Thanks stoploss
Maybe waiting for the cricket season to start
Wonder how many Wellington City people bother go to Porirua now or just give Turnersca miss. At least Petone was reasonably close
Thanks Stoploss and W69.
I was hopeful it would be up and trading gang busters by now...lol.
Look forward to your comments when it is up and running, as I rather like the concept.
I am noticing Turners online advertisinfg."100 more cars have arrived since you last visited our site."
Confirmation of guidance and cessation of 90 day VWAP trading period for the bond conversion should be the catalysts for the SP to stabilize. Might see a modest rebound in October.
Tomorrows fuel increases are going to do wonders for used car sales..
Probably going to add more to the already very noticeably increasing road side cheaper bargains.
As the punters take up " No Deposit " offers for new much more fuel efficient vehicles.
Disc. Minor Hold.
From AGM one thing they seemed awfully proud of was their active management of the insurance reserves they hold.
One of the highest investment returns in the world the Insurance guy said
Good while it works ......but some might say it’s not all the ‘prudent’ gambling with reserves
Wonder how they invest these reserves to get world class returns?
Maybe something for Snoopy to dig into
The Deputy Chairman to say their actuary was very conservative but not good form to (laughingly) add that management think far too conservative and then seek confirmation from management
Annual Report has photos of 6 Directors and 9 people in their Leadership Team
Except for the GM Human Resources all are white males. (HR people tend to be females for some strange reason)
The Deputy Chair clumsily and unconvincedly talked about always employing on merit and Diversity of Thinking is important. Worst justification of having an all male board I’ve heard. He even came with a quote to use and panicked a bit when he couldn’t find it.
How the heck can you have real Diversity of Thinking with the mix of people they’ve currently got.
No wonder share price is languishing
Winner, I think you might be referring to the $53.378m worth of 'Financial assets at fair value through profit or loss' which is on the balance sheet? Go to Note 11 and it is all broken down. The biggest item by far in that break down is $42.600m in term deposits, up from just $122k at the end of the previous year. Now flip over to Note 18 and look at the details on the acquisition of 'Autosure'. There you will see $33.378m of 'cash' that was banked on acquisition. That $33.378m in cash looked like the balance of insurance float cash held by 'Autosure'. Is there a connection with all of the cash brought onto the books with the purchase of 'Autosure', and the subsequent $42.600m of term deposits on the balance sheet or TRA a year later? Perhaps a few million dollars worth of insurance premiums have gone in since to explain the difference?
During the Turners Roadshow Meeting in Christchurch, I recall some remark about using the insurance nest egg cash to help develop properties for the wider Turners operation. The need could not be questioned, because Turners were developing these properties for themselves. So property development risk was effectively zero. I also recall that management would openly look at on selling these properties once the developments were complete. So the insurance cash, if that is what it is, would not be tied up long term. Faced with term deposit returns at low single figures at best, I don't see anything too wrong with doing some low risk 'in house' property development on the side. You might call this gambling. I would call it prudent and measured gambling. I don't think the sum of these developments proposed got anywhere near $40m of capital at risk at one time. And once the profit from a couple of these developments per year got added back into the insurance float, it isn't difficult to imagine the insurance float return might look 'world class'.
I am 'sleeping easy' with this one.
SNOOPY