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  1. #1
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    Default PGG-Wrightson ( PGW )

    Strong prices bolster PGG-Wrightson merger

    22.10.05


    Strong product prices were assisting in the bedding down of the newly merged PGG-Wrightson, interim managing director Baird McConnon told the annual meeting in Dunedin yesterday.

    McConnon said after the meeting that rural supply stores had been busy in recent weeks, a sign that clients appeared to be giving the company the benefit of time before judging its success or failure.

    The focus had been on ensuring the merged entity retained its strength, with minimal impact on the business and none on clients.

    "If we succeed with our clients, we will succeed with our business."

    McConnon expected the company to vacate Wrightson's Porirua head office by next March.

    The corporate office is moving to Christchurch and account processing to offices in Napier and Dunedin.

    He said it was too early to say how many of the 2700 staff inherited with the merger would keep their jobs, and added it was premature to judge which of the 20 South Island centres where both companies had rural supply stores would close.

    A 100-day schedule has been adopted to bed in the merged company and create a divisional business structure which utilises the entity's size and strength, as well as a district management system which gives clients access to decision-makers.

    McConnon said the proposed structure adopted the best elements of the way PGG and Wrightson previously operated.

    PGG-Wrightson will operate six divisions - livestock, wool, rural supplies, finance, real estate and seed and grain - with three business units: Agri-Feeds, which imports and distributes animal feed and animal health products; Agriculture New Zealand Training, a private rural training organisation; and Irrigation and Pumping.

    It has also created a joint venture with specialist Merino wool marketing company, New Zealand Merino. A remit to increase directors' fees from $400,000, previously paid to PGG's eight directors, to $875,000 for PGG-Wrightson's 12 directors, was passed without dissent.

    Earlier, the former chief executive of PGG, Hugh Martyn, said it achieved a 6 per cent increase in sales, breaching the $300 million mark for the first time.

    The $17 million tax-paid profit was down $750,000 on the previous year, due in part to the poor performance of its Irrigation and Pumping division.

    - NZPA
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  2. #2
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    PGW has been one of the few companies not to suffer much of a "correction" in the last week, listed at 2.16 and now at 2.14.
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  3. #3
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    Watch out for the BIG improvement to come when a few zillion chickens are slaughtered and the European public go off chicken meat etc. Watch our little wooly muttons and scraggy beefs diappear across the water to fill the gap.

  4. #4
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    I wonder if any institutions are buying up this stock? SP is starting to lift off. Perhaps index funds are buying in.

    Wow - what a day...the stock surged to a high of $2.45, before backtracking a bit...and there was NO NEWS. I think I'll hold on this one a bit longer!
    FYA

  5. #5
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    Somebody is buying up big on this company today great volume. Cant be on the back of the bird flue scare still who is complaining. macdunk

  6. #6
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    quote:Originally posted by duncan macgregor

    Somebody is buying up big on this company today great volume. Cant be on the back of the bird flue scare still who is complaining. macdunk
    That's good.

    I got some a few days ago at 2.30
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
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    The information you need is not the information you can obtain.
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  7. #7
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    I've been looking at getting into this stock for a while..

    i've obviously been looking for too long as its ralled 12% in a week.

    I guess its quite tightly held and as soon as somebody wants vol...price goes up.
    “If you're worried about falling off the bike, you’d never get on.”

  8. #8
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    There has been heavy selling of PGW since the 18th january, when the Aon insurance announcement came out. Closed at $1.96.

    Rural seems to be out of favour at the moment.
    om mani peme hum

  9. #9
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    Have been out for a wee while.
    Farming out of favour
    Horticulture(here in HB) really struggling - will impact on W&K
    Dry weather and so on
    Ongoing increasing costs esp fuel and power and so the list goes on
    Plus restructuring within the co.


    Will look again when things change.

  10. #10
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    PGW has been in a downtrend for about 3 months, so far. The previous uptrend ended with a nice clear "V" reversal and most any trend indicator would have got you out fairly shortly thereafter. Note how the OBV (On Balance Volume) indicated a "Sell" weeks before any of the other 3 indicators shown here were triggered. This is exactly what "leading" indicators are supposed to do - provide early notice of trend weakness.


  11. #11
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    SP has now fallen about 22% in three weeks, with no obvious explanation. With the result due next Thursday can't help wondering who has had a sneak preview. Where is the NZX?

  12. #12
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    I think that there are probably concerns on farm incomes - and therefore farmers spending. Dairy incomes have held up well, but sheep & beef farmers are under pressure, and the golden times of the last 4-5 years have seemingly dimmed. A drop in the dollar might help returns, but market prices for beef & lamb have fallen, with pelts, wool, venison & Velvet still depressed.

    If it continues, will put pressure on farm prices, which appear to be driven by capital gain, rather than yield.

    As Foodee mentions, costs have continued to increase, including interest rates, which will start to bite as farmers come off fixed rates. Many are pretty heavily leveraged.

  13. #13
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    Possible break in downward trend happening...maybe low NZD has something to do with it.

    Perhaps market looking for undervalued stocks right now.
    FYA

  14. #14
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    This drop in the value of the NZD couldn't have come at a better time for our farmers - at the hieght of the killing season. Even the dairy farmers will be breathing a sigh of relief although Fonterra have 15 months of forward currency hedges in place so it will be 06-07 season before they get some benifit from the lower dollar

    They say that spending levels are very closely correlated with confidence in future returns and I'm betting that the confidence levels of farmers have rachetted up a few notches since the NZD has taken a dive.

    Agricultural commodities appear to be right at the bottom of thier price cycle at the moment so hopefully we will have rising prices along with a falling dollar and boom times for NZ farmers.
    Bought some PGW today.
    ,
    He who lives by the crystal ball soon learns to eat ground glass. (Edgar Fiedler)

  15. #15
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    PGW must have broken out of it's downtrend by now - any chartists out yhere to give me an update - thanks
    ,
    He who lives by the crystal ball soon learns to eat ground glass. (Edgar Fiedler)

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