Pyne Gould (controlled by George Kerr and Baker Street Capital Management) recently started buying back a significant amount of shares and some investors believe it is the last push to take the company private. It prompted many of you to ask whether I will stop blogging or if I "will be giving up on Mogridge and Kerr".
In the first instance, this blog is not about me. This is not my blog and the compliments you email me are giving me too much credit. At the outset we stated,
"This is a group effort so we look forward to any information you might care to share with us by emailing transparency6@gmail.com"
In the second instance, this blog is not about George Kerr, Bryan Mogridge, Vadim Perelman, etc. It could just as well have been about Tom, Dick and Harry. At the outset we stated,
"This blog has one aim: Shed light on the topic, by becoming a central source of information on PGC and the labyrinth of business interests that surround it. Transparency is a wonderful thing!"
Ultimately, it is about a New Zealand public company being controlled by owners that are not being transparent. It does seem possible that Pyne Gould will soon be neither a New Zealand company nor public. Those of you that suggest we have "driven Pyne Gould, Kerr and those hedge funds out of the country" are wrong and missing the point. We are standing up for ourselves and are shedding must needed light on a situation, when our regulators, press and other shareholder "protectors" are incapable or should I say unwilling to do their jobs.
It is straight forward. If you want to behave like a private company, go private or if you do not want to treat your fellow public shareholders with respect then go somewhere else. We will do what we can to shape proper behaviour in this country and we would like to think that in future we will not have to write blogs like this one to bring about such behaviour. Why not simply behave like gentlemen and treat your shareholders with respect, whether it is PGC or any other public company for that matter? Duh!
Cheerio!
jA
Anderson Cooper once said, I think it's a good thing that there are
bloggers out there watching very closely and holding people accountable.
Everyone in the news should be able to hold up to that kind of
scrutiny. I'm for as much transparency in the newsgathering process as
possible
I have only just found this site.
ReplyDeleteI was looking for the outcome of the shareholders meeting just before Xmas 2013 - in Auckland - perfectly timed and positioned for minimal objections.
Of course the outcome is a given - that the major shareholder will get what he wants. I had hoped for a little more info.though.
My father devoted his entire working life to building up PGG to what it was. Starting pre-WW2 as a disadvantaged teenager sweeping floors; becoming Stock Agent extraordinaire, Head Auctioneer and ending up as CEO.
Men of that era weren't driven by GREED and succeeded because they worked for it.
It has taken such a short time for ignorant corporate fuckwits to destroy what was a precious South Island rural institution.
No wonder the earthquake-god wrecked their building!
As I live in Australia - I had most of my inherited shares taken off me - supposedly for the reason it was too difficult to deal with Australia - even though they are 'actively investing in' and their (his) 'future growth' is here; along with the UK.
Although those stolen shares were worth 44 cents when they took them off me, and worth 36 cents when they paid me out - they only gave me 26 cents per share. I find it quite extraordinarily that they (he) got away with that.
PCA
It is a clever tactic (but shows extreme lack of balls) - to wear down the Shareholders with having to hear the endless misguided rantings of a guy who thinks he will succeed by buying undervalued but potential, shares in other Companies - when he doesn't even realize he IS one of those companies himself. And still is; but LESS the extraordinary amount of money he has managed to loose - or put in his own pocket. How much did you say you earned in CASH each year? - why not in shares??? Shame us shareholders aren't allowed any of that cash.
DeleteI think "returning sold-off asset capital to shareholders by buying back their (according to you) undervalued shares at Market price" is NOT much recompense for your greed. May it haunt you Mr Kerr, and those other idiots involved, for the remainder of your lives.
I couldn't agree more
ReplyDeleteGood site.
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