MPG - Metro Glass

[winner69]

Somebody panicked on the ASX as well and sold 200,000 shares

[winner69]

Yep 25% voted for his out though so pressure is mounting

Thanks

Just as well they kept the softness news until the meeting eh

[JeremyALD]

It's a bit disappointing given their investor day wasn't long ago and everything was sounding rather postive at that point. What's changed?

[winner69]

It's a bit disappointing given their investor day wasn't long ago and everything was sounding rather postive at that point. What's changed?

The softness was signaled in building consents data late last year ........and by some here on this thread

But even I am surprised that 'softness' leads to flat earnings (declining in NZ) growth for H1 ..... maybe other things in play?

[bull....]

The softness was signaled in building consents data late last year ........and by some here on this thread

But even I am surprised that 'softness' leads to flat earnings (declining in NZ) growth for H1 ..... maybe other things in play?

yea bad execution of business lol

[winner69]

yea bad execution of business lol

looks like it ....always a worry when the Chairman says '.....there will be a need to adapt and pursue efficiency initiatives through the second half of the year.'

[winner69]

Obviously this keen shareholder given the cold shoulder ....or went to the wrong school

In regard to our preparation for this 2017 Annual Meeting I would like to touch on three items. Firstly, you may be aware that the company received a director nomination from a Metro Glass shareholder. The nomination was discussed at length by the board and was assessed as having potential merit. Accordingly the board advised its preparedness to have the nominee go through the company’s director interview and induction process on an exclusive basis. This process involves a number of interviews including by the Nominations Committee, Chief Executive and ultimately the full board.

As I noted earlier, the board has already seen significant recent change with two new directors appointed within the last 12 months, each of whom were required to complete the same recruitment process I have just outlined, and which we see as protecting both the company and shareholders’ best interests. However having been informed of the board’s proposal, the shareholder elected to withdraw the nomination.

[JeremyALD]

Was anyone at the annual meeting? Investors went in for the kill.


Behind paywall but covers the questions to Sir John - investors want him out. Surely with 28% voting for you to leave, it's time to think seriously about doing so?

https://www.nbr.co.nz/article/sharp-...ng-th-p-206906

[BlackPeter]

The softness was signaled in building consents data late last year ........and by some here on this thread

But even I am surprised that 'softness' leads to flat earnings (declining in NZ) growth for H1 ..... maybe other things in play?

Agreed, if you look at it from that perspective - than the overall flatness is a bit of a worry. Sort of wondering whether the FBU sickness might have anything to do with that?

Presumably all the delayed FBU projects require as well windows. And from memory - last year many of their problems have been caused by orders being called much later than originally expected (and planned). Now - we all know that the next lot of big FBU projects is again well above budget but behind deadline ... that's something which can kill subcontractors who need to provide the capacity when planned but are only allowed to deliver (and nine months later paid) when their service is called.

Maybe the NZ building industry is still sicker than we thought.

[percy]

Maybe the NZ building industry is still sicker than we thought.

A building boom on and NZ companies are serial non-performers.
A sector to avoid.
CAV,FBU,MVN,STU,MGL....and MPG.!