HLG - Hallenstein Glasson

[couta1]

Gragher have taken the pedal off the metal today, probably realised they are going to lose too much with their gung- ho selling and need to be a bit more savvy.Lol

[McGinty]

Gragher have taken the pedal off the metal today, probably realised they are going to lose too much with their gung- ho selling and need to be a bit more savvy.Lol

8 days of them selling has resulted in a 23% drop in price (allowing for the 24c divie), so you could be right with them "taking the pedal off the medal today".

They would want to entice some bargain hunters out to push the price back up. So and a few days/weeks without hitting the sell will give the market confidence again. Grahger did this back in Oct and Nov - continued selling followed by a break which resulted in a corresponding rally.

[winner69]

Presumeably the Shareholders Association did vote against the old guy on the Board whose been around too long ....9% vote against. They also must have voted against Popplewell

Quite funny really .... next they be targeting Buffett and his mate for hanging around too long at Berkshire Hathaway

http://nzx-prod-s7fsd7f98s.s3-websit...292/292342.pdf

[Beagle]

Hey Winner, how long do you reckon we have to wait for this to go full cycle to the downside again and then buy in ? Might be a while eh ? That post you made just a week or two ago about this reverting to $3 at some stage was very prophetic mate. What an Awesome Cool Cat you are

[couta1]

Hey Winner, how long do you reckon we have to wait for this to go full cycle to the downside again and then buy in ? Might be a while eh ? That post you made just a week or two ago about this reverting to $3 at some stage was very prophetic mate. What an Awesome Cool Cat you are

You will be a resident in an OCA care suite before it hits $3.00 again

[BlackPeter]

Presumeably the Shareholders Association did vote against the old guy on the Board whose been around too long ....9% vote against. They also must have voted against Popplewell

Quite funny really .... next they be targeting Buffett and his mate for hanging around too long at Berkshire Hathaway

http://nzx-prod-s7fsd7f98s.s3-websit...292/292342.pdf

Actually - if you would look into their voting intentions - they didn't. They supported all directors up for election.

If you can't look into their voting intentions, than maybe it is time for you to join them. They do work for all retail shareholders, so why not support them as well: http://www.nzshareholders.co.nz/members.cfm;

But back to the median age of the HLG board. It is correct that these guys did run their company so far quite well over a long time and nobody says they should all go at once. However - the NZSA is just pointing out that it might be sensible for the board to develop a succession strategy. While old people grow older, the risk for them to become for some sort of health reasons unable to do their job is exponentially increasing with age. If this happens to several of them in a short timeframe without a proper succession strategy, than the company might get into quite troubled waters.

Here is what the NZSA put into their voting intentions related to the board composition:

The Board comprises a Non-Executive Chair, 2 Non-Executive Directors and 4 Directors who are described as
Independent although we remain less convinced because of their long tenure.

When assessing Boards’ strength, we look at the backgrounds of the Directors to ensure there is a diversity
of thinking around the Board table, and core competencies and skills are balanced and relevant to the
business. We also like to see a process of renewal and refreshment with a continuing matching of skill sets
to changes in the business.

We think shareholders would like to have more information available about the Directors. While there is one
line about each on the company’s website, and a few words at pages 50 and 52 in the Annual Report, there
is no profile of the Directors standing for election or re-election in the Notice of Meeting. HLG needs to do
better than this.

HLG has a very mature board with an average tenure of almost 20 years. The four longest serving average
over 30 years. In addition, we note that Graeme Popplewell was CEO until 2017. The Association believes
former CEOs should generally not join the Board until 2 or 3 years after they retire to give the new CEO an
ability to manage the business without their predecessor is sitting in judgement.

As would be expected from the long tenure, the Board has a good depth of industry experience, but it needs
to consider how it can ensure its membership isrenewed and refreshed in the future. In particular, we would
like to see some younger board members who reflect the aspirations of the company’s customer
demographic rather than relying on management alone.

We made similar comments last year and remain concerned that Hallenstein is vulnerable to several longstanding directors potentially having to stand down in short order.

Having said that, Hallenstein’s performance and returns to shareholders is one of the very best in the fashion
industry. The company is conservatively run, carries no debt and has moved into the digital era relatively
seamlessly. NZSA has guidelines on appropriate governance standards, but in this case, we have to
acknowledge the great results and on balance this has informed our voting intentions.

Quite appropriate - I would think ... and re Warren Buffett: I certainly would hope for the shareholders of his company that he has a good succession strategy.

[winner69]

Yes BP my bad (again) ...must read things more closely ....yes, they did say they would vote for Bell and Popplewell

Wonder who the 9% odd who voted against them were (Devine got close to 10% support) ....maybe influenced by the Shareholders Association

Was member of Shareholders Association once but must have let it lapse.

[Joshuatree]

Good old Hallys, its the oldest member on the NZX since 1947! Followed by Mercer(dog), EBOS and Sanford
NZX shelf life shockingly brief for too many

[BlackPeter]

Was member of Shareholders Association once but must have let it lapse.

I am sure they are more than happy to re-enrol you ; Just go for it - you know, you want to: http://www.nzshareholders.co.nz/members.cfm;

[Beagle]

Good old Hallys, its the oldest member on the NZX since 1947! Followed by Mercer(dog), EBOS and Sanford
NZX shelf life shockingly brief for too many

Very cool isn't it but sad that after being listed for a whopping 71 years its not part of the NZX50