Annual Report

While we all know that the 2017 trading result was forgettable for reasons well documented, what I did find of interest in the AR was the top list of shareholders when we compare 2016 to 2017. The biggest - HSBC, which probably holds on behalf of more than one shareholder, increased its holding from 321m to 396m shares, possibly increased by way of recent dilution. Some larger holders sold out completely (ABM AMBRO -16m), but Forsyth Barr increased theirs from 11m to 18m, which is a sign of confidence I would have thought. Asian Dragon at 63 m and Chng Seng Chye 54m are new on board with J McCallum increased from 4m to 18m. So in spite of the ravings and scaremongering on this blog to the contrary by spooked retail holders, some big players must have felt comfortable with the funding gymnastics by the board to achieve the purchase of the premium assets from SE. I can understand some holders being pissed by general SH not being given the chance, but the Directors achieved the end result, most probably with major shareholder consultation, and in a very short time frame. Smaller shareholders will benefit, they just have to wait a little.
I continue to believe in this company to achieve solid results this coming financial year.The recent quarterly statement was quite under reported in my view and from what my research has shown from those close to the action, and most likely deliberately done so to avoid political vision being focused on them. I can’t also imagine cabinet minister and West Coast/Tasman MP O’Conner allowing such a big WC employer and exporter, being bullied by any covert Green aspirations.
Will be of interest to hear what is discussed at the AGM.