MPG - Metro Glass

[Beagle]

I'm unaffected and too old and lazy to go duck shooting and besides that I hate animal cruelty. Leave it for others to try and pick off the fleas from this mange and flea infested mutt. Happy to concede I might have barked up the wrong tree in error on sighting of said duck. Beagles not known for being good retrieving dog's are they...leave that to the golden retrievers

[steveb]

what I can't understand is why a competitor would want to enter the market.Sure it's supposed to be a boom time,but surely you only have to look at MPG,Fletchers et all to get cold feet!

[BlackPeter]

Big opening move downwards on very solid volume followed 49 minutes later by a material price sensitive announcement. If something looks like a duck, waddles like a duck, quacks like a duck...guess what ?, there's every chance its a Duck !

I guess the question is - who might have had this information without any requirement to keep quiet about it?

- employees of the still unknown competitor
- council staff
- industry insiders ...
- employees of various suppliers quoting for building the factory; Maybe MPG is supplying the glass ;
- any neighbours to the new premises
- the previous owner of the premises
- didn't anybody mention that some analyst changed their recommendation? So, they must have known.

... this is clearly something a lot of people knew for some time, and none of them was required to keep it confidential. Actually - it must have been for some time public information. So - while I see how the plans of some competitor can be price sensitive, I don't see how they can be insider information to MPG?

Are you saying that any company is required to immediately make a market announcement as soon as they hear a rumour about their competitor planning to do something which could impact on their business (as it always does)? If not - what is the threshold to notify your competitors intentions to the market ...?

[bull....]

.....more like good competitive intelligence and knowing the market/industry

too true , good research keeps you one step ahead of the competition

[Beagle]

I guess the question is - who might have had this information without any requirement to keep quiet about it?

- employees of the still unknown competitor
- council staff
- industry insiders ...
- employees of various suppliers quoting for building the factory; Maybe MPG is supplying the glass ;
- any neighbours to the new premises
- the previous owner of the premises
- didn't anybody mention that some analyst changed their recommendation? So, they must have known.

... this is clearly something a lot of people knew for some time, and none of them was required to keep it confidential. Actually - it must have been for some time public information. So - while I see how the plans of some competitor can be price sensitive, I don't see how they can be insider information to MPG?

Are you saying that any company is required to immediately make a market announcement as soon as they hear a rumour about their competitor planning to do something which could impact on their business (as it always does)? If not - what is the threshold to notify your competitors intentions to the market ...?

The company made a price sensitive announcement at 10.49 a.m. The company knew it was price sensitive and could materially affect the share price. It must have been in a state of preparation either over the weekend or this morning. Good governance suggests there is no question that the shares should have been placed in a trading halt pending the release of price sensitive information, surely you would agree with that ?
The fact that proper protocol wasn't followed allowed some insiders or market participants to dump their shares at a price that may turn out to be advantageous to them. Some of those people could be senior employees of MPG who knew price sensitive information was about to be released to the market. That is why an investigation is warranted. It may turn out that the sellers were all Forbar investors taking note of the recommendation change and if so that's fine.
This is of academic interest to me as I am interested in seeing the integrity of our capital market not being eroded any lower than it already is. Its up to someone with a vested interest to do their bit as I am tired of time consuming, rewardless and thankless past campaigns.

[BlackPeter]

The company made a price sensitive announcement at 10.49 a.m. The company knew it was price sensitive and could materially affect the share price. It must have been in a state of preparation either over the weekend or this morning. Good governance suggests there is no question that the shares should have been placed in a trading halt pending the release of price sensitive information, surely you would agree with that ?
The fact that proper protocol wasn't followed allowed some insiders or market participants to dump their shares at a price that may turn out to be advantageous to them. Some of those people could be senior employees of MPG who knew price sensitive information was about to be released to the market. That is why an investigation is warranted. It may turn out that the sellers were all Forbar investors taking note of the recommendation change and if so that's fine.
This is of academic interest to me as I am interested in seeing the integrity of our capital market not being eroded any lower than it already is. Its up to someone with a vested interest to do their bit as I am tired of time consuming, rewardless and thankless past campaigns.

Anyway - welcome to Simon Mander ... they certainly did throw him into the deep end - so, lets find out whether he knows how to swim ...;

[Onion]

They need to apply the Continuous Disclosure rules. Within those rules there is mention of the "reasonable person test". No mention is made of "beagles" of any description.


But seriously, there is still a disclosure needed if they think there will be an impact on the share price. There is guidance concerning incomplete information that can justify delaying an announcement. It may be that other market announcements, such as ForrBarr's, took them by surprise this morning and they then had to react -- 49 minutes after opening seems a pretty swift reaction.


The rules are here: https://s3-ap-southeast-2.amazonaws....0505_clean.pdf

[Beagle]

Anyway - welcome to Simon Mander ... they certainly did throw him into the deep end - so, lets find out whether he knows how to swim ...;

I think we can agree from a governance perspective this has been very poorly handled. This gives investors a clear window of insight into whether the board is up to the task of crystal clear transparency or not.

[Beagle]

They need to apply the Continuous Disclosure rules. Within those rules there is mention of the "reasonable person test". No mention is made of "beagles" of any description.


But seriously, there is still a disclosure needed if they think there will be an impact on the share price. There is guidance concerning incomplete information that can justify delaying an announcement. It may be that other market announcements, such as ForrBarr's, took them by surprise this morning and they then had to react -- 49 minutes after opening seems a pretty swift reaction.


The rules are here: https://s3-ap-southeast-2.amazonaws....0505_clean.pdf

Thanks for rules...I don't have the energy to run with the ball. Early sellers might be hoping this closes at around 72 cents, the opening price, so this ends up being a storm in a tea cup (dog bowl ?). I don't like their chances.
Whilst I concede this could have been well informed Forbar clients jumping ship someone needs to run the ruler over this mornings apparent fiasco as it doesn't look right.

[mikeybycrikey]

Whatever the circumstances, it feels like investor sentiment on MPG is pretty poor right now. That a competitor can be looking to increase supply here in NZ 2 years in the future and hit the SP of MPG by >20% doesn't reflect well on expectations that MPG can deal with competitors.

This feels a bit like an over-reaction unless MPG are making super-profits from some sort of monopoly situation (which I don't think is the case).