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  1. #3181
    Speedy Az winner69's Avatar
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    They seemed really pleased that the bond conversion to shares was over 50%


    Turners Chairman Grant Baker commented:
    “We are very pleased with the conversion rate of over 50% which reflects the market confidence in the Group’s strategy. It further strengthens Turners’ capital position and will support growth initiatives across the Group.”


    Take Bartel out and the conversion rate was only about 19%

    Shows real market confidence eh ...but a good story though
    Last edited by winner69; 05-10-2018 at 03:44 PM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  2. #3182
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by winner69 View Post
    They seemed really pleased that the bond conversion to shares was over 50%


    Turners Chairman Grant Baker commented:
    “We are very pleased with the conversion rate of over 50% which reflects the market confidence in the Group’s strategy. It further strengthens Turners’ capital position and will support growth initiatives across the Group.”


    Take Bartel out and the conversion rate was only about 19%

    Shows real market confidence eh ...but a good story though
    Conversion rate was 75% last time and now the non in-specie conversion rate to new shares is just 19%. Speaking of 19% that's about the number of existing shareholders that took part in the new bond issue, about 81% new bondholders. Good they got that new bond issue filled, I wondered if they would for a while there.

    What does suggest to us ?
    1. Grant Baker was "highly creative" when talking about market confidence, he must be absolutely gutted as to how most existing share and bondholders have by and large basically shunned the bond conversion and new bond issue.
    2. Existing shareholders in Turners with the obvious exception of a few like Percy, are by and large disenfranchised with how the company is performing and not really "buying" the growth story at all.

    One would hope there's more credibility behind their profit forecast than what's apparent by Grant Baker's assertion of market confidence.
    Last edited by Beagle; 05-10-2018 at 08:16 PM.
    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

  3. #3183
    Speedy Az winner69's Avatar
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    Good sign that big shareholder Bartel (with Director representation on the Board) converted $8m of Bonds to shares

    Interesting they were such strong supporters of that $25m bond offer. Wonder how much they put into the latest one
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  4. #3184
    percy
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    Quote Originally Posted by winner69 View Post
    Good sign that big shareholder Bartel (with Director representation on the Board) converted $8m of Bonds to shares

    Interesting they were such strong supporters of that $25m bond offer. Wonder how much they put into the latest one
    Solid endorsement.
    Added to share purchases over the past few months by The Chairman Grant Baker,directors Paul Byrne and John Roberts,together with CEO, Todd Hunter,the picture is simple; insiders are adding to their holdings.
    Sends a very clear message.[which members of a certain bowling club missed.]..lol.
    Last edited by percy; 06-10-2018 at 07:13 AM.

  5. #3185
    Speedy Az winner69's Avatar
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    Bartel had $8m to invest in Turners at 30/9/16

    Bought bonds and got 6.5% pa so 13.0% increase over 2 years

    If bought shares — Share price $3.06 then and $2.95 at 30/9/18 so loss of $0.11 but divies of $0.30 giving net return of $0.19 or 6.2% over the 2 years

    Even allowing for tax the bonds were in hindsight were the better investment because share price been abysmal

    Weird eh for such a well run growth company ....must be a story there sometime

    Hopefully next 2 years will be better
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #3186
    percy
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    Insiders never buy shares "in hope".

  7. #3187
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by winner69 View Post
    They seemed really pleased that the bond conversion to shares was over 50%


    Turners Chairman Grant Baker commented:
    “We are very pleased with the conversion rate of over 50% which reflects the market confidence in the Group’s strategy. It further strengthens Turners’ capital position and will support growth initiatives across the Group.”


    Take Bartel out and the conversion rate was only about 19%

    Shows real market confidence eh ...but a good story though
    Makes you wonder who was smashing shares out at $2.80 in big volume to get the VWAP conversion down doesn't it. Interestingly almost as soon as I mentioned something very strange was going on in this regard on this forum and that I was considering referring the matter to the NZX and FMA the seller smashing the price down stopped selling apart from one big 600K share crossing.
    I think there are reasonable grounds to suspect something untoward was going on late in late September, late in the 90 day VWAP period.

    Someone engineering a better conversion price for their massive bondholding ?...I think its clear where that trail of breadcrumbs leads.

    The other thing I have been pondering that I am not entirely comfortable with is that they admitted at the annual meeting that it had been a tough Q1. Funny thing is they had this huge national roadshow of rah rah revving things up and nothing was mentioned then about a tough Q1 back then even though Q1 had already happened. Further, when I asked Todd Hunter at the first meeting of that roadshow how Q1 had gone he was very dismissive and shut me down very quickly and wouldn't give any insight whatsoever. I think they knew things hadn't gone that well in Q1 at that time, they just didn't want to tell.

    Add in Grant Baker not attending the annual meeting and the huge increase in directors fees and its fair to say this company makes me feel a little bit uneasy like something is not quite right.

    Percy, regarding your post directly above, let me be clear, I think there are good grounds to believe the bond conversion price was somewhat "engineered".
    Last edited by Beagle; 06-10-2018 at 08:11 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

  8. #3188
    percy
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    [QUOTE=Beagle;732431.

    Percy, regarding your post directly above, let me be clear, I think there are good grounds to believe the bond conversion price was somewhat "engineered".[/QUOTE]

    Off course it was.
    Same last time TRA bonds converted.
    Everyday there are market participants taking advantage of arbitrage opportunities.
    Always see it when options are about to convert.

  9. #3189
    Guru
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    Beagle, if the FMA really was worried about these sorts of things going on they would be doing a lot more about it in my humble opinion.

  10. #3190
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Beagle View Post
    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.
    Rebound still to happen .....no worries
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

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