SUM - Summerset Group

[Beagle]

^^ That's very cryptic and clever. (In case its not obvious folks, read that cryptic message upside down).
Rym make good money from the day to day operation of their village, (unlike SUM) and their operation includes dementia units, coincidence or smart best of breed operation ?
Maybe SUM don't want to include dementia units because they wouldn't have the faintest clue how to run them ?

[Beagle]

Something strange has happened. Isn't November the month when the Australasian retirement village of the year award is announced ? November passed and no mention by SUM this year...Hmmm
Anyone know who the winner was this year ?

[winner69]

http://seniorshousing.co.nz/core/act...ading-windows/

Activist shareholders trigger rejig of Summerset directors share trading windows

December 2, 2014


WELLINGTON: Activist shareholders have built pressure on Summerset Group Holdings Limited (NZX:SUM) and triggered the adoption of a new behavioural code in relation to the buying and selling of Summerset securities by directors and senior executives.

The lightning rod for the campaign was the sale of almost $5m in Summerset shares by Norah Barlow a couple of days prior to the release of a price sensitive company announcement.

The transaction ignited fury on a shareholder forum…
… Full story covered in the NZ AGED CARE HOUSING WEEKLY

[Beagle]

Sweet. I'm really happy that's getting some press coverage. Justice is sweet. Of course the board have circled the wagon's to defend their former leader and said that they pre-approved that insider trading sale...but they would say that wouldn't they considering she's still a director.

[winner69]

Sweet. I'm really happy that's getting some press coverage.

Wonder what the full story said in the Aged Care Weekly

No doubt read by industry insiders ..... bit embarrassing eh

[Beagle]

Wonder the full story said in the Aged Care Weekly

No doubt read by industry insiders ..... bit embarrassing eh

How sad, never mind. Makes a mockery of many of the business awards she's received. Blatant greed at work here. Worked hard and quite obviously enjoyed her rewarding career working with old folks and then everyone showers her with awards just for doing her extremely well paid and well incentivised job, go figure. Company can't even provide decent facilities for the tidal wave of dementia sufferers, best practice for all inclusive facilities that meets the full continuum of care or just following a tried and true model that's now outdated and no longer seems to be generating growth ? Ever since I referred this to the Chairman of the NZSA for his assistance the word has got around amongst influential people and the SP has tanked and stayed low. Nobody with even a modicum of governance knowledge is impressed with what's transpired here and while she remains on the board I expect SUM to suffer from an ongoing lack of influential shareholder support. She should show some decency and honour and resign. The usual B.S. excuse about health should provide some cover for the truth Norah. Just wait till late February 2015 when the market sees meaningful EPS contraction for 2014 for a so called growth company. The custard will hit the fan even more then.
To anyone wondering why I still have such strong feelings about this...honestly our securities laws are woefully inadequate and the policing of same is woefully underfunded. FMA have admitted they have never prosecuted a director in N.Z. for insider trading. they didn't even bother to acknowledge my inquiry. In the States a director would be locked up for what's transpired here.

[percy]

I think anyone who has been in the sharemarket, for any length of time, would agree with you about the FMA's dismal performance.
It has certainly been very positive for share investors to see the growing strength of The NZ Shareholders Assc.
The growing awareness of the power of social media,such as Sharetrader,has seen the importance of posters like Roger.
Roger presented his case well.He was right to follow through with his disgust of "not right" directors' actions.
Roger job well done.Thank you.

[Beagle]

Thanks mate. I really appreciate those kind words and thanks also to Winner 69 for finding that article. She has been shamed publicly in front of her peers and the principle's of natural justice have played themselves out very nicely. Its really satisfying to make a difference in the financial markets and I am sure other companies will also take note. Time to close this crusade and take a rest.

[enzed staffy]

Is Aged Care weekly NZ related to Aged Care Weekly housing Australia - the same publisher of the aforementioned awards that summerset had trumpeted?
The awards this year were made by October and awarded on Nov 7 but I could not find a winner for the retirement village section just one for an Australian CEO- they did comment that if no suitable nominees were received they would not award.


http://seniors-housing.net/core/awards-2014/

[cyclist]

I wonder if any of the TA'ers could please chime in on SUM for me. I'm sure it has probably wiggled sideways through W69's downtrend channels by now, and it seems well supported at anything below $2.70. Despite all the noise I am still pretty comfortable with SUM. I'd like some more, but I've already topped up once on the way down at $2.92 - and so far that hasn't worked out so well .

FA'ers thoughts also very welcome.