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  1. #3101
    Speedy Az winner69's Avatar
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    Quote Originally Posted by stoploss View Post
    When I went by Friday , there is a container “office” in the middle of the yard and a load of temporary fencing around it .No cars in sight or onsite.
    Thanks stoploss

    Maybe waiting for the cricket season to start

    Wonder how many Wellington City people bother go to Porirua now or just give Turnersca miss. At least Petone was reasonably close
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  2. #3102
    percy
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    Thanks Stoploss and W69.
    I was hopeful it would be up and trading gang busters by now...lol.
    Look forward to your comments when it is up and running, as I rather like the concept.

    I am noticing Turners online advertisinfg."100 more cars have arrived since you last visited our site."

  3. #3103
    ShareTrader Legend Beagle's Avatar
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    Confirmation of guidance and cessation of 90 day VWAP trading period for the bond conversion should be the catalysts for the SP to stabilize. Might see a modest rebound in October.
    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. #3104
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    Tomorrows fuel increases are going to do wonders for used car sales..

    Probably going to add more to the already very noticeably increasing road side cheaper bargains.
    As the punters take up " No Deposit " offers for new much more fuel efficient vehicles.

    Disc. Minor Hold.

  5. #3105
    Speedy Az winner69's Avatar
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    From AGM one thing they seemed awfully proud of was their active management of the insurance reserves they hold.

    One of the highest investment returns in the world the Insurance guy said

    Good while it works ......but some might say it’s not all the ‘prudent’ gambling with reserves

    Wonder how they invest these reserves to get world class returns?

    Maybe something for Snoopy to dig into
    Last edited by winner69; 30-09-2018 at 11:14 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #3106
    Speedy Az winner69's Avatar
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    The Deputy Chairman to say their actuary was very conservative but not good form to (laughingly) add that management think far too conservative and then seek confirmation from management
    Last edited by winner69; 30-09-2018 at 11:33 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  7. #3107
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    Quote Originally Posted by winner69 View Post
    From AGM one thing they seemed awfully proud of was their active management of the insurance reserves they hold.

    One of the highest investment returns in the world the Insurance guy said

    Good while it works ......but some might say it’s not all the ‘prudent’ gambling with reserves

    Wonder how they invest these reserves to get world class returns?

    Maybe something for Snoopy to dig into
    That sort of comment reminds me of FAI - one of, if not the best, performing companies on the ASX in its day for just that reason ... it didn't end well.

  8. #3108
    Speedy Az winner69's Avatar
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    Annual Report has photos of 6 Directors and 9 people in their Leadership Team

    Except for the GM Human Resources all are white males. (HR people tend to be females for some strange reason)

    The Deputy Chair clumsily and unconvincedly talked about always employing on merit and Diversity of Thinking is important. Worst justification of having an all male board I’ve heard. He even came with a quote to use and panicked a bit when he couldn’t find it.

    How the heck can you have real Diversity of Thinking with the mix of people they’ve currently got.

    No wonder share price is languishing
    Last edited by winner69; 30-09-2018 at 01:22 PM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  9. #3109
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    Quote Originally Posted by winner69 View Post
    From AGM one thing they seemed awfully proud of was their active management of the insurance reserves they hold.

    One of the highest investment returns in the world the Insurance guy said

    Good while it works ......but some might say it’s not all the ‘prudent’ gambling with reserves

    Wonder how they invest these reserves to get world class returns?

    Maybe something for Snoopy to dig into
    Winner, I think you might be referring to the $53.378m worth of 'Financial assets at fair value through profit or loss' which is on the balance sheet? Go to Note 11 and it is all broken down. The biggest item by far in that break down is $42.600m in term deposits, up from just $122k at the end of the previous year. Now flip over to Note 18 and look at the details on the acquisition of 'Autosure'. There you will see $33.378m of 'cash' that was banked on acquisition. That $33.378m in cash looked like the balance of insurance float cash held by 'Autosure'. Is there a connection with all of the cash brought onto the books with the purchase of 'Autosure', and the subsequent $42.600m of term deposits on the balance sheet or TRA a year later? Perhaps a few million dollars worth of insurance premiums have gone in since to explain the difference?

    During the Turners Roadshow Meeting in Christchurch, I recall some remark about using the insurance nest egg cash to help develop properties for the wider Turners operation. The need could not be questioned, because Turners were developing these properties for themselves. So property development risk was effectively zero. I also recall that management would openly look at on selling these properties once the developments were complete. So the insurance cash, if that is what it is, would not be tied up long term. Faced with term deposit returns at low single figures at best, I don't see anything too wrong with doing some low risk 'in house' property development on the side. You might call this gambling. I would call it prudent and measured gambling. I don't think the sum of these developments proposed got anywhere near $40m of capital at risk at one time. And once the profit from a couple of these developments per year got added back into the insurance float, it isn't difficult to imagine the insurance float return might look 'world class'.

    I am 'sleeping easy' with this one.

    SNOOPY
    Last edited by Snoopy; 30-09-2018 at 01:28 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  10. #3110
    percy
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    Quote Originally Posted by winner69 View Post
    Annual Report has photos of 6 Directors and 9 people in their Leadership Team

    Except for the GM Human Resources all are white males. (HR people tend to be females for some strange reason)

    The Deputy Chair clumsily and unconvincedly talked about always employing on merit and Diversity of Thinking is important. Worst justification of having an all male board I’ve heard. He even came with a quote to use and panicked a bit when he couldn’t find it.

    How the heck can you have real Diversity of Thinking with the mix of people they’ve currently got.
    Paul Byrne's remarks were 100% correct.
    Best person with the skills they require will get the job.
    A very skilled capable board because of that..

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