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  1. #71
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    Statement from OIO last Friday suggests that approval would not be given before SFF special meeting. What's the point for OIO to make a decision if SFF shareholders have not decided? For the same token, Shanghai Maling would NOT bother to deal with OIO unless SFF special meeting re-approves the sale, which looks unlikely given the high hurdle of 75% approval rate.

    The next logical issue would be how much SFF has to pay for the services of Goldman Sachs and others. It was SFF, not Shanghai Maling, appointed Goldman Sachs for capital raising.

    Would SFF be able to continue to collaborate with Shanghai Maling after the special meeting? Probably not. The reputation of SFF board and mangers would not be regarded in China. Shanghai Maling learnt a lesson and would find alternative sources of beef from Australia and Brazil, rather than wasting time in NZ.

    SFF would be 100% retained in NZ. I would expect a share price of 40 cents after the special meeting.

  2. #72
    Senior Member Marilyn Munroe's Avatar
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    Quote Originally Posted by Newman View Post
    The next logical issue would be how much SFF has to pay for the services of Goldman Sachs and others. It was SFF, not Shanghai Maling, appointed Goldman Sachs for capital raising.
    You hire a merchant bank for their expertise in mergers and aquisitions for which they charge a fat fee.

    Having a merger(or whatever) go t*ts up because of an issue with the co-ops articles of association suggest the advice recievied was not worth the fat fee charged.

    If I was Silver Fern Farms I would stiff them the fee on account of Goldman Sucks being useless.

    Boop boop de do
    Marilyn
    Diamonds are a girls best friend.

  3. #73

  4. #74
    Senior Member Marilyn Munroe's Avatar
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    SFF CEO says Shanghai Maling is still in the hunt and announces delay to special shareholder meeting.

    http://www.stuff.co.nz/business/farm...as-walked-away

    Boop boop de do
    Marilyn

    Edit: Gazumped by Sideshow Bob
    Last edited by Marilyn Munroe; 27-06-2016 at 11:45 AM.
    Diamonds are a girls best friend.

  5. #75
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    According to the press release of Mr Peters on June 30, Goldman Sachs received $695,000 a month from SFF. It started advising SFF on capital raising on November 2014. When would its service end, 4 January 2017 (the revised settlement date with Shanghai Maling)?

    Regardless of their votes on August 11, SFF shareholders have to pay Goldman Sachs a huge fee, possibly 26 months * $695,000.

  6. #76
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    Now I understand why SFF management said it was a huge waste of money to hold the shareholder requisitioned
    meeting.

  7. #77
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    Here is the article......interesting.

    http://www.scoop.co.nz/stories/PA160...fern-farms.htm

  8. #78
    Senior Member Marilyn Munroe's Avatar
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    Rural commentator Allan Barber has an item on the Interest web site discussing the latest developments on the SFF takeover saga.

    http://www.interest.co.nz/rural-news...ing-date-allan

    He says the Shrimpton Group will have hard time getting the FMA and Companies Office to change their minds. He is correct in his assumption as both these are do-nothing organisations whoose purpose is to deflect responsibility from cabinet ministers.

    Mr Shrimpton and associates would be more successful if they head to court.

    The danger is after the Bell Group & others V PPCS litigation the courts may take a view that SFF is a repeat offender.

    Mr Bell makes an interesting observation in this NZ Herald article about the aftermath of this litigation;

    http://www.nzherald.co.nz/business/n...jectid=3581562

    It is so applicable to current circumstances that I am going to quote it;

    "Bell says he is not entirely convinced PPCS has learned from the messy takeover process."
    Diamonds are a girls best friend.

  9. #79
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    Quote Originally Posted by Marilyn Munroe View Post

    Mr Shrimpton and associates would be more successful if they head to court.

    The danger is after the Bell Group & others V PPCS litigation the courts may take a view that SFF is a repeat offender.

    Mr Bell makes an interesting observation in this NZ Herald article about the aftermath of this litigation;

    http://www.nzherald.co.nz/business/n...jectid=3581562

    It is so applicable to current circumstances that I am going to quote it;

    "Bell says he is not entirely convinced PPCS has learned from the messy takeover process."
    Agree re court. PGW was viewed as a substantial transaction to buy 50%, 50% to Shanghai Maling was not.

    Not sure re Bell Group and learning from the past. All different board and senior management from then to now.

  10. #80
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    Quote Originally Posted by Sideshow Bob View Post
    Here is the article......interesting.

    http://www.scoop.co.nz/stories/PA160...fern-farms.htm
    He is 100% on the money and by the time it all plays out he will be the king maker next election.

    It is the dream trifecta for Winston - offshore investment, domestic corruption and the big banks....

    Sound bites aside - it is very ugly what is going on and it needs to be exposed.

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