NBR should have a look at itself too for publishing it. They didn't have to, could have used discretion. Now innocently reporting as if it is nothing to do with them.
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NBR should have a look at itself too for publishing it. They didn't have to, could have used discretion. Now innocently reporting as if it is nothing to do with them.
And they need to keep the media coverage up to make sure that he is held accountable for his despicable and repugnant action & words.
What a freaking coward he has showed himself to be. Hiding away and getting his office manager to write to his staff.
Then, there’s the case of him harassing and attempting to belittle the 21 year old female who he was going to ‘help’. Be interesting to see if more come forward - a pattern is emerging.
No chance of him stepping down as it's obvious from the article below that he runs DGL as his personal fiefdom and the Board is at his beckoning.
https://www.nzherald.co.nz/business/...SLGL6SJPCPGOA/
paywalled
Excerpts :
"Henry has been variously described in investment circles on both sides of the Tasman as "a spiky character", "difficult", a self-promoting entrepreneur impervious to public opinion, and mostly someone who doesn't feel answerable to anyone."
"The fact he calls himself "sole shareholder" of DGL on the company's website, despite it having NZX and ASX investors, says quite a lot about the person, one New Zealand corporate leader observed."
" ....it took three days of intense media scrutiny for the board to comment on his derogatory comments about Lim tends to cement the impression he sees himself as the company. As one market analyst observed, Henry has yet to get comfortable with the idea that a stock exchange listing comes with public scrutiny. Interestingly, the Sydney PR company handling media inquiries has emphasised it is acting for the board, not Henry."
And this will provide further enlightenment & entertainment in the near future :
"One of Henry's acquisitions, of New Zealand company Chemsafe in 2015, has turned sour. Former Chemsafe founder and owner Rod Simmonds is reported to be seeking around $2.6m he alleges is still owed to him on the sale of the business and its assets to Henry in 2015. The case is due to be heard in the High Court at Auckland next month."
Thanks Balance.
A few red flags in there.. DGL was on the watchlist but not so sure anymore.
That is not an apology. He apologized for using "inappropriate language" but he did not apologise for the inappropriate sentiment behind that language. In other words, he stands by what he said - "but perhaps I should have worded it better."
Nasty piece of work.
Perhaps, in the same instance you can find a lot of compliments, before this incident, on him as CEO. Not sure I can give them any more weighting. The Legal dispute on the purchase of the company mentioned is hardly a rarity if you are in the business of acquiring companies. The civil claim is not that high. Having said all that, it may well be true, are they all red flags...I would just keep a view on what currently transpires for the business than opinions out there from unnamed sources...chit chat is just that.
Because the public are demanding an apology. The public include shareholders, customers, the business community, and anyone else who expects better from someone in his position. If he seriously believed that his comments (not just the words used) would have no impact or influence on the business he leads, he is an idiot.
P.S. Nadia didn't require an apology because she no doubt anticipated it would not be sincere, so not worth having. She was right.
He literally claimed that people were influenced to buy shares in MFB based on the attractiveness of a model (Nadia, in this case) in their prospectus. On what planet does he live to think people make their investment decisions this way? Everything about what he said shows complete idiocy, he was caught up in the idea that his company has done better than hers and given a podium he couldn't help but lower himself to the level of his own projections. Sad, and it does give an insight into the moral quality of the man, even if that might be divorced from his ability to execute in business.
Seems he's been forgiven -- share price up 7% ...and heading back to the highs of last week or so
Must be instos piling in ;)
I think its notable that the email, (I'm not even going to call it an apology), was only sent the day after a major customer demanded an explanation.
In other words he only issued that statement under commercial duress because if he didn't he knew it would start costing him millions.
When is an apology not really an apology ? I would suggest this has all the hallmarks of a disingenuous apology.
Hand writing experts ---- what you make of his signature?
It might be a L…for liability
DGL …Dangerous goods Ltd ticker should be DGS ..Dangerous goods Simon
Now that Simon has apologised... Perhaps Nadia should consider apologising to the shareholders of My Food Bag.
If you check with the Companies Office, it is NOT the same signature as the ones in there.
https://app.companiesoffice.govt.nz/...95D930BDD4A97F
Signed by the office manager?
PS. I have used documents of a similar nature at the Companies Office to invalidate a property S&P agreement before.
The fake apology signed with a squiggle is almost like code for him doubling down on his comments
Come on, at least he looks after the shareholders.
This will blow over.
I can only suggest what was reported behind the paywall yesterday. Reported in the Herald online early yesterday morning, paywalled. Yesterday it became public knowledge that a major customer has demanded answers. We then learn on the same day, presumably in response to concerns expressed to the board the previous day, the email was issued.
https://www.nzherald.co.nz/business/...OHPH6V6XJAG6A/
Excerpt: A major customer of the sharemarket-listed company whose chief executive called New Zealand chef and My Food Bag co-founder Nadia Lim a "bit of Eurasian fluff" says it is seriously concerned and wants answers.
International water treatment and chemical distribution company Ixom said it was "communicating its serious concern" about the conduct of DGL Group chief executive Simon Henry to the DGL board. It was aware of the comments made about Lim and shared the view of the DGL board that they were inappropriate, unacceptable and offensive, Ixom said in a statement in response to questioning by the Herald.
"Ixom is communicating its serious concern about Mr Henry's conduct to the DGL board and is seeking further information from the Board about DGL and Mr Henry's response."
It appears the email was only issued to Nadia Lim yesterday after a major customer demanded answers.
It took him 6 days to instruct the office manager to send an email like that. That's a long way past pathetic, its contemptuous, insincere and disingenuous. Worse, I think he's so arrogant he thought he could simply do nothing and give Nadia Lim "the bird" by doing nothing and ignoring all the fuss but when he realised that he was going to lose millions of dollars from a major customer pulling their business and going elsewhere he belatedly and reluctantly instructed his assistant to issue a very brief "statement". This means its not an apology at all, its simply a commercial decision to initiate damage control.
In effect he's acted like a juvenile over indulged private school teenage brat who's had far too much pocket money and has had no checks and balances in his life. In the old days they'd give kids like that six strokes of the cane on the backside to wake their idea's up and teach them respect. (Ask me how I know lol).
....................................
Attachment 13791
As a CEO of listed company, one of the key imperatives of the role is to be able to 'read the room.'
It's also not inherently clever or likely to induce empathy when you whine about the relative share performance of another listed entity. As any canny investor understands, there are a whole bunch of variables and attributes that result in the relative performance of listed shares. Being a whiny middle aged male poking the borax by mocking Nadia Lim and the MFB prospectus shows a deficit of social intelligence (i.e. tact, cognition of social acceptance) in contemporary New Zealand society.
He may well be a shrewd operator of the business but I'd think a sensible Board would be suggesting a suitable course of media training, some quality PR advice and some penance to be observed in the performance goals of the CEO for the year. This sort of @#%* doesn't impress Ma and Pa investors, Sharesie players nor does it make institutional investors particularly impressed as fund managers hate taking calls from grumpy unit holders wondering why they have their retirement savings associated with that stupid man who runs DGL.
Simon Whimp is the best & outstanding example of ‘you can take the peasant out of the village but you cannot take the village out of the peasant.’
Classless uncouth lascivious trash - that’s who the CEO of DGL has revealed himself to be.
As a 60% shareholder he has total control over the composition of the board - the guys that are suppose to appoint and evaluate the performance of the CEO. I guess the board could resign like they did with QEX. No solutions with this one. Whimp is not going to change his ways. I consider myself fortunate that I have a very small shareholding.
The Board members have been made to look like (and are) fools simply by the way the apology saga unfolded.
First he had apologised (he did not).
Second he tried to apologise by phone (he did not).
Third he sent a written apology by courier (he did not).
Fourth he supposedly got the office manager to send an apology to staff (doubt he did).
Fifth he supposedly got the office manager to send an email copy of his 2 line apology (doubt he did).
And where was the Board?
If any one of them has any pride or credibility, he/she would resign immediately. It’s one thing to be thought of as a rubber stamp stooge - it’s another thing to confirm that for all & sundry to know.
Looking in this forum for discussion re: investment or potential investment strategy with a company during what is to many here probably an unprecedented episode.
Is anyone able to chime in with that?
For instance, are there any other occurrences of a NZ/Oz company having the CEO cause a scandal which impacted the share price swiftly? Did it detract from what the company offered as a service? Which companies? When? How was that resolved?
I understand Elon Musk can tweet whatever thought crosses his mind and that affects the US sharemarket/crypto in various ways, but I was hoping for something with a bit more ....gravitas here? :confused:
What was that company that did the board books? It listed then tumbled because management had bad history.. in the end shareholders made heaps of money
ahhh diligent. great company actually.
I committed quite a few investment rule of thumb 'faux pas' on that one, but in the end was a very comfortable multi+ bagger
felt a bit queasy at times holding it as I wasn't very diversified then. Learnt to keep my spec picks capped and now I don't worry as much. But glad I through caution to the wind while I was younger :)
Simon Whimp - coward with tail between his legs.
https://www.stuff.co.nz/business/300...on-in-auckland
Suddenly, shy of the media.
Obviously has not heard of the term - ‘Man up, front up and be upfront.’
Maybe given himself gardening leave ..... or taking stress leave
Hope the Board have somebody monitoring his mental well bearing and providing an necessary support
....................Chris Lee has done a write up on Simon Henry.............. will try to summarize it later on...
This bit from Chris Lee can't be true - didn't see this in the prospectus
Jarden explained that Henry had built a chemical-handling company that in 2020 was making a profit roughly similar to a local McDonalds branch, or a very busy fish and chip shop.
I'm sure Lee won't mind me linking the article --- might be the only time Balance sort of agrees with Lee :)
https://www.chrislee.co.nz/taking-stock
Pigs can fly.
https://www.nzx.com/announcements/391966
Mr Henry has apologised to Ms Lim, the Board, DGL employees and by extension all stakeholders for his remarks, and the Board acknowledges his genuine regret.
Mr Henry understands the importance of his own conduct in setting standards across DGL Group. He is fully supportive of,and will participate in this process initiated by the Board.
Ooh, can you please expand on the 'faux pas'? I'm here to learn and eager to hear about other people's experience who have been investing 10+ years or more. I had to google multi bagger, - do you think Peter Lynch 1988 book 'One Up on Wall Street' would still be a relevant read for modern day NZX investor?
Not enough according to an expert.....
https://www.newshub.co.nz/home/new-z...f-comment.html
Another down day for Simon Whimp.
He will be kicking himself every day for opening his big mouth and inviting the scrutiny of DGL’s business model and fundamentals.
Could not have happened to a nicer guy.
Bernard unsurprisingly imo has a distorted view on the effect this will have on DGL.
Older brother says he imagines Simon Henry has learnt a few things since calling Lim "Eurasian fluff".
https://www.stuff.co.nz/business/ind...cid=app-iPhone
This is getting out of hand. Some won't accept any form of apology, and demand "more", and the "more" will not be accepted either. But if he doesn't do "more", those same people will complain he's "not doing enough". Leave the guy alone. He screwed up. He has done more than enough to make amends. Time to move on. Or is destruction of the entire company the end goal here from the demanders? Lots of wealth-producing CEOs were a**holes, Steve Jobs springs to mind. Henry Ford. I won't add any more, the list is pretty much endless.
Nothing really to do with above but i just read where Lim and hubbly probably received about 11million for their shares in Mfb.
That would make me oblivious to smart mouth people.
Ode to King Simon Whimp :
https://www.newsroom.co.nz/an-ode-fo...box=1652560717
He's just done another acquisition in Australia?
All cash? They wouldn't touch the shares??
"The acquisition price of $3.5M represented a valuation of 2.2 x FY21 normalised EBITDA. Consideration is a cash payment of $3.5M"
Can one of our more astute members explain why that is not good buying, even assuming no growth in sales.
Milford Asset Management - one of the country's largest investment managers - has offloaded its shares in DGL Group.
https://www.nzherald.co.nz/business/...E2TTQICKNXO4U/
Quite clearly Milford as one of N.Z's leading fund managers have lost confidence in his "leadership" and / or the boards "governance" or they feel the culture is so unacceptable their position as a shareholder is untenable.
Its a shame more shareholders don't make principled decisions like this.
Not sure what pointing to the performance of niche Australian fund managers has to do with this company or one of N.Z. biggest and well respected fund mangers dumping this stock ? Looks like a very poor attempt at deflection to me.
Milford a tad embarrassed that they spruiked MFB so strongly in IPO?
I think Brian Gaynor would have been proud of the well principled decision Milford made.
Why would and why should he be embarrassed?
He wrote an article in BusinessWeek cautioning against the IPO and he has had little involvement in the day to day of Milford for quite a while.
He would be disappointed but no reason whatsoever to be embarrassed. In fact, his mana was enhanced by his article on MFB.
How are the Degrees of Gross Carnage playing out now ? :)
And that’s how we like it.
The likes of Simon Whimp are welcome to pxss off to Australia or any other country which loves his kind.
Just like Eric Watson & Ron Brierley were welcome to fxxk off overseas.
Up yours, Simon & his kind.
You can take the peasant out of the village but you cannot take the village out of the peasant as they say.
There you go ...
DGL Group Limited (DGL) – Delisting from the Main Board of NZX Limited and letter to NZXregistered shareholders
DGL Group Limited (DGL) – Delisting from the Main Board of NZX Limited and letter to NZXregistered shareholdersThe board of directors of DGL (Board) has resolved that DGL will delist from the Main Boardof NZX Limited (NZX), and move to a sole listing on the Australian Securities Exchange (ASX).NZX Regulation Limited has approved the delisting,subject to DGL meeting certain customaryconditions.The trading of DGL shares on NZX will cease at the close of business on Tuesday, 28 June 2022.DGL shares quoted on NZX will be transferred to a quotation on ASX, and there will be no NZXtrading on Wednesday, 29 June 2022 and Thursday, 30 June 2022. DGL will be delisted fromNZX from the close of business on Thursday, 30 June 2022. The sole listing on the ASX willcommence at the opening of the next trading day on Friday, 1 July 2022.The reasons why DGL is delisting from NZX are:1. DGL anticipated, at the time of listing on NZX, that shareholder participation in NewZealand would be higher than what has transpired;2. the Board believe that offering a New Zealand based trading platform is of little or novalue to DGL or its shareholders; and3. that there is no benefit from continuing to remain listed on NZX, and accordingly, to streamline its administration and services that it offers to shareholdersand to reduce costs, DGL's shares will be delisted from NZX and are to remain listed forquotation on ASX only. As at 23 May 2022 there were 689 New Zealand registered shareholders, which represented12.98% of the total number of shareholders of DGL. The number of shares entered on DGL'sNew Zealand register of members, as at the same date, represented however only 2.38% ofthe total number of shares of DGL.Page 2 of 2DGL Group LtdLevel 4, 91 William StreetMelbourne, VIC 3000Melbourne, Australiae info@dglgroup.comShareholders who hold DGL shares listed for quotation on NZX will automatically have theirshares transferred to ASX quotation and no action is required from shareholders to facilitatethis process. New Zealand shareholders will still be able to trade DGL sharesthrough any NewZealand stockbroker who can facilitate trading through ASX, or through an Australianstockbroker.
Good foresight Percy
Hooray!
Pxss off to ASX, Simon Whimp.
Good riddance to garbage. :t_up:
No.
And what is more concerning,is other NZ companies may not bother listing on NZX,but list only on the much larger ASX.
And that means NZ becomes more of a backwater.
I have shares in a company on USX.One director lives in the UK,another lives in Australia.
I would guess in a couple or three years they will migrate to a large main board.NZ,UK,or Aussie.
At this stage who would know,but I would expect the company would be valued a lot higher should it list on UK or Aussie market,where technology protein companies are highly sought after.
good move for dgl the aussies are where the action is.
one of the reasons being lack of volume in NZ .... too right NZX does not encourage trading volume on the NZX becuase of there rules that why the NZX volume is so low
traders do not like nzx