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

**JohnnyTheHorse** · 03-04-2019, 09:49 AM

I believe the buyback is stopped before announcements are made... or directors sell shares.

I am very surprised we are yet to see anything from the company given the uncertainty around performance. I suspect something must be in the works, whether good or bad.

**minimoke** · 03-04-2019, 09:55 AM

Originally Posted by Beagle

Don't blame you mm. Lots of people underwater by heaps with this one.
Buy back finished on 31 March 2019 to the best of my knowledge but this is Percy's baby so he would know for sure.

Last announcement on 22 March, buying back another 17,500. They must have been well short of original target (but as I say, I lost track of the incremental buys)

**percy** · 03-04-2019, 09:56 AM

Originally Posted by Beagle

Don't blame you mm. Lots of people underwater by heaps with this one.
Buy back finished on 31 March 2019 to the best of my knowledge but this is Percy's baby so he would know for sure.

Well as far as I know the buy back has not finished.
Total brought back so far is 2,686,999.
No notices since 22nd March.
i have been expecting Turners will announce some time they will be extending it.

**Beagle** · 03-04-2019, 10:00 AM

https://www.nzx.com/announcements/327416 Dug out the original announcement seeing as there's a bit of interest in this subject.
I would have expected a trading update and dividend announcement by now and like JohnnyTheHorse feel something is in the works.
My sense is the share price has been telling us for quite some time that trading has been tougher than expected. Whether that's already factored into the current share price is the (thankfully a lesser amount for me) $64,000 question.

**minimoke** · 03-04-2019, 10:13 AM

From that annopuncment "Turners is in a strong financial position and the buyback is seen as an efficient use of capital while the share price remains below the intrinsic value of the business." So maybe at $2.25 intrinsic value is met.

**minimoke** · 03-04-2019, 10:16 AM

On 29/3 last year they had their Divi announcement. On 4/4 a Shareholder newsletter went out. I have a feeling in my waters no news is bad news.

**Beagle** · 03-04-2019, 10:21 AM

Originally Posted by minimoke

On 29/3 last year they had their Divi announcement. On 4/4 a Shareholder newsletter went out. I have a feeling in my waters no news is bad news.

Agreed but already priced in ?
Snoopy reckons there's still good eps growth if you strip out all the one-off's and extraordinary items that jacked up last year's profit and I am sure Percy would agree lol.