Curious
Why did REL want to own a minority stack in PGG Wrightson in the first place?
As Percy has pointed out,it will be interesting to see what REL employ the funds into
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Curious
Why did REL want to own a minority stack in PGG Wrightson in the first place?
As Percy has pointed out,it will be interesting to see what REL employ the funds into
More being crossed...
275 855,823 11:37 SP
I must be a bit thick, because from where I sit it is far from clear. 855,823 shares is approximately 1% of PGW shares. So add to that the just over 7% of PGW already traded at $2.75 and it still doesn't reach 10%. 10% is needed for a blocking stake. So whoever is buying isn't there yet, if that is the goal. Apart from the Agria stake, the share register is widely distributed.
Looking back at the share register as reported in AR2019, the only single holder left with 855,823 shares to sell is Masfen Securities Limited. But why would Masfen agree to sell only 2/3 of his shares at $2.75? For that reason I don't think Masfen would have sold.
ACC had 653,354 shares. Not enough, but they may have accumulated more since reporting date. It might be ACC selling? Big institutional investors would not sell at less than an imminent takeover offer price. So are we looking at a takeover offer of $2.75 coming soon? If that is the end goal, why does the potential bidder not make a full bid now? I guess it would increase the credibility of a bid if they had H&G and ACC 'on board' in advance?
What today's action does show is that the buyer is not a white knight for Alan Lai and Agria. If that were the case, there would be no need to buy more PGW shares on the market today.
SNOOPY
https://www.nzx.com/announcements/351925
Details of the buyer...Beijing Holdings BAIC Ltd. (“BHBL”)
Here is what Mr Wiki knows
https://en.wikipedia.org/wiki/BAIC_Group
Yes, but if Beijing Holdings Limited make a bid, then any shares they hold prior to the bid being launched are excluded from voting on the deal. So it would only make sense to pick up shares before the bid was lodged if you were fairly sure those shareholders selling to you would have voted against the bid.
Could Beijing Holdings be looking to do a scheme of arrangement? That has a lower success threshold (75% of outstanding shares must vote yes) than a full bid. If Agria were to vote 'yes' for a scheme of arrangement, that would go a long way to reaching a 75% of outstanding shares voting 'yes' goal.
ACC have quite a good reputation for astute portfolio management. If it was them that sold, then the credibility of Beijing Holdings Ltd bid might be enhanced? I think there is a core group of PGW shareholders who 'don't want to sell to the Chinese'.
SNOOPY
A car company acquiring PGG Wrightson? That seems far fetched.
What about this?
https://www.bloomberg.com/profile/company/BJHLDZ:HK
Beijing Holdings Ltd
"Beijing Holdings Limited operates as an investment holding company. The Company operates in Hong Kong."
Director Lei Zhengang is in the "Offshore Leaks Database"
https://offshoreleaks.icij.org/nodes/103687?e=true
"This database contains information on more than 785,000 offshore entities that are part of the Paradise Papers, the Panama Papers, the Offshore Leaks and the Bahamas Leaks investigations."
and Chang Ling
http://hkmdb.com/db/people/view.mhtm...isplay_set=eng
A retired Kung Fu movie actress. If the takeover gets off the ground, I wouldn't want to be part of the management team to 'get the chop' from her!
SNOOPY
Beijing Holdings BAIC Limited https://www.hkgbusiness.com/en/compa...s-Baic-Limited is a subsidiary of Beijing Capital Agribusiness Group: https://www.cbinsights.com/company/sunlon
More English information about BCAG here: http://www.agri.citic/html/en/Animal...Agribussiness/
Collapsing oil prices not good for PGW
Didn’t I read that on here somewhere
See PGW announcement this afternoon detailing some background Beijing Holdings BAIC Limited and there representations on their intentions/motivations.
http://nzx-prod-s7fsd7f98s.s3-websit...113/321311.pdf
I note that they say they are not associated with any existing PGW shareholder, however it’s hard to imagine they are a long term holder of only 9.019%. One suspects negotiations are about to start with 44% shareholder Agria.
Might have something to do with this
"Due to the outbreak of African swine fever last year and the resulting supply disruption amid efforts to contain Covid-19, food prices in China jumped 21.4 per cent in February, largely driven by a 135.2 per cent hike in pork prices – the biggest increase on record"
"China’s consumption of meat jumped from 7 million tonnes in 1975 to 75 million tonnes in 2017; the country now consumes roughly 50kg of meat per capita"
https://www.scmp.com/week-asia/opini...ill-feed-china
A good time to be invested in agri sector?
Always a good idea to be part invested anyway but PGG Wrightson?
There is a saying 'When you're in a gold rush sell picks and shovels'.
So I presume that the thinking is 'When in a bacon shortage sell pigs*** shifting shovels'
Interestingly due to my portfolio rebalancing and SP movements PGW is, at the time of writing, my largest NZX holding, but that will change.
I doubt that BABL is buying PGW for what it is today.
PGW arguably has the best interface with the agribusiness sector in NZ.
PGW under the right owner with deep pockets and market access will be able to be used very effectively to leverage into various sectors of agribusiness.
Think of Synlait - pre and post the entry of Bright Foods.
Correlation with the milk price... https://www.dairybusiness.com/dairy-...-or-causation/
Causation not entirely explained but surmised to be associated with elasticity of purchasing from ME customers + Russia
The linkages between our agricultural fortunes to China's fortunes - never more glaringly clear.
https://www.nzherald.co.nz/business/...ectid=12327039
"The New Zealand-China meat trade has returned to pre-coronavirus levels but markets in North America and Europe have been hit hard by the pandemic, Invercargill-based Alliance Group says.
Chief executive David Surveyor said trade with China was back to where it was before the outbreak - "China is going well. It is in a good space."
https://www.msn.com/en-in/news/world...Gzv?li=AAggbRN
Global Crisis looms due to impact of virus.
You can be very very sure China will never allow itself to be short of food and the misery of famine ever again.
Why China will continue to invest billions of dollars to position itself in the agricultural & food industries.
Hope NZ follows India and makes it really hard for China to take over NZ companies
Yup - all foreign investments irrespective of size will now require federal government approval.
Really an extension of their current foreign investment approval regime.
https://www.abc.net.au/news/2020-03-...virus/12101332
Strong close Friday - might bode well for tomorrow.
BABL is close to building up a 10% blocking stake - means Agria will have no option to deal with BABL and the two potential Australian bidders (Elders & Ruralco) are locked out at this stage.
Be very surprising if informal discussions or approaches are not taking place.
Nobody pays $2.75 (20% above market) for a non-controlling stake.
So they have got their blocking stake which puts BABL in pole position to gain control - just needs to buy Agria's stake of 44% and make a full takeover bid.
Meanwhile, they seem happy to keep accumulating at under $2.75 which means that they can accumulate another 7m shares before they hit the 20% ceiling.
We looked forward to something like this happening.
Now that it is I find I have mixed feelings.
Thought I had found a solid company with the capacity to keep paying me great diviies.
If we do get taken over, I guess I will find somewhere else for the funds.
Should be plenty of bargains around in a few months.
Yes, heck of a pity in a way as PGW's dividend yield of over 10% should see the share price easily spike to $2.50 anyway when savers react to the unprecedented falls in interest rates (1 year government rate this morning is 0.19% !!!!) as term deposits mature.
http://nzx-prod-s7fsd7f98s.s3-websit...847/321004.pdf
I am going to be like the Cushings, who still hold 2m odd shares.
Keep a few if I can (as a majority shareholder) to enjoy the upside from PGW being used by BABL to introduce best farm servicing practices into China.
As we have seen from Synlait, the right China partner makes all the difference to tapping the real upside in China.
For FY2020 the EBITDA forecast for PGW is for $30m (26th March market Update). I heard that under lockdown, Farmlands Retail Division is down 10-15% on turnover. I would expect the profit reduction to be deeper than that, and expect PGW Retail to be showing a similar downturn. FY2020 does look to be a 'low point' in an historical context. So if a takeover bid eventuates, it could be seen as opportunistic.
Exactly. So why accept an opportunistic offer? You can say no.
I think the Cushings are completely out (both H&G and Rural Equities). The Chinese have bought out the potential troublemakers. Next operation is to herd up the sheep shareholders.
SNOOPY
At the end of today PGW is back as my biggest holding.
If your biggest is what I think it is then that is my 4th biggest,
but if it is not what I think then it is probably my 5th biggest.
Anyway I am treating myself by scraping out a jar of crunchy peanut butter with a small spoon, hours of pure joy!
What's your biggest holding Percy?
I need to know, you're my no 1 guru on this site.
Article in NBR today titled..."Wrightson's reticence does shareholders no favors". Anyone kind enough to provide a little synopsis.
I see from the 23rd April Announcement by PGW
-------
Beijing Holdings BAIC Ltd Investment in PGW
PGG Wrightson Limited (PGW) Chairman, Rodger Finlay today noted that “Beijing Holdings BAIC Ltd. (BAIC) announced earlier this week that it has acquired approximately 6.8 million shares in PGW giving it a 9.019% stake.”
“BAIC’s Managing Director, Meizhan Yan has been in contact with us and has outlined that BAIC is a Hong Kong domiciled investment company that has interests in international agricultural and food investments. We understand that BAIC is ultimately owned and controlled by Beijing Capital Agribusiness and Foods Group (BCAG).”
-------
So maybe no Kung Fu needed to sort this out after all? Can we assume that because the declared stake on April 23rd was 9.019%, a further declaration is not needed until the stake is 10.019%. IOW BAIC may already have a blocking stake without having to make another declaration?
SNOOPY
A very 'matter of fact' 17th April announcement on the sale of REL's 3,158,313 PGG Wrightson Limited shares.
https://www.usx.co.nz/symbol/rel (Click 'Announcements')
No clues on why REL's 'diversification' strategy has been wound back.
There are offers in the market to buy 17,550 REL shares at $4, about $70k worth. Chump change if you had an $8m cash war chest from the sale of your PGW shares and the bid was part of a buyback.
No subsequent mention of what happened to the REL banking facilities due to be renewed on 3rd May either.
BAIC would have no need to use Aussie banks to finance any PGW purchase.
Would Rodger Finlay (of REL and PGW) even know what the fate of REL's PGW stake might be in the hands of new Chinese owners? Would he be expected to know? The REL stake was only 5% of PGW after all. Wouldn't it be more likely that REL was just offered a good price for their PGW stake and took the opportunity to sell 'no questions asked'?
SNOOPY
Well the chairman and a fellow director selling their stake [ie REL's] at above market, price sends a clear message,to the market.
Pity they did not tell us what that message was,?
Message is as clear as can be for those who read between the lines.
The Cushings still hold 2m odd shares.
I would also if I can keep a few to enjoy the upside from PGW being used by BABL to introduce best farm servicing practices into China.
As we have seen from Synlait, the right China partner makes all the difference to tapping the real upside in China.
NBR has had a bee in the bonnet about the Chinese presence on PGW's register for a while - and rightly so. Agria was the wrong majority & controlling shareholder but that's now history.
BAIC's intention will become clear once they have bought Agria's stake in PGW. It's then up to minority shareholders to accept or reject BAIC's offer.
This business about the Cushings still holding PGW shares keeps coming up (not just from Balance). So it is time for me to once again recheck the press releases to see if I have missed anything.
From my post 4789
Subsequent to these purchases, REL went to the market again. A top up purchase of 316,157 shares was advised to the market on 3rd October 2019 and brought the total REL shareholding to:
2.842m + 0.316m = 3.158m
Next look at my post 4789
The 17th April 2020 disclosure shows only the REL PGW stake while the 2.07% H&G stake remains. I am guessing this is the origin of the 'Cushings still retaining 2%' rumour. However, I would like to point out that as soon as the REL stake was sold, the Cushings were no longer substantial shareholders in PGW. So they could do whatever they liked with their remaining 2% stake without informing the market. And PGW shareholders would be 'none the wiser'.
This report of one 'off market share sale' of 5,628,450 shares is more than the total holding of PGW shares owned by REL, just before the sale occurred. So some other share parcel must have been bundled up with this share sale. And if you add the known H&G stake to the declared REL stake you get:
2.007m +3.158m = 5.165m.
Even this total is still a little short of the 5.628m reported total share sale. So if my theory is correct, then H&G must have bought more PGW shares on market, prior to this sale, to make up the difference. This is the only way I can get to 'add up a market value' of 5.628m shares PGW shares being sold from one owner.
SNOOPY
Seller at 270 is all but taken out, next big resistance at 271 with current depth volume of 100k...let's see when we can rid of that volume.
NZ agribusiness continues to attract investment interest - in this case, the Canadians. The Canadians are of course the second biggest player in the rural servicing industry in Australia.
Meanwhile, the tug of war of PGW's sp at $2.70 continues - notice how buyer(s) are paying up at $2.70 while seller(s) are attempting to keep it at $2.70?
Smells to me like Agria keeping the sp at $2.70+ while BAIC wants to keep it below as they negotiate an acceptable takeover price oil the background?
https://www.nzherald.co.nz/business/...ectid=12344393
"A Canadian pension fund has bought a major stake in New Zealand's biggest corporate dairy farmer, Dairy Holdings. Sooke Investments, a subsidiary of giant Quebec public service pension fund manager PSP Investments, has bought 24.9 per cent of South Island-based Dairy Holdings. PSP has also been increasing its investments across the Tasman. In October last year, through Sooke and another subsidiary, BidCo, it bought listed Australian agribusiness Webster for $854 million."
I've noticed this sort of thing before, where there is MASSIVE bid or ask. Is there a name for that sort of behavior?
I find it quite frustrating sometimes, so would like to work out when to stay away from it.
Well, they're still buying on market.
Beijing Holdings BAIC Ltd. now up to 11.105% vs 10.019% in April. On market, average price about $2.68.
https://www.nzx.com/announcements/355622
Probably worth keeping them in the portfolio for a while longer then :cool:
BAIC have no particular reason for the latest increase in their holding, as they had a blocking stake already. Unless that is they just saw it as a good investment, or they really are planning to launch a takeover bid. I am not expecting a good result from PGW for the year because of the effects of drought and the shut down of the live livestock auctions through Covid. Maybe a poor result will be weakness that BAIC is looking for before pouncing? What I did find interesting was that the latest 1% block of shares acquired looks like it has not come from Agria (unless Agria make a counter declaration in the next few days I suppose). I worked out my own holding price for PGW shares is now $1.70. That is mainly through owning the shares for a long time rather than any clever Covid scare buying. I reckon $2.70 is near fair value for an average year of trading. So I won't be accepting a takeover offer at $2.70, despite the potential gains I would crystallise by doing so. Like others have commented, I prefer to see PGW remain listed on the NZX. BAIC could make a 'lowball' offer to take out the Agria stake that would be rejected as inadequate by an independent valuation report. That would in turn mean that minority shareholders would be foolish not to continue holding their shares at today's prices. This would be my preferred outcome.
SNOOPY
Good assessment, Snoopy.
My thoughts are very much that negotiations are taking place between Agria & BAIC even while we watch the sp action from the sidelines.
Agria's stance imo will be very much that they have 44% and will deliver control to BAIC when they sell to them. So there is CONTROL PREMIUM which must be paid.
Why would they be willing to settle at $2.75 initial offer when BAIC was prepared to pay $2.75 for a 10% blocking stake? A Control premium is worth a lot more!
One suspects that $3.00+ will be a more acceptable figure to Agria.
Meanwhile, that being the case, BAIC is happy to pick up stock in the market at $2.70 or thereabouts - still 9% to go before it triggers a takeover offer at 20%.
Like many of you, I do prefer Wrightson to continue to be listed as well - excellent exposure to NZ's real #1 industry (Agriculture) and what an outstanding dividend yield!
https://www.nzherald.co.nz/the-count...ectid=12342319
Real estate side looks like doing well post the lockdown.
Could well be $3+ by the time FY results are in. Current sell side has been dried up for whatever reason..
Sell side looks extremely thin indeed.
Looks like the institutions may be canvassed as to what a fair takeover price is?
Meanwhile, government is going to be pumping a lot of funds and resources into the agricultural sector - after putting the sector into the back burner in its first 2 years in office.
https://www.stuff.co.nz/business/far...-sector-by-44b
A fair takeover offer would be?.....$3.25?
Closed at $2.87 but on tiny volume of just 5151 shares traded all day. Looks like the largest parcel was something like 200 shares, so likely all the trading was Sharsies' speculators. Don't read into trading prices what you want to see. If there is an offer my pick is it will be pitched at $2.75, which was an above market price when it was accepted by the Cushings for their stake. The Cushings were not forced sellers. You really think the Cushings would leave 20% on the table a couple of months down the track? Winston might have a say on such a 'strategic asset' passing to the Chinese as well. But maybe he wouldn't object to a parcel of shares passing from one Chinese shareholder to another. A below market bid at $2.75 would achieve that and the rest of the NZ shareholders could stay on the register.
SNOOPY
Disagree.
Stated before and will state again - BAIC paid $2.75 ,well above market in order to secure just 7 % of the stock.
Agria are not fools - their 44% delivers control so commands a healthy control premium.
And Agria are not forced sellers now - PGW is actually a great investment so no big hurry to sell without control premium.
Plus, if BAIC is looking to make a bid at under $2.70 - why would they have been buying on market at above $2.70? Rather dumb and counter-strategic, don’t you think?
It’s very clear Agria is wanting a much higher price and the market action reflects that reality.
How quickly things can change in the 'wholesale milk price' auction from my above 17th April 2020 post.
From:
https://www.nzherald.co.nz/business/...ectid=12346307
"The GDT price index jumped by 8.3 per cent - its biggest lift since November 2016 and the fourth consecutive gain at the twice-monthly auction.
WMP prices - which have the biggest bearing on Fonterra's farmgate milk price - leapt by 14 per cent to US$3208 a tonne and back to where they were in late January of this year."
IMO the jump in the PGW share price over the last two days can be better explained by the suddenly improved forecast position of dairy farmers. Of course there is no guarantee this price rise will last. Dairy farmers are not really benefitting yet. Peak milk production months are October and November. But it is certainly a positive signal, that it looks like the 'Sharesies' crowd has taken to heart.
The volume in the 'breakout' above $2.70 is tiny. Less than 20,000 shares traded over two days. Largest single sale under five grand. Not even an economically marketable parcel at full service broker rates.
BAIC have not confirmed any on market purchases above $2.70. The last disclosure on 30th June was for trades between 28th April and 29th June. At no stage during that period did the on market price rise above $2.70. I misremembered the Cushing buyout price as $2.70. As you point out it was actually $2.75. All the confirmed BAIC market action so far would be consistent with a BAIC bid being pitched at $2.75.
Rural Equities Limited were certainly not forced sellers when they unloaded their shares at $2.75. There was no need for them to sell as they had just cashed up their Australian listed investment as well. The only investment that REL has made of late that has stuck is buying back their own shares. There was/is absolutely no pressure on them to do this. Why would REL sell out of PGW if they thought a bid for the whole company was imminent at a significantly higher price? More likely David Cushing was given advance knowledge of any ceiling price that BAIC would pay and sold to get his cash early while the plebian shareholders are forced to wait for any real bid at the same price later.
Of course Agria would like a much higher price, but the rules for business acquisitions have changed.Quote:
It’s very clear Agria is wanting a much higher price and the market action reflects that reality.
https://www.tvnz.co.nz/one-news/new-...vid-19-fallout
"A new emergency notification regime will mean the Government needed to be notified of certain investments with a controlling stake in an existing business or business assets. The Government would then "consider whether they are contrary to New Zealand's national interest". If it decides it goes against national interests, the Government can impose conditions or block the transaction."
If BAIC make a bid and are refused under a national interest test, then Agria may end up accepting a much lower price for their stake than is available on the market today. They may have to place their stake among multiple institutions at a discount. I wonder if that is why David Cushing sold out early? Cushing is far too canny to miss out on an easy profit. Perhaps he foresaw the government stamping on a potential takeover deal as a significant risk?
SNOOPY
Hi, still owning 70.000 ordinary shares of AGRIA. Agria has not been helpful in finding a solution for teir remaining shareholders? Is there perhaps a manager at BAIC that i should add into the email list?
This appears on their substantial shareholder notices.
Additional information
Address(es) of substantial product holder(s): Rm2912 Shun Tak Centre, West Tower, 200
Connaught Road C., Hong Kong
Contact details: Tammy Mok, tammy@bidco.com.hk, +852 31018512
PGW is already overseas owned between Agria & offshore institutions and BAIC.
And you read it here - paying $3.25 to takeover PGW is hardly buying NZ assets on the cheap, which is the primary intent of the new emergency notification regime!
https://www.minterellison.co.nz/our-...id-19-pandemic
"This power is intended to stop vulnerable New Zealand assets being subject to foreign takeover during the economic fallout of the pandemic. Once in force, the power will be reviewed every 90 days and will only remain in place while the COVID-19 pandemic and its associated economic impacts continue to have a significant effect in New Zealand."
And there is now no pressure for Agria to sell out unless it gets the price it wants for a strategic stake which transfers control. The dividend yield is fantastic (>5%), one of the few NZ companies to pay and maintain the payment of dividends and globally, certainly a high yielder much in demand by the unprecedented super low yield interest rate environment.
PGW now is a financially sound and well managed company in arguably the salvation industry for NZ in the covid-19 economic environment. What is there not to like for Agria to hold on?
All but one seller below $3 ($2.96) has been bought out.
Looks like it is heading to $3 and higher again very soon.
@Percy, thanks for the information
"Contact details: Tammy Mok, tammy@bidco.com.hk, +852 31018512"
Have a look at Elders on ASX - up 58% YTD as investors accumulate agriculture shares due to improving trading conditions and their defensive qualities.
In contrast, PGW is only up 24% YTD so you could very well be right that there's another 80 cents for PGW sp to go and keep pace with the steady uptrend in Elders sp.
Then, there's the takeover appeal from BAIC.
Got to say that I am very pleased to have PGW in my portfolio and it is better that it is kept on the NZX rather than be taken over - NZ can ill afford the loss of another listed company, especially an agricultural one.
Interesting times ahead!
Being overseas owned already does not preclude the NZ government checking out any new overseas owners being of good character. In fact the government will be required to check out just who is behind BAIC. If they are of better character that Agria, then a bid by BAIC at whatever price might be welcomed. But there is no guarantee that a takeover offer from BAIC would be approved. And if Alan Lai has come to some cosy arrangement with BAIC to regain control of PGW by stealth, Agria may yet be required to divest their remaining PGW shareholding to local institutions at a discount.
The problem is a bid for the company won't introduce any new capital into PGW. It just transfers ownership from one shareholder to another. In terms of PGW operations, such a deal would be of no help to PGW whatsoever. If it doesn't help out with saving the company, then there is no reason the government would look favourably on such a deal.
SNOOPY
What improving trading conditions?
Dairy farmers in NZ have been rescued , ostensibly anyway, from going out the back door in the last month by rising milk prices. But the season has only just started so actual milk production volumes are low. And it is far to early to know if a glut of milk from northern hemisphere producers will spoil the party. Demand for meat is good but only at the low end of the market with most high end restaurants around the world closed. Grinding up those fillet steaks to go into McDonalds burgers isn't going to make a great return for our beef farmers. Venison has crashed in price as it is also restaurant trade dependent. Forestry crashed went up and has crashed again. For PGW's livestock division, live animal auctions were cancelled during Covid-19 restrictions, and I'll bet on-line didn't make up for everything lost. PGGW real estate will be suffering (read loss making) with rural land prices are under pressure. Dairy farm sales in Canterbury for example are so low (no sales at all) that property sales statistics have become meaningless. Banks are still wanting out of rural property loans, and that puts pressure on the cashflow from farmers (less money to spend in PGGW Retail Supply stores). Oh , and before last month the North Island in particular was suffering one of the worst droughts in history. Rain has come now, but the temperatures are too low for grass to grow. And to top it all off, the NZD to USD exchange rate is climbing. Horticulture is probably the only bright spot. But when vineyard owners smile, it is usually bad for the rest of the farming sector. I think right now is the worst macro environment for farmers in NZ for at least ten years.
To top all that off there are the ongoing problems with the in house PGW superannuation scheme which, despite assurances at last years AGM, is almost guaranteed to need another bail out IMO.
So am I. But I have been accumulating PGW since the capital payout at prices far less than if I had bought those shares today, as have you Balance. But to encourage 'sucker' investors into PGW at this stage to swallow some super defensive story at a point where PGW is looking stretched by any conventional valuation metric? Then justify things by saying it will be a bargain if taken over? I couldn't think of a better financial recipe for a new investor to lose money!Quote:
Then, there's the takeover appeal from BAIC.
Got to say that I am very pleased to have PGW in my portfolio and it is better that it is kept on the NZX rather than be taken over - NZ can ill afford the loss of another listed company, especially an agricultural one.
Interesting times ahead!
SNOOPY
Everyone knows who is behind BAIC! Been fully disclosed & discussed and they have made it clear why they are interested in PGW.
https://www.nzx.com/announcements/352113
You make it sound like the government can willy nilly reject any deal just because it is an overseas buyer - it does not work like that as you should know.
It cannot as OIO decisions can be appealed as they have been in the past, and any unjustifiable rejection creates a precedent which is the last thing a government wants.
Not sure why you are attempting to make mountains out of molehills, Snoopy - as has been the case now with PGW for the last 7 months. All cool though as it has certainly helped me get more PGW shares at very very nice prices!
Watch what you insinuate, Snoopy - it is one thing to for us holders to discuss & disagree but entirely different thing to accuse anyone of trying to encourage suckers into investing into anything.
What I can say is that some of us have been positive on PGW for a while while you have been relentlessly negative even as the sp trends higher. Should we imply that investors have lost the opportunity to invest in PGW & missed good gains because you have scared them off with your relentless negative postings? We don’t because it is understood we all write about why we feel about stocks we hold or don’t want to invest.