"Will do."...
Maybe it will come once;
the TRAHBs have been converted,
a trading update,
when the interim is announced in November.
Prepare for some of the best bargain saving advice ever dished out on this thread.....
I was on the way down to the book binder with the leaves of my once stapled Turners annual report in hand, just as Percy suggested. I was contemplating the colour of the leather I wanted, the hand stitched finish on the border and the font for the hand engraving on the front when I called into Whitcoulls. There on the bottom shelf was a plastic folder with a slide on plastic spine marked down from $2.50 to just 50c! Bought it in see through blue plastic. Mounted the pages and all are now held tight. It looks so good finished in blue. The added bonus of the water resistance means I reckon I could now take it surfing. Perfect reading for between waiting for the right wave.
Saving on the normal Whitcoulls price : 80%!
Saving on the $300 quote from leather finished hand etched custom bound edition I was planning: 99.83%!
These kind of savings means even a pensioner could afford to do this. For a business person, the 99.83% saving would earn a big tick from their accountant. And if you were a retired accountant, the cost saving would send you delirious! Don't spend all your savings at once folks!
SNOOPY
Just 50% of bondholders elect to convert to shares. Chairman Grant Baker tells us this shows the confidence that bondholders have in the future of Turners.
https://www.nzx.com/announcements/323173
Actually I think it tells a story of relative confidence as he very conveniently overlooks the fact that last time the bond conversion happened 2 years ago 75% of bondholders converted to shares. This lower level of confidence in my opinion is reflective of the lack of EPS growth.
There a LOT of work to do to improve shareholder confidence in my opinion. They needs to start stringing together year on year genuine EPS growth.
Given the very poor SP performance over the last year I think they should be pleased with 50%.
Funny old world.
I guess if TRA share price was over $3.75..... 75% to 90% of bond holders would show "real confidence" and convert their bonds to shares.
As a shareholder I am "over the moon" just 50% of bond holders will convert.Fewer shares issued suits me,as it makes it easier for TRA to achieve higher ROE, EPS,and dividend growth..
Turners have a strong balance sheet and have enough [including new issue of bonds] avenues of funding to source cheap funds, while interest rates are set to remain low.
Posted 21 August, (before the doctor prescribed me another course of Vitamin D tablets). Not too shabby with that estimate.
On the other matter we'll be alright for FY19 now...the glass is definitely half full now because Chris and Cindy are all friendly and cozy and just the appearance of the Govt listening to business will be enough to sweep the problem under the carpet for another year.
Yes Percy if the SP had of been $4.50 or so for some "strange reason" you might have seen nearly all bondholders convert to shares :)
Here is my update of background information that feeds into my divisional analysis, which I intend to use again. The first column is taken from the Segmented Information as presented in the annual report.
Divisional Asset Allocation FY2018 Assets Elimination Assets Reallocated Corporate Assets Reallocated Automotive Retail $152.01m 17.68% $115.20m 27.09% $176.57m Finance $409.09m 47.56% $310.01m 72.91% $475.16m Corporate & Other $298.91m 34.76% $226.53m Sub Total $859.99m Eliminations -$208.21m Total $651.73m 100.00% $651.73m 100.00% $651.73m
Note that the 'finance' header in this instance also incorporates the insurance and debt collection divisions. This is a 'building block' post used to derive divisional shareholder equity.
SNOOPY