RAK Rakon

[blobbles]

Holy moly, just woke up in China (spring festival, not my normal wake up time!) to see it down 11c. The announcement from Rakon has crap written all over it.

To paraphrase:

1. We are definitely price takers and our customers just told us the new price for our products. Its lower than before.
2. We either screwed up our currency hedging (once again) and/or have no idea how to manage our company so have halved our expected profits in 6 months.
3. We have been guessing (read overestimating) the value of our assets for the past few years and someone of importance wants to know what the actual value is.

I just feel sorry for the guy about 6 pages ago that thought we had it wrong. Can't say we didn't warn him...

So what is true asset value? We should have a mini comp here to guess. I will start at 25m.

[emearg]

MOOSIE 900 I dont think the robinson family will be to bad off even when RAK go belly up.
They have been paying themselve's a bloody fortune to run this company into the ground.
From my memory B. Robinson is the 14th highest paid ceo of any company listed on the nzx.

Various finance companies will be scrapping to get him as their new CEO once Rakon vanishes. They like men with his talents...

[Under Surveillance]

Various finance companies will be scrapping to get him as their new CEO once Rakon vanishes. They like men with his talents...

Don't forget that he was also a finalist in last year's Entrepreneur of the Year award, sponsored by Ernst and Young. That high accolade will surely add greatly to his attractiveness to all comers.

[blobbles]

We calculated a few pages back the Robinsins (mispelled correctly) make 2.2 million every year Rakon is in business... I would suggest they have been aware and preparing for the companies downfall for a while.

[Toasty]

Some Rakon jokes.

I wish this had some sort of thumbs up or rating function. Excellent.

[winner69]

7 million shares traded so far today, definitely a record for the company equalling 4% of shares on issue. A sorry record at that.

What %age is that of shares the robinsons don't own ......methinks quite high

[emearg]

I'm a clown. It's my job to make you laugh!

Unlike the Robinsons you deserve to keep your job

[Master98]

whole company rotted from low level to high level management.

[moimoi]

From the last Downgrade issued in December...

Robinson said he was surprised by how far Rakon's share price had fallen yesterday."It's dropped a lot more than I expected it to."

I'll look forward to tomorrows quote...I'm picking something along the lines of "I kicked the cat".

[emearg]

God it really is incredibly sad the way this one has gone!!! I had hopes back in the day that Rakon would become NZ's Nokia.

It never got there. It never will.

I'm glad I never bought any. And no matter how cheap they get I won't be buying any.

What a pity...