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Lizard

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  1. Lizard

    TWO

    Well done on the arbitrage, Wolvy. I'm on the wrong side of the Tasman, so didn't stay around for the franking credits... but was odd here as woke up morning of the scheme meeting to the news report that the very same day the NZ Teachers Payroll system was finally going to be transferred over to the new system. Didn't mention the vendor name, but we know it is Talent2. They have been advertising locally for quite some time for payroll administrators for their new centre... the whole thing has taken 2 years longer than planned, and apparently at a cost of $30m.
  2. I'm unsure if there is a logic flaw in that Economic Collapse Blog.... I've wondered for a few years what happens at that point in the "money creation" process where a reserve bank buys government bonds in order to "print money". Presumably, the bonds remain a debt on government books, but are the bond assets also added to the government books to offset them? Which I suppose comes down to whether or not the balance sheet of a reserve bank (or in the US case, the federal reserve) are consolidated in government accounts?
  3. I think ASIC has to not object to a scheme in order for the court to approve it. In particular, ASIC say they will object if a scheme would deprive shareholders of the benefits or protections under a takeover. The court also has to be satisfied that the scheme has not been proposed to avoid compliance with takeover requirements in Ch 6 of the corporations act. Some starting points if anyone wants to look into this route. RG60 - ASIC (pdf) Though from a quick read, I think case law to date has shown that the regulator just requires that schemes provide the same level of disclosure as in a takeover.
  4. Lizard

    HSN

    77cps - is this the chance to buy more we've been looking for? Or do they own a Japanese power station I missed somewhere in my reading??? (Okay, I know some smart cookie is going to point out that I should have been awake for todays 71cps low!)
  5. Lizard

    HSN

    I agree with the blog writer - after going through a pile of HY reports, HSN was one of the few that came in ahead of my expectations (or at least the expectations prior to the forecast upgrade). I only have a few and tried to grab some more, but missed them. So have been waiting for them to come back a bit to add... ... perhaps other holders are in the same boat and that is why there haven't been more posts!
  6. Lizard

    HIT

    Looks to me like this could be the year HIT finally recovers from the Tech-wreck sell-down... At 5cps, market cap is a mere $1.5m, with cash of $536k at last report and no debt. Also other liquid assets including listed securities (unknown), that help to bring the current assets less total liabilities close to market cap. Better still, they are profitable. Not only did they report a $136k NPAT (almost all from operations) for 2010, they have also indicated that the first quarter alone of 2011 saw revenue up 49% and profits at $200k NPAT for the quarter, plus gains on listed investments. Forecast at agm was for FY NPAT of $500k - $750k. Could be on the light side if the substantial increase in AusTender contracts is any indication. Downside of course is lack of liquidity which is deterring buyers, while sellers must surely be deterred by the low share price. Some improvement of late, but possibly half year report (likely out early Feb) can help get them to a market cap worth the ink in this post. Given the difficulty of getting in (and perhaps back out), this is only one for the very patient!
  7. Try this:Cash is King for Investors Around the World oops, sorry arty, looks like you already had it...
  8. Lizard

    GPG

    Yes, you are right and he is now gone. However, the handling of this restructure seems to say it all about GPG... the value is just not there to return!
  9. Lizard

    GPG

    I thought it was a directors responsibility to do their best for shareholders - not to avoid conflict with other Board members. I also don't see a problem with him choosing to change direction on a proposal after having had the chance to receive shareholder feedback. Personally, I think Tony Gibbs proposal has some sense to it, whereas the previous proposition appeared to be pointless.
  10. Lizard

    GPG

    Will the UK emergency budget and a postulated rise in capital gains tax from 18% to 40% affect GPG's net profits from any transactions?
  11. Lizard

    GPG

    I second that!!!
  12. Lizard

    GPG

    Plastic, You might enjoy reading the Shareholder Proposal on the TUR notice of meeting out today. Funny to see a shareholder attempting to promote the type of asset-stripping play on TUR that would have been a classic Brierley play in his earlier days... I think it might have been Winner69 that pointed out on another channel that, in GPG, Ron Brierley has created the very type of company he used to love to take on and unwind! Amusing, eh?
  13. Lizard

    ISF

    Well, the only assumption that can be made is that both the ASX and the company accept the sell-off as being justified by the announcement that started it...
  14. Lizard

    GPG

    With all this coming out, it is apparent that the "plan" has never really had real substance as far as realising additional value other than just a gradual sell-down (starting with Coats) of non-Australian assets and the spin-off of the Aussie assets into a new vehicle. This raises a whole lot of issues - a spin-off could hardly be value for small holders if it leaves them with unmarketable parcels of shares or units in the new vehicle. Nor is it going to be easy to sell off major assets at a premium price with a market that knows they are a "very willing" seller. The whole decision-making process seems to be entirely based around Ron's desire to stick to his original plan and retire GPG along with his own retirement - whether it makes sense at this time or not. In my view, they should sell management rights into a UK Investment Trust company to manage and perhaps wind-down (on-market share buyback?) - it could hardly be more expensive than the current management and there would be no need for rushed decisions.
  15. Lizard

    ISF

    As I see it, the problem is the extent of the downgrade leaves it wide-open as to their cash position. Who would have believed that their results were so dependent on one milestone payment - and that the costs associated with that milestone don't seem to have been treated as "work in progress" or capitalised, implying no certainty of payment? Either that, or the entire remainder of the iSoft business is of marginal profitability. Whatever, the answer, we won't really know how things sit until accounts are received. For once, management aren't providing any reassurance - they appear deliberately vague. Even more concerning, they would no doubt have received urgent phone calls from major institutional holders and don't appear that they have reassured them either... ... all this adds to a dubious scenario - either there is real or imagined risk of financial embarrassment which could lead to massive dilution or complete loss. The silence from management suggests the risk could well be real... and if it isn't, then they owe their shareholders an explanation for not squelching the rumour. I reluctantly sold out half before the Morecambe Bay announcement and the other half as soon as I got the chance to process the numbers in it.
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