TRA - Turners Automotive Group [previously TNR - Turners Limited]

[McGinty]

Back in 2013 the Chairman's fees were $72k and Directors were $44k, this is for the old Dorchester Pacific which already ran there finance, insurance and debt collection businesses.

So 5 years down the track with the addition of the 'selling cars business' they want a 108% increase for the Chairman and 70.5% for the directors!

Since their last fee raise in 2015 when the Chairman got a 34% increase and Directors 10%, the 3 year return for SH's is just under 6% p.a (given you purchased around the AGM at $2.75). This is most likely a negative return if you have purchased since then at a higher price.

If the "boards focus is on creating shareholder value" then they have failed the last 3 years IMHO. What type of organisation rewards failure with a 36% pay rise?

On top of this, if resolution 5 is passed. Then it is back dated to 1 April 2018!

[Beagle]

The continuous smashing of any reasonable sized bid suggests something is seriously amiss here. If there's a profit downgrade at the annual meeting I will be asking the NZX and FMA to investigate who has been selling in recent weeks.

[sb9]

The continuous smashing of any reasonable sized bid suggests something is seriously amiss here. If there's a profit downgrade at the annual meeting I will be asking the NZX and FMA to investigate who has been selling in recent weeks.

Agree entirely, what baffles me more is that with so much selling over past few weeks, still yet to sight any SSH notice.

[minimoke]

Roadshow started 2 July. Something about the presentations, perhaps, market not liking

[winner69]

Roadshow started 2 July. Something about the presentations, perhaps, market not liking

More likely the presenters .....not convincing punters the story is for real and more than just buzz words and pretty pictures on a slide

Interesting reading the post meeting comments on here ...good raw material for my mate at the LSE Behavioural Finance faculty

[forest]

The continuous smashing of any reasonable sized bid suggests something is seriously amiss here. If there's a profit downgrade at the annual meeting I will be asking the NZX and FMA to investigate who has been selling in recent weeks.

Beagle maybe it's time to watch once more the clip you posted some time ago about the demise of Kodak and the horse and cart. Is it possible some people are looking ahead not at the next couple of years but maybe 5 years plus. Maybe this company got more downside risk as some on this forum allow for.

[Beagle]

Beagle maybe it's time to watch once more the clip you posted some time ago about the demise of Kodak and the horse and cart. Is it possible some people are looking ahead not at the next couple of years but maybe 5 years plus. Maybe this company got more downside risk as some on this forum allow for.

Timely reminder forest that self driving electric cars will be a reality at some stage in the future. Not sure when or how they will cope with N.Z. roads but I agree that this is coming at some stage in the future which kind of makes this the opposite of the retirement industry which has long term tailwinds. Maybe a PE of 10 is all its really worth ?...about $3, assuming the current year's plans are still tracking okay ?

[percy]

page 15 Turners annual report for year ended 31st march 2018...………
………………………………………….Fy.14...…….Fy.15...…..FY16...….FY 17...…..FY 18.
Earnings per share...………...20cps...….33cps.…….24.7cps...25.5cps .…...29.3cps.……….average growth 10% pa.
Dividends per share...………. 4cps...… 10cps...…….13cps......14.5cps......15.5cps...And paid quarterly.!
All going the right way.The business bulk up is set to produce excellent rewards for shareholders.
Just need the sp to catch up,and everybody will be happy.?

[minimoke]

All going the right way.The business bulk up is set to produce excellent rewards for shareholders.
Just need the sp to catch up,and everybody will be happy.?

I hope the AGM can help explain how the SP will catch up when its currently heading in the opposite direction

[percy]

You are not alone.
I think the directors with so much skin in the game will be feeling the most pain.
Maybe that's why they need the big increase in fees..???....lol.