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Lizard

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Everything posted by Lizard

  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. 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. 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.
  16. This looks like it could be a big coup for Adacel: Boeing receives $1.7bn FAA contract for NexGen ..and the relevance to Adacel?
  17. Lizard

    GPG

    Just for you, Plastic:
  18. Lizard

    GPG

    I don't see how they'll be able to say anything that will satisfy the holders. There is no obvious route to return value to shareholders, unless of course, they plan to delist it and operate as a managed fund, allowing unitholders to redeem at NAV at the end of each month? That at least closes the gap. Then it comes down to their accounting for NAV - and of course, they would have to sell assets each month to redeem. It is always possible they have a buyer lined up for Coats, but that would seem premature given that Coats has not yet conclusively turned around. There are plenty of other "half-answers" where they could dish out a fraction of the shareholders value, but they risk leaving people with unmarketable parcels if they in specie distribute shares in core holdings or even pay out cash. On top of that, we have the Euro crisis in full swing and unlikely to be resolved before Friday, so they will have that as a reason to defer on action. So my assessment is that the agm stands a high chance of disappointing. (Based on past announcements, probably the quickest receipt of agm announcements from NZ will be by searching the LSE announcements on Saturday morning, or possibly the GPG website).
  19. Seems like a significant contract announcement (via press release). Ukraine Awards Adacel Contract to Supply MaxSim ATC Simulators Should also hear something re takeover discussions by Friday, given the exclusivity period due to expire tomorrow?
  20. Lizard

    ISF

    Hi Daggie, ISF has been a disappointment - probably my worst one in a while. I apologise to anyone I encouraged in holding this share. While I still think ISF has huge potential, I have lost the conviction. I used to feel IBA was very close to/aware of their shareholders, trying hard to ensure they were rewarded. Somehow, I feel they lost their way. Perhaps they were driven down this path by necessity. Still, when it takes 3 days to find out from an overseas newspaper what is pushing around the share price (i.e the reported problems at Morecambe Bay), then I feel bemused. When results season brings negative surprises, I feel irritated. And when the company is pushing on into the next big investment phase (US) before delivering for shareholders on the last 3 capital raisings... then I really don't feel like tagging along as a supporter. ...I may still continue to hold some (as part of a diversified portfolio), but I will no longer do so with any enthusiasm. I am sure there will be more good trading in ISF, but I will trade it without trust from here on.
  21. Made it into the All Ords on the latest re-jig. Nice pick up in FUM in February too.
  22. Lizard

    TEN

    No, they aren't accounting for any benefit from it. I keep trying to find evidence of any hearing dates, but never get anything. Very unclear on progress. Wouldn't rate their chance of success very highly - there would surely have to be very unusual circumstances?
  23. Lizard

    CKL

    Their last SSH notice was in November when they had sold down to 10.65%. They only have to file for every 1% reduction, so they get to sell another 800k before they need to file another. There's been about 840k through since the last notice, but it's likely not all of them would come from the one seller.
  24. Lizard

    CKL

    I get the impression HHL are still selling this stock. If they want to clear the decks, it might be a long wait for this trade to progress.
  25. Looks like the remains of HNG's holding just cleared through at 50cps. Last chance buy now for the re-rate through cum-div?
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