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  1. #281
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    Dividend notice - SFF_Corportate_Actions_20210408.pdf (usx.co.nz)

    Record date 16/4/21, payable 28/4/21. 28% imputation

  2. #282
    percy
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  3. #283
    percy
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    http://www.silverfernfarms.coop/asse...t_2020_web.pdf

    Well worth reading.
    An excellent report.

  4. #284
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    Record date for divvy tomorrow!

  5. #285
    percy
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    Pleasing seeing SFF trading up 5 cents at $1.05 ,ex the fully imputed 5.5cps dividend to be paid on 28th April.
    Last edited by percy; 20-04-2021 at 12:59 PM.

  6. #286
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    Quote Originally Posted by percy View Post
    Pleasing seeing SFF trading up 5 cents at $1.05 ,ex the fully imputed 5.5cps dividend to be paid on 28th April.
    Nice!

    Interesting to see someone keen to buy AFTER the record date. Maybe they didn't realise......

  7. #287
    percy
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    Quote Originally Posted by Sideshow Bob View Post
    Nice!

    Interesting to see someone keen to buy AFTER the record date. Maybe they didn't realise......
    I thought the share price would drop to 94 cents after going past the record date.
    Pleased to be wrong again.

  8. #288

  9. #289
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    Net cash $22m Share of revenue c$1.2b Net Profit $32.4m mcap still <$100m!
    Even allowing for loyalty dividends to suppliers (5-10m???) it looks extremely cheap

  10. #290
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    Quote Originally Posted by DarkHorse View Post
    Net cash $22m Share of revenue c$1.2b Net Profit $32.4m mcap still <$100m!
    Even allowing for loyalty dividends to suppliers (5-10m???) it looks extremely cheap
    P/E of around 3.2. I agree with you DarkHorse. This is as cheap as they come with a very good solid dividend last 2 years and plenty of cash reserves for maintaining or increasing the dividend, given the strong market conditions & high prices we are currently seeing

  11. #291
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    Quote Originally Posted by iceman View Post
    P/E of around 3.2. I agree with you DarkHorse. This is as cheap as they come with a very good solid dividend last 2 years and plenty of cash reserves for maintaining or increasing the dividend, given the strong market conditions & high prices we are currently seeing
    I think Dark Horse is definitely preaching to the converted on this thread (all 3 of us)

    Key for me (as mentioned probably several times previously) is them consistently making profit. We are starting to see signs of that, freed from the shackles of debt and cashflow of past years. While they are growing their brand and retail business, make no mistake the profits are made off their commodity business, especially beef.

    Still challenges out there, but well placed vs their competition, and well managed.
    Last edited by Sideshow Bob; 25-04-2021 at 08:20 PM.

  12. #292
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    Last edited by Sideshow Bob; 29-04-2021 at 08:00 AM.

  13. #293
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  14. #294
    percy
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    Yesterday I watched both the SFF presentation and the SFF Co-op AGM.
    Great having them online.
    Most impressed by SFF ltd ceo,Simon Limmer's communication skills.

  15. #295
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  16. #296
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    I note with interest reading the notes from the Co-op meeting that they have decided a minimum holding of 1,000 rebate shares and will now initiate the redemption process. It is good to see they have started the process of cleaning up the SH registry and reducing the number of SH, many who may not even be found after decades have passed.
    But I was surprised they talked about 11,500 shares. Surely this can not be all ?

  17. #297
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    Quote Originally Posted by Sideshow Bob View Post
    He's finishing the remaining 2 years of his term though so a good orderly renewal.

  18. #298
    percy
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    Quote Originally Posted by iceman View Post
    I note with interest reading the notes from the Co-op meeting that they have decided a minimum holding of 1,000 rebate shares and will now initiate the redemption process. It is good to see they have started the process of cleaning up the SH registry and reducing the number of SH, many who may not even be found after decades have passed.
    But I was surprised they talked about 11,500 shares. Surely this can not be all ?
    That is 11,500 share HOLDERS who hold under 1,000 shares each.
    By reducing that large number of small shareholders they expect to save about $50,000 of share registry fees .
    This is positive,and will not cost much.[Under $1 mil]
    As for a proper share buy back,that seems to be a long way off,as the Coop board wants a very large safety net.They had $22mil plus this latest hold back of $5mil.Rebate shares being redeemed would cost under $13 mil so that rainy dday holding is mounting up.
    A comment was made at the agm that most Coops got into trouble as they paid out too much to members.
    I think this is a situation that although we may disagree with,we will have to accept their conservatism.
    The way SFF Ltd ceo Simon Limmer spoke about how they were trading, and the fact they were increasing their capital expenditure yet again,makes me think we are in for another strong year.
    In answer to a question about the rainy day fund being used to take advantage of an opportunity,the chairman said there was no opportunity under consideration.{sounded as though there never has been one].
    Therefore if we have another strong year,I think the rainy day fund will come up again at next year's agm,and the board may find it difficult to explain why they are holding on to so much.
    The attraction of SFF was their strong balance sheet,so retention of the rainy day fund just makes it stronger.
    Last edited by percy; 01-05-2021 at 08:45 AM.

  19. #299
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    Quote Originally Posted by percy View Post
    That is 11,500 share HOLDERS who hold under 1,000 shares each.
    By reducing that large number of small shareholders they expect to save about $50,000 of share registry fees .
    This is positive,and will not cost much.[Under $1 mil]

    As for a proper share buy back,that seems to be a long way off,as the Coop board wants a very large safety net.They had $22mil plus this latest hold back of $5mil.Rebate shares being redeemed would cost under $13 mil so that rainy dday holding is mounting up.
    A comment was made at the agm that most Coops got into trouble as they paid out too much to members.
    I think this is a situation that although we may disagree with,we will have to accept their conservatism.
    The way SFF Ltd ceo Simon Limmer spoke about how they were trading, and the fact they were increasing their capital expenditure yet again,makes me think we are in for another strong year.
    In answer to a question about the rainy day fund being used to take advantage of an opportunity,the chairman said there was no opportunity under consideration.{sounded as though there never has been one].
    Therefore if we have another strong year,I think the rainy day fund will come up again at next year's agm,and the board may find it difficult to explain why they are holding on to so much.
    The attraction of SFF was their strong balance sheet,so retention of the rainy day fund just makes it stronger.
    Thanks for the explanation. That is indeed a large number.
    I was confused by the wording from the Chairman, or probably didn;t read it properly !! when he said:
    "This will reduce our holdings by over 11,500 and significantly reduce our share registry costs."

  20. #300
    Senior Member justakiwi's Avatar
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    So the minimum purchase will now be 1000 shares?

    Quote Originally Posted by percy View Post
    That is 11,500 share HOLDERS who hold under 1,000 shares each.
    By reducing that large number of small shareholders they expect to save about $50,000 of share registry fees .
    This is positive,and will not cost much.[Under $1 mil]
    As for a proper share buy back,that seems to be a long way off,as the Coop board wants a very large safety net.They had $22mil plus this latest hold back of $5mil.Rebate shares being redeemed would cost under $13 mil so that rainy dday holding is mounting up.
    A comment was made at the agm that most Coops got into trouble as they paid out too much to members.
    I think this is a situation that although we may disagree with,we will have to accept their conservatism.
    The way SFF Ltd ceo Simon Limmer spoke about how they were trading, and the fact they were increasing their capital expenditure yet again,makes me think we are in for another strong year.
    In answer to a question about the rainy day fund being used to take advantage of an opportunity,the chairman said there was no opportunity under consideration.{sounded as though there never has been one].
    Therefore if we have another strong year,I think the rainy day fund will come up again at next year's agm,and the board may find it difficult to explain why they are holding on to so much.
    The attraction of SFF was their strong balance sheet,so retention of the rainy day fund just makes it stronger.

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