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  1. #2161
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    Quote Originally Posted by Davexl View Post
    Can someone explain to me how if they've been paying Debt down so successfully, how come Debt to Equity is UP vs 2019?
    Is this something todo with Goodwill writedown? Thanks
    You should do your own looking up mate

    Yes Equity was down from $157m to $77m while debt was only down $8m in F20

    Y
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  2. #2162
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    Quote Originally Posted by Davexl View Post
    Can someone explain to me how if they've been paying Debt down so successfully, how come Debt to Equity is UP vs 2019?
    Is this something todo with Goodwill writedown? Thanks
    Correct. Net debt fell by about 16.5 million but debt/equity went up because the write down in intangibles was greater than the amount of debt repaid.

    Given the role of intangibles in MPG's balance sheet, I'd be looking at cash flow, interest cover and EBITDA/debt ratios before I looked at debt/equity/

  3. #2163
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    Quote Originally Posted by Louloubell View Post
    Am a long holder and long time sufferer. I will not post my entry price as I will lose the little self respect and credibility left.

    I stayed in the free fall all the way down and averaged down when the sp was around 18c. How not to do things!!!

    I like the approach atm: pay down debt, look after staff, don't over promise (and under deliver), reduce exposure to the bigger commercial sector, and eliminate all the book keeping fluffies and nonsense.

    I will continue to hold. See light at the end of the tunnel for the sp when debt is low and divvies are being paid again.

    Got severely burned by this stock doing almost identical things as you have done Louloubell, instead of cutting my losses much earlier. Lesson Learned.
    Even seriously thought about starting a class action lawsuit with the money involved and knowing all the shareholders likely to be affected.

    Serious issues with Board & management until Simon Mander started 'very slowly' turning the ship around. Then finally the goodwill writedown.
    My heart goes out to people like yourself who have suffered through this debacle - You are definately not alone. Good luck with being patient...
    All science is either Physics or stamp collecting - Ernest Rutherford

  4. #2164
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    Quote Originally Posted by traineeinvestor View Post
    Correct. Net debt fell by about 16.5 million but debt/equity went up because the write down in intangibles was greater than the amount of debt repaid.

    Given the role of intangibles in MPG's balance sheet, I'd be looking at cash flow, interest cover and EBITDA/debt ratios before I looked at debt/equity/
    Thanks for that. Wondering if 'looking thru' the Goodwill writedown, this stock may be a turnaround opportunity. Peter Masfen seems to think so...

    Quote Originally Posted by *Arbroath* View Post <https://www.sharetrader.co.nz/showthread.php?p=791712#post791712>

    Well 8.25% of the company changed hands today and I'd say Schroders is out entirely...question is who bought the large blocks that represent almost 8% of the stock....
    https://www.nzx.com/announcements/348531

    Entities associated with Sir Peter Masfen.

    Article from the NZ Herald:

    Businessman and philanthropist a long-term investor who buys when things are tough

    • Companion of the New Zealand Order of Merit for services to business and philanthropy.
    One of New Zealand's most shrewd businessmen, Peter Masfen, reckons a trick is to always have reserves up your sleeve and invest when no one else wants to.

    "I think my best investments have been at counter-cyclical times ... that's the benefit of always having capacity to pick up those opportunities," says Masfen, who today has been appointed a companion of the New Zealand Order of Merit for services to business and philanthropy.

    "I'm a long-term investor, I don't trade things. I invest for the long term and I think it's fair to say that the best investments very often are made when things are tough and probably when no one else wants them, those tend to have the ability to show the best return if you stick with them long enough and are able to apply good business direction and principles to them," he says.

    The former top-level rower, who represented New Zealand at the Tokyo Olympics in 1964 and the world championships in 1966, still has an active role in his family's business interests, which are estimated to be worth more than $400 million.

    The family's Masfen Securities appears on many listed company registers and takes big stakes in NZX-listed businesses.

    Their property investments include the 12,000ha Mt Linton Station in Southland as well as many commercial buildings spread throughout Auckland including in Newmarket, Parnell and Mission Bay.

    The 74-year-old is perhaps best known for building up Montana Wines, which became New Zealand's largest wine producer, exporter and vineyard owner during his three decades on its board.

    It also became a takeover target and in 2001 was bought by Allied Domecq, now part of French giant Pernod Ricard. The buyout was contested and Masfen says achieving an equal price for shareholders during it was one of the highlights of his career. The former Montana chairman wasn't interested in wine before he got involved with the business and says he isn't a "wine connoisseur".

    Disc: Bought back in today @ 25c
    All science is either Physics or stamp collecting - Ernest Rutherford

  5. #2165
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    Larger volumes today, and price moving, perhaps FBU, is making a move.

  6. #2166
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    Going up, but meaningless IMHO, as the volume is insignificant.

  7. #2167
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    Really? The offer for 500k at 24 got taken out yesterday and the volume is only light today because there are no real sellers

  8. #2168
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    Quote Originally Posted by Arbroath View Post
    Really? The offer for 500k at 24 got taken out yesterday and the volume is only light today because there are no real sellers
    And not that many buyers either that have joined the queue rather than accepting the sell offer. 23.5c, 24.0c and 24.5c cumulatively had a buy depth of 182k (or $44k).

  9. #2169
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    Quote Originally Posted by Scrunch View Post
    And not that many buyers either that have joined the queue rather than accepting the sell offer. 23.5c, 24.0c and 24.5c cumulatively had a buy depth of 182k (or $44k).
    This might give a bit more insight into buyers vs sellers:
    https://imgur.com/y0T7rND

    In summary there is support at 22.5c which is -10% of latest SP of 664k shares (cum.), being 65% of all bids. Conversely +10% of the SP sees offers of 84k shares (cum.) being 26% of all shares on offer. All buyers outweigh all sellers by almost 8:1.
    Last edited by Ferg; 16-09-2020 at 10:04 PM.

  10. #2170
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    I never thought that I would see the day that the trend is my friend and it would relate to Metro. 😜

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