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  1. #21
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    DTB: welcome to ST discussions, as i notice it's your first logged post.
    You have raised an important point (tho i doubt the wisdom of rushing off for a Court determination as a first strategy).
    I agree with W69's comment above. It seems so obvious that Perpetual cannot possibly be an independent trustee in relation to Marac when each is owned by the same uber-entity, that we have to wonder what they are all up to, and why they might think we are all so stupid they think they will get away with it. Want to bet on yet another infestation of so-called "chinese" walls as an excuse for imminent transparent roguery?

  2. #22
    Speedy Az winner69's Avatar
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    Quote Originally Posted by COLIN View Post

    The George Kerr development is an interesting one though. I actually hold shares in the unlisted EPIC No. 1 which is a PIE entity set up by Kerr to acquire, via Macquarie Bank entities, a small indirect interest in Thames Water in the UK. The holding structure is quite convoluted, as one would expect with Macquarie, but the tax-effectiveness means that the dividend yield is around 15%. EPIC has also recently acquired, again via Macquarie, a 17% interest in Moto, a UK motorway services area operator; those who have travelled on British motorways will know how exhorbitant the prices are when one stops for a coffee and sandwich at these monopolistic spots.
    .
    I read he is after more of your money Colin

  3. #23
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    PGC down to all time low (I think) at 140 .... with buyesr at 130

    Some weekend press around EPIC and other associated Kerr / PGC activities and a few getting a bit touchy

  4. #24
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    Quote Originally Posted by winner69 View Post
    I read he is after more of your money Colin
    I might even toss him a bit, W69, for the Moto investment.
    However, financing Marac's bad debts would be another matter.

    (Incidentally, I think you made some comment on some thread, a week or two ago, about all the investing fun we had in the early 80's, after Roger Douglas threw the doors and windows wide open. It prompted me to dig out my old Investments Register, for a nostalgic trip. What a list! Remember names like Prorada Properties, Omnicorp, Impala Pacific, Renouf, Rainbow Properties (turned $2,500 into $6,845 in one month on those, and I don't think they had even bought any properties by then!), something called Cashcorp Holdings(can't remember what they did, and they probably didn't know either!), another called Further Developments Ltd (!!!!!), and so the list goes on. (And I had completely forgotten that in those days I had held shares in NZ Oil & Gas, Cue, and Kupe. ) Great days. And then it all turned to custard - I think BIL was my greatest loss.)

  5. #25
    Speedy Az winner69's Avatar
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    Sounds like an opportunity not be missed - esp for the retail investor

    http://www.nbr.co.nz/article/pgc-ass...vestors-107326

  6. #26
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    Quote Originally Posted by winner69 View Post
    Sounds like an opportunity not be missed - esp for the retail investor

    http://www.nbr.co.nz/article/pgc-ass...vestors-107326
    Why would you invest in a fund that invest in other funds? All those fees and low to negative returns. You will have to be a mug to buy into this one.
    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. #27
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    Quote Originally Posted by winner69 View Post
    PGC down to all time low (I think) at 140 .... with buyesr at 130

    Some weekend press around EPIC and other associated Kerr / PGC activities and a few getting a bit touchy
    What was the guts of last weekends press?
    Death will be reality, Life is just an illusion.

  8. #28
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    Quote Originally Posted by Steve View Post
    What was the guts of last weekends press?
    It was a week or so now but the Sunday Star times had a couple of stories about all the shuffling around of assets .... and that that EPIC fund seemed to have management fees etc .... and that no doubt quite a bit of cpaital would need to be raised and all that of stuff

    Fridays close of 137 is pretty low isn't it... makes the market cap of the whole shooting match a miserly $127m ... not much for the company that owns one of NZ strongest (so they say) finance companies eh
    Last edited by winner69; 16-08-2009 at 08:06 PM.

  9. #29
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    Geez wayne ... down to 115

    Even the press have noticed
    http://www.stuff.co.nz/business/mark...on-uncertainty


    Like the bit ......analyst said the company's future had been clouded by uncertainty but that the financial pressure PGC was under might have been over- played.

    Wonder where the uncertainty came from?

    Talk of an issue of 200 million new shares and offer shareholders the opportunity to buy two new shares for each share held, at a price of 80c a share.

  10. #30
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    Press getting stuck into PGC again .... probably totally uninformed and making up stuff that doesn't really exist

    However a good old stoush in the boardroom is often a good thing

    Maybe part of Kerrs big plan to get control of the lot .... first of all get rid of those old fashioned buggers on the board.

    Would have to be a bit worried if this was really Kerr's intent (though it seems to be if his carry on with the EPIC funds is anything to go on) - (quote) It is understood he sees PGC aggressively pursuing the success of fund management firms like Sydney-based Macquarie Group, nicknamed "the millionaires' factory".

    Geez Mr Kerr - even Macquaries have admitted that the Macquarie Model is broke

    Never mind ... maybe this guy Kerr is cleverer than Macquaries



    PGC board split on future direction

    http://www.stuff.co.nz/business/mark...ture-direction

  11. #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'?

  12. #32
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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.

  13. #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.

  14. #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.

  15. #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

  16. #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.

  17. #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 06:25 PM.

  18. #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.

  19. #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.

  20. #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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