PGW - PGG Wrightson

[kiora]

Curious
Why did REL want to own a minority stack in PGG Wrightson in the first place?
As Percy has pointed out,it will be interesting to see what REL employ the funds into

[Southern Lad]

Curious
Why did REL want to own a minority stack in PGG Wrightson in the first place?
As Percy has pointed out,it will be interesting to see what REL employ the funds into

My pick is that REL will take the opportunity of the dip in their share price to make a buyback offer at a discount to NTA, thereby increasing the NTA of the remaining shares and increasing H&G’s ownership percentage.

[percy]

My pick is that REL will take the opportunity of the dip in their share price to make a buyback offer at a discount to NTA, thereby increasing the NTA of the remaining shares and increasing H&G’s ownership percentage.

Well it is the company they know best.
Currently H&G Ltd hold 67.10% of REL, and there are a number of other holdings associated with the Cushings and Rodger Findlay.

[sb9]

More being crossed...

275

855,823

11:37

SP

[Balance]

More being crossed...

275

855,823

11:37

SP

''

It's very clear what's happening behind the scenes.

Put 2 and 2 together and .....

[Snoopy]

''

It's very clear what's happening behind the scenes.

Put 2 and 2 together and .....

I must be a bit thick, because from where I sit it is far from clear. 855,823 shares is approximately 1% of PGW shares. So add to that the just over 7% of PGW already traded at $2.75 and it still doesn't reach 10%. 10% is needed for a blocking stake. So whoever is buying isn't there yet, if that is the goal. Apart from the Agria stake, the share register is widely distributed.

Looking back at the share register as reported in AR2019, the only single holder left with 855,823 shares to sell is Masfen Securities Limited. But why would Masfen agree to sell only 2/3 of his shares at $2.75? For that reason I don't think Masfen would have sold.

ACC had 653,354 shares. Not enough, but they may have accumulated more since reporting date. It might be ACC selling? Big institutional investors would not sell at less than an imminent takeover offer price. So are we looking at a takeover offer of $2.75 coming soon? If that is the end goal, why does the potential bidder not make a full bid now? I guess it would increase the credibility of a bid if they had H&G and ACC 'on board' in advance?

What today's action does show is that the buyer is not a white knight for Alan Lai and Agria. If that were the case, there would be no need to buy more PGW shares on the market today.

SNOOPY

[sb9]

I must be a bit thick, because from where I sit it is far from clear. 855,823 shares is approximately 1%. So add to that the just over 7% of PGW already traded at $2.75 and it still doesn't reach 10%. 10% is needed for a blocking stake. So whoever is buying isn't there yet, if that is the goal. Apart from the Agria stake, the share register is widely distributed.

Looking back at the share register as reported in AR2019, the only single holder left with that number of shares is Masfen Securities Limited. But why would agree to sell only 2/3 of your shares at $2.75? For that reason I don't think Masfen would have sold.

ACC had 653,354 shares. Not enough but they may have accumulated more since reporting date. It might be ACC selling. Big institutional investors would not sell at less than an imminent takeover offer. So are we looking at a takeover offer of $2.75? If that is the end goal, why does the bidder not make a full bid now?

https://www.nzx.com/announcements/351925

Details of the buyer...Beijing Holdings BAIC Ltd. (“BHBL”)

[Balance]

Looking back at the share register as reported in AR2019, the only single holder left with 855,823 shares to sell is Masfen Securities Limited. But why would Masfen agree to sell only 2/3 of his shares at $2.75? For that reason I don't think Masfen would have sold.

ACC had 653,354 shares. Not enough, but they may have accumulated more since reporting date. It might be ACC selling? Big institutional investors would not sell at less than an imminent takeover offer price. So are we looking at a takeover offer of $2.75 coming soon? If that is the end goal, why does the potential bidder not make a full bid now? I guess it would increase the credibility of a bid if they had H&G and ACC 'on board' in advance?

SNOOPY

Add Agria's stake of 44.3% to what they have accumulated, and they are guaranteed to have majority control when they launch a full takeover bid.

Otherwise, there's no logical explanation for anyone to pay a premium to build up towards a 10% stake in the company.

[percy]

Add Agria's stake of 44.3% to what they have accumulated, and they are guaranteed to have majority control when they launch a full takeover bid.

Otherwise, there's no logical explanation for anyone to pay a premium to build up towards a 10% stake in the company.

Anyone know who Beijing Holdings BAIC Ltd are.?
Agreed.........................

[freddagg]

Anyone know who Beijing Holdings BAIC Ltd are.?
Agreed.........................

Here is what Mr Wiki knows
https://en.wikipedia.org/wiki/BAIC_Group