Annual Meeting Report, March 26th 2024 Click here for NZSA Assessment and Voting Intentions The purpose of the Special Meeting was to consider a proposal (and related resolutions) to internalise Goodman Property Trust’s management from Goodman Group (GMG) to a company to be controlled by unitholders, Goodman Property Services (NZ) Ltd. GMT set out the…
Read more
NZSA Disclaimer What a privilege it has been to travel around the country to be part of the delivery of Cooking the Books Live with Frances Cook and her panels of women members of NZSA. We set out to facilitate a national conversation, run by women for women, that empowers women by showing what’s possible.…
Read more
NZSA Disclaimer Guanglin “Alan” Lai probably thought it was in the bag. After all, with Agria’s 44.3% shareholding, it would be tough to overturn a proposal (announced on February 13th) to remove three independent directors from the Board and elect three new independent directors, plus himself. Yet, the recent action by Agria in flexing its…
Read more
On 20 February 2024, our guest speaker was Dwight Egelhof, an Investment Advisor, with Craigs Investment Partners. Dwight spoke on the current state of investment markets and what lies ahead for 2024. Inflation is still above the targets of central banks and their decisions could cause economic activity to slow. All experts expect decreases in…
Read more
Annual Meeting Report, March 8th 2024 Click here for NZSA Assessment and Voting Intentions The company is proposing a capital restructuring to allow it to finance its non-honey business whilst separating the King Honey business to allow for a future sale. Since acquisition in June 2021, the King Honey business has experienced difficulties due to…
Read more
NZSA Disclaimer I’ve just finished watching the latest True Detective series where the constant refrain from the hard-bitten Alaskan cop played by Jodie Foster was: “Ask the question. Nope, wrong question” until she got to the heart of the matter. It came to mind when I was recently asked to speak to women about investing…
Read more
Annual Meeting Report, February 28th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 Change Revenue $100.6m $105.7m $126.3m $169.9m 35% Operating Expense $93m $118.2m $146.7m 24% EBITDA $12.1m $12.7m $8.1m $23.2m 186% NPAT -$31.7m $3.2m -$3.3m $10.0m n/a EPS1 -$0.321 $0.032 -$0.033 $0.098 n/a Capitalisation $281m $772m 175% PE…
Read more
NZSA Disclaimer While most of the New Zealand investment community were agog at the events impacting a certain building materials company, an announcement made to market by PGG Wrightson (NZX: PGW) late on February 13th caught NZSA’s attention. It seems that PGW’s 44% shareholder Agria is seeking a special meeting to remove three of the…
Read more
NZSA Disclaimer It has been a decade of disaster for Fletcher Building (NZX: FBU) shareholders. Much has been said about Fletcher Building this week, including NZSA’s own commentary both in the media and via the NZSA blog article (It’s just a flesh wound…) early in the week. Of course, it isn’t the first time we…
Read more
NZSA Disclaimer This scene from Monty Python has indeed set the tone for the events that have played out at Fletcher Building (NZX: FBU) over the last week. Unfortunately, however, the brave and beleaguered ‘Black Knight’ made famous by the Monty Python sketch represents not just the company itself, but the many thousands of shareholders…
Read more
