Seeka

[bull....]

https://www.nzx.com/announcements/368231

"Seeka Announces 12 cent Dividend
Record date is 5 March 2021
Payable on 30 March 2021"

the resumption of dividends puts them at 6.8% gross return for a year not to shabby dividend return in this environment

[Getty]

Yes.
The question now is how much of the crop will make it through the packhouse, and to market, thanks to shortage of pickers.

Lack of RSE workers/covid will get the blame, while our local benefit recipients cruise past on their way to the beach, watching the fruit fall to the ground.
Even then they wont pick it up, much easier to wait for a koha to be delivered to the food bank, and wait for someone to deliver their kids school lunches, and personal hygiene products.

This poverty is tough you know...

[whatsup]

Yes.
The question now is how much of the crop will make it through the packhouse, and to market, thanks to shortage of pickers.

Lack of RSE workers/covid will get the blame, while our local benefit recipients cruise past on their way to the beach, watching the fruit fall to the ground.
Even then they wont pick it up, much easier to wait for a koha to be delivered to the food bank, and wait for someone to deliver their kids school lunches, and personal hygiene products.

This poverty is tough you know...

Believe you it will all be picked, from someone who knows.

[Getty]

Good on ya mate.

Thats what we want to hear!

[bull....]

Seeka announces its 31 December 2020 result

$15.2m net profit after tax - up 120% on 2019
* $0.12 per share dividend payable 30 March 2021

https://www.nzx.com/announcements/368293

I like how they say in there commentary that seeka is a growth company

[BlackPeter]

Seeka announces its 31 December 2020 result

[FONT="]$15.2m net profit after tax - up 120% on 2019[/FONT]
* $0.12 per share dividend payable 30 March 2021

https://www.nzx.com/announcements/368293

I like how they say in there commentary that seeka is a growth company

Not quite sure though how they calculate 52 cents EPS (the table on page 3 of their report) - based on the current number of shares $15.2m NPAT should be 47 cents per share, but they probably did some averaging of new shares. That's what accountants are for, isn't it?

Otherwise: liabilities to assets down (from 57.9% down to 53%), Return on funds employed up from ~5.5% to 8.6%;

Great result, positive outlook ... happy holder.

[turnip]

Not quite sure though how they calculate 52 cents EPS (the table on page 3 of their report) - based on the current number of shares $15.2m NPAT should be 47 cents per share, but they probably did some averaging of new shares. That's what accountants are for, isn't it?

The footnote on p.12 of the presentation has this explaination:

"1 As required by NZ IAS 33, 2,748,877 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations. If included, the EPS would be $0.47 (2019: $0.22)"

[BlackPeter]

The footnote on p.12 of the presentation has this explaination:

"1 As required by NZ IAS 33, 2,748,877 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations. If included, the EPS would be $0.47 (2019: $0.22)"

Cheers - interesting, I didn't catch that. Shows again it pays to read all the footnotes :

[iceman]

A very interesting development and makes perfect sense:

Leading Kiwifruit Companies to Amalgamate
Seeka Limited (“Seeka”) and Opotiki Packing and Cool Storage Limited (“OPAC”) are to join via amalgamation. This transaction will see Seeka expand further to be operational in all of New Zealand’s major kiwifruit growing regions in a deal that continues to consolidate the New Zealand kiwifruit industry.
The OPAC shareholders will receive new shares in Seeka at the ratio of 1.4833 Seeka shares for every 1 OPAC share held, valuing the net assets of OPAC at $33.94m provided OPAC shareholders approve the transaction with a 75% approval required. Seeka will assume approximately $25.06m of debt as part of the acquisition bringing the total deal to $59.00m.
The offer is subject to a number of conditions, including approval of OPAC’s shareholders to the amalgamation at a shareholders’ meeting to be held on Tuesday 13 April 2021; and approval by Seeka’s shareholders to the issue of up to 7,042,574 new shares in Seeka at the ASM to be held on Friday 16 April 2021. Further details will be advised in the respective Notice of Meeting to be sent to each Company’s shareholders prior to their meetings.
OPAC’s Chairman, Tony de Farias, in announcing the deal, said: “The amalgamation brings together two companies with a long relationship and similar ownership structures. Many OPAC shareholders and growers are also shareholders in Seeka. The Board of OPAC recommends the deal to shareholders believing the enterprise value of $59m to be fair, with good opportunities for growth and synergies. The combined group will deliver efficiencies, new technology and grower support”.
Seeka Chairman, Fred Hutchings said: “The purchase of OPAC is consistent with our strategy and delivers the Eastern Bay of Plenty kiwifruit growing region to Seeka’s operations, a region in which Seeka is already experiencing growth through new orchard developments. The transaction is expected to be accretive to shareholders once the combined business is fully integrated. Seeka expects the bigger business to generate material efficiencies, synergy benefits and cost savings for the benefit of all stakeholders.”
The Boards of Seeka and OPAC have unanimously recommended the amalgamation.
For further information, please contact:
Michael Franks Ian Coventry
Seeka Chief Executive OPAC Chief Executive
021 356 516 021 505 708
www.seeka.co.nz www.opac.co.nz

[peat]

a nice divvy received today considering the small size of my holding in this company.

A 2.5% return on current market price in one payment

Share price rising....