AGL - Accordant Group. was previously AWF Madison, Allied...

[nztx]

I don't have ready computer access to market depth, so I wasn't aware of so many shares being for sale at under a buck. Thanks for that. We are talking $35k of shares here (or a bit less). In capital market terms this is not big money, even for the NZX. But if there is virtually no-one on the buy side you are right. The share price will only go one way



This business is not about NTA. It is about cashflow. If you acquire other job agency businesses based on their 'business connections' (which is the way AGL has been expanding their white collar offering), then you end up swapping cash for 'nothing tangible'. If you then keep paying good dividends from your cashflow, then this is how you can end up with a negative tangible assets on the balance sheet. AGL could stop paying dividends to increase their net tangible assets at any time. But that would not increase their attractiveness as an investment, for this dividend hound at least.

I do know that AGL have been making good money on the Maorisation of of corporate governance, which includes Maori tribal appointments to regional councils and to governance structures for 3 waters , or 10 waters or whatever it became. I imagine that the coming 'Luxonsiation' of this process may affect future returns in this business domain.

SNOOPY

Thanks Snoopy - so another one with a similar MO to MFB

The recent Div pattern in higher deposit rate times wont be helping

With possibly a reset on where future Biz is or isn't in the turbulence, current Div (a fraction of a year or two back) coming under potential further pressure in the downdrafts, might be inspiring market nerves

The 6.0c & 8.0 cps dividend shots were nice while the party rocked along with music blasting ..