PGW now an acquisition target.
But who would be interested?
http://www.stuff.co.nz/business/2825...ew-shareholder
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PGW now an acquisition target.
But who would be interested?
http://www.stuff.co.nz/business/2825...ew-shareholder
I just love how the PGW is trying to talk up the sp using the media.. LOL
So did they breach banking convenants or not. In the results announcement they let slip "In June 2009 the Company notified its banking syndicate of a potential
breach of its financial covenants as at 30 June....."
Because rverybody (including the media) is obviously confused and got it wrong PGW come out with a clarification today and said 'The receipt of waivers from the Company's lenders ensured that no breach occurred" .... which sort of reads that breaches occurred under the old convenamts but when the convenants were changed there was no breach .... so its all OK Jake ... no worries eh
And by the way we couldn't tell you until new arrangements were in place because it could have been potentially misleading.
Never mind ... the more they try to explain it the deeper the hole becomes .... and the shareprice falls further
Probably Colin is right when he said earlier valuations mean nothing when the compnay is in the hands of its bankers .... and that is not a good place to be
We'll see what happens eh ... probably another few stories in the press tomorrow ... and another clarification from the Board
What a shambles PGW has got itself into ... and the $94m abnormals one off were only non cash eh
Of course they were abnormals .... I note that PGC treated them as abnormals as well in their recent analyst presentation
and even more good news today
http://www.nzx.com/news/markets/2834...-plays-it-safe
Chairman Smith all pissed off with media and commentators who just don't get it - using words like "uninformed" "wildly inaccurate" "speculation" is hard hitting stuff indeed
So to clarify it .... listen carefully ..... we not selling businesses that were part of its core business ... so seeds etc are safe.
So to clarify it .... listen carefully ......we did not breach banking covenants .... (but I must apologise i didn't really make it clear in the original announcement)
So to clarify it .... listen carefully ..... we actually made $30m .... even though the accounts say we lost $66m
So to clarify it .... listen carefully ........ The $50 cost of the failed merger with Silver Fern Farms and the $39.2m fall in the value of its stake in New Zealand Farming Systems Uruguay are only a mirage .... not our fault ... irrelevant ... forget about it
OK Chairman Smith -- I now get it .... clear as mud .... just like your announcements ... clear as
My apologies to jumping to the wrong conclusions
LOL @ winner.
They think we are all mugs
NBR reports that Silver Fern cutting thier losses and going to get rid of their 10 million shares they got as part settlement of the takeover fiasco
For the sakes of retail investors hope they find one buyer for the lot ... just imagine selling them on market at the meoment ........ but heck the buyer might have to stump up with even more if their is rights issue
http://www.nbr.co.nz/article/silver-...-shares-110961
In the press first .... and then the (belated?) 'acknowledgment' from PGW themselves
Wonder when the notice was given and when the 10 day period runs out?
Probably wanted to keep it quiet so they could find a buyer (friendly) at a good price without them being loaded on the market .... heck thats uninformed speculation .... better watch it
Why is PGW sp holding up?