Yep not that long ago thl was a flea ridden loss making useless company and so hopeless making a profit seemed impossible.
Unloved and unwanted and a market pariah if there ever was one
But they came right eh
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That might be true if they had some decent management. As noted in the behind the paywall article on NBR management won't even engage with or answer searching questions from arguably N.Z.'s leading business journalists. There are some extremely serious questions around the veracity and integrity of some of the directors assertions in the IPO documentation and since and claims as recently as December 2017 that things were on the improve have proven to be baseless.
I put it to you that this company is a perennial disappointer and on the balance of probabilities is highly likely to continue to disappoint shareholders.
One of the foundations of successful investing is transparency and honesty, things that are in extremely short supply with this company. Rob Campbell wouldn't lower himself to be a director of a company that has played fast and loose with half truth's ever since listing.
I've been beaten around the head with the downtrend stick enough in my life to know not to ever bother fighting an outgoing tide again. The time to buy, (for those that have any confidence left in current management) is when it breaks back up through the 100 day MA trend line, IF that ever happens.
No If's and no but's, hold no mutts, (unless they're the furry variety)
.83 !! **!
I don't disagree Beagle but imagine if the CEO was replaced and one or two quality directors joined the board...just floating it. IF that happened it would likely be the buy signal
I note that Chairman Jackson still shows Pumpkin Patch on his profile
And as shareholders are not that important they havent even got a photo of Director Bridget on their investor website.
At the very least I think they have proven beyond any doubt that they have very limited forward visibility in their own business. Directors could do themselves a huge favour by ceasing to give any further forward guidance at any stage in the future as they've proven its basically meaningless. They've probably done just enough to avoid any litigation in terms of assertions made in the IPO documentation...which was probably their goal all along. Tough getting satisfaction through the courts as Feltex shareholders found out.
Pile the bright red lipstick on the old and tired pig and dress this old mutton up as lamb and the poor IPO investors were like lambs to the slaughter.
Update :
Tegel IPO : $22.5 million to $25.3 million will cover IPO costs, including an $8 million bonus for senior management.
No wonder the senior managers were talking the prospects of Tegel like chooks could fly.
The IPO was very well-timed indeed and the PE interests got their get out of free jail card with the proceeds used to pay bank debt and their debt.