mention any misdemeanours carried out by Alan Lai in NZ related to PGW. Despite Lai making cash payments to US authorities, he has not been convicted of any crime in a court of law in the United States. Legally he is not guilty of these charges as determined by a court of law, ( which is not the same as saying he is innocent of course! )

SNOOPY

[percy]

Yes correct,however his known overseas "naughty boy" activities, meant he resigned as chairman and had to sell down his majority holding.
He is not a "fit and proper person".
Credibility rating zero.

[Balance]

These separate 'indiscretions' you have outlined by David Richwhite and Eric Watson both occurred in New Zealand and brushed up against NZ legal authorities. The 'indiscretions' committed by Alan Lai did not occur in New Zealand and did not relate to a New Zealand company and no NZ legal authority was involved. Lai has a clean record in N.Z.. The other two don't.

SNOOPY

Actually not the case with Eric Watson - he violated US laws & regulations. US Office Products listed in the US was the subject of his violation.

Owen Glenn is probably the best example of someone who decided to ignore all the findings against Watson and man alive, has he paid a huge emotional & financial price for it!

Anyway, the critical point is this - who would trust Alan Lai & Agria to do business with in US or NZ again? Would you? I believe that is the pertinent point.

[Snoopy]

Actually not the case with Eric Watson - he violated US laws & regulations. US Office Products listed in the US was the subject of his violation.

The SEC alleged security law violation by Eric Watson. Then it was all settled out of court. No securities law violation was proven.

And as the following quote from your reference, Balance, makes clear:

"Even though Watson is a New Zealand citizen and his purchases and sales of McCollam shares occurred in New Zealand, Watson engaged in conduct that had the effect of defrauding a US issuer and its shareholders."

The alleged offending had a distinct New Zealand component and connection. There is no New Zealand transaction trail that links Alan Lai's alleged offending at Agria with New Zealand.

Anyway, the critical point is this - who would trust Alan Lai & Agria to do business with in US or NZ again? Would you? I believe that is the pertinent point.

The PGW board at the FY2018 AGM seemed very happy to continue to do business with Alan Lai.

SNOOPY

[percy]

The PGW board at the FY2018 AGM seemed very happy to continue to do business with Alan Lai.

SNOOPY

The ones who have since left.?

PS.I think the OIO would have enjoyed Tim Hunter's article..!..lol.

[janner]

I have been trying to work out whether it is better to buy now or not.?????.{Have a modest holding]. .

Like you Perc. I have a modest holding..

More for educational purposes. The great posts from good posters, has me following this one :-)))))

[Balance]

The SEC alleged security law violation by Eric Watson. Then it was all settled out of court. No securities law violation was proven.

And as the following quote from your reference, Balance, makes clear:

"Even though Watson is a New Zealand citizen and his purchases and sales of McCollam shares occurred in New Zealand, Watson engaged in conduct that had the effect of defrauding a US issuer and its shareholders."

The alleged offending had a distinct New Zealand component and connection. There is no New Zealand transaction trail that links Alan Lai's alleged offending at Agria with New Zealand.

SNOOPY

Agree with you that legally, Fay Richwhite, Eric Watson, Hanover directors & promoters*, Alan Lai & Agria were all alleged to have committed offenses - which were settled out of court, without admission of guilt or innocence.

Point is still the same - would you deal with them again?

*https://www.nzherald.co.nz/business/...ectid=11476426

[Balance]

Big crossing of 1m at 53c today.

So will PGW make an announcement on the capital repayment & corporate review on Monday, 1st July?

https://www.nzx.com/announcements/334292

"we would hope to be in a position to announce outcomes from that work-stream before the end of the financial year on 30 June 2019.”

[Snoopy]

Snoopy wrote:
"The PGW board at the FY2018 AGM seemed very happy to continue to do business with Alan Lai."

The ones who have since left.?

Yes! :-(

SNOOPY

[Snoopy]

Big crossing of 1m at 53c today.

You mean just 1 in 754 of the shares on issue?

So will PGW make an announcement on the capital repayment & corporate review on Monday, 1st July?

https://www.nzx.com/announcements/334292

"we would hope to be in a position to announce outcomes from that work-stream before the end of the financial year on 30 June 2019.”

Did you miss the key word Balance? 'Hope' appears a well worn investment strategy at PGW!

SNOOPY