'Glossiest back patting self congratulating thing I have ever seen'
A mates take on the OCA annual report.
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'Glossiest back patting self congratulating thing I have ever seen'
A mates take on the OCA annual report.
yep based on all the whinging on this thread 74c might get taken out soon :t_up:
Absolutely agree with your mate!
We seasoned investors shouldn't have to tell a group of seasoned directors that a shareholders meeting should be about - well, um...shareholders.
Oh, the irony of them self-congratulating on their mastery of online communications (as the CEO did) while simultaneously failing to take online questions from their shareholders. And having completely effed that up, how about a statement to the exchange this morning, apologizing and answering those questions in writing.
How about the chair stating that the CEO was going to update sales numbers and then the CEO completely failing to do that. Did the chair even read the CEO report before he read it out at the meeting? Remind me please how much we are paying these clowns to keep us in the dark.
And congratulating themselves on having increased net assets by investing a billion dollars of shareholders' funds - but failing to mention that the market now values that investment at around 60%. No worries though, cut the dividend going forward so they can rinse and repeat and turn another $1b of our funds into an extra $600 million of market cap.
They must be well aware of the speculation in the markets about their balance sheet and the potential need to raise capital - why not even the slightest effort to address this and possibly lay the rumours to rest.
To cap it all, they are still dining out on having issued some bonds - wait for it - three years ago! Jeez if they were so prescient, why didn't they fix a lot more of their debt, why just $225 million? The interest rate that they fixed the bonds at was the prevailing rate at the time, nothing clever in getting 3.3% instead of say 8% was there?
Not happy, not happy at all.
IMO it is not the job of the board to worry about how the market prices the company. It is their job to create as much shareholder value as possible. I think that thus far they have done a great job despite covid, property fluctuations ect.
I do agree their communications have been poor.
Say we're generous and give them credit for creating value despite what market capitalisation shows.
Can the Board & the current management team be credited with any of that value creation?
Or is it perhaps a case that someone else set that value creation in motion and has proven they can also create value elsewhere?
Part of Brent’s incentive scheme is about TSR return relative to NZX50 Group (whatever that means). He seems to have received 33% of that component in F23
And below that they proudly publish this chart ….probably the 33% for effort lol