He aha te tikanga maori mo te "stirrer!"??
Printable View
I am not to sure Percy that I share your enthusiasm to vote in favour of this resolution to have the Australian REL business in a separate entity.
The reason is that I notice the following, a few months ago Richard Lorraway resigned. Richard was HBL Chief Risk Officer, if one person would understand the implications of the changes I would have thought it would be Richard. Ok, maybe coincidental he left right at the time risk management of HBL is up for discussion. But why then did Richard decided since to sell all of his share holding.
Also there are 2 other directors Ellen Comerford and Venessa Stoddart without a share holding in HBL.
Does not feel that everybody in top management believes strongly in great things to come.
To counter that some directors have a serious large shareholding but this was mostly acquired quit some time ago.
Your thoughts?
Getting prepared to do that at the AGM maybe
But sadly I think all thius diversity stuff is just one big charade to give themselves the warm fuzzies or maybe they think its good 'marketing'
I still remember the horrified look the Chairman had at a AGM a couple of years ago when a shareholder said the Board was a pack of fuddy duddys ...he seriously looked shooked, in other words he just doesn't get this diversity stuff.
That Lorraway guy has probably left the office and that's why he sold his shares.
Has a habit of working for a few years and then taking a break ....travel
I wouldn't read much into him resigning ....but then a lot of risk management **** came out after he left his previous job
I spoke with CEO Jeff Greenslade and deputy CEO Chris Flood. before the meeting.In fact I had all my questions answered before the meeting started.
After the meeting I spoke with CFO David Mackrill,and Investor Relations Manager,Julia Belk..
When the restructure was first announced I was a bit disappointed HBL would not have to answer fully to The Reserve Bank of NZ.Thought that gave shareholders extra protection.I then came around to thinking OK I can see we still be able to analyse their full accounts.HBL have earnt my respect as they have always been honest with their objectives,and I have been very pleasantly surprised they do as they say they will do.
HBL have really made their REL business work.They see continuing huge growth in Australia.It is a very profitable low risk secure sector.Repeat "very profitable low risk secure sector."
To take advantage of this growth they have to restructure their structure.
The long and short of it, I went from being luke warm,to hot,and now I am boiling with enthusiasm.
I thought the previous CFO,Craig Stephen was very capable.I found him easy to talk to.His replacement David Mackrill, is also very capable and easy to talk with.Jeff Greenslade attracts capable people,including Investor Relations Manager Julia Belk.
Yes a couple of directors do not hold shares,however the other directors and management have a lot of skin on the line.
I have voted to support the proposal for pretty much the same reasons Percy has set out. HBL have proven to be reliable when setting targets and meeting them, and to date all moves made have increased the share price and/or dividends therefore they have my support.
Was pretty easy when the ROE was 5%.
Getting harder at ROE at 11%.
Guess they will have to work a bit harder when they get to an ROE of 13%.
Bring it on....lol
Be even harder if they don't get the growth in Aussie RELs, because they did not get the restructure over the line.
If you want growth with improving ROE,EPS and dividends,you must vote for it.
When Heartland applied to be a Bank the then CFO admitted it was more for marketing purposes than anything else. Gain much needed credibility and all that sort of stuff. Banks are safer than finance companies eh ...at least in the environment when finance companies were not well thought off.
Being a Bank per se has served its purpose but it is really a finance company at heart.
So breaking free from the constraints has to be good - it allows Heartland to move on and continue to grow, especially in Australia.
The only downside from a share price point of view is that the market might might see them as a finance company and not a Bank and rerate them accordingly. Maybe seen as a more ‘risky’ investment
But continued growth will offset that to a large extent, hopefully
Anyway Heartland Group sounds bigger and better than Heartland Bank
W69.
Are you attending the HBL Wellington presentation.?
I have voted in favour as I am very happy to support the proposal.