PGC - Licenced to Bank

[Dubdee]

Tax assets are refunds due from IRD or tax which has been prepaid. Compnaies often do the latter if they need imputation credits to attach to dividends

[geezy]

anyone know when will pgc start paying dividends again? those big chunky ones ?

[mouse]

anyone know when will pgc start paying dividends again? those big chunky ones ?

Sorry, geezy. No big chunky dividends in prospect. However, if you glance at my post on page 4, the aim is for a $2.00 stock in two years. Aims and results are of course sometimes a bit at variance. I would, totally out of the air, pick a 5 cent dividend within a two year period. Plus a share price of above $1.00 within two years.
Note that we need to conserve capital at all costs to prevent another 'unexpected' problem. So no big chunky dividends.
Having said that, the directors hold large lumps of shares and will be looking to get their equity back. Some have taken a fair hit. Others are of course in there for major profit.

Hope this helps. Other comments most welcome. Mine are based on guesswork.

[Balance]

A director just disclosed buying another 700,000 shares at 47c and 48c. John Duncan's shareholding is now 2.89m shares.

Well, one thing I can guarantee is that there will be many posters here screaming 'insider', 'unfair advantage', 'rich gets richer' etc in the future.

Yet they have exactly the same opportunity.

Looking like RBD all over again - institutions stay clear while directors and management buy with their ears pinned back.

Remember with RBD that AMP sold its 10% at 57c in Jan 2009? They only left 250% behind on the table!!!!!

[kizame]

A director just disclosed buying another 700,000 shares at 47c and 48c. John Duncan's shareholding is now 2.89m shares.

Well, one thing I can guarantee is that there will be many posters here screaming 'insider', 'unfair advantage', 'rich gets richer' etc in the future.

Yet they have exactly the same opportunity.

Looking like RBD all over again - institutions stay clear while directors and management buy with their ears pinned back.

Remember with RBD that AMP sold its 10% at 57c in Jan 2009? They only left 250% behind on the table!!!!!

I like your input Balance, like reading your posts,they do tend to bring a balance to the equation.

[mouse]

Todays Press newspaper, page A13, has a report on SCF plus George Kerr plus Torchlight plus capital raising. Worth looking at.

[Balance]

Todays Press newspaper, page A13, has a report on SCF plus George Kerr plus Torchlight plus capital raising. Worth looking at.

Good assets in SCF go to PGC and Torchlight. Rubbish remains with SCF if SCF is to survive.

Meanwhile, I see one of the directors has bought 1m shares on market this month. Many years from now, he will be accused of being in the know even though there's plenty for others to buy as he is doing now.

[biker]

This sounds like a pretty positive story! An insight into why the PGC Director is buying?




NZX/MEDIA RELEASE



AA and PGC to launch new insurance joint venture to provide a
wider range of services to AA Members

24 March 2010

The New Zealand Automobile Association (AA) and Pyne Gould Corporation Limited (PGC)
today announced a joint venture agreement to provide a wider range of insurance services.
To be launched 1 April 2010, the joint venture will see the AA purchasing a 50% share of
MARAC Insurance Limited (MARAC Insurance). The decision comes on the back of a
successful vehicle finance partnership established last year between the AA and PGC
subsidiary, MARAC Finance Limited (MARAC).

MARAC Insurance is an established provider of mechanical breakdown, lifestyle protection
and guaranteed asset protection insurance products. Under the joint venture these products
will soon be able available to AA Members and AA authorised dealers. It is envisaged that
new products and services will be added over time with the first new initiative likely to be
providing business finance given that 20% of AA’s members own SMEs (Small to Medium
Enterprises).

AA Chief Executive Brian Gibbons said: “We have learnt more about each other’s businesses
and the needs of AA Members over the past year. The opportunity to provide a broader range
of services to AA Members was identified. A joint business venture was the logical way to
realise some of these opportunities.”

“These insurance products are backed by MARAC Insurance, a company trusted by New
Zealanders. We believe there will be strong demand for them and it’s our goal to develop
additional products and services in the future.”

PGC’s Chief Executive Jeff Greenslade said: “The AA is a premium and respected brand.
The joint venture is an exciting development that gives us the ability to tap into AA’s
substantial distribution network and membership base (totalling more than one million).”

“The AA’s members have virtually the same demographic as our target market which can best
be described as ‘middle’ New Zealand. With 38 AA branches from Whangarei to Invercargill,
this gives us a bank-like distribution network and fits with our strategy to become a niche
bank.”

Due to the success of the relationship to date, PGC (which includes MARAC and the
Perpetual Group) has also secured a five-year exclusivity agreement. This creates the
pathway to exploring opportunities of offering a range of financial services to AA Members.

The sale of a 50% share of MARAC Insurance to the AA will see PGC recognise a one-off
capital gain of $2.2 million. The Company remains on track to meet the Prospective Financial
Information (PFI) forecast of $20.9m for the full year to 30 June 2010.

- Ends

[Balance]

And another director disclosed today that he has bought 2m shares at 45c.

Looking more and more like RBD everyday - directors and management buying.

[biker]

Some day the MARKET may recognise the potential as WELL as the directors, especially this bit..


PGC’s Chief Executive Jeff Greenslade said: “The AA is a premium and respected brand.
The joint venture is an exciting development that gives us the ability to tap into AA’s
substantial distribution network and membership base (totalling more than one million).”
“The AA’s members have virtually the same demographic as our target market which can best
be described as ‘middle’ New Zealand. With 38 AA branches from Whangarei to Invercargill,
this gives us a bank-like distribution network and fits with our strategy to become a niche
bank.”