MPG - Metro Glass

[winner69]

“Why hasn’t CEO been fired”

Disgruntled shareholder

[Rawz]

Thanks W69 and BP for the commentary. Feel like i listened in

MPG a sick puppy

[winner69]

Shareholder survey taken at ASM

“On a scale of 1 to 10, how do you rate the performance of the Metroglass Board and Management?”

The tone of that meeting I’d say they would be lucky to get an average score of 2.5 …after all nobody scores these things 0

[BlackPeter]

Thanks W69 and BP for the commentary. Feel like i listened in

MPG a sick puppy

Well, yes ... it certainly is.

On the other hand - and to conclude this somewhat on a positive note ...

I think this was certainly one of the more interesting AGM's I used to attend so far (and there have been many), both shareholder questions as well as board responses have been (mainly) constructive and appropriate ...

Chair was brave to stand through the session and thanked afterwards for the "penetrating" questions. Good stuff.

So - I think they will need some staff changes at the top incl. board to address some skill shortages and they will need to find a way to support their balance sheet ... but I don't see the company yet as a lost cause.

I don't see them as a get rich quick schema either ...

If board manages to address the mentioned problems, it will take time. If they don't address them, than (in hindsight) now might have been the best time for shareholders to run for the hills. Take your pick.

[BlackPeter]

Interesting to watch the depth:

Only trade during the AGM (and up to now) are 84 shares at 25.5 cents. This is a 2% rise of the SP compared to opening!

Lowest seller now offering their shares for 28.5 cents ... holders seem to be optimistic!

[Leemsip]

Thanks BP. commentary cracks me up.
MPG confirming dog status

[Sideshow Bob]

From Business Desk daily email:

Glass price inflation will crack 31% next month – Metroglass

Metro Performance Glass, New Zealand’s largest glass processor, says residential and commercial builders should expect to pay more for glass on the back of imported raw product price hikes and impending changes to thermal code requirements.
The NZX listed firm said it will add another 5% price increase on its products next month, bringing cumulative price escalations to 31% over the past 12 months.

[winner69]

Interesting to watch the depth:

Only trade during the AGM (and up to now) are 84 shares at 25.5 cents. This is a 2% rise of the SP compared to opening!

Lowest seller now offering their shares for 28.5 cents ... holders seem to be optimistic!

Those sellers didn't get their 28.5 cents eh BP. Share price still 25 cents although it was heading lower for a time on Friday

One thing that struck me from watching that ASM was it seems that both Griffith and Mander don't really understand the market they are.

Answered questions about market dynamics, size, share, competitors etc with little conviction .... vague answers sort of made me think heck they don't know much.

Good point was the mumble about glass use doesn't go upto the same extent as consents / activity. A stupid answer that sort of said less glass in a house these days - with a bit of in depth knowledge of the industry would have said (confidently) 'Yes, dwelling consents have risen from 30,000 to 50,000 in the last five years but number of consents for houses have only risen 2,800 (13%). Most of the 20,000 increase has been for townhouses,flats and unit and when you think about there is a lot of common walls in those sort of structures and for most glass is only in front and/or back - hence of course glass use per dwelling is down.

Lack of conviction and body language when they say market share is still up there says to me it isn't

[BlackPeter]

Those sellers didn't get their 28.5 cents eh BP. Share price still 25 cents although it was heading lower for a time on Friday

One thing that struck me from watching that ASM was it seems that both Griffith and Mander don't really understand the market they are.

Answered questions about market dynamics, size, share, competitors etc with little conviction .... vague answers sort of made me think heck they don't know much.

Good point was the mumble about glass use doesn't go upto the same extent as consents / activity. A stupid answer that sort of said less glass in a house these days - with a bit of in depth knowledge of the industry would have said (confidently) 'Yes, dwelling consents have risen from 30,000 to 50,000 in the last five years but number of consents for houses have only risen 2,800 (13%). Most of the 20,000 increase has been for townhouses,flats and unit and when you think about there is a lot of common walls in those sort of structures and for most glass is only in front and/or back - hence of course glass use per dwelling is down.

Lack of conviction and body language when they say market share is still up there says to me it isn't

You are right - both came across as both rather honest as well as rather clueless.

Obviously not optimal, but not the worst thing either (which would be clueless and dishonest );

I guess the questions are:

1) is the cluelessness of chair (board?) and CEO already priced in? I think there is a quite capable organisation (though highly leveraged) below which must be worth something ...

2) How to best realize the underlying value?

[winner69]

You are right - both came across as both rather honest as well as rather clueless.

Obviously not optimal, but not the worst thing either (which would be clueless and dishonest );

I guess the questions are:

1) is the cluelessness of chair (board?) and CEO already priced in? I think there is a quite capable organisation (though highly leveraged) below which must be worth something ...

2) How to best realize the underlying value?

Who knows BP - might be OK in a year or two

That new Director Jenn Bestwick might sort things out ..... she was pretty excited how Metro did a job for her at the turn of century .... professional, efficient etc etc ....but back then Metro was privately owned and operated by guys who had glass in their blood and a great company culture .... pity private equity destroyed all that

Hope Mr Sheppard's journey across broken glass is company to an end.