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WBA, WEBSTER LIMITED
PeterH
post Posted: Jul 11 2019, 04:39 PM
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In Reply To: blacksheep's post @ Jul 11 2019, 10:43 AM

Thanks for that BS.
This morning the Hansen-Young kiddie had herself interviewed on Radio National on the subject. Now that she is on the case we can be assured of a lot more misinformation. The position she has taken is, as you would expect, the outcome of her level of comprehension entangled with her abhorrence of the free enterprise system.
I am not too concerned. This will all die a natural death - put to death by the disinterest and inability to understand the issues by the public at large.


 
blacksheep
post Posted: Jul 11 2019, 10:43 AM
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Chris Corrigan and ABC trade barbs in stoush over Murray Darling report

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Industrial titan Chris Corrigan has made an incendiary attack on the ABC in the wake of a Four Corners' report on the Murray-Darling Basin management plan, claiming the national broadcaster "failed to understand the basic principles" of the water policy and wants to "bash big business".

Mr Corrigan became a household name in the 1990s as the boss of Patrick Corporation when it took on unionised stevedores at Australia's ports. He now chairs the ASX-listed walnut, cotton and cereal producer Webster Limited which was featured in the ABC story.


Not a good look - "Mr Felizzi said while he accepted the annual report had been "poorly worded" - reports/analysts/shareholders rely on info contained in AR to be correct - not poorly worded

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The ABC said it then provided written questions to Mr Felizzi. "Given the company had already (aggressively) declined to assist with the program or to be interviewed, allowing them six days to respond to eleven written questions was more than ample," the ABC said.

Mr Felizzi then responded, but the ABC said some of his answers contradicted information contained in the company's disclosures to shareholders.

"Our reporter explained that Four Corners would be relying on the information contained in the annual report unless Webster intended to inform shareholders that the information provided to them was incorrect," the ABC said.

Information that Webster provided in response to Four Corners' questions was "incorporated into the program, insofar as was required to ensure accuracy, fairness and balance," the ABC said.

Mr Felizzi said while he accepted the annual report had been "poorly worded", there was no inconsistency between it and what he told Four Corners.

Webster's 2018 annual report said the company would "add an additional 8100 irrigable hectares." In fact, Mr Felizzi said, Webster was not increasing the amount of land it was irrigating but rather changing the type of irrigation it employed on that land.


https://www.smh.com.au/business/companies/c...710-p525vt.html

4Corners "Cash Splash" video - https://www.abc.net.au/4corners/cash-splash/11289412

Four Corners shows 'fundamental misunderstanding' of water plan, says Webster chairman - https://www.abc.net.au/radionational/progra...ebster/11294638


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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

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PeterH
post Posted: Feb 20 2019, 01:20 PM
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In Reply To: nipper's post @ Feb 19 2019, 05:02 PM

Well spotted Nipper.


PSP Investments is picking off all our best investment opportunities while we dumb Australians just sleep on. I am not going to go into detail as I do not want to cruel my own pitch. Suffice it to say, they will make a bid for WBA too, but this time they may not be aware who they are up against. If Chris caves in to any offer we can rest assured that he will have extracted the best price.


You can bet that PSP also has QUB on its shopping list. Irreplaceable assets are what PSP are after and there are fewer and fewer of them left for us.




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nipper
post Posted: Feb 19 2019, 05:02 PM
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QUOTE
Agricultural conglomerate Webster, chaired by Chris Corrigan, is keeping a close eye on its largest shareholder, which is steadily creeping up the share registry. The Canadian Public Sector Investment Board (PSP Investments) has increased its stake in Webster over the past few months, prompting speculation around what might be next.

Notices lodged with the ASX shows that PSP now owns 19.5 per cent of Webster, and it has flagged its ambitions in expanding in the Australian agriculture sector.
- water rights



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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: Aug 20 2018, 02:40 PM
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In Reply To: PeterH's post @ Aug 20 2018, 02:17 PM

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If Chris thinks it's in his interests then it's in ours...
I'm all for outsourcing the decision making process smile.gif



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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
 
PeterH
post Posted: Aug 20 2018, 02:17 PM
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In Reply To: nipper's post @ Aug 20 2018, 10:17 AM

There is no way we mere shareholders can appraise the merits of this deal Nipper. We just don't have the data and the detail of the strategy. Thankfully we don't have to. If Chris thinks it's in his interests then it's in ours. No doubt he has another killer deal up his sleeve to put the proceeds to good use.
I see the cotton price is coming off a tad too. I know that is only a season to season thing, but the timing tends to assuage any regrets about the sale.


 


nipper
post Posted: Aug 20 2018, 10:17 AM
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QUOTE
Webster has struck a deal to offload its Bengerang agricultural and water assets in northern NSW to a venture including Canadian pension fund PSP Investments for $132 million, in a deal that will see the offshore group emerge with a 19 per cent stake in the listed company. Webster will be paid about $132.7m and retain the rights to the proceeds of the 2018 cotton crop that was recently harvested.

The Bengerang assets, including an aggregation at Garah, northwest of Moree in NSW, the Darling Farms aggregation at Bourke and their water entitlements, have been sold to the AFF venture between PSP and businessman David Robinson's family holding company. Properties held by Bengerang comprise 9593ha of developed irrigation land and the deal marks an uplift for Webster, which bought Bengerang for $124m in 2015. The sale allows Webster to focus on its core horticultural, agricultural and grazing operations in the Riverina district, western NSW, South Australia and Tasmania.

Mr Corrigan said the Bengerang sale would result in Webster having a more geographically concentrated portfolio of cropping operations at Darlington Point and Hay.

Webster's irrigated cropping area will reduce from 24,500ha to 15,000ha. Further development work at both Kooba and Hay is expected to increase Webster's irrigated cropping area to 20,000ha in 2019.

"The proceeds will provide additional funding capacity for our continued investment in activities across our key core operations in horticulture, agriculture and water," Mr Corrigan said. "We believe, on balance, this agreement is of benefit to Webster shareholders and continues our strategy to build a platform for growth to deliver sustainable returns to shareholders over the medium to longer term," he said.




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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: Jun 7 2018, 04:02 PM
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In Reply To: PeterH's post @ Jun 7 2018, 03:36 PM

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Water rights are the new real estate...
indeed they are, esp as we enter into another dry spell

There is a slab or water rights that could be priced appropriately - inside BLA. Now it looks like the PE is going to go, then the rest of that failed model could be picked over. stranger things have happened



--------------------
"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
 
PeterH
post Posted: Jun 7 2018, 03:36 PM
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In Reply To: nipper's post @ Jun 7 2018, 10:10 AM

I very much doubt we will see any M & A activity Nipper. There is no one who could prize this gem from the hands of its major shareholders, especially as they have much bigger as yet unfulfilled plans for the company. One of those plans could be a privatisation, of course, but I suspect that is unlikely at this stage as the cake is not yet big enough.

If I am forced to eat my words it will be because the water rights turn out to have a much greater value than even I suspect they do. After all, major shareholders are trading water rights separately and in addition to this indirect interest.
Water rights are the new real estate.


 
nipper
post Posted: Jun 7 2018, 10:10 AM
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QUOTE
The growing share price of agricultural company Webster in the past few weeks has prompted speculation that corporate activity could be on the way. The stock has steadily been rising since the start of the year, but the increase in the past fortnight has captured the attention of onlookers in the agribusiness sector of the market. .
Webster shares opened the year at $1.31, climbed to $1.68 in May and closed the session last night at $1.80.
QUOTE
The company has changed its financial year to end on September 30, to better align with growing seasons. For the first half, harvesting of the company's cotton crops had just begun while the harvest of walnut orchards was about 40 per cent complete.

In May, Webster posted a net profit of $3.8 million for the six months to March and foreshadowed a much bigger result in the second half. In 2017, Webster posted a $49.1m profit before tax, following on from an $81.6m loss for the 2015-16 financial year.

Webster has been on a buying spree over the past six months. It paid $16.8m for the Sandy Valley almond orchard in NSW, $4.8m for a 1000ha greenfield development near its Avondale farm and it bought the 50,000ha Packsaddle property that can stock 5500 sheep.

In its portfolio, Webster has 17,223ha of cotton that will be harvested this season, compared with 10,551ha last season, bolstered by favourable weather. And CBRE has valued its water entitlement portfolio at $360m.




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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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