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  1. #4851
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    Quote Originally Posted by Snoopy View Post
    What about this?

    https://www.bloomberg.com/profile/company/BJHLDZ:HK

    Beijing Holdings Ltd

    "Beijing Holdings Limited operates as an investment holding company. The Company operates in Hong Kong."

    Director Lei Zhengang is in the "Offshore Leaks Database"

    https://offshoreleaks.icij.org/nodes/103687?e=true

    "This database contains information on more than 785,000 offshore entities that are part of the Paradise Papers, the Panama Papers, the Offshore Leaks and the Bahamas Leaks investigations."

    and Chang Ling

    http://hkmdb.com/db/people/view.mhtm...isplay_set=eng

    A retired Kung Fu movie actress. If the takeover gets off the ground, I wouldn't want to be part of the management team to 'get the chop' from her!
    I see from the 23rd April Announcement by PGW

    -------

    Beijing Holdings BAIC Ltd Investment in PGW

    PGG Wrightson Limited (PGW) Chairman, Rodger Finlay today noted that “Beijing Holdings BAIC Ltd. (BAIC) announced earlier this week that it has acquired approximately 6.8 million shares in PGW giving it a 9.019% stake.”

    “BAIC’s Managing Director, Meizhan Yan has been in contact with us and has outlined that BAIC is a Hong Kong domiciled investment company that has interests in international agricultural and food investments. We understand that BAIC is ultimately owned and controlled by Beijing Capital Agribusiness and Foods Group (BCAG).

    -------

    So maybe no Kung Fu needed to sort this out after all? Can we assume that because the declared stake on April 23rd was 9.019%, a further declaration is not needed until the stake is 10.019%. IOW BAIC may already have a blocking stake without having to make another declaration?

    SNOOPY
    Last edited by Snoopy; 10-05-2020 at 08:22 PM.
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  2. #4852
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    Quote Originally Posted by Snoopy View Post
    I was scratching my head to try and find out why the Cushings might sell. Did they want to repay 'Rural Equities' debt? No, the sale of dairy farms during FY2019 saw all 'Rural Equities' debt paid back.

    I noticed that Rural Equities has also sold their equity stake in Websters in Australia. So the reason given for Rural Equities putting money into both PGW and Websters originally - diversification - must no longer be current.

    How about this for a wildcard? David Cushing has fallen out with Alan Lai (pure speculation). So Lai has found another 'mate' to buy the stake so that he can maintain defacto controller of PGW! That might be worth paying a premium to do!
    A very 'matter of fact' 17th April announcement on the sale of REL's 3,158,313 PGG Wrightson Limited shares.

    https://www.usx.co.nz/symbol/rel (Click 'Announcements')

    No clues on why REL's 'diversification' strategy has been wound back.

    There are offers in the market to buy 17,550 REL shares at $4, about $70k worth. Chump change if you had an $8m cash war chest from the sale of your PGW shares and the bid was part of a buyback.

    No subsequent mention of what happened to the REL banking facilities due to be renewed on 3rd May either.

    Quote Originally Posted by Snoopy View Post
    It would seem an odd time to launch a hostile takeover of PGW, with most supporting banks (the big Aussie ones) seemingly wanting to reduce their rural exposures and fearful for the strength of their loan books.
    BAIC would have no need to use Aussie banks to finance any PGW purchase.

    Quote Originally Posted by kiwidollabill View Post
    Lack of info (comments from Chair) around recent share trades between REL and China bring no confidence to other shareholders that the business is being used as a playing by overseas interests.
    Would Rodger Finlay (of REL and PGW) even know what the fate of REL's PGW stake might be in the hands of new Chinese owners? Would he be expected to know? The REL stake was only 5% of PGW after all. Wouldn't it be more likely that REL was just offered a good price for their PGW stake and took the opportunity to sell 'no questions asked'?

    SNOOPY
    Last edited by Snoopy; 10-05-2020 at 02:03 AM.
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  3. #4853
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    Well the chairman and a fellow director selling their stake [ie REL's] at above market, price sends a clear message,to the market.
    Pity they did not tell us what that message was,?
    Last edited by percy; 10-05-2020 at 10:59 AM.

  4. #4854
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    Quote Originally Posted by percy View Post
    Well the chairman and a fellow director selling their stake [ie REL's] at above market, price sends a clear message,to the market.
    Pity they did not tell us what that message was,?
    Message is as clear as can be for those who read between the lines.

    The Cushings still hold 2m odd shares.

    I would also if I can keep a few to enjoy the upside from PGW being used by BABL to introduce best farm servicing practices into China.

    As we have seen from Synlait, the right China partner makes all the difference to tapping the real upside in China.

  5. #4855
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    Quote Originally Posted by Balance View Post
    Message is as clear as can be for those who read between the lines.

    The Cushings still hold 2m odd shares.

    I would also if I can keep a few to enjoy the upside from PGW being used by BABL to introduce best farm servicing practices into China.

    As we have seen from Synlait, the right China partner makes all the difference to tapping the real upside in China.
    Agreed......................................

  6. #4856
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    Quote Originally Posted by kiwidollabill View Post
    Lack of info (comments from Chair) around recent share trades between REL and China bring no confidence to other shareholders that the business is being used as a playing by overseas interests.
    NBR has had a bee in the bonnet about the Chinese presence on PGW's register for a while - and rightly so. Agria was the wrong majority & controlling shareholder but that's now history.

    BAIC's intention will become clear once they have bought Agria's stake in PGW. It's then up to minority shareholders to accept or reject BAIC's offer.

  7. #4857
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    Quote Originally Posted by Snoopy View Post
    Can we assume that because the declared stake on April 23rd was 9.019%, a further declaration is not needed until the stake is 10.019%. IOW BAIC may already have a blocking stake without having to make another declaration?
    Blocking stake for BAIC confirmed by 29th April 2020 NZX announcement.

    "Between 20 April 2020 and 28 April 2020, BHBL acquired an interest in 754,841 fully paid ordinary shares in PGW." Total stake held as at 29-04-2020 is 10.019%.

    SNOOPY
    Last edited by Snoopy; 10-05-2020 at 08:27 PM.
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  8. #4858
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    Quote Originally Posted by Balance View Post
    Message is as clear as can be for those who read between the lines.

    The Cushings still hold 2m odd shares.
    This business about the Cushings still holding PGW shares keeps coming up (not just from Balance). So it is time for me to once again recheck the press releases to see if I have missed anything.

    From my post 4789

    Quote Originally Posted by Snoopy View Post
    First disclosure from David Cushing regarding H&G stake in PGW made on 1st May 2019, a purchase from Agria, for a post consolidation equivalent of 2.007m shares. That balance is consistent with the number of shares held by H&G prior to today's announcement. This followed the NZX declaration made on 10th April of the equivalent of 1.7m shares being acquired for $1.80 from Agria , a total cost of $8.33m. I assume there must have been an historically H&G owned 0.307m PGW shareholding balance that made the total up to 2.007m at the time.

    Today's (20-08-2019) announcement showed that H&G were also buying PGW shares on market:

    (1) On 15 August 2019, through on-market trades, REL acquired 72,238 PGW shares for $158,121.76. That is an average price of $2.19
    (2) On 16 August 2019, through on-market trades, REL acquired 27,035 PGW shares for $61,647.91. That is an average price of $2.28
    (3) On 19 Aug 2019 came the Ngai Tahu purchase, REL acquired 2,743,463 PGW shares for $6,447,138.05. That is an average price of $2.35

    Latest purchases from the Cushings means that 2.842m additional shares have been acquired since 15th August 2019.

    This total purchase value of this increased holding was:

    $158.1m + $61.6m + $6,447.1m = $6.667m.

    So total holding by H&G (including shares held by REL which is more than 20% controlled by the Cushings, which in turn means the REL stake is consolidated within the H&G stake for reporting purposes) is:

    2.007m (H&G) + 2.842m (REL) = 4.849m shares, amounting to

    4.849m/75.484m = 6.424% of PGW.
    Subsequent to these purchases, REL went to the market again. A top up purchase of 316,157 shares was advised to the market on 3rd October 2019 and brought the total REL shareholding to:

    2.842m + 0.316m = 3.158m

    Next look at my post 4789

    Quote Originally Posted by Snoopy View Post

    17-04-2020. Rural Equities Limited has this morning sold its parcel of 3,158,313 PGG Wrightson Limited shares.

    However, the single sale through the market was reported as being for 5,628,450 shares. (from Stocknessmonster)

    It does look like both H&G and Rural Equities have both now sold out of PGW. That is the only way I can make sense of the figures. Will David Cushing stay on the PGW board I wonder?
    The 17th April 2020 disclosure shows only the REL PGW stake while the 2.07% H&G stake remains. I am guessing this is the origin of the 'Cushings still retaining 2%' rumour. However, I would like to point out that as soon as the REL stake was sold, the Cushings were no longer substantial shareholders in PGW. So they could do whatever they liked with their remaining 2% stake without informing the market. And PGW shareholders would be 'none the wiser'.

    This report of one 'off market share sale' of 5,628,450 shares is more than the total holding of PGW shares owned by REL, just before the sale occurred. So some other share parcel must have been bundled up with this share sale. And if you add the known H&G stake to the declared REL stake you get:

    2.007m +3.158m = 5.165m.

    Even this total is still a little short of the 5.628m reported total share sale. So if my theory is correct, then H&G must have bought more PGW shares on market, prior to this sale, to make up the difference. This is the only way I can get to 'add up a market value' of 5.628m shares PGW shares being sold from one owner.

    SNOOPY
    Last edited by Snoopy; 12-05-2020 at 08:22 PM.
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  9. #4859
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    Seller at 270 is all but taken out, next big resistance at 271 with current depth volume of 100k...let's see when we can rid of that volume.

  10. #4860
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    Quote Originally Posted by sb9 View Post
    Seller at 270 is all but taken out, next big resistance at 271 with current depth volume of 100k...let's see when we can rid of that volume.
    Looks like the 100k for sale at $2.71 has disappeared now that buyers are paying up.

    Wondering whether it was just for show to keep the sp under check before the inevitable takeover offer from BAIC imo.

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