I tend to agree however i'm sure that the powers that be are looking at ways to give nothing back.
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I tend to agree however i'm sure that the powers that be are looking at ways to give nothing back.
I honestly thought there may be some inteest in Rubicon now that we are into November....apparently not.....down to 22c!
Too many questions to be answered methinks.
Is it time to buy up?
I am really not sure. Looked through the Grant Samuel report released with notice of Rubicons AGM notice. I still dont understand what the flow through to we mere mortal who own Rubicon shares.
1. will their be a significant ramp up in the value of my shareholding?
2 will I get my share of any capital return and what will it be?
I still cant distill what, if any impact this will have. In the meantime shareprice goes DOWN!! Any observations anyone?? HELP
Received the Rubion AGM notice and voting form in the mail. With eager anticipation I scanned the agenda, looking for" Special Dividend to shareholders" or " Capital return to shareholders" Yet nothing. Come on Rubicon, no dividends since 2001, and with the sale of Tenon to US interests what ARE you going to do with the millions???
News like this and still Rubicon wanes.......http://www.nzherald.co.nz/nz-herald-...ectid=11753568
I'm off to plant some trees in my backyard to fuel my car.
I may have to sell my RBC shares to fund it.
Tinkering with the idea of buying some land on the East Coast and attempting to plant a lot of trees.
Bearing in mind that i don't want to spend a lot money prior to doing it has anybody got any idea how much per acre it is to plant a forest block and is there such a thing as unsuitable land for tree's.
Just wondering at this stage before the job of convincing her indoors that it's a great idea.
RBC is playing it very coy with the net proceeds from Tenon when asked at Tenon's AGM. In fact, RBC would not even disclose which way it was going to vote, let along what happens next.
Smells like something is brewing in the background but holders (expecting clear directions but getting none) are bailing out in the face of the uncertainty.
Quite a time gap this year between TEN AGM and RBC AGM - Normally back to back. Part of 'something brewing' or are the American directors just enjoying an extended holiday at Shareholder's expense?
Whatever, the market doesn't want anything to do with RBC. Hopefully there is an ending to this sorry saga and long term shareholders -large and small- somehow eventually see something for their incredible patience.
Only 7 days to AGM. Not holding out much hope........probably more of the same for too many years.......'we wish to thank the shareholders for their onging support'........
Knowing my luck any money they get from TENON will be used to help Aborgen,and Rubicon will be kaput with shares transferred into ARBORGEN.
I really don;t know if this is even possible
Arborgen IPO is still on the table.....there's got to be some value there....
I suspect that there will be some delay, whilst a carefully briefed independent consultant prepares a report on how any cash from Tenon can safely be kept out of the grasping hands of the greedy shareholders, in order to facilitate a recapitalization of Arborgen, pending its eventual commercialization.
https://www.nzx.com/files/attachments/249821.pdf Quickly read, looks like a long haul.....did not see mention of IPO.
Capital return from Tenon is $42m. Is there also some dividend due from Tenon as well?
Attended the surprisingly well attended longish ASM yesterday.
Lots of very good questions asked about RBC and its future direction, especially pertaining to Aborgen.
Be fair to say that most attendees would probably feel happier about their investment in RBC after the ASM :
1. Post capital repayment from Tenon, RBC will be left with net cash of US$15m, its stake in Aborgen and majority stake still in Tenon with its Clearwood operations.
2. Discussions and negotiations obviously still taking place re sale of Clearwood (my interpretation) and Tenon is working towards a decision in 2 months' time.
3. Tenon would be happy to keep Clearwood as it is a 'good' story - very profitable and has a clear unchallenged competitive advantage and edge in the global timber industry. EBIT of US$8.5m to US$9.0m with no debt. So good dividend streams to be expected if kept.
4. If Clearwood sold, then another capital repayment from Tenon and RBC's cash position would obviously increase as well.
5. RBC will be retaining the US$15m as it still needs to fund Aborgen's short term cashflow deficit and RBC wants cash flexibility to consider strategic options. RBC's share of funding from hereonin is around US$2m a year for Aborgen capital expenditure and R&D.
6. RBC would return cash surpluses back to shareholders when the situation arises.
Re Aborgen :
Most of the Q&A revolved around Aborgen and its valuation :
1. RBC is frustrated by the majority requirement to make any strategic decisions - especially as the two other partners are now multi-billion corporates after M&A activities. Aborgen is not significant to them anymore in the overall scheme of things but for RBC, what is left is effectively going to be Aborgen!
2. Aborgen is tracking towards cash flow breakeven next financial year and surpluses after that. Capital expenditure and R&D spend will be around US$6m a year.
3. Aborgen is a leading global enhanced genetics seedling supplier - it is known to all industry players with 325m seedlings sold and US$37m of revenues, gross margin of US$12m.
4. ArborGen Australasia’s advanced genetics sales is 85% as a percentage of total pine revenue. The high percentage is indicative of where the US market can also get to over time, and it represents the ArborGen opportunity in a ‘nutshell’ when compared with the current 25% level. RBC seems to think/believe it is inevitable given the compelling enhanced yield foresters get from the advanced genetics seedlings (non GE).
5. Some valuation perspective was given - assuming that North America (biggest forestry market in the world) mirrors the genetics progress that Australasia has made for Aborgen, there is a very very very big number in the future for RBC's stake in Aborgen. Makes the 22c sp of RBC look like the outstanding bargain in the market at present.
Good one Balance - thanks
Thanks for that Balance.......any mention of IPO?
1. RBC is frustrated by the majority requirement to make any strategic decisions - especially as the two other partners are now multi-billion corporates after M&A activities.
It was asked and the reply was kind of cryptic as the above. Think that RBC would like to do an IPO to raise some capital and reflect value back to RBC but the two other partners do not see as priority at this stage - they have plenty of funds to carry Aborgen through to ultimate value. There are pre-emptive rights between the partners so if timing is right, RBC can certainly push the issue.
NBR has headline on RBC meeting - Rubicon holds on to Tenon cash with the byline : "Annual meeting excludes NBR after CEO seeks to suppress reporting of certain comments".
So with yours truly reporting, you are now more aware of what was said at the meeting.
Written by Tim Hunter who wrote a scathing article on the ArborGen court case and vilified Luke Moriarty because of it, then remained very silent when the case was effectively dismissed.
He's an Arse IMO and I'm glad the meeting booted out the media.
I don't know why Moriarty didn't ask them to leave when he first asked if there were any media present. He said he was fearful of negative reporting if he did, but he has only ever had negative reporting from the NBR so why worry?
Tenon has good lift, but no spin off for Rubicon, even with $42m+ due
I presume that the Top Dogs in TEN and RBC aren't to worried about the share price not going up as they have foot in both doors.They win whatever.
Latest Tenon announcement about purchase of assets and company wind up can only be good for RBC shareholders. If the focus then is completely on ArborGen, the RBC share price should finally get some traction.
https://www.nzx.com/companies/TEN/announcements/294889
Well, looks like sale could be on its*way.
Have I just bought the last RBC shares ever to be sold as low as 22.5c ?
Disclosure 1. Wishful thinking.
Disclosure 2. A RBC shareholder with LOTS of patience.
Disclosure 3. Waiting for the second coming (of RBC)
Disclosure 4. Believing the pending sale of TEN will be the spark
to set RBC alight
RBC could prove to be the sleeper stock of 2017.
Work through the numbers on TEN and assuming the low valuation as realisable value of Clearwood, it means that cash (after capital return from TEN) will be $70m.
Current market cap implies a value of $25m for Aborgen.
If half of what RBC now says about the potential of Aborgen is true, $25m is an absolute bargain.
How much credibility does one place on what management says? I took management at their word on Tenon a few years ago when their words were mud and am very very satisfied with the result.
JPM have filed 2 SSH notices, July and October, but the October one appears to be a duplicate of the July filing (off NZX platform) Does anyone know what the October filing was meant to say - fairly lax reporting IMO
If you check the cover letter doc that is also attached it explains why they have had to make a second disclosure for the same event. JP Morgan Clearing Corp merged with JP Morgan Securities and hence they needed to clarify the situation for all past references made.
https://www.nzx.com/files/attachments/245088.pdf
Mention was made at the RBC ASM that one major shareholder was (is) selling off its sizeable stake for its own reason - not something directors or RBC can control. Directors also believed that that is the main reason why the sp has been flat lining when the observation was made that Tenon has tripled in price from a few years ago while RBC has gone backwards.
So if the that shareholder stopped selling or finished selling - could see the sp bounce nicely.
So Biker may indeed has bought the last of the 22.5c indeed!
That's usually the million dollar question.......Quote:
So if that shareholder stopped selling or finished selling - could see the sp bounce nicely.
watching
Indeed it is!
If I were the shareholder, I would be inclined to stop selling and wait for what happens when Clearwood is sold by Tenon.
But these big international funds usually could not give a stuff about small million dollar holdings - a change in fund manager usually sees the new one get rid of all non performing stocks and blame on the previous one.
But with Tenon now at $2.50, it is naive to keep selling at 22c.
Old news, but I would be certainly happy with this.....nothing like a bit of ramping, Christ it needs it! http://www.nzherald.co.nz/business/n...ectid=11185247
Please let it be true.
Based on it's current price it coud be x3.
Fingers crossed.
The Aborgen IPO (which would have reflected value back to RBC) was derailed in part by the employee dispute which in the end proved to be a non-event. Now the complication is that Aborgen is not a significant enough investment for its other two shareholders so RBC is going to have to find a way to drive the Aborgen potential forward by itself.
26c bid so that's 18% share price increase in 3 weeks so must make RBC one of the best values in the market at that time?
Looks like the one big seller (alerted to by directors at the ASM) has withdrawn for the moment?
No luck getting hold of stock now for those who missed the opportunity to load up when the seller was keeping a lid on the sp.
Another blast from the past to understand sp action :
10 Feb 2014 :
"International investor, Libra Fund II (Luxembourg) ("Libra"), has agreed to subscribe for 29.3 million new ordinary Rubicon shares, which will rank paripassu with Rubicon's existing issued shares. The issue price will be NZ41.29cents per share, which is the volume weighted average Rubicon share price over the last 10 trading days on the NZX."
Would assess that Libra put money into RBC (to fund Aborgen) on expectations that Aborgen IPO would give a huge boost to RBC's sp. When the IPO did not happen, they decided to start selling.
As at 14 Aug 2015, Libra had sold down to below 5% (20.44m shares) and presumably, continued to sell until they either have finished or have decided to stop selling.
Looking at volume of stock sold over the last 2 years - looks to me like they have finished selling.
Blue skies ahead?
Interesting Post Balance. Going to be interesting to watch. Must confess I'm pretty new to RBC and TEN and not burdened by past SP history so I've taken some of my TEN capital repayment and placed it with RBC as I like the chart prospects.
One potential outcome from a Clearwood sale by Tenon and capital repaymemt to RBC could be RBC using the funds to take out one or both of the other shareholders in Aborgen.
That could be seen as a negative by the market (and some shareholders) but could very well open the way for RBC to then IPO Aborgen and reflect value back to RBC.
Down a little in first trades...perhaps Trump affect...soon will not be able to get funds out........
I may have this wrong but it appears RBC are to be part of a consortium to buy Clearwood.
OVERVIEW
ANNOUNCEMENTS
RBC / ANNOUNCEMENTS
Tenon to sell Clearwood – Rubicon in acquisition consortium
5:13pm, 14 Feb 2017 | GENERAL
Tenon to sell Clearwood – Rubicon to participate in Acquisition Consortium
February 14, 2017 - Rubicon’s 60% owned subsidiary, Tenon Limited, today announced that it had entered into an Agreement to sell its Clearwood operating business to a group of investors (the Consortium) - please refer attached full announcement from Tenon.
The Consortium, a Limited Partnership, comprises a group of private NZ and US investors, and Rubicon. Rubicon will retain a 50% (approximately) interest in the Consortium. Hugh Fletcher, the Chair of the independent committee of the Rubicon Board dealing with the transaction, said: “Rubicon is involved in the Consortium for several reasons. Firstly, to ensure that Tenon’s Strategic Review is completed successfully, with an appropriate outcome for all shareholders. Secondly, we have indirectly managed the Clearwood business for a long time and know it well. We are a comfortable owner, but would rather own our Clearwood investment directly through a private vehicle, than via a public entity. In this respect, the structure of the Consortium vehicle is such that it allows full flexibility as to future ownership changes for its investors. Finally, Rubicon’s cash position will improve by some US$10 million as a result of this transaction – from the receipt of our share of the subsequent US$43 million (second) capital return that Tenon independent directors are proposing, and also through the sell-down to a 50% shareholding position (currently ≈60% through Tenon).
The transaction is obviously conditional on Tenon shareholder approval, however all things going to plan it is scheduled to close on 28 April, 2017.”
EOF
TENON RELEASE:
Tenon signs Sale & Purchase Agreement over Clearwood business
February 14, 2017 - Tenon today announced that it had entered into a sale and purchase agreement over its NZ-based Clearwood manufacturing and global sales operations (Clearwood). The purchaser is Tenon Clearwood LP, which comprises a group of US and NZ private investors, and Rubicon (circa 50%) (the Consortium).
The purchase price is US$55 million payable in cash and is conditional on, amongst other things, shareholders approving the sale at a Special Shareholders’ Meeting to be held on 20 March 2017 (refer attached appendix for key terms).
At the same meeting, Tenon will be proposing that (subject to the sale being approved by shareholders) a (second) pro-rata capital return of US$43 million be made to shareholders on closing. It is also proposed that Tenon will seek de-listing from the NZX Main Board and then for the Company to proceed to undertake a voluntary liquidation and return of all residual surplus funds (currently estimated to be a further US$5.8 million approximately) to shareholders. The capital return will be conducted by way of a court approved process, as was the case with the capital return following the sale of Tenon’s US business operations in December 2016.
The indicative timetable is for transaction closing and payment of the (second) capital return to Tenon shareholders to occur on 28 April, 2017, and for the subsequent liquidation of the Tenon Group to be commenced six months later (once the period for warranty claims under the sale and purchase agreement has expired).
Given Rubicon is a member of the Consortium, the Consortium Offer has been considered and negotiated by a sub-committee of the Tenon Board, comprising only the Tenon Independent Directors (Messrs Eglinton and Walker). The Rubicon Directors on the Tenon Board (Messrs Kasnet, Karaplis, and Moriarty) have had no involvement in the Company’s evaluation, consideration, or negotiation of the Consortium Offer and did not vote on any matter in relation to the Offer.
Deutsche-Craigs ran an exhaustive sales process for Tenon, generating expressions of interest from eight parties, domestic and international. Each was fully assessed and the Sub-Committee is comfortable that the Consortium Offer provides the best price, terms and certainty of completion that could have been negotiated with any of those parties.
In assessing these offers, the Sub-Committee took into account an estimated US$6 million (net of cash) in transaction, wind-up and liquidation costs1. Approximately half of these costs have been or will be incurred, regardless of whether this sale proceeds, as they relate to the final Blue Wolf transaction closing or to the ‘right-sizing’ of Tenon under a continuing business scenario, with a management structure appropriate for a smaller, Clearwood-only, Tenon business (a process already underway with the elimination of the Asia-Pacific President and Group CFO roles).
Grant Samuel has been appointed by the Sub-Committee as Independent Advisor to Tenon shareholders (other than Rubicon) on the transaction. Inclusive of costs1, they have valued Clearwood (under a sale and subsequent liquidation of Tenon), at US$45.8 – US$56.3 million, or NZ$1.99 - NZ$2.45 per share.
Assuming the above US$6 million estimated costs and no material Tenon bank debt to be repaid, the total cash to be returned to Tenon shareholders under the sale of Clearwood and the subsequent liquidation of the Tenon Group, will be approximately US$48.8 million, comprising US$43 million by way of (second) capital return, with an additional (estimated) US$5.8 million in a subsequent distribution once Tenon is liquidated.
Grant Samuel was also asked to value Tenon on a continuing basis, assuming no sale of Clearwood. Under that scenario, they assumed that Tenon would re-leverage the Company and make an immediate US$15 million pro-rata capital return to shareholders and determined that the value on a continuing business basis in a range of NZ$1.74 – NZ$2.08 per share. This valuation includes a 15% trading discount for the relative illiquidity of Tenon shares, on-going corporate costs to continue the public entity, as well as US$3 million of one-off costs to right-size the continuing Tenon business
On 23 December 2016, Tenon announced that it had entered into exclusive negotiations with one party with the intent of concluding a sale and purchase agreement over the Clearwood business. The volume weighted average share price for the 4-month period prior to that announcement was NZ$2.02 per share, and the share price on the day immediately prior to that announcement was NZ$2.12. Given the Consortium Offer, which equates to NZ$2.12 net of costs (NZ$2.39 per share before costs) is within Grant Samuel’s recommended sale and liquidation range and exceeds the top end of the value range for a continuing Tenon business, and also given an extensive investment bank-led process has been run, Tenon’s Independent Directors have accepted the Consortium’s Offer and signed the sale and purchase agreement as being in the best interests of Tenon shareholders.
Tenon said that all documentation (which would include a Notice of Meeting with full explanatory notes and a detailed transaction and shareholder timeline, and a Grant Samuel Report) would be distributed to shareholders in early March.
1 These costs include advisors’ fees relating to the sale, shareholder meeting materials, court fees, the termination of all Tenon corporate staff, ‘run-off’ insurance, the appointment of liquidators, and the disposal and liquidation of all remaining assets and liabilities
2 This valuation is ‘current’, in that it has been updated for fx rates, current log prices, and related Clearwood earnings movements (refer Tenon release of 3 February 2017).
Tenon Summary of Key Consortium Transaction Terms
1. Business being disposed of
Tenon’s NZ-based Clearwood manufacturing and related global distribution operations, comprising the net assets (including working capital) of Tenon Manufacturing Limited and the shares in Taupo Wood Solutions LLC, in a debt free transaction.
2. Consideration
US$55 million payable in cash. A future cash payment or receipt may occur if net working capital on closing diverges from US$11 million by more than a US$250,000 band, in which case the adjustment will be the amount outside the band.
3. Key conditions
The sale is subject to the satisfaction or waiver of certain conditions, including –
ú The passing of Tenon shareholder resolutions approving the transaction
ú Staff and contract transfers
ú No material adverse change occurring in the Clearwood business prior to settlement
The conditions must be satisfied by 3 April 2017 (other than the material adverse change condition which runs to settlement).
If the conditions are satisfied, settlement is set down for 28 April 2017.
4. Potential termination events
In addition to the conditions, the Consortium can also terminate the transaction if –
ú The Tenon Board withdraws its recommendation
ú Tenon breaches its obligations in relation to non-solicitation of alternative transactions
ú There is extensive damage to the Taupo plant after signing.
Tenon can also terminate the transaction if it is entering into an unsolicited alternative transaction as a result of the Tenon Board determining that it is required to do so in order to comply with its fiduciary duties.
Tenon must pay a termination fee of US$1.65 million if –
ú It terminates the Sale and Purchase Agreement in order to enter into an alternative transaction, or
ú The Consortium terminates the Sale and Purchase Agreement because the Tenon Board has withdrawn its recommendation of the sale
Tenon must reimburse the Consortium’s costs and expenses in the amount of US$500,000 if Tenon shareholders vote against the sale.
5. Representations and warranties
The Sale and Purchase Agreement contains a typical set of representations and warranties concerning Clearwood. Any and all claims must be brought within six months of closing. Other than for breaches of fundamental representations (e.g. title to assets), all claims under the Sale and Purchase Agreement are capped at an aggregate US$1 million.
Ends
FORWARD-LOOKING STATEMENTS
There are forward-looking statements included in this document. As forward-looking statements are predictive in nature, they are subject to a number of risks and uncertainties relating to Tenon, its operations, the markets in which it competes and other factors (some of which are beyond the control of Tenon and Rubicon). As a result, actual results and conditions may differ materially from those expressed or implied by such statements. In particular, Tenon's operations and results are significantly influenced by the level of activity in the various sectors of the economies in which it competes, particularly in New Zealand, Europe, and North America. Fluctuations in industrial output, commercial and residential construction activity, capital availability, housing turnover and pricing, levels of repairs, remodelling and additions to existing homes, new housing starts, relative exchange rates, interest rates and profitability of customers, can each have a substantial impact on Tenon's results of operations and financial condition. Other risks include competitor product development, product demand and pricing, input costs and customer concentration risk.
Attachments
Tenon to sell Clearwood – Rubicon to participate in acquisition Consortium
Attachments are available on nzx.com for six months from the date of release. NZX offers professional products for searching historic company announcements. Please email data@nzx.com for a free trial.
None the wiser as to RBC.....$10m more in the coffers, so at the end of the day where to now for RBC share price?????? Certainly not the golden egg I've been in for some 12+ years!
Even made the Herald.....http://www.nzherald.co.nz/business/n...ectid=11800618
Good for RBC shareholders. Not so good for TEN shareholders. Especially at current prices of each.
Another step on the long tortuous road to a value event for RBC.
Management attention can now focus on ArborGen and the consortium has some interesting possibilities.
Although not a smash hit, from Rubicon's perspective I think it is quite a clever deal.
I think it is an endorsement of the potential and intention to revalue RBC.
Assuming that Clearwood utilizes 100% of the BNZ U$25m working capital capacity to fund its operations, the price paid of US$55m implies RBC and consortium have bought Clearwood on an enterprise multiple of 7.6 times - a cashflow return of 13.1%.
Can see the logic of RBC deciding to retain its stake in 'Tenon' (ie. Clearwood).
What should we expect in regards of RBCs share price.
Its latest review says that there will be more clarity to Rubicons value path before 30/06/17.
So does that mean instead of swimming in a swamp of algae and duckweed, investors will be able to see something like an eel or alligator approaching? Share price? I calculated earlier that based on the Tenon sale of the USA assets, the RBC price of 20c at the time meant that ArborGen had no value in the share price. I have not bothered to repeat the calculation for Tenon's more recent agreement to sell Clearwood. Not long ago this company was selling for 40c or so. In the meantime the TEN market value went up considerably while RBC's went down. I bought in twice, as a speculative investment, at much lower prices, thinking the underlying value has to come out at some stage but am becoming increasingly disllusioned about this company.
If ABORGEN is ever listed will there be any reasons for RBC to continue breathing especially if they can flick off Clearwood which i believe will suck RBC dry.
I feel rather embarrassed in my confident prediction to a friend that Rubicon would be the star performer on the NZX in 2017 and that very patient shareholders, like myself, would be rewarded.
Have not quite hoisted the white flag of surrender yet,
but getting close. Darn it. Is there no foreseeable hope that the true value of Arborgen will be realised and 23cps per share Rubicon Shares will be a dollar??
Looks like a Mexican stand off to me. Mainly small investors exiting keeping the price down while larger holders collect as much as they can without forcing price up. Company is now debt free or close to it and making profit. June will be very interesting as Arbogen changed their reporting period to align with their selling season. Essentially meaning Rubicon had nothing to report in December. You'd be bonkers to cash in now I'd reckon...
Rubicon for a while couldn't get its value recognised since it was a holding company, but I think with the Tenon transaction it will benefit from owning the business directly, while Arborgen still remains a silent asset that no one knows when it'll be recognised. Hate to dampen spirits but I think we're at least another 6 months away from seeing this share price do well, but when it does you'll be skipping to the bank.
The following is from the interim report:-
Rubicon
Our very immediate objectives are to –
• See a positive conclusion to the Tenon Strategic Review and Clearwood sales process; and
• Reach agreement with our ArborGen partners as to the appropriate funding and value extraction plan going forward.
Once those two matters are behind us, the value path for Rubicon will be much clearer for shareholders. We would expect this clarity will emerge prior to 30 June this year.
Just read a report from Sandell Asset Management from 2011 concerning Tenon Rubicon and Arborgen. Back then it valued Rubicon between 1.35 (nz) and 1.65 once an IPO of Arborgen is completed; and/or a reverse takeover occurs.
Now wouldnt THAT be a nice reward for RBC shareholders, Heres hoping.
I'M thinking that should the SP ever rise above 40c there will be a mad rush to get out.
I consider RBC as worth a rather risky punt and recently started to nibble away at a small holding..... for better or worse.
Last year I did well out of the Tenon sale process and have reinvested some of my gains in RBC as a pure punt.
It may well be that RBC needs to be revalued when you consider;
1.) RBC used the proceeds of the Tenon sale return to repay $20 mill of bank debt and at end Dec 2016 only had $7 mill unsecured debt outstanding. In addition, at end Dec it reportedly held $20 mill in cash.
2.) RBC are on record as saying "their investment in ArborGen is to be re-evaluated and likely to reach EBITDA breakeven this financial year" and RBC's goal is to "reach agreement with our ArborGen partners re appropriate funding and value extraction."
I'm looking forward to some news from this company re its future direction before I invest further or discard.
So tomorrow Tenon's patient shareholders will receive their latest capital repayment from the sale of Clearwood. It will be interesting to see if any of those funds find their way into RBC. If so it might help to mop up the present overhang and provide positive direction to the share price.
It's definitely one to hang onto awhile longer.
Interesting details for failed Arborgen IPO 7 years ago http://www.nasdaq.com/markets/ipos/c...c-838281-65315 alot of water has gone under the bridge (pun unintended) since then, surely it has to be a go, if only to see what it's true value is.
I still believe these have the potential to at least double in price from these levels if not triple and more, but then I have thought that for a very long time.
Until the share register opens up with fewer dominant shareholders so that institutions find a place and until there is some indication of external interest in ArborGen, it is hard to see the share price reflecting underlying value.
Good buying biker, rewards are coming for those who position themselves as contrarians. The way I look at it the guys running this show aren't getting any younger and will want to produce the promised "liquidity event" before they're completely knackered.
Hahaha PP. Hadn't quite seen it that way but they do have quite a bit of 'skin in the game'
They certainly did,so not many sleeps until we will be a lot wiser and possibly wealthier.
Aside from the Arborgen prospect it will be interesting to see whether Rubicon directors are able to squeeze out a wee dividend. Clearwood must be humming along sweetly so it would be feasible to pass along some of those profits. It wouldn't take too much to turn RBC into a decent dividend yield stock at current SP!
Rubicon in its wisdom changes balance date from June to September.
https://nzx.com/companies/RBC/announcements/301928
No hint of reason given for the change. Presumably shareholders are not worthy of such explanation.