CHI - Channel Infrastructure Ltd (NZR)

[Nor]

Its quite common when one has stopped on to long and resentment builds' seen it so many times ,got to move on.

Probably hoping for their big redundancy payment.

[SailorRob]

Probably hoping for their big redundancy payment.

No hope involved.

This is why we have contracts and legislation... You may be aware redundancy is ranked before equity interests, a very long way above dividends. Ultimately unsecured credit but realistically secured by the pipeline and jetty which the REAL owners of the company won't want to part with.

The ultimate truth is it's secured by ExxonMobil's balance sheet.

[ralph]

Apogies if we touched a raw nerve there Sailor bob ,& you are entitled to get a bit ****ty as is your way .I am sure if you hang on long enough you will get your just deserts as we all will plus a nice redundancy payment for thee .
Should pay for your English lessons seeing as its so Important to you

[ralph]

Apogies if we touched a raw nerve there Sailor bob ,&amp; you are entitled to get a bit ****ty as is your way .I am sure if you hang on long enough you will get your just deserts as we all will plus a nice redundancy payment for thee .<br>Should pay for your English lessons seeing as its so&nbsp; Important to you&nbsp;<img src="images/smilies/w00t.gif" border="0" alt="" title="Eek2" smilieid="42" class="inlineimg">
P.s I do appreciate your in depth insight and info on nzr it does not mean I have to agree with your conclusions or opinions though ,and as you say we must keep sentimentality out to get a true perspective

[SailorRob]

Apogies if we touched a raw nerve there Sailor bob ,&amp; you are entitled to get a bit ****ty as is your way .I am sure if you hang on long enough you will get your just deserts as we all will plus a nice redundancy payment for thee .<br>Should pay for your English lessons seeing as its so&nbsp; Important to you&nbsp;<img src="images/smilies/w00t.gif" border="0" alt="" title="Eek2" smilieid="42" class="inlineimg">
P.s I do appreciate your in depth insight and info on nzr it does not mean I have to agree with your conclusions or opinions though ,and as you say we must keep sentimentality out to get a true perspective

Of course you don't have to agree but the cash flow statement doesn't lie.

[kiora]

How far behind the UK is NZ ?
Hope we have those ships organized
https://play.stuff.co.nz/details/_6274416044001

[Waikaka]

Redundancy provision from note 20 of 2020 annual report:

"An organisational restructure was undertaken in 2020 to reduce the workforce by around 25% with circa 90 employees leaving the Company either through redundancies, retirements or resignations from November 2020 through to April 2021 (refer to note 1). The total cost of there structure was $5.6 million, recognised in wages, salaries and other benefits in the year ended 31 December 2020. Redundancy payments totaling $1.2 million were paid out prior to 31 December 2020, with the balance of $4.4 million to be paid in the first quarter of 2021."

Doesn't seem like huge redundancy payments to me.

[SailorRob]

Redundancy provision from note 20 of 2020 annual report:

"An organisational restructure was undertaken in 2020 to reduce the workforce by around 25% with circa 90 employees leaving the Company either through redundancies, retirements or resignations from November 2020 through to April 2021 (refer to note 1). The total cost of there structure was $5.6 million, recognised in wages, salaries and other benefits in the year ended 31 December 2020. Redundancy payments totaling $1.2 million were paid out prior to 31 December 2020, with the balance of $4.4 million to be paid in the first quarter of 2021."

Doesn't seem like huge redundancy payments to me.

Yeah that was just the first small round.

Since then they have changed the policy to give all staff a minimum 6 Months wages in redundancy no matter what is contracted (so a form of retainer as well).

It won't be huge money in the grand scheme for the company but staff will be well looked after, all redundancies will be between 26 weeks and just over a years pay. Not sure what is considered huge.

Basically for 3 Months last year, spending was aggressively reduced however now Grant R is being given a good go as has been the case for many years.

[Nor]

In perpetuity.

[Nor]

Better to keep the jobs there for the young guys coming on than give people near retirement a windfall.