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  1. #31
    Speedy Az winner69's Avatar
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    So the press were making stuff up gain ..... naughty naughty


    ]Pyne Gould Corporation (PGC) said that a report in the Christchurch Press today (14.09.09) citing unnamed market sources was completely inaccurate.

    PGC chairman, Mr Sam Maling, said: "To suggest there is a split in the board could not be further from the truth. The Board is 100% united."



    I just love 100% united boards .... but I have that feeling the unnamed market sources probably are right .... even if only a little bit right

    Are you an 'unanmed market source'?

  2. #32
    Speedy Az winner69's Avatar
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    As the NBR points out PGC getting quicker and quicker to clamp down on press speculation

    PGC are their own worst enemy - as the NBR also points out they have been reluctant to confirm or deny much lately

    To you press guys .... keep it up ... must be more informed sources out there to get some juicy bits

    Would have been funny (or not so funny) for Sam this morning ..... on to his way to work and his mobile rings with all his mates supporting him ... a few ringing him to find out if it was true ... and i wonder what Kerr said ... ha ha

    Whatever - methinks it all going to end in tears for the small shareholder - inlcuding all those estates and trust money that has been invested in this lot

    A good old stoush of new thinking taking over the old guard - no doubt set in their ways --- good stuff - let the bell ring for round 3 ... or is it round 4




    Anyway the NBR bit

    PGC denies a schism in its board
    Robert Smith | Monday September 14 2009 - 11:56am
    While there has been no shortage of rumours and whispers around the future of Pyne Gould Corporation, it has still been quick to clamp down on any media reports that go outside the company line with two rebuttals in two weeks.

    After an earlier statement regarding an underwriter for its capital raising two weeks ago, Pyne Gould has now denied its board is split between “old guard” directors and director George Kerr.

    This morning it said a report in today’s Christchurch Press, claiming a split in the board was “completely inaccurate”.

    Chairman Sam Maling said the claim in the article that director George Kerr was driving the company in a direction that could conflict with other board members “could not be further from the truth” and that the board was “100% united."

    The company was a lot faster refuting this claim than it was two weeks ago when it denied another Fairfax report that an underwriter had been found for the company’s upcoming capital raising needed to fund subsidiary Marac’s transformation into a bank.

    That clarification came two days after the article was published and saw the NZX ask PGC for an explanation for the spike seen in its share price on the day before it corrected the report.

    This time it only took a couple of hours to deny the media claim, although its share price was still heading in a familiar direction this morning, down 3c to $1.06 by 11.30am.

    PGC has been reluctant to confirm or deny much else as it prepares the capital raising, although an update from the company is expected later this month.

  3. #33
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    Winner, PGC has repeatedly stated that PAM's assets are EPAM (previously owned by Kerr) and Torchlight.
    It doesn't take much to find that Torchlight is owned by Kerr.
    PGC should be careful if they intend playing a shell game.

  4. #34
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    The Rights Offer to eligible shareholders of PGC forms a major part of the capital raising being undertaken by the Company and is fully underwritten by First NZ Capital Securities Limited. The Rights Offer allows all eligible shareholders to subscribe for 6 new shares for every 1 share held on the record date, at a subscription price of $0.40 per new share. Immediately following completion of the Rights Offer it is proposed between $15 million and $30 million will be raised through a separate placement to institutional and habitual investors, including non-broker sub-underwriters of the Rights Offer. PGC also intends to launch a Share Purchase Plan upon closing of the proposed placement, under which existing shareholders will be entitled to apply for up to $5,000 worth of additional shares.

  5. #35
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    Key Dates
    The key dates* for the Rights Offer are:
    • Record date to determine entitlements under rights issue and share purchase plan - Wednesday, 30 September 2009
    • Rights trading commences on the NZSX – Thursday, 1 October 2009
    • Rights trading ceases on NZSX (close of trading) – Thursday, 15 October 2009
    • Rights Offer closes (last day for receipt of Entitlement and Acceptance Forms) (5.00pm) – Monday, 19 October 2009
    • Allotment of new shares under the Rights Offer – by Tuesday, 27 October 2009
    • Settlement and allotment of the placement –Wednesday, 28 October 2009

  6. #36
    Guru Dr_Who's Avatar
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    Can someone convince me why I should buy some PGC during the rights issue?

    I cant seem to find any good reason to buy this stock.

    disc: not a shareholder
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  7. #37
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    "Having put the new management team in place, immediately after the capital
    raising is complete, the directors intend to undertake a review of the
    Board's composition, as well as the composition of the board of MARAC."

    Surely this has nothing to do with the earlier press??
    Wonder what it's going to result in......
    Last edited by Breastwork; 23-09-2009 at 05:25 PM.

  8. #38
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    Quote Originally Posted by Breastwork View Post
    "Having put the new management team in place, immediately after the capital
    raising is complete, the directors intend to undertake a review of the
    Board's composition, as well as the composition of the board of MARAC."

    Surely this has nothing to do with the earlier press??
    Wonder what it's going to result in......
    It will probably result in George Kerr bringing in with him some more of his mates from the Macquarie stable - presumably at "The Millionaires' Bank" remuneration rates.

  9. #39
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    I wonder why theres no shortfall or over subscription facility?

    Combined with such a huge ratio (for every share held, $2.4 is required to take up all the associated rights - surely impossible for many at the moment) it guarantees a large number of shares won't be taken up in the rights offer.

    Guess it makes it easier for Kerr to top up cheaply. Would have thought that First NZ would want to limit their risk though.

  10. #40
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    Why no comments recently? For example South Canterbury Finance have indicated that they are now talking about bringing in cash from other investors. Hence no public float. Is Pyne Gould involved? Would SCF and Pyne make a good mix, would they be certain to get a Bank License if takenover.

    Plus what is happening now? Is Pyne in profit yet, are most problems behind them? News and Gossip welcome.

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