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  1. #3071
    Legend minimoke's Avatar
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    Quote Originally Posted by RTM View Post
    http://nzx-prod-s7fsd7f98s.s3-websit...475/287523.pdf

    I'd have liked to have seen the numbers. Especially on the remuneration for directors.
    I dont think the numbers would say much. They would already have wrapped up the major shareholders, leaving us plebs with a few remaining votes against.

  2. #3072
    Speedy Az winner69's Avatar
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    For posterity below is what the Deputy Chairman said about why is the share price so low.

    He only said what punters wanted to hear and maybe he is grumpy as some others. Funny thing though a lot of the things he pointed out says ‘fair value’ today is only $2.90/$3.00 anyway

    They don’t seem to get that analysts target prices if around $3.30 means today’s price should be about $2.90/$3.00 — (about the same price he bought at ...hmm). It should be noted that the mentioned analysts are on the same page as the company as they cone up with the same profit figure - sort of says they understand the business model / strategy etc. so where’s the problem Paul

    Paul did say the market is what it is ...and done it’s sums and think it’s only worth $3.00 now and if things go OK maybe $3.30 in a years time. What’s the problem

    Anyway here’s the words Paul used -

    The only area of performance that has disappointed is our languishing share price. As it must be a concern for all shareholders we should take some time to discuss possible reasons and market feedback.

    As most will know both First NZ Capital and Craigs Investment Partners commenced analyst coverage of Turners in 2016 with regular in-depth analysis of our full year and interim results, providing guidance for their respective clients. As part of these regular market research reports, analysts include their forecast of future profits for 3 years out and a share price target for the next 12 months based on their analysis.


    The most recent research reports following the release of our profit result to 31 March 2018, had 12 month target share prices of $3.29 and $3.35, so an average of $3.32. Forecast profit for this current year FY19 from the 2 reports were similarly close to each other with an average profit before tax of $34.5 million, just under the mid-point of our current guidance of between $34 million and $36 million. We would also expect actual earnings per share for FY19 to come close to assumptions included in these reports.

    So why is our share price currently around $2.85, well below the price suggested by conventional analysis in these reports? And trading at a level at which the Board sees value – you will have seen directors and senior executives including Grant, Todd and myself recently buying at around $3.00 per share.

    Of course there will be a number of factors influencing a share price in any dynamic stock exchange market, and no doubt some of you will have other ideas that we would be happy to hear about. But feedback from shareholders and market commentators suggest 3 possible issues at play;

    1. Strategy in a more complex Turners business
    2. Concern about the tightening credit cycle
    3. Negative sentiment from last year’s capital raise
    Last edited by winner69; 27-09-2018 at 09:20 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #3073
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by minimoke View Post
    I missed the intro bit. Why would the Board change the date to a date the Chair couldn't attend? If they were changing dates couldn't they change to one he could attend.
    ^^^^This. Something is not right here. Free warning sign for those that choose to take notice of it. Reasons could be many and varied but unless someone close is in dire straights no other reason is valid in my view and I simply don't "buy" the change of date excuse given. It was very weak and implausible. Interestingly the deputy chair chose not to give a specific reason other than Mr Baker had a long standing commitment, (what, for a holiday ?), and based on body language looked very uncomfortable about the whole situation. That body language may or may not show up on youtube but was obvious to those who were there. He still gets his pay increase despite not being there. If one is the Chairman of the board and shareholders have just one chance per annum to eyeball said person and ask them questions when they want a large pay increase THE VERY LEAST said chairman should do is to turn up to the annual meeting. It is absolutely DISGRACEFUL that he didn't attend and reflects very poorly on the rest of the board and the company.

    Next year if I am still a shareholder I will get a good sarcastic dig in...something like. Starting off a question with... Nice of you to choose to join us this year Mr Baker...

    One positive...at least this board has the common sense not to be obsessed with diversity like some are...
    Last edited by Beagle; 27-09-2018 at 09:21 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  4. #3074
    Legend minimoke's Avatar
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    Quote Originally Posted by winner69 View Post
    For posterity below is what the Deputy Chairman said about why is the share price so low.
    Not much mention of failure of ASX exposure to ignite some interest / demand

  5. #3075
    percy
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    Quote Originally Posted by minimoke View Post
    Not much mention of failure of ASX exposure to ignite some interest / demand
    Yes there was.

  6. #3076
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    5.13% against the directors fees, so you did have some influence here on the forum. Pity the insto's are so apathetic.

    http://nzx-prod-s7fsd7f98s.s3-websit...506/287592.pdf

  7. #3077
    percy
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    Quote Originally Posted by Beagle View Post
    ^^^^This. Something is not right here. Free warning sign for those that choose to take notice of it. Reasons could be many and varied but unless someone close is in dire straights no other reason is valid in my view and I simply don't "buy" the change of date excuse given. It was very weak and implausible. Interestingly the deputy chair chose not to give a specific reason other than Mr Baker had a long standing commitment, (what for a holiday ?), and based on body language looked very uncomfortable about the whole situation. That body language may or may not show up on youtube but was obvious to those who were there. He still gets his pay increase despite not being there. I will leave it for people to decide for themselves whether he deserves shareholders respect for that or some other sentiment.
    AGM.held 2015..16th September.
    ……………….2016..14th September
    ……………...2017..20th September.
    2018 it was held a week later on 26th September.
    Now a friend of mine is going fishing in Canada next year.Booking made last year.Deposit not refundable.
    So it is easy to see Grant had made a commitment,based on the usual week TRA held their agm.
    So no hidden agenda,or any other conspiracy theories needed.
    I would like to know who wrote The Chairman's speech Grant or Paul.?

    ps.Anyone know how much it would cost to charter Graeme Hart's super yacht for a week's, or a fortnight's Mediterranean Cruise.?
    pps.Wonder whether Graeme would refund your deposit if you could not make it.?...………..lol.
    Last edited by percy; 27-09-2018 at 09:35 AM.

  8. #3078
    Legend minimoke's Avatar
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    Quote Originally Posted by percy View Post
    Yes there was.
    There was some mention (like the Directors visits and a bit about how a few ozzies are holders) but I might have missed the detail on why the ASX listing has failed to fire..

  9. #3079
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Beagle View Post
    ^^^^This. Something is not right here. Free warning sign for those that choose to take notice of it. Reasons could be many and varied but unless someone close is in dire straights no other reason is valid in my view and I simply don't "buy" the change of date excuse given. It was very weak and implausible. Interestingly the deputy chair chose not to give a specific reason other than Mr Baker had a long standing commitment, (what, for a holiday ?), and based on body language looked very uncomfortable about the whole situation. That body language may or may not show up on youtube but was obvious to those who were there. He still gets his pay increase despite not being there. If one is the Chairman of the board and shareholders have just one chance per annum to eyeball said person and ask them questions when they want a large pay increase THE VERY LEAST said chairman should do is to turn up to the annual meeting. It is absolutely DISGRACEFUL that he didn't attend and reflects very poorly on the rest of the board and the company.

    Next year if I am still a shareholder I will get a good sarcastic dig in...something like. Starting off a question with... Nice of you to choose to join us this year Mr Baker...

    One positive...at least this board has the common sense not to be obsessed with diversity like some are...
    Yes Beagle a warning sign....a red flag

    I get the impression that Baker not as keen on Turners as he was and looking at how he can exit.

    Maybe ASX was that path but ....

    Maybe you won’t be able to be sarcastic at the next AGM beagle
    Last edited by winner69; 27-09-2018 at 09:27 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #3080
    Speedy Az winner69's Avatar
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    Quote Originally Posted by minimoke View Post
    There was some mention (like the Directors visits and a bit about how a few ozzies are holders) but I might have missed the detail on why the ASX listing has failed to fire..
    Aussie just don’t see Turners as a good investment .....simple
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

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