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  1. #331
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    Just watched both parts of the AGM videos

    https://www.youtube.com/watch?v=825HqsPGMd0&t=2402s

    must say i was very shocked at the answer given to the final question, skip to around minute 38 where they start talking about hoping ‘dry’ that is non supplying shareholders will drop out due to missing out on patrinage rewards.


    hmmmmmmm !!

  2. #332
    percy
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    Quote Originally Posted by Mr Slothbear View Post
    Just watched both parts of the AGM videos

    https://www.youtube.com/watch?v=825HqsPGMd0&t=2402s

    must say i was very shocked at the answer given to the final question, skip to around minute 38 where they start talking about hoping ‘dry’ that is non supplying shareholders will drop out due to missing out on patrinage rewards.


    hmmmmmmm !!
    xxxxxxxxxxxxxxxxxxxxx
    Last edited by percy; 19-06-2021 at 08:53 AM. Reason: doubled up

  3. #333
    percy
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    Quote Originally Posted by Mr Slothbear View Post
    Just watched both parts of the AGM videos

    https://www.youtube.com/watch?v=825HqsPGMd0&t=2402s

    must say i was very shocked at the answer given to the final question, skip to around minute 38 where they start talking about hoping ‘dry’ that is non supplying shareholders will drop out due to missing out on patrinage rewards.


    hmmmmmmm !!
    Yes came as a bit of a surprise.
    However us "dry" shareholders are enjoying ,and will continue to do so a very generous dividend,while supplying shareholders will get a bit more.
    Reducing the huge number of supply shareholders,who are no longer supplying, will save costs and tidy up the share register.
    What will be interesting is seeing how they reclassify the shareholders between dry and suppliers,keeping in mind "dry" shareholders supply liquidity.
    I have found SFF open and honest, and I expect they will make sure "all" shareholders are looked after,and all shareholders have benefitted from SFF encouraging more suppliers to become shareholders.
    I think NZSA are following SFF ,which adds a bit of a safety net ,together with The NZ Companies Office..
    Last edited by percy; 19-06-2021 at 08:41 AM.

  4. #334
    Ignorant. Just ignorant.
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    Quote Originally Posted by Mr Slothbear View Post
    Just watched both parts of the AGM videos

    https://www.youtube.com/watch?v=825HqsPGMd0&t=2402s

    must say i was very shocked at the answer given to the final question, skip to around minute 38 where they start talking about hoping ‘dry’ that is non supplying shareholders will drop out due to missing out on patrinage rewards.


    hmmmmmmm !!
    B*gger that for a game of soldiers!

    Some of us "dry" shareholders have been on the register for a long time - including sweating it out through the doubt over whether they'd be able to repay their bl**dy bonds, missing dividends year after year, and all the rest of it.

    SFF were happy to take the money and provide a pretty lacklustre performance in return.

    If this nonsense keeps up, I might have to turn up to the next meeting! What are the refreshments like?

  5. #335
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    A lot of beef mince pies probably !

  6. #336
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    Quote Originally Posted by GTM 3442 View Post
    B*gger that for a game of soldiers!

    Some of us "dry" shareholders have been on the register for a long time - including sweating it out through the doubt over whether they'd be able to repay their bl**dy bonds, missing dividends year after year, and all the rest of it.

    SFF were happy to take the money and provide a pretty lacklustre performance in return.

    If this nonsense keeps up, I might have to turn up to the next meeting! What are the refreshments like?

    i am not currently a shareholder but have been doing my due dilligence for quite some time and found the attitude towards capital holders shocking. Its that exact attitude that sees so many co ops underperform or fail

    Percy thank you for your excellent post. The first chap from part 1 video was excellent and the operating company clearly has very capable forward thinking management .
    http://www.silverfernfarms.coop/abou...nnual-meeting/

    it is instances like these where organisations like the NZSA really do shine and add real value to the smaller investor and give voice to real concerns. I don’t think a few emails to the board expressing concern over that would go amiss either but as you rightly point out it may have been an act of politics and diplomacy in a room where many are suppliers to the company and dry investors have certainly done well the past two years.

    i do find the 5 year combined NPAT target of $150m over 5 years very puzzling as really doesn’t seem like they’re aiming high. Thats a very low return on assets or equity. Also weird they haven’t updated it as they’re now sitting at a combined total of around $130m after two years, so surely they could at least aim for a target of $200m over 5 years?

  7. #337
    percy
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    The comments about dry shareholders dropping out is not consistent with how we have been treated.The CoOp's investor relations man,Clark Taylor, has helped me and others with honest answers to our questions.He replies straight away to any emails.I receive fortnightly updates from SFF Ltd 's ceo Simon Limmer.So their communications are excellent.
    The dividend dry shareholders received last year together with this year was not a lot less than supplier patronage shareholders received.
    Yes they are miles ahead of their 5 year target.Remember when that target was set SFF had a dreadful record,so the target was something to aim for at the time.
    A positive is the amount of capital SFF Ltd are spending on upgrading their business.Two years ago it was $30mil,last year $50 mil and this year it will be $70 mil.

  8. #338
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    I agree Percy that the very unfortunate comment by the outgoing Chairman is not consistent with the way they have treated dry shareholders. Like you, I have had several communications with Clark and have found him very quick and clear in his answers.
    I feel they currently have the split between dividends and patronage rewards well balanced.
    One way they will push up the percentage of supplying shareholders is when they undertake their stated share register clean up. There are lots of inactive sh on the registrar that they don't even have any details for, including whether they're alive or not.
    But the Chairman's finish was very unfortunate.

    Great to see the NZSA being there and I agree they can be really helpful for us dry sh with companies like SFF. I hope we all support them.

  9. #339
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    I agree Percy that the very unfortunate comment by the outgoing Chairman is not consistent with the way they have treated dry shareholders. Like you, I have had several communications with Clark and have found him very quick and clear in his answers.
    I feel they currently have the split between dividends and patronage rewards well balanced.
    One way they will push up the percentage of supplying shareholders is when they undertake their stated share register clean up. There are lots of inactive sh on the registrar that they don't even have any details for, including whether they're alive or not.
    But the Chairman's finish was very unfortunate.

    Great to see the NZSA being there and I agree they can be really helpful for us dry sh with companies like SFF. I hope we all support them.

  10. #340
    ShareTrader Legend Beagle's Avatar
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    I ran the ruler over this a while back and one of several key reasons I didn't invest is the issue around how murky the situation is with regard to who get's the lion's share of the feed each year. From what i could see there are no clearly defined disciplines around this and distributions are allocated on an ad hoc basis however the board sees fit to do so. At the end of the day it is a cooperative and it doesn't have the clearly defined business structure of a commercial company. In addition a lot of their plant and equipment is extremely old and I foresee huge capex going forward.
    Returns in this industry have historically been extremely cyclical and conferred a very poor return on equity.
    In addition the shares are highly illiquid.

    The comments in the video were shocking.
    Freight, logistics and staff issues are clearly very serious matters.
    Cheap metrics for sure...but for a range of good reasons in my opinion. Its not for me but good luck to dry shareholders.
    Last edited by Beagle; 19-06-2021 at 05:00 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

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