PGC - Licenced to Bank

[Balance]

I find it very, very strange that George Kerr (as the controlling shareholder) is effectively appointing the 'independent' director and that the 'Independent Chairman' hasn't even met him??? This whole company stinks

George Kerr = Eric Watson II

Enuf said.

[Snow Leopard]

George Kerr = Eric Watson II

Enuf said.

I was fortunate enough to meet Eric Watson back in 2001 (when I was younger).
Disliked him instantly and never had need to revise my opinion of him or invest my money in anything he did (though I worked for a company he had a significant shareholding in for a while).

George is cut from the same cloth?

best wishes
Paper Tiger

[Breastwork]

George Kerr = Eric Watson II

Enuf said.

Balance, am I seeing a change in tune?

[Balance]

Balance, am I seeing a change in tune?

Change in tune?

Indeed - like a choir to a chorus!

Or from a symphony to the fat lady singing?

[janner]

After the Fat lady comes the curtain.

Do we applaud ??..

NO !!.. I will hang onto my smidgen of a holding.. Just to get up the Pricks nose..

[Breastwork]

Shareholder stays with PGC despite concerns Shareholder stays with PGC despite concerns

By Tamsyn Parker

A shareholder in Pyne Gould Corporation says he plans to stick with the company despite the resignation of its auditor and active engagement from the regulator over concerns about related party transactions.

Reese Hart, a former chairman of meat co-operative Silver Fern Farms, said he had been shocked by the resignation of KPMG and said the response by chairman Bryan Mogridge had been inadequate.

KPMG resigned last Tuesday over a difference of opinion with Pyne Gould Corp concerning related party transactions, adequacy of governance and management of financial reporting.

Mogridge told shareholders in a letter on Friday that the company rejected the claims and was looking for another auditor.

But Hart questioned how that would solve the issues.

"The company is saying they will simply get another auditing firm. But they will be staring at the same set of circumstances."

Hart said he and other small shareholders had been critical of the board and chairman for some time.

It also emerged last week that investment watchdog the Financial Markets Authority had been in talks with the company over the past two weeks following concerns raised by the NZX.

Mogridge told shareholders that Pyne Gould had "nothing to hide" and said the company was not concerned by the FMA's presence.

Hart said he welcomed the regulator's moves.

"I think it is a good thing as any issues will then come out into the open."



Inadequate and Mogridge go together like strawberry and cream.....

[Balance]

Unbelievable that Mogridge actually believes that they can simply go and get a new auditor after KPMG resigned!

Look no further than the Centro settlement in Australia - PWC's insurance bill has just skyrocketed!

http://www.smh.com.au/business/centr...508-1y9y9.html

Which auditor in NZ now will dare touch PGC? Related party transactions bring up images of Bridgecorp, Allan Hubbard/South Canterbury Finance etc.

Would not like to be the auditors for Bridgecorp or South Canterbury Finance as class actions must be pending after the court cases.

Mogridge must believe in the tooth fairy - shame really as it shows he is going senile or is he already senile?

[kiwi_on_OE]

Mogridge told shareholders that Pyne Gould had "nothing to hide" - Mogridge, why not publicise the transactions that are in question, and let the world decide whose version of events they prefer.

[Balance]

Mr Bryan Mogridge's "nothing to hide" and better still, "are not concerned by presence of FMA" are the most telling comments that any independent Chairman can ever give, about the gravity of the situation facing PGC and its directors.

It's been 10 days since KPMG resigned - and still, not a sausage from Mr Mogridge about the transactions. Whatever happened to one of the most basic tenets of accountancy - "conservatism" - as far as PGC's accounts are concerned?

One can just imagine Bryan and George in the background furiously trying to find another auditor who would agree to their versions of events.

Well, one never knows as they managed to find an "independent" director just on NZX deadline - Mr Greg Bright whom Bryan has not even met!

Maybe, an auditor from Broome, Australia?

[winner69]

There's a Timaru firm with the necessary credentials .... or are they keeping a low profile at the moment