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RBC, RUBICON LIMITED
plastic
post Posted: Sep 17 2019, 05:18 PM
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In Reply To: plastic's post @ Sep 17 2019, 02:53 PM

QUOTE
As the world ends so too does the final installment of the Hughie n Luke Show


It could also represent the Rubicon being breached. That point of no return has been attained.




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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 17 2019, 02:53 PM
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Well, well, well. Hughie is gone. As the world ends so too does the final installment of the Hughie n Luke Show; with a whimper. Not a bang.

RBC to become ARB shortly. Arborgen in code only. Still no plans to merge the shareholdings. Which leaves ARB shareholders sucking eggs for a legal taste of Arborgen.



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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 16 2019, 07:33 AM
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Three months ago this is what Hughie said he would do.
QUOTE
13 June 2019 - Rubicon announced today that Hugh Fletcher has advised the Company of his intention to retire as a director of Rubicon prior to the upcoming Annual Shareholders Meeting.

Tomorrow is the AGM and there is no notice filed with the Companies Office stating he has left the building. That means, he has not carried through with his intention to retire. And people wonder why RBC is such a dog of a company.




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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 16 2019, 03:22 AM
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In Reply To: plastic's post @ Sep 15 2019, 11:34 AM

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perhaps there is something more to be revealed


After listening to John Key's comments about Kiwi Saver funds sponsoring business and seeing the absence of them in RBC, I wouldn't be at all surprised to se something like Scion backed into RBC at the same time Arborgen merges with RBC with Kiwi Saver funds taking the lions share of equity. Would be nice if it were followed up with a US listing.
But where are the Chinese? CITIC and the CNIFP are not forgotten.




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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 15 2019, 11:41 AM
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Shane Jones might have something to say about this. After all, he's planting a billion trees which in all likelihood will be Arborgen seedlings.



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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 15 2019, 11:34 AM
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A fabulous piece of work in the NBR dated Dec.2017 goes a long way to explaining why the liquidators are stalling on that second payment. Evidently, laws and legal requirements may have been breached. Conflicts of interest versus fiduciary duties abound. And Hughie it would appear is up to his eyeballs in it. No wonder he has stated his "intent" to resign. It will absolve him of his duty to attend another AGM and refuse to answer more relevant and pertinent questions from the floor. How embarrassing for him to have to be held to account by, of all things, shareholders!

If the FMA or some other regulator were secretly investigating the Tenon-Clearwood deal I would not be surprised. The risk which accrues to the innocent shareholder in this event is that both the Tenon-Clearwood and Arborgen buy out deals were highly leveraged. The servicing of this debt depends on the second payment which the liquidators are dragging their heels on. We all know what happens when you don't pay the bills. So who is the creditor that might wish to secure their funds? Citigroup? ANZ? Another anonymous hedge fundie who went to Harvard and used to and still does drink with the current set of directors? Would they sell Arborgen on the cheap to secure said funds? Rubicon holders have no legal claim to the assets of Arborgen so what is an investor buying when they buy a Rubicon share?

But Lukie Luke and Sidekick took their shares as payment, new directors have aligned their remuneration packages with shares and their price and a new CEO has just been appointed. Which indicates that perhaps there is something more to be revealed.

I would love to post the piece of work highlighted but the warning is there for all to see so I shall post the link instead.
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All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.

https://www.nbr.co.nz/opinion/rubicon%E2%80...mate-disclosure



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What did Uncle Mel do to us?
 


plastic
post Posted: Sep 14 2019, 07:55 AM
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In all honesty I don't think Hughie had the slightest intention of resigning by the AGM. Instead, he just wanted an out lest he had to face shareholders again and put up with their stench. Don't need to mention be held to account because there is no accountability. Particularly on the Tenon trust thingy.



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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 13 2019, 08:11 PM
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After Lukie Luke and Sidekick left Junior never did say whether they were looking to replace them or not. They soon replaced Sidekick and today, Lukie Luke. The funny thing is when Hughie said he intended to leave Junior said they would look for an alternative. I didn't believe it because they never replaced Lukie Luke. Then they went and appointed the new Hughie and today the new Lukie Luke. And guess what. With just one working day to go to the AGM Hughie promised to resign by, he is still there. Despite the new director, the new CEO and the new CFO. The addage of an old dog with a bone springs to mind.

Looking at the detail it would appear they are prepping RBC for a merger with Arborgen or vice versa with a view to listing in the US. But how will that benefit RBC holders?



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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 11 2019, 08:17 AM
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In Reply To: plastic's post @ Jul 16 2019, 02:36 PM

Those liquidators of Tenon still haven't complied with anything they said they would be doing. They must be pretty slack at what they do if they can't get that second payment made. I'll make a note to self to make sure I never hire that guy should I need a liquidator.



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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 10 2019, 06:51 AM
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Just five working days until the AGM. Four working days left before the AGM. Hughie said he'd be out of Dodge BEFORE the AGM.

Do you believe him? I don't.




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What did Uncle Mel do to us?
 
 


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