https://www.youtube.com/watch?v=e_E7hRdYb5o
For some strange reason that I can't possibly explain for legal reasons, this short clip seems appropriate.
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https://www.youtube.com/watch?v=e_E7hRdYb5o
For some strange reason that I can't possibly explain for legal reasons, this short clip seems appropriate.
Ooooh very mischievous :DI know you don't mean Percy Rog
Well got a reply . Seems they don't have to disclose what individuals esp CEO are earning!!! So we don't know what Shephards income is on top of his shares/options; doesn't give one confidence. and wheres the transparency?
Good afternoon
Thank you for your email.
The requirement for a company to include in the annual report the number of employees (not being directors of the company) who received remuneration in excess of $100,000 pa and the total remuneration of each Director is a Companies Act requirement, rather than a Listing Rules requirement.
Please see section 211 Companies Act 1993 - http://www.legislation.govt.nz/act/p...DLM321118.html
I note that at page 19 and page 21 of Mercer Group Limited's annual report has included this information. Please see attached.
Please let me know If you consider any further information should have been disclosed.
Kind regards,
Kate Maclean
LEGAL OFFICER
As Mr.Shepherd "is a director" I think his total remuneration should be shown,as should each director's,rather than grouping them together.
Cheers percy have emailed back re this and saying i have never not been able to see what the CEO, CFO's etc remuneration package is and that surely that is a legal requirement.
I think you must qualify it "as he is a director",and to comply with the companies act each director's remuneration should be given.
They have set out all his options very clearly,however they are only part of Shepherd remumeration.COE,director,options all add up to total remuneration.
And so the fun continues??????
Today's announcement takes the "Percy Award" for lack of information.!!!
A Dowman paid $1 in full for 1,785,714 options.....
What was not stated was the price they convert at,or the date they expire.!!!!
See how I go on Monday,I will ring the company secretary,see whether he/she/it gives me the information.
Can't be bothered ringing NZX, as they will only muck me around.
I don't hold shares in Mercer.
Could be fun if any one has funds with Milford,to give them a ring and ask if they know the details.Would expect Milford would/should get answers quicker than us.
Will have to try again tomorrow as the company secretary Tobin Blathwayt is on leave today.
Well rang Tobin this morning.Out until 2pm.Rang at 2.12pm and got the answer phone.
Now we will soon see whether Tobin passes the first Percy test.!!!!Can Tobin return a call?
Wait and we will see.!
Given up on Tobin.
Thinking if any sharetrader should get lost out in the bush,instead of calling out for help,you only need to shout out "I want to buy some Mercer shares." The sellers would find you quicker than any search and rescue team!!!!!!!!!!!!!!!!!!!!!!!!!!
AGM today. Anyone going?.Should be very int; like the CavalierAGM, with management brought to account for poor performances, by the likes of shareholders Milford.
Yesterday's announcement that both the CEO and CFO are leaving the company at the end of August,confirms that yet again, the on going challenges at MGL continue.
I am not surprised!!!
Great news!. If new CEO and CFO are any good , things could improve substantially; but legacy issues like all the free/cheap shares/options management got etc maybe hangover. Shepherd has 35 million shares and tobin 3 million plus.
JT There is an old Buffett saying which goes something like this,"When people with a good reputation join a business with a bad reputation,it is the business's reputation that remains."
Would the kind pedantic poster, fungus pudding, be so good as to post the correct quote.
Mercer has been "born again" so many times over the years I see how true Buffett's saying is.
What price do you think the CEO and CFO will be able to sell their shares for???
My guess is for very little.!!
They paid so little or nothing for their shares whatever they get will be cream at shareholders expense.
So many companies get turned around with the right management.
This is a good thing. Keeping my tiny position.
Bring on the new BROOM.!
Running out of brooms.I think Shepherd's options convert /converted at 7 cents.
Looks as though your tiny position will get tinier!
This company should have been in the box seat, enjoying great years, supplying the wine and dairy industry, with stainless steel products in the boom years others have enjoyed.
Funny how people/companies who do not return phone calls seem to fare poorly.An early sell signal?
Well it is something I place importance with."It really works."!!!!!!!!!!!!!!!!!!
Yes thanks for doing the ringing Percy. ;). Of course it all depends if the new brooms are better with shareholders interests at heart.A good sector for good management to make a turnaround.
Lets see how this pans out and revisit this in 6 months /a year.
So have they run out of money, and resigning as they can not keep supporting the company???
Look for to their jobs being advertised;"The successful applicant will need a capital base of approx. $5 to $10mil to be able to continue management's practice, of financially supporting the company." lol.
I can't remember the last time the CEO and the CFO resigned from a company at the same time,especially when they both had significant holdings.
I hope for shareholders' sake I am wrong, but "job done" does not cut the mustard for me.
Thanks for the rest of your barks Roger:). I really hope Chalkie or someone does a column on MGL. We never even found out what management were earning; they never disclosed it and NZX said they didn't have too!!!. I have never come across that lack of transparency before. Will hold my little parcel in the hope that new management may turn this around as its in a good sector; but will dump if not.
Your welcome mate, a good guard dog enjoys a good bark or four :) I've never seen this lack of transparency either...no point referring it to the FMA. I suspect watching grass grow will be faster, more entertaining and won't cost you anything, so more rewarding. These "gentlemen" will be keen to sell their "hard earned" stake so what hope for any relief for the SP anytime soon...
Isn't that information in the Annual report? Someone earning $390 - $400K(presume CEO) and someone on $220 - $229K - presume CFO. These include $92,000 in options. The other salary bands are shown and you could extrpolate against heads. Eg I reckon the CEO (??? Account Manager Manager) of Titan Slicers is on the $150 - $160 band.
CEO and CFO leaving at same time is very telling. That the Board was unable to secure one or other for another year suggests to me they are ready to flee at all costs.
Seems to me to be a wildly diversified company with no real direction in terms of product mix and markets. Bacon slicer, Milk Tanker, Autoclave or urinal. Whats it going to be?
I looked thru couple of times ; will have one more look;thanks MM.I was initially quite interested when they talked about Autoclave etc but i think that technology may have made it redundant already. Maybe focusing back on their core strengths ; stainless steel work for milk powder factories etc. My int is flagging somewhat atp.
Stupid customers in not buying those flash slicers
EBITDA guidance $600k to $800k so lets say $600
Half Year EBITDA of $700k resulted in small loss
Heck FY $600,00 will lead to npat of about $700k to $800k
Bank let them off the hook this time ....but will be under the thumb big time
Still fancy them Percy
Percy fancying a Bacon Slicer!!. Not being very kosher w60:p
Excuse my memory playing up,but here is a case of history repeating itself.!!
South Canterbury Finance controlled by Southury Corp, owned by Alan Hubbard and Humphrey Rolleston lent Mercer so much money which Mercers coud not repay, issued more shares to Hubbard and Rolleston.Hubbard went bellie up and Rolleston took control with Murray & Co his partly owned merchant bank.
And today what a surprise;
New hotshot Mercers, the Slicer people,seem happy to get rid of a [gunna] CEO [I am gunna do this I am gunna do that]and replace him will a board member, who is also a Murray & Co person,yet the departing CEO stays on the board,and Tobin [who can't return phone calls] does not leave as promised,but appears to have been promoted.!!??
Is this the backroom work of Milford Asset? management???? or is it some company taking the piss??
All the time this disaster has been unfolding, people in the stainless steel frabricating sector, have been going gangbusters, supplying their wares to the wine industry and the milk production sector.
PPS.
I go on about companies who keep their word, and achieve what they say they will do.
Usually they speak in clear English,and their plans are not that clever.Just simple objectives.
They also employ people who have mastered the telephone,and know the importance of returning calls.
MGL could never have been seen as one of these companies.
I blew the whistle on this company last year and explained from the first hand experience of my mate who worked there that is his opinion the company was very poorly managed. Anyone who wasn't able to join the dots from that inside scoop should ask themselves why they ignored this.
Good companies deliver results...on the other hand...
Cheers guys. i was hoping for some quality new management to sweep out all corners.Never the less will stick to my 6 months(october) decision before deciding what to do with my tiddler packet of shares. Certainly agree re avoid atp.
Has anyone any ideas as to why the company have missed out on the S S fabricating sector what with the dairy, restaurant, fast food and hospital industries , I would have thought that a company with as long a history as Mercers have would have kept their commercial advantage re manufacturing, surely they cannot be that incompantant that they have let that slip between their fingers.
When management have the world to conquer with their S-Clave Slicer,and new state of the art medical sterilization units,why waste their time with profitable local work??? [Note Tobin is too busy to return phone calls].
Plus, I think local more nimble businesses with lower overheads have been able to under cut them.I think they did do the huge big drier at the new Darfield Milk factory for Fonterra.
Incompetence.!? Well history does appear to be on their side.
what sup ;suggest you read all the threads and then do some research and let us know what you find ;if still motivated to do so.Your share trader community would appreciate it.
I thought $700k to $800k as well
Big monsters ....don't get your arm caught in it
http://www.titanslicer.co.nz/product/titan-500-slicer
Richard Rookes Director, Investment Banking
Cheers ;he does sound good ;at investing anyway. If he can turn his skills to making MGL profitable ,grrreat.
Richard joined Murray & Co in 2005 and has managed the firm’s equity and financing activities since 2009. This comprises managing the Rakaia Fund’s various investments, arranging mezzanine funding for other borrowers and sitting on the boards of investee companies. Before joining Murray & Co, Richard worked for two global investment banks in London where he gained experience in both the equity and credit divisions, providing him with a detailed understanding of value drivers, capital structuring and business fundamentals. Richard holds a Bachelor of Commerce from the University of Otago, a Diploma for Graduates (Marketing) and a Postgraduate Diploma in Commerce. Richard is a member of the NZ Institute of Directors. Richard is also a member of the Advisory Committee of St Georges Hospital Society.
OMG.
Just when you thought things could not get any worst,they just did.!!
Perfect. Big write-downs and focus on the technology businesses, along with the core fabrication. Seems to me this is exactly what needed to happen. Come back in 9 - 18 months time. Assuming it is still here, we might have something worth investing in for the turnaround - and at the right price... :)
Is this the end story being played out now ?
whatsup?. here i will make sense for you
Mercer Group Limited - Half Year Prelim Result ...
Looks like they are doing everything they can to survive,...... reducing cost base and focusing on just two products;..... and come out another side. good luck to them inheriting this basket case.
Is there a limit to the number of times a company can "be born again"..?
They will come right one day
Rights issue at 1 cent - suppose can't go much lower for decency sake
https://www.nzx.com/files/attachments/242426.pdf
Isn't Mr. Rolleston a bit of a smart cookie? He still seems to be keeping this boat from sinking.........
Incidentally, the company I work at just did a smallish job for Mercer's last month. Will be interesting to see if they pay us on time. Past performance doesn't fill me with hope.
Did anyone attend the AGM yesterday ?
I heard on R NZ national radio this morning prior to 7.00am that more milk silos supposedly made by Mercers have been discovered to have welding cracks in them.
I would have thought considering the state that the company is in at present that this would have been announced to the market in general;.
Yikes...http://www.nzherald.co.nz/business/n...ectid=11737155
Up to $45m... game over?
Nett loss $7 mil,up from last year's $6.5 mil.
No surprises there from this serial underperformer.
Yeap, real "top" performer this one. Directors commentary about being satisfied with how they're tracking makes for good comedy for anyone who appreciates the irony and nuances of reading corporate "creative speak"
https://www.nzx.com/announcements/314324
Key points for the six months ending 31 December 2017:
• Total Group sales revenue of $16.4m, an increase of 107% vs prior comparative period (pcp).
• The Group achieved an EBITDAš profit of $96k vs pcp loss of $1.48m.
• The Stainless business performed strongly with sales revenue of $10.6m and EBITDA of $1.04m, a 35% and 254% improvement on the pcp respectively.
• Haden & Custance sales momentum has been slower than previously projected, reporting $6.3m of revenue for the six months and generating an EBITDA loss of $618k.
• The Group After Tax loss was $0.37m loss vs pcp $2.6m loss.
• During the period, the Group raised $2.9m in two placements
Not dead yet....
Disc: Not a holder
I picked this one in the comp as a turnaround story.... Market Cap a paltry $15m. Half year update looks reasonable....
Highlights of the six month period to 31 December 2019 included:
1. 55% increase in Group revenue to $27.9m
2. Automation revenue was 76% of Group revenue, in line
with the stated strategy to grow that side of the business
3. EBITDA increased 82% to $1.1m
4. Net Profit increased 176% to $447k
5. Net Debt reduced to $2.2m due to the strong cash position
6. Appointment of new Chair Trevor Burt
It's very illiquid... hard to get a meaningful stake.
Solid . Been eyeing this for months took a stake but was trying to see if it would bottom out at 0.18 again... steel segment is a drag on the business but the automation component is growing significantly.. then you realise its mostly inflated by milmeq
MGL.Mercer Group Ltd.64,520,706 shares on issue.Market cap at 25 cents is $16,130,177.
Good to see them making a profit.Has it taken 20 years or longer.?
After tax profit of $ 447,000 on turnover of $27,864,000 is very slim margins/pickings.
76% of revenue is now coming from recent acquisitions H&C and Milmeg.
Positive was the strong cash flow of $2.6 mil and the big reduction of debt down to $2.2 mil.
Fabrication still has issues.
So current 6 months profit is $.447 mil.Say they managed to get it up to $1mil for the year, the PE ratio would be 16.1.
Now I am not going to pay that for this type of business, in the sector they are in.
Also remember they are not paying a divie,and if/when they do, it will not be imputated.
This wonderful "window of opportunity" I will leave for others....lol.
IMO MGL is controlled by the CH-CH mafia , be aware.
Yes the correct question to ask.
As the acquisitions make up 76% of the revenue, and this is the first time they have shown up in the accounts it impossible for me to guess.
Also with fabrication going backwards we do not know the margins for the different sectors.
I think I will have to wait for the full year's result, before I can make an informed judgement.
Possibly if we see insiders buying we will be able to make a better guess.
An interesting Shareholder change -
https://www.nzx.com/announcements/349455
Quote:
Asset Management Limited has today advised that it has unconditionally sold 13 million Ordinary Shares in Mercer Group Limited (MGL) to interests associated with Colin Neal. This means on settlement of this transaction Mr Neal’s interest will be 19.81% of the Ordinary Shares on issue. Colin Neil recently sold his interest in Big Chill distribution business to Freightways Limited.
The relevant statutory notices of Substantial Holdings will be made on the settlement expected within two weeks from this announcement.
Asset Management Limited a remains the company’s largest single shareholder owning 22.5% of the company.
" Possibly if we see insiders buying we will be able to make a better guess. ".
In view of this... Comments percy ?..
Of course... Softee Softee…
Disc. Not a holder.
For sale 1470 at 24.5 cents,then 108,332 at 25 cents.
Not many wanted by buyers,and only 628 traded today at 24.5 cents.
I would have thought there would have been more interest.
Been a S Her in and out over the years, but with the Ch-Ch "inc imho " in control, one
would want to know what the weeze is before climbing onboard ( again ) . ps looks like their silo issues are getting sorted finally !
MGL @ 18 month high circa .30 obviously punters are following the new appointment to the top table, has doubled in the last couple of months, interesting one to watch .
I think H&C including the acquired businesses shot into the H&C division are probably looking quite good and the saviour
for MGL & it's forward growth and prospects, but offshore travel restrictions are probably the problem
The new shareholder they saw in recently is also a new larger holder in MOA (& is taking up MOA rights & rights not taken up
by other holders) - from reading announcements
MGL will be changing its name to MHM Automation Limited, and ticker code to MHM.
Turnaround story on track.
Up 45% in the last two days - pleased I bought some of these some months back.
Good reason to be cautious on that basis. However the company has undergone a reasonably dramatic refocus which is bearing fruit with 80% of sales now coming from the automation division. Even at .35c market cap is still only $22m. From yesterdays full year...
o Revenue of $51.6m, an increase of 35% over the prior year
o Automation 81% of group sales revenue vs 61% for the prior year
o Automation revenue increased 79%
o EBITDA $2.4m a 199% increase on the prior year's EBITDA of $0.8m
o After tax profit was $0.9m, an increase of $1.9m on the prior year.
With the change of focus I'm very bullish on this "new company" . Hopefully will see the EBITDA growing in the 100%+ range over next few years as margins improve