IMPASSE - I Mogridge PASSE - Time for you to leave, Bryan.

Bryan Mogridge

Bryan Mogridge announced the resignation of PGC's auditor KPMG here https://www.nzx.com/files/attachments/156954.pdf

What readers of this blog find interesting is Bryan Mogridge's choice of words. Apparently PGC arrived at a "technical impasse" on certain matters. You know, those famous words were not "Houston, we have a technical impasse" they were "Houston, we have a problem", a credibility problem. You clearly choose to ignore the history that led to your "technical impasse".

Will the real men in this country please stand up!

I was appropriately moved by the following piece that was brought to my attention today. The piece is copied below; read it first before you continue. My role at this blog is to convey what others think rather to "say" what I think, but I have something to say and I am going to say it.

PGC is such an obvious case of gross mismanagement and total abuse of power and the paralysis by the businessmen in this country perplexing. I absolutely agree with  Chris Lee that George Kerr should not be allowed to run or be the director of a public company and neither should Bryan Mogridge. To allow him to be classified as an independent director is laughable (see this blog for details).

Letter to the auditors of PGC, Heartland, PGW

So KPMG resigned. Wow, that is great news! Find the press release below and then continue to read.


Some time ago, one of our more experienced (in investment matters) readers told us about a strategy that sometimes yield interesting results.

If you have serious doubts about a company's financial statements then you write a letter to the auditors of a company highlighting the relevant issues. You can do this either as an open letter or as private correspondence, but if it is private then you make it clear you reserve the right to later publicise the letter. If you deal with auditors with half a brain cell then generally the end result is that the auditors put in double the effort to ensure they are comfortable signing off due to the implications of being forewarned.