tag:blogger.com,1999:blog-36867641856286665432024-03-14T20:53:50.501+13:00Share Investor BlogComment, news and opinion on the stockmarket, investing, business, finance and a whole host of other goodies.Share Investorhttp://www.blogger.com/profile/02150520236094812434noreply@blogger.comBlogger208413tag:blogger.com,1999:blog-3686764185628666543.post-21235687427717974102022-11-02T08:48:00.004+13:002022-11-02T09:41:56.198+13:00Share Investor Interview: Move Logistics CEO Chris Dunphy<p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: Montserrat; font-size: 27pt; line-height: 38.52px;">Move Logistics</span></b><span lang="EN-US"><o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="color: #757575; font-family: verdana;">From Move Website - Additional info by MOVE Company Reports and added to by Share Investor.</span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;"> </span><span> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Move Logistics Group is a 150-year-old company that is currently undergoing a transformation. <o:p></o:p></span></p><h5 style="-webkit-text-size-adjust: auto; break-after: avoid; color: #2f5496; font-weight: normal; line-height: 15.6933px; margin: 2pt 0cm 0cm; text-size-adjust: auto;"><span lang="EN-US" style="color: black; font-family: verdana; font-size: small; line-height: 14.2667px;">The business was formed in 1869 with the original Hooker Brothers transport company. In 1989, a new vision was created, to grow the business and expand nationwide.<o:p></o:p></span></h5><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">They offer freight transport and warehousing services throughout New Zealand and co-ordinate freight movements offshore through their international alliances. They also have a specialist road tanker division which is one of the largest operators in the New Zealand fuel delivery market.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #202124; font-family: verdana; line-height: 14.2667px;">The Company's operations include general transport, bulk liquids, heavy haulage, shipping, storage and distribution, and freight. The Company operates through three divisions: Freight Services, Warehousing Services and Trading Services. The Freight Services division provides transportation services.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="color: #202124; line-height: 14.2667px;">In 2021 MOVE underwent a rebrand and a new direction under acting CEO Chris </span><span lang="EN-US" style="line-height: 14.2667px;">Dunphy</span></span><span lang="EN-US" style="color: #202124; line-height: 14.2667px;"><span style="font-family: verdana;">. Moving to a business where the truck operator is increasingly becoming the truck owner operator. </span><span style="font-family: Calibri, sans-serif;"><o:p style="font-size: 10pt; font-size: 10pt;"></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-size: 10pt; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span face="Arial, sans-serif" lang="EN-US" style="font-size: 10pt; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana; line-height: 17.12px;">The Questions</span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 17.12px;"> </span><span> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Share Investor<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;">In a way you have come full circle, after leading a division of the biggest logistics company in New Zealand - (Mainfreight)- you now lead the second biggest listed logistics company in New Zealand. So how does your approach to operations differ from that of “the Mainfreight </span><span lang="EN-US" style="line-height: 14.2667px;">Way” and how much have you borrowed from what you learnt while you were there? <o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"><br /></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Chris Dunphy<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;">The </span><span lang="EN-US" style="line-height: 14.2667px;">Mainfreight Way has developed and evolved over the years - there is a lot to admire and emulate from their success. Equally the approach being taken by the team @ MOVe is more reflective of the combining of numerous businesses under one umbrella, as distinctive from bringing individual purchases / acquisitions to an already successful marque.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S. I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.gjdgxs"></a><span lang="EN-US" style="line-height: 14.2667px;">Like other New Zealand companies from 2020 till now - the pandemic and its effects are still with us - it has been a tough few years for MOVE Logistics. What have you learnt from the economic difficulties of these 2.5 years in terms of the company’s strengths and weaknesses? Has that made MOVE a stronger company? <o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.tc712l4vqi83"></a><b><span lang="EN-US"> </span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.jqxbhff5go6b"></a><b><span lang="EN-US">C. D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.r1gg9xg1wqw7"></a><span lang="EN-US" style="line-height: 14.2667px;">Ours is a heartland kiwi business not an Auckland one. The industries that we serve are largely rural and regional. Keeping our teams intact and responding to our customers’ needs during and post-covid was challenging (e.g., vax mandates) as well as the disruption to normal business trading.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.k0ddpnzfau42"></a><span lang="EN-US" style="line-height: 14.2667px;"> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S. I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;">We have heard in the media that you are in the process of transforming the business. How is the transformation going? </span><span lang="EN-US" style="line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><b><span lang="EN-US" style="line-height: 14.2667px;">C.D</span></b><b><span lang="EN-US"><o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Continuing, not linear and certainly requiring plenty of focus.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.30j0zll"></a><b><span lang="EN-US">S. I<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.9ub0dqwxxzn8"></a><span lang="EN-US" style="line-height: 14.2667px;">What are your thoughts on both the “economic slow-down” and the effect that it may have on the company & your overall strategy in both markets that you currently operate in - New Zealand and Australia? <o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.eq2wu7tdpa4u"></a><span lang="EN-US" style="line-height: 14.2667px;"> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.mwkuhjlpefgc"></a><b><span lang="EN-US">C.D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.orcjve54qc7m"></a><span lang="EN-US" style="line-height: 14.2667px;">Its real; inflation is a far bigger issue than media or the Reserve Bank are recognising (to date anyway) and we know that this inevitably causes wage & price ructions…we <a name="_Int_XjQrXHLb">must</a> get our customers to pay more so that we can retain our team members who are encountering real increases in their living costs.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.kgzx2q862wr4"></a><span lang="EN-US" style="background-color: white; line-height: 14.2667px;"><o:p> </o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.r51fv6wsd3hj"></a><b><span lang="EN-US" style="background-color: white;">S.I<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.4vd7xfpqyhpi"></a><span lang="EN-US" style="background-color: white; line-height: 14.2667px;">Is this not the basis for inflation?</span><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; color: red; line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.tfe9jpg91wt3"></a><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; color: red;"><o:p> </o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.w91aep5td27f"></a><b><span lang="EN-US" style="background-color: white;">C.D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.oci4ft604fti"></a><span lang="EN-US" style="background-color: white; line-height: 14.2667px;">IMHO<span style="color: red;"> </span>Inflation in the NZ setting is cost of living increases foisted through excessive government borrowing.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.a8ycjfs8xq3n"></a><b><span lang="EN-US" style="background-color: white;"><o:p> </o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.wvnq1h1g15cp"></a><b><span lang="EN-US" style="background-color: white;">S.I<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.llpdu139hf3a"></a><span lang="EN-US" style="background-color: white; line-height: 14.2667px;">One cost goes up, so another one puts up their costs and so on. If you are leading and <b><i>inspiring</i></b> your team, would it not be better to become more efficient?</span><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.nlsbdhvcx5ev"></a><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; color: red;"><o:p> </o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.wmq6lx9qisq9"></a><b><span lang="EN-US" style="background-color: white;">C.D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.uiylfv5abmze"></a><span lang="EN-US" style="background-color: white; line-height: 14.2667px;">Of course, but the customer still must pay for the service provided.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.tucc7gq2ar3l"></a><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; color: red;"> <o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.qlo1joe6fe1j"></a><b><span lang="EN-US" style="background-color: white;">S.I<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.s23ed0uih6yz"></a><span lang="EN-US" style="background-color: white; line-height: 14.2667px;">Yes, costs are going up, but can your innovation drive cost out of the business? </span><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; color: red; line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.gavueis535fd"></a><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; color: red;"><o:p> </o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.it9n89ub3mlf"></a><b><span lang="EN-US" style="background-color: white;">C.D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.jzbbf43skb8l"></a><span lang="EN-US" style="background-color: white; line-height: 14.2667px;">To some extent (<a name="_Int_ZIfQrw1j">e.g.,</a> modal shift) but not entirely & that's why rates have to reflect rising costs.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;"> </span><b><span lang="EN-US"> <o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.1fob9te"></a><span lang="EN-US" style="line-height: 14.2667px;">Do you believe that you have responded to the economic uncertainty in an appropriate way? </span><span lang="EN-US" style="line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.z51nxa9l6jqy"></a><span lang="EN-US" style="line-height: 14.2667px;"> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.jidv1qlyn7g3"></a><b><span lang="EN-US">C.D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.p1ehn24wna69"></a><span lang="EN-US" style="line-height: 14.2667px;">Yes.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">How is MOVE currently doing in its various markets of operation and how well are profit margins holding up? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Switching to lower cost transport modes (ship & rail) where possible and margin testing our clients to ensure we avoid busy-fool syndrome.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I <o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">What are the biggest commercial threats to your businesses in terms of competition and is your reaction to this competition likely to be aggressive or reactive in nature?<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Weak competitors will engage in a race- to- the- bottom where they falsely believe that more revenue will save them from poor business practices. Strong competitors will stay focused and look for opportunities. Our path is to be very diligent with our capital, look after our customers and naturally be match-fit to deal with both weak & strong competitors. <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="color: #050505; font-family: verdana;">Reader Question<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #050505; font-family: verdana; line-height: 14.2667px;">What new blood are you bringing into the business<a name="_Int_jskXamzh">? </a><o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="color: #050505; font-family: verdana;"> </span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="color: #050505; font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #050505; font-family: verdana; line-height: 14.2667px;">Watch this space. <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #050505; font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="color: #050505; font-family: verdana;">Reader Question<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #050505; font-family: verdana; line-height: 14.2667px;">As I know you have a new fleet manager coming. Was he picked by you? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #050505; font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="color: #050505; font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #050505; font-family: verdana; line-height: 14.2667px;">He was recommended by a new team member and endorsed by several existing ones. That is how we like to hire - talent known by great people.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="color: #050505; line-height: 14.2667px;"> </span><span> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;">Any business has inherent risks. How do you manage those risks in the normal business operating environment that changes due to economic cycles and other outside and inside influences? </span><span lang="EN-US" style="line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Freight and logistics are inherent economic barometers. The narrower you are to one sector, <a name="_Int_1gnT2dbX">region,</a> or product, the more your returns reflect that metric. We need to intensify our service offering within key industry verticals and expand our footprint, starting with our modest shipping to/ from Tasmania. <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">What are your biggest challenges as the company expands and do you prefer organic expansion rather than the purchase of companies to pursue revenue and profit growth?<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">We will grow with our existing customers’ needs as well as look for opportunistic bolt-on deals that are earnings accretive.</span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">You had one capital raising last year to restructure your business, do you intend to pursue that model again by issuing more capital or do you think you will be fine raising capital through retained earnings when you want to bolt on another company? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">We’re in good shape; I am a shareholder, and my preference is to not get diluted with more capital unless there is a compelling reason to do so.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Do you expect to re-introduce a dividend? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Yes, when we can pay a fully franked dividend - equally we believe investors see us as a growth stock, so the clear intention is to grow our activities and re-invest to the greatest extent possible.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;"> </span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">What is your opinion on bonuses paid with stock options and other incentive pay and how do you feel about executives of other NZX listed companies receiving incentives even though predetermined targets have not been met? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">I believe in total alignment between shareholders, directors, management & team. If we are all shareholders, the focus is steely resolve to improve. Equally soft targets don't produce better outcomes: There needs to be real sweat before there’s equity & that means outperformance before bonuses = <b><i>Do the mahi & get the treats…<o:p></o:p></i></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">What are your views on how we can get better shareholder representation in the boardroom? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;"> </span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Nominate people and vote @ AGMS!<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;"> <o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Given enough time and expansion in New Zealand, you say Australia is a target. Where and when will you expand over there and any idea where your main hubs will be? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Easy - We will stay away from 800Ib gorillas and look to places where our core competencies are in demand … Tasmania looks like a good place to start. <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">How much input does every worker at MOVE have into the business? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Slightly less than their output.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;"> </span><span lang="EN-US" style="line-height: 14.2667px;"> </span><span> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Is there enough long-term thinking and planning when it comes to making decisions in the boardroom that affect New Zealand companies? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Maybe. There’s a lot of “paralysis through analysis” in public companies these days. I think that boards are too often inclined to engage external consultants to provide answers than back their judgement or exercise the cranium through intelligent debate.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;">How is the culture change going and its hard once drivers change over to the ownership model or is it easy because they now have the financial incentive? </span><span lang="EN-US" style="line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">We are creating a MOVe culture rather than changing; The mantra is “<b>we MOVe as one</b>” and that is both defining & self-fulfilling. Our business is equal parts owner-drivers and a company fleet.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">How long do you intend to be with MOVE or is it your baby and have you committed yourself to seeing it through? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">I serve at the pleasure of the board. My role as acting CEO should alter next year but I will remain as director and a substantial shareholder. A bunch of us “<i>freight dogs</i>” have a pact that we hope to be soon promoted from our current roles to looking after the chep pallet accounts, freight claims and washing trucks, as soon as younger/better versions emerge! To wit, we laugh (a lot) and sometimes it literally feels like the Blue Brothers as the band has been put back together!!<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;"> <o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;">What would you say are the major differences between MOVE and Mainfreight and other logistics brands in the space in which you operate? </span><span lang="EN-US" style="line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;"> </span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">See above.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Do you have a moat?<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">I don't have a castle, so there's no need for a moat! <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="background-color: white; line-height: 14.2667px;">Surely MOVE is your castle?</span><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; color: red;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="background-color: white; font-family: verdana;"><o:p> </o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="background-color: white; font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="background-color: white; font-family: verdana; line-height: 14.2667px;">I am an investor & employed to do a turnaround ~ its significant but not my only asset & equally it’s a team effort not one man’s crusade.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="background-color: white; color: red; font-family: verdana; line-height: 14.2667px;"><o:p> </o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="background-color: white; font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="background-color: white; line-height: 14.2667px;">With no moat - what is going to keep your castle yours?</span><span face="Arial, sans-serif" lang="EN-US" style="background-color: white; color: red;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="background-color: white; font-family: verdana;"><o:p> </o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="background-color: white; font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="background-color: white; font-family: verdana; line-height: 14.2667px;">An army of like-minded team members who want to make a difference & see the opportunity.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Where do you see the business over the next five to 10 years? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Bigger, much better & yet eerily still focused on the same needs of our customers.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">What made you get into this fast-developing world of logistics/trucking? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;"> </span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Just unlucky really…all the smart people were heading off to offices when I left University whereas I had a job driving a logging truck that paid more. Things just evolved from there.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.3znysh7"></a><span lang="EN-US" style="line-height: 14.2667px;">The demands on your time must be huge. I am sure the life of a CEO at MOVE is terribly busy. How have the demands of MOVE impacted on your family and what skills as a dad have you used in your business life and where and how do you find the balance between home and work? <o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.babg0z8j3tkw"></a><span lang="EN-US" style="line-height: 14.2667px;"> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.ck0ahaa2mi1j"></a><b><span lang="EN-US">C.D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.oc4rkwamioaf"></a><span lang="EN-US" style="line-height: 14.2667px;">I left Mainfreight @ 40 so I could be a better Dad than the one I was rapidly becoming as a freight executive constantly on planes. The last 16 years I have happily flown under the radar in Australia.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.tyg6y3hnq2e2"></a><span lang="EN-US" style="line-height: 14.2667px;"> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.tzpoded7ko6v"></a><b><span lang="EN-US">S.I<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.ss6knm9tyis1"></a><span lang="EN-US" style="line-height: 14.2667px;">In conjunction with the above - Is it simply good time management? <o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.j7s1u9xbvohx"></a><span lang="EN-US" style="line-height: 14.2667px;"> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.wz2xim3fub20"></a><b><span lang="EN-US">C.D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.b8d5ifapzkj5"></a><span lang="EN-US" style="line-height: 14.2667px;">It’s about leading, following & getting out of the way … we have high energy people in the MOVe team who know it's better to beg for forgiveness (occasionally) than ask for permission all the time.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I <o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">What do you see as the strongest and weakest quality of your leadership style? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;"> </span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Impatience, hiring people much smarter than me, self-depreciation & a willingness to be proven wrong…and yes, they are all strengths & weaknesses!<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.2et92p0"></a><b><span lang="EN-US">S.I<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.rrgvhi9mhrnl"></a><span lang="EN-US" style="line-height: 14.2667px;">You are an extraordinarily strong leader brought about by your tenure at what I would say Mainfreight. How do you balance that strong personality when you make company decisions? </span><span lang="EN-US" style="line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.l8oa3lx127tc"></a><span lang="EN-US" style="line-height: 14.2667px;"> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.9eieo3b6kih7"></a><b><span lang="EN-US">C.D<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.g5x1ppi1blzc"></a><span lang="EN-US" style="line-height: 14.2667px;">See above.<o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.mkeuojunn8yo"></a><b><span lang="EN-US"> <o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.hk99vexq8ngh"></a><b><span lang="EN-US">S.I<o:p></o:p></span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Who are some of your business mentors/heroes and why? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">I draw most of my inspiration from non-business circles, like art & history and a bit of philosophy - Lee Kuan Yu (founder of Singapore) is <a name="_Int_RrBzRMbB">the</a> most complete & purposeful individual that I admire. Malcolm McClean (investor of the shipping container) for his problem-solving/innovation.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Who is your favourite New Zealand business leader/s and why? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;"> </span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Hard to go past Bruce Plested but Don Rowlands (former Mainfreight chair) was no slouch either.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">S.I<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;">In relation to the last 2 questions, are there any <a name="_Int_EmrjzIyg">books</a> or periodicals that you have read that you would recommend to Share Investor readers?</span><span lang="EN-US" style="line-height: 14.2667px;"><o:p></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">C.D<o:p></o:p></span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Read widely and voraciously - avoid the biographies particularly auto-bios as no-one wants to know the bad & dumb sh*t that has happened. <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">I subscribe to a lot of periodicals but religiously read The Financial Times every day, the Economist and Monocle ~ amazing what ideas, inspiration and fun there is out there beyond the arid business press.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><span lang="EN-US" style="line-height: 14.2667px;"> </span><b><span lang="EN-US"> </span></b></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><b><span lang="EN-US" style="font-family: verdana;">Conclusion - My opinion</span></b></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">What can we take home and put in the bank from this little one on one?</span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Well, it’s hard to pin Chris down. </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">His answers sometimes can be a little “smart” and to the point – maybe I got him on a bad day.</span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Clearly, he has got a lot of work to do and he’s doing it and he has got his own money invested so the incentive is there to do the job and do it right.</span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">He is forging his own way, not necessarily the “Mainfreight Way” but Chris’s model of what he has leant from Mainfreight and his other ventures over the years – I suspect learnt in Australia.</span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">We will be <a name="_Int_q0iT5Irk">watching!</a><o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: Montserrat; font-size: 10pt; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: Montserrat; font-size: 10pt; line-height: 14.2667px;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: Montserrat; line-height: 14.2667px;"> </span><span style="font-family: Montserrat;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #757575; font-family: Montserrat; font-size: medium; line-height: 14.2667px;">From Move Website - Additional info by stuff.co.nz and MOVE Company Reports.</span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #757575; font-family: Montserrat; font-size: 10pt; line-height: 14.2667px;"><br /></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #757575; font-family: Montserrat; font-size: 10pt; line-height: 14.2667px;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhhY8AC0OqUA6lIxIMgIevyL5eotiRvqlauYXw5KMwAhUIo-Eo4-kjbUyTwGeaOPvk8SaaUuxqvEEiEj2MJe4JP-i7VIrxBfUuw4yD1P0EESrSLfHEWb2IF5klsiqdGfFWmUrNI7FV4cesltGAsavmOS0E-IYnuqaEKxscECLI6Ph7y4t1Yv0J5vQo" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="420" data-original-width="550" height="240" src="https://blogger.googleusercontent.com/img/a/AVvXsEhhY8AC0OqUA6lIxIMgIevyL5eotiRvqlauYXw5KMwAhUIo-Eo4-kjbUyTwGeaOPvk8SaaUuxqvEEiEj2MJe4JP-i7VIrxBfUuw4yD1P0EESrSLfHEWb2IF5klsiqdGfFWmUrNI7FV4cesltGAsavmOS0E-IYnuqaEKxscECLI6Ph7y4t1Yv0J5vQo" width="314" /></a></div><br /><br /><p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="color: grey; font-family: Montserrat;">ACTING CEO OF MOVE</span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">Born in the Bay of Plenty, Dunphy went to Papatoetoe High School in South Auckland and drove trucks to fund himself through his university studies in transport economics. Dunphy said he comes “from a long illustrious line of truck drivers” and has been in and around the industry all his life.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="font-family: verdana; line-height: 14.2667px;">He met Mainfreight founder Bruce Plested as a boy climbing Mt Wellington to photograph Mainfreight trucks in a convoy.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-family: verdana;"><a name="_heading=h.tyjcwt"></a></span><span lang="EN-US" style="color: #222222; line-height: 14.2667px;"><span style="font-family: verdana;">Chris has a deep knowledge of the transport and logistics industry and was formerly an executive director of Mainfreight and general manager of Mainfreight’s international division. Chris joined Mainfreight in 1993 and helped take it public in 1996. After ten years of senior management roles in Mainfreight, spearheading their global growth-by-acquisition strategy, Chris resigned as executive director in 2003 to pursue private investments in several freight, shipping, and logistics businesses. In July 2021, Chris took on the role of Executive Director of MOVE Logistics Group.</span><span style="font-family: Calibri, sans-serif;"><o:p style="font-size: 10pt; font-size: 10pt;"></o:p></span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #222222; font-family: Montserrat; font-size: 10pt; line-height: 14.2667px;"><br /></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span lang="EN-US" style="color: #222222; font-family: Montserrat; font-size: 10pt; line-height: 14.2667px;"><br /></span></p><div dir="ltr" style="background-color: white; color: #333333; line-height: 20.7833px;" trbidi="on"><span style="font-family: verdana; font-size: x-small;"><span face="verdana, sans-serif"><b><b><b><u>Share Investor Q & A Series</u></b></b></b></span><br /><br /><span face="verdana, sans-serif"><a href="http://shareinvestornz.blogspot.com/2011/02/share-investor-q-auckland-airports.html" style="color: #999999; text-decoration-line: none; text-decoration: none;">Auckland Airport's Simon Moutter</a><br /><a href="http://shareinvestornz.blogspot.com/2010/09/share-investor-q-warehouse-group-ceo_20.html" style="color: #999999; text-decoration-line: none; text-decoration: none;">Warehouse Group CEO Ian Morrice</a><br /><a href="http://shareinvestornz.blogspot.com/2010/09/share-investor-q-briscoe-group-ceo-rod.html" style="color: #999999; text-decoration-line: none; text-decoration: none;">Briscoe Group CEO Rod Duke</a><br /><a href="http://shareinvestornz.blogspot.com/2010/07/share-investor-q-ryman-healthcares-cfo.html" style="color: #999999; text-decoration-line: none; text-decoration: none;">Ryman Healthcare's CFO Gordon Macleod</a><br /><a href="http://shareinvestornz.blogspot.com/2010/07/share-investor-q-ecoyas-geoff-ross.html" style="color: #999999; text-decoration-line: none; text-decoration: none;">Ecoya's Geoff Ross</a><br /><a href="http://shareinvestornz.blogspot.com/2010/04/share-investor-interview-xeros-rod.html" style="color: #999999; text-decoration-line: none; text-decoration: none;">Xero's Rod Drury</a><br /><a href="http://shareinvestornz.blogspot.com/2009/10/share-investor-interview-mainfreights.html" style="color: #999999; text-decoration-line: none; text-decoration: none;" target="_blank"><span style="text-decoration-line: underline;">Mainfreight MD Don Braid</span></a><br /><a href="http://shareinvestornz.blogspot.com/2007/07/share-investor-exclusive-interview-with.html" style="color: #999999; text-decoration-line: none; text-decoration: none;" target="_blank">Burger Fuel Director Josef Roberts</a><br /><a href="http://shareinvestornz.blogspot.com/2009/09/share-investor-interview-sky-city-ceo.html" style="color: #999999; text-decoration-line: none; text-decoration: none;" target="_blank">Sky City CEO, Nigel Morrison</a><br /><a href="http://shareinvestornz.blogspot.com/2010/02/sky-city-entertainment-nigel-morrison.html" style="color: #999999; text-decoration-line: none; text-decoration: none;" target="_blank">Sky City Entertainment: CEO Nigel Morrison discusses 2010 HY</a><br /><a href="http://shareinvestornz.blogspot.com/2010/06/share-investor-discusses-convention.html" style="color: #999999; text-decoration-line: none; text-decoration: none;">Convention Centre proposal interview with Sky City CEO Nigel Morrison</a></span></span></div><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-size: xx-small;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><br /></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><br /></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; font-family: Calibri, sans-serif; line-height: 15.6933px; margin: 0cm 0cm 8pt; text-size-adjust: auto;"><span style="font-size: xx-small;">c Share Investor 2022</span></p><div class="a2a_kit a2a_kit_size_32 a2a_default_style">
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</div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVjAObglNgIB2YdInRpjUZoqi-Xmq105q7pmGLSxf6wAfMVF5QhBckLbFtv2sNdxEAM3TBI3jmMEhp6j8URJx285-JCIu9Ev7j8xBRSw_kK3pUDx3h1MYFwqshB1abiTofSKAG8cd59S0rsIzHFGv4tecYh5CRZ0WVqZr9CNSan9FtzgZTCwc7AOk/s1660/FPH.NZ_YahooFinanceChart.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1660" data-original-width="1660" height="529" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVjAObglNgIB2YdInRpjUZoqi-Xmq105q7pmGLSxf6wAfMVF5QhBckLbFtv2sNdxEAM3TBI3jmMEhp6j8URJx285-JCIu9Ev7j8xBRSw_kK3pUDx3h1MYFwqshB1abiTofSKAG8cd59S0rsIzHFGv4tecYh5CRZ0WVqZr9CNSan9FtzgZTCwc7AOk/w640-h529/FPH.NZ_YahooFinanceChart.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: verdana;">2 Year Fisher and Paykel Healthcare Chart</span></td></tr></tbody></table><br /><span style="font-family: verdana;"><br /><span>Fisher and Paykel just finished trading at $25.70 yesterday. Far off its high of $36.55c plus dividends but this isn't the same company it was back 2 years ago.</span></span><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Back "precovid" it was trading at NZ $1,273,400,000 of revenue on 30.3.20 and just a year latter on 30.3.21 it was trading at NZ $1,948,200,000. </span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">In the same time profit went from a record $ NZ 287,000,000 to a record $ NZ 524,000,000.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">It was trading at $30.43 on the same date.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Now when yesterday "news" came out (common knowledge) that things were going to slow down to <span style="background-color: white;"><a href="https://www.facebook.com/groups/shareinvestornz/posts/2175776575904919/?__cft__[0]=AZUQuH84Vr1XfVZ3UE2t-cBPmAGbxVDN3-Atfi5feVBY06adhkJvHO8lIcJtkWeCuf1hAEUGhORKq2V0XXA65gd8q-cpWsIquSpf42LuObMbFXQrQUsDsXX5LC-p-r74Np-8lOTkYip7V_Bc_P6w8PO6E0-PPHLeqxdER3grMmrCBJs7phh_2HdsiIS8TxF_sEmsFddplbEeeFAP60mH1AP1&__tn__=%2CO%2CP-R">$1.675 billion and $1.70b</a> in the current financial year to March 31. You can see that the market looks like it is getting ahead of itself. $36 million odd traded on the NZX and $33 million on the ASX. </span></span></div><div><span style="background-color: white;"><span style="font-family: verdana;"><br /></span></span></div><div><span style="font-family: verdana;">It doesn't take a <span style="background-color: white; color: #202124;">genius</span> to work out the figures and the notion that things have changed in that short year for the company. It's just so much bigger. The figures reflect that.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Of course what makes share investing special is that as soon as news comes out that's "detrimental" to the company, shares usually go off in a tangent - much like they did yesterday.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">How much more downside there is I do not know. It could recover somewhat today or continue to drop. My bet is that it will continue to drop until the also rans are shaken out - the fly by nighters, we don't need them!!</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Until then I will be watching as much as you in case they become a buy for me again. I own the bulk of my holding at $2.16 a share. Since 2005.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Happy investing.</span></div><div><span face="Source Sans Pro, Helvetica, sans-serif"><span style="font-size: 17px;"><br /></span></span></div><div><span face="Source Sans Pro, Helvetica, sans-serif"><span style="font-size: 17px;"><br /></span></span></div><div><span face="Source Sans Pro, Helvetica, sans-serif"><span style="font-size: 17px;"><br /></span></span></div><div><span face="Source Sans Pro, Helvetica, sans-serif"><span style="font-size: 17px;"><br /></span></span></div><div><span face="Source Sans Pro, Helvetica, sans-serif"><span style="font-size: 17px;"><br /></span></span></div><div><span face="Source Sans Pro, Helvetica, sans-serif"><span style="font-size: 17px;"><br /></span></span></div><div><span face="Source Sans Pro, Helvetica, sans-serif"><span style="font-size: 17px;"><br /></span></span></div><div><span face="Source Sans Pro, Helvetica, sans-serif" style="font-size: xx-small;">c Shsre Investor 2022</span></div><div class="blogger-post-footer"><script type="text/javascript"><!--
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</div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Anyway back to results out yesterday. Even without HLG being mucked around with by both the New Zealand and the Australian Govts last year and this year trading under extreme circumstances we have seen sales only impacted by 6.2% down. That’s pretty special and put that down to the fast increasing online sales which comprise a third of companies sales. This is special because HLG has only really been a significant sales driver in the last 2 or 3 years where online sales have increased from 10% to the 33% it is today.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">This is only impacted more by increased operating costs - logistics and the like - due to the current refusal of the govts - on other side of the Tasman - to recognize the science of this “sniffle” that we have been going thru.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">But this to shall pass - if you are a trucker you have my support. Literally.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Let me go back to my and Hallensteins history a bit. I have been following this stock for 20 years and have researched it well.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">It has always been a cyclical stock. I have picked it up anywhere between $2 bucks and $5.80c. Heaps of people have owned it. Australians got in a few years ago and bought up large and then exited - they lost money on it. </span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">A few years ago the company got the Glasson's part of the relationship right and since then - apart from March 2020 - it has been trading over 6 bucks and $7.00 at one stage. The company looks like they continue to get Glasson's right and they have grown sales substantially - almost double what it was. Previously it had been traded between $2 and about $4</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">You have got to understand this company and it’s shares and how they trade perhaps more than any other listed share on the NZX. Because they are tightly held. AND usually thinly traded. One person owns about 20% of this stock and many others who have been shareholders in this company have held stock “forever” because they realize and value for during its many ups and downs.</span></div><div><br /></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">I will dip my toes back in when/if the share has a 5 in front of it. That is possible. The market doesn't know how to value this stock and that's fine by me!! </span><span style="font-family: verdana;">Its much more interested in the "larger cap" stocks. Obviously this stock can be bought in a large range of prices depending on the day and the frequency of trades. Especially right now where there's "uncertainty" whipped up by misunderstood "journalists".</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">It doesn’t carry any debt. Never has and has been a good payer of Divs since it listed back in 1947. It has operated over 3 centuries and has negotiated many many changes. I think it has the change right so to speak.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Better on the down low - where Hallensteins comes from - it is conservative with a capital C. Conservative in its management of the company, conservative in what it has to say to the market. In every aspect of the business. Conservative. I LOVE that. </span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">May you come to your own conclusion on this company.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Happy trading/investing</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">DYOR.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana; font-size: xx-small;">c Share Investor 2022</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;"><br /></span></div><div class="blogger-post-footer"><script type="text/javascript"><!--
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