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SOL, WASHINGTON H SOUL PATTINSON & COMPANY LIMITED
nipper
post Posted: Feb 13 2020, 10:51 AM
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back up.

TPG and Vodafone allowed to merge; Federal Court saying the "combined entity will create a stronger competitive force against Telstra and Optus."



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Dec 30 2019, 04:32 PM
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QUOTE
• WHSP has an excellent track record of paying dividends and actively manages its portfolio to achieve its goal of paying a steady and increasing dividend over time.
• WHSP has increased both its interim dividend and final dividend every year since 2000.
• We are one of only two companies to do this of the 500 odd companies in the All Ordinaries Index.
• Total ordinary dividends have increased from 10 cents per share in the year 2000 to 58 cents this year.
• Dividends are declared based on the Company’s regular cash inflows less regular operating costs.
• This year we will pay out as dividends, 82% of the net regular cash inflows from operations.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Dec 6 2019, 01:40 PM
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SOL AGM today - Stephen Mayne (serial pest according to Gerry Havey) was at the meeting - his comments - https://twitter.com/MayneReport

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What is it about billionaires & the way they chair public company AGMs? Gerry Harvey was worst ever last week and his mate Rob Millner was terrible today. Promised all general questions after formal business then broke the promise by shutting meeting after 10mins with 6 in queue.

Rob Millner will cop some serious negative PR for the dictatorial and disrespectful way that he ran that Soul Patts AGM. Treated legitimate climate questions with disdain and just shut the meeting prematurely on some dodgy show of hands. Multiple shareholders didn’t get to speak.

Appalling performance by Soul Patts chair Rob Millner to close the meeting prematurely because he didn’t like anti coal questions. Never seen this before

“You people are denying 15% of your fellow humans power,” says cranky chair.

Cranky Soul Patts chair Rob Millner is getting quite a few climate change questions after the formal business has all been dealt with. Should they sell their New Hope Coal stake, which is currently worth $800m.

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Oct 13 2019, 10:34 AM
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The bricks business underpins Soul Pattinson’s core earnings. In Australia some 2000 acres of land bought for clay in the last century have delivered a property portfolio worth over a billion dollars. Yet the latest market interest in Soul Pattinsons has as much to do with its two other big listed investments, New Hope Coal and David Teoh’s TPG Telecom, whose own share values might be depressed. That depression, insists Rob Millner, rather more exercised, is all about regulation.

“Obviously we are constrained at the moment. We have got TPG in front of the ACCC. New Hope, where we are looking to get the Ackland stage three approval, that has been going on for 12 years. We have ticked all the boxes, we have just had the Court of Appeal give us another tick. We are just waiting for them to come down with their final decision and then hopefully the government will endorse that decision.”

Millner won’t be drawn on the controversial TPG-Vodafone merger case beyond arguing strongly that it would increase competition among telcos. If he does lose, however, he says it will be another knock on the head. This is a reference to the $100m that was sunk into building a new mobile network with Huawei technology and buying government spectrum, only to have Huawei black-listed by the government. “We spent $100m. I bet we don’t get any compensation back from them. There is too much control here. Every business we are involved in — New Hope, TPG, we are constrained in pharmacy in what API can do. We have got people telling us how to do it, when to do it and why to do it. It’s making it very, very difficult.”

In stark contrast, internationally Rob Millner is also living the American Dream.

In the past 12 months, he has bought the fourth-largest brick company in America, added a bolt-on and is looking at one more. Millner says that the team can now produce a brick in America and deliver it to Australia more cheaply than one made here. “And also we get a tax incentive from the American government to do that,” he adds. “Our energy costs here are three times more than America and our electricity costs are twice America’s.”

As if Millner needed any more convincing, a trip two months ago to Philadelphia with Brickworks chief Lindsay Partridge showed just how open for business America wants to be. “On a Monday night we had three senior people from the Pennsylvania government come and speak to us, asking us how can they help us and what can they do for me. And I said to this gentleman, ‘Sir, I have never had anything like this in Australia. You guys are unique wanting to help us. Everywhere around Australia we are getting headbutted — we have got headwinds in how we are going to do business’.”

Shareholders of Soul Pattinson might find Millner’s railing against state and regulatory intervention disconcerting but he is not alone. Many in business are exasperated by energy prices and the “big stick” intervention power that threatens to creep across to sectors beyond energy. Yet unlike many top floor leaders in this low-growth environment, Rob Millner is confident that he can still grow the dividend. Remarkably, the Soul Patts dividend has now been growing continuously since 2000.

“I think it can. We have some very good cash-generating businesses, some excellent people. It is also a track record that since floating in 1903, we have never missed paying a dividend,” he reminds proudly.

“I am constrained by people telling us what to do. If we can get New Hope approved and we get the Federal Court to give us the tick (on TPG) we are going to have an excellent year.” Then he pauses a second before adding: “I think we’ll have an excellent year anyway.”
https://amp-theaustralian-com-au.cdn.amppro...74d7bc2687f25cf



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 20 2019, 06:49 PM
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Aside from outlining how its current investments went over the past 12 months, Soul Patts also gave some insight into areas where it’s looking for value across asset classes.

Those five areas are:
- Private equity
- Private credit
- Retirement living
- Financial services
- Agriculture

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Obviously it’s quite difficult to find private equity on the ASX as well as private credit. Perhaps Soul Patts is thinking about stepping into the credit space where some banks aren’t really willing to lend any more – there’s still money to be made.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 19 2019, 09:43 AM
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SOL .... paying a fully franked final dividend of 34 cents per share, an increase of 3.0% over last year’s final dividend of 33 cents per share. This brings the total dividend for the year to 58 cents per share, up 3.6% - record date 18 November 2019 with payment due on 9 December 2019.

WHSP Chairman, Robert Millner said:
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“WHSP aims to pay a stable and growing dividend through its diversified portfolio of assets. The Company has lifted both its interim and final dividend every year since 2000. Only two companies in the ASX All Ordinaries Index have been able to achieve this. The final dividend in 2000 was 6 cents and has grown to 34 cents, a compound annual growth rate of 12.3%.

“The driver of our ability to pay dividends is the regular cash generated from our portfolio. In FY19, regular cash from our operations increased 18% on the previous year. This means that WHSP is well positioned to continue the growth in its dividends.

“Our major investments continue to be impacted by regulatory issues. After 12 years New Hope continues to await approval for its New Acland extension, TPG is before the Federal Court seeking approval for its merger with Vodafone and Brickworks continues to be impacted by the higher gas and energy prices in Australia.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 

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mullokintyre
post Posted: Apr 17 2019, 02:39 PM
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In Reply To: nipper's post @ Apr 17 2019, 02:00 PM

Hell no, I have no idea If/when.
I am no better than any of the other predictors of stocks.
Statistically, I am bound to get something right sometime/
I will tell you AFTER the event.
Mick



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sent from my Olivetti Typewriter.
 
nipper
post Posted: Apr 17 2019, 02:00 PM
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In Reply To: mullokintyre's post @ Apr 12 2019, 02:01 PM

QUOTE
Been in a steep downward trend since that 30 buck high of early March. ............ keen on this stock, just need to wait till the bottom is confirmed.

Now sub $24, SOL has pushed below that Sept and also late Dec lows; and not necessarily confirming a new base. Any view on if/ when, Mick?



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Apr 14 2019, 02:21 PM
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In Reply To: mullokintyre's post @ Apr 14 2019, 01:27 PM

Yes I did ; in my SMSF. Diversification/ Risk management.... no point in adding franking credits. (( Dividend season and all that ))

Again like you, a modest amount ( around 1% of personal FUM (!) )



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
mullokintyre
post Posted: Apr 14 2019, 01:27 PM
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In Reply To: nipper's post @ Apr 13 2019, 05:52 PM

Did you take up any of the PE1 offer Nipper??
I took a small punt on it, nothing outrageous.
Mick



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sent from my Olivetti Typewriter.
 
 


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