Bryan Mogridge, "(it) would be foolish"

Lord Francis Jeffrey said, “A good name, like good will, is got by many actions and lost by one“ or maybe it is more appropriate in this case to say, actions speak louder than words. 

Shareholders of PGC struggle to reconcile many things of which most are listed on this blog. It is up to the Board and will be to everyone’s benefit if it would clarify these apparent contradictions. So can the Board please step up and communicate with its shareholders? 

The general feedback we are getting is that the attempt by Bryan Mogridge on 4 May 2012 in his Letter to Shareholders is woefully inadequate. Not one person has said that they deem that communication to be adequate; something for Mr Mogridge to consider. 

Bryan Mogridge

The latest action, a few weeks ago on 17 May, throws up yet another apparent contradiction by Bryan Mogridge and as always we invite him to publicly clear it up.

On 17 May HNZ filed to let the public know that Torchlight Securities sold 9.4m shares Heartland shares to the value of $4.9m

Torchlight securities are ultimately owned by Pyne Gould and should not be confused with the Torchlight Fund (see below). 

Torchlight Securities and every layer on top of it are 100% owned entities, so this is all Pyne Gould’s assets. We can assume Bryan Mogridge had knowledge of the transaction, because he is a director of Perpetual Group, it is a related party transaction and due to the amount we can assume he would have to sign off as an independent director.

However 6 months ago when Heartland was trading at the exact same price of 52cents he told shareholders at the AGM that “the sale of the shares at the moment would be foolish give the very low share price for Heartland and its potential.”  Go figure. 

Speaking of fools, in a slightly bizarre way, this reminds us of the fumble George Bush had when he said, “There's an old saying in Tennessee - I know it's in Texas, probably in Tennessee - that says, fool me once, shame on - shame on you. Fool me - you can't get fooled again.”

Yet another example that provides ammunition for the camp that says, Bryan Mogridge has no credibility left, certainly cannot be considered independent and should go.

 

Unless Mr Mogridge speaks up it is the obvious conclusion. 

In November 2011, Bryan Mogridge told shareholders at the PGC Shareholder’s meeting

Cheerio!
jA
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