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  1. #461
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    Michael Hill is aiming to break the USA market as a designer that he could not do as the Chairman.Old is gold - yes?

    http://www.3news.co.nz/business/meet-michael-hill-designer-2015091109#axzz3lW2MYIa1

  2. #462
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    Quote Originally Posted by Bjauck View Post
    https://www.nzx.com/companies/MHI/announcements/280529
    Looks like a good quarterly result. USA sales up 38%. Even the Australian figures were up 4% - better than I would have expected, given their economy.
    I just had a read, and yes it looks very good. Same store sales up across the board, Australia may have turned the corner slightly and the US and Canada where future growth will come from looking good. Nice to see Emma Roe doing ok as well. Total Store sales up 8% (off course a few stores opened during the quarter) but that is very good from a company that can fund store openings organically. I see they are still at $1, I did buy some last week but might have to do some more toe dipping.

  3. #463
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    https://www.nzx.com/companies/MHI/announcements/280529
    Looks like a satisfactory 9-month result. USA sales, although small, up 28%. Even the Australian figures were up 4% - better than I would have expected, given their economy.

  4. #464
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    I bought in at 87? a few months ago on the fact that emma + roe and organic expansion seemed to be going soundly. Their tax issues may effect their recorded profits but not underlying going forward. I'll continue to hold and can see the stock resuming a modest climb into the 1.10-1.20 mark where they historically have been around.

  5. #465
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    Quote Originally Posted by benjitara View Post
    I bought in at 87? a few months ago on the fact that emma + roe and organic expansion seemed to be going soundly. Their tax issues may effect their recorded profits but not underlying going forward. I'll continue to hold and can see the stock resuming a modest climb into the 1.10-1.20 mark where they historically have been around.
    If they are found to be under calculating tax the corrected calculation will be applied to future profits which will reduce future earnings.

  6. #466
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    MHI is seeking o have its primary listing in Australia as "this will provide the Company with direct access to a wider group of investors than we currently enjoy and we believe this will be to the benefit of all of our shareholders."
    https://www.nzx.com/companies/MHI/announcements/280720

    Is this going to be another case of a successful NZ company further sliding out of NZ ownership. The proportion of NZers wealth in shares is still small compared with other countries. There should be no reason why NZ could not support a company that receives most of its revenue and income from overseas operations and sales.

    It is ironic to see this market release so soon after figures have been released that indicate that NZ's already very expensive real estate has become even more expensive. Money is puring into Housing yet MHI feels the need to move off-shore to access a wider group of investors. International firms in other countries never seem to have this need as often as NZ companies seem to have. For example Nokia, a massive company, stayed in small Finland despite its Finnish operation be a small part of the total.

  7. #467
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    Will this change any issues around tax for New Zealand Shareholders since the primary listing will be on ASX? It said "new Australian incorporated Group parent company acquire all the shares in the company by an exchange of shares on a one for one basis."

  8. #468
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    Quote Originally Posted by Everwood View Post
    Will this change any issues around tax for New Zealand Shareholders since the primary listing will be on ASX? It said "new Australian incorporated Group parent company acquire all the shares in the company by an exchange of shares on a one for one basis."
    In the last financial year, I don't think that MHI had any imputation credits attached to its dividends. I guess that if it becomes an Australian company with a secondary NZ listing, then dividends will be paid without NZ RWT deducted (DYOR). All future events would also be undertaken with their tax and other effects on Australian shareholders of prime concern.

    The terms of the scheme of arrangement will be important and hopefully has guidance as to the tax effect for NZ shareholders.

  9. #469
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    Although there has been a steady sp increase over the last three months (~95 cps to 117 cps) it seems of no interest to sharechatters here.
    Is it really one big yawn? Does one care if its primary listing is asx? Will it be a big fat pain at tax return time?
    Scamper's best advisors (sharetrader site) seem to be on holiday! Help please.

  10. #470
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    Quote Originally Posted by scamper View Post
    Although there has been a steady sp increase over the last three months (~95 cps to 117 cps) it seems of no interest to sharechatters here.
    Is it really one big yawn? Does one care if its primary listing is asx? Will it be a big fat pain at tax return time?
    Scamper's best advisors (sharetrader site) seem to be on holiday! Help please.
    I think it will be ok for its primary listing to be in Australia. Now that they are going ahead with Emma and Roe and by all accounts it is cheaper to roll out than existing MHI stores and just as profitable this could be a huge growth opportunity.
    Also the NZ subsidiary will need to pay income taxes, which will generate imputation credits which the Australian parent company can attach to dividends paid to NZ resident investors.... so surely that is a good thing from a tax point of view as currently they do not pay imputed dividends.
    Either way the only concern about a primary listing in Australia is that liquidity may become even less (spread amongst 2 exchanges) but other than that I do not have any problems with the arrangement.

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