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I thought todays presentation was pretty much all "old hat" - they've been tossing those valuations around for 18 months now - I think we all get the point, but just dubious that "mid-cycle" actually exists... particularly while we watch currency pressures building for them.

 

What would have been nice is some comment as to whether the upturn in housing starts and house sales is showing any sign of translating into sales volume... or perhaps some sign that Armour Wood/Lifespan is moving off the shelves. Since we didn't get that, I'd assume they had nothing positive to report yet - so stuck preaching their message of theoretical hope!

 

Given the results in second half 09, it looks rather like we'll be wearing a first half NPAT loss this year unless there's a second quarter rush into home decorating... a hard time to be suggesting M & A activity to shareholders, despite the counter-cyclical logic.

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  • 5 months later...

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?

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The legal requirement at statute is thus. s208 of the Companies Act.

 

The board of every company to which this section applies must, within 5 months after the balance date of the company, prepare an annual report on the affairs of the company during the accounting period ending on that date.

 

This TEN's statement on expectations of their review.

 

 

 

STRATEGIC REVIEW UPDATE 30 June 2016 - By way of market update, Tenon said today that it anticipated it would be making an announcement in respect of the outcome of its Strategic Review process either in conjunction with, or prior to, the release of the Company's 30 June 2016 financial results.

 

If they so choose, they have up until the end of November to sit on it. But not if they are to call a AGM. Then they only have up to 20 days prior to the AGM to report.

 

 

That makes it late October if they are to hold the AGM at about the same time as last year.

 

 

 

 

 

 

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