MFT - Mainfreight. Global Freight & Logistics

[Hoop]

There should not have been any surprise with the quarterly results pointing the way to a $65 M profit ....so why did the Mr Market rate it up +3.4% with todays announcement.

[Snow Leopard]

There should not have been any surprise with the quarterly results pointing the way to a $65 M profit ....so why did the Mr Market rate it up +3.4% with todays announcement.

You want rational ?

Look at the nice picture attached to my last post again.


best wishes
Paper Tiger

[winner69]

Gaynor gets stuck into Mainfreight about lack of transparency and to some degree a total disregard to what shareholders might think reasonable ..... being tainted with Mogridge in their midst is bad enough but displaying what some may say as arrogance towards shareholders is not the game to paly these days

Maybe Foo Fughter ( acomment to the article) is on the ball -

(Quote) Totally agree Brian. Such underhand tactics belong to a generation of business managers well passed their use by date.

Shareholders own the business and through annual polling should always get a say in who gets appointed or remains a director.

This standard should apply regardless of whether than can be physically present at an AGM [or send a representative in their place]. Owning shares in companies overseas means there will be little likelihood of ever being present at some AGM's - its a fact of business life. The Chairman of Mainfreight should hang his head in shame. He's a disgrace to other NZ business leaders. (end quote)


Spose gaynor has a point when he says ...If shareholders don't stand their ground then more surpluses will be allocated to senior executives and directors instead of dividends and retained earnings ...... but then again it just shows that even good guys like Pleisted can get caught up innthe hype and forget his roots and get greedy ..... and in due course the whole system will slowlt disintegrate

Next time I see a Mainfreight truck I'll only think about what a great company they once were

[percy]

Yes, I thought the Mogridge directorship was an unusual black mark for an otherwise highly respected company. It's a bit of an eye opener to read Gaynor's column and see that MFT is not immune from poor processes and/or unethical decision-making.

I've always thought of Bruce Plested as one of the good guys. Someone who strove to avoid ostentatiousness so as to not spook either investors or his truck drivers, someone who kept his head down and delivered for shareholders.

After taking Gaynor's comments on board, I might have to up the cynicism level here.

Bruce Plested is still one of the good guys.Directors,staff and ex directors still have large shareholdings and I expect the Chairman would have had enough proxies to have voted any resolutions through.
Should the institutions felt they wanted to oppose anything they would have got themselves organised.MFT had Richard Preeble as a director when he was not "politically correct",and would think Plested would have had Mogridge gone if he thought Mogridge could not "add anything" to the board.
I agree with Gaynor that some companies look after directors,management,and staff at shareholders expense.We shareholders don't stop this.It is a lot of fun standing up at an AGM and quoting Buffett and stating you think the directors are already overpaid,and quoting the director fees of similar sized companies.The look on the director's face makes it well worth while.Then stating that the consulants don't appear to have done a very good job.!!!!!
A really good read is the book on the Mainfreight history.

[winner69]

Percy - I may have been a bit harsh on MFT yesterday but they are leaving themselves open to criticism

I fear they are getting to big to operate the old fashioned way that has made them successful .... I fear they are being sucked into the world where instos make more and more demands on them to keep on growing ..... and with that many of the standards I always admired them for go out the window

Things like this only change slowly .... but often when one looks back there is a defining moment .... and recent events might have been that ..... like even once Mogridges mate George was everybody's hero who could do no wrong eh

[percy]

Since their first annual report,or was it their prospectus they set out to conquer the world.Then it was space.I thought "big talk".
Then they fell over in Aussie. I thought pack of tossers.They learnt their lesson and were away again.
MFT is very much like a religion.A passion that goes right through the business.Success is enjoyed by all,failures shared and learnt by.When things got tuff they closed shop;no pay rises,no promotion,just heads down,tails up,put the good of the business first.
I can't see anyone at MFT giving intos much consideration.
However,I agree with you that they are getting too big to operate the old fashioned way.

[winner69]

MFT close to a 52 week low ..... whats up ..... talking of whatsup anybody know what happened to him/her

[percy]

MFT close to a 52 week low ..... whats up ..... talking of whatsup anybody know what happened to him/her

Last post whatsup posted I think he said he had forgotten his password.
The SP has been in decline since Neil Graham sold a lot to buy his $2mil [or was it $3mil ?] Aston Martin.With petrol and insurance costs rising I expect he has had to sell a few more.!!!!!
Then again they are such a lovely car,he may have decided to buy another one.

[percy]

Went to a Mainfreight presentation given by Don Baird organised by Macquarries tonight.[Thank you for the invite]
Excellent speaker.An "old fashioned" straight shooter.Staff start on the "floor" and work their way up.Promote from within.
He spoke of his disagreements with NZX.Said it took years for an outside director to fully understand the business,so waste of time replacing directors every five years. Would think Gaynor, or any institution would have to take MFT as they are, because they are not going to do it any other way than the MFT way.! We will see MFT Aussie run by Aussies employing Aussies doing it the MFT Aussie way.Same in US and Europe.ie run by local people.A fascinating company.Can see why Baird is so highly regarded.

[quartzpurple]

thanks for the update Percy...any other takeaway?