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Thursday, September 23, 2010

VIDEO: Extended Ian Morrice Interview

Source: TVNZ

An extended interview with CEO of The Warehouse Group Ltd [WHS.NZX] Ian Morrice last week after the 2010 Full Year Profit release and my interview with him.

With Nadine Chalmers -Ross they cover everything from the profit release to where the company maybe going in the future, and everything else in between.

Nadine is shaping up to be one of NZ's best financial interviewers

The Warehouse Group @ Share Investor

Share Investor Q & A: Warehouse Group CEO Ian Morrice

Warehouse Group Ltd: 2010 Full Year Profit Analysis
Share Investor Q & A: Questions to The Warehouse' Ian Morrice
Long Term View: The Warehouse Group Ltd
Share Investor Short: Warehouse Group yield worth a look
The Warehouse Group: 2010 Interim Profit Review
The Warehouse: Big Brands, Big Opportunities
Warehouse strike opportunity to buy
Long Term Play: The Warehouse Group
Share Investor Short: Warehouse Group yield worth a second look
Woolworths supermarket consolidation an indicator of a move on the Warehouse?
Stock of the Week: The Warehouse Group
Warehouse 2009 interim profit a key economic indicator
When will The Warehouse bidders make their move?
Long vs Short: The Warehouse Group
Warehouse bidders ready to lay money down
The Warehouse set to cut lose "extra" impediment
The Warehouse sale could hinge on "Extra" decision
The case for The Warehouse without a buyer
Foodstuffs take their foot off the gas
Woolworths seek leave to appeal to Supreme Court
Warehouse appeal decision imminent
Warehouse decision a loser for all
Warehouse Court of appeal decision in Commerce Commission's favour
MARKETWATCH: The Warehouse
The Warehouse takeover saga continues
Why did you buy that stock? [The Warehouse]
History of Warehouse takeover players suggest a long winding road
Court of Appeal delays Warehouse bid
The Warehouse set for turbulent 2008
The Warehouse Court of Appeal case lay in "Extras" hands
WHS Court of Appeal case could be dismissed next week
Commerce Commission impacts on the Warehouse bottom line
The Warehouse in play
Outcomes of Commerce Commission decision
The fight for control begins soon

Discuss WHS @ Share Investor Forum - Register free

Download WHS company reports

Shop online at The Warehouse

Buy Toughen Up: What I've Learned About Surviving Tough Times

Toughen Up: What I've Learned About Surviving Tough Times

Toughen Up - Fishpond.co.nz

c Share Investor 2010

Allan Hubbard Saga: 60 Minutes Interview, Sept 23 2010 (UPDATED)

Source: TV3

In a 60 minutes interview with Allan Hubbard last night Hubbard claims an anonymous unsigned letter was the only reason Hubbard Management Funds and Aorangi Securities were put into statutory management and that he put $40 million of his own money into the latter to keep it afloat.

These two claims I now know are falsehoods and there will be more about that from this blog around these and other falsehoods, over the next week or so. There have been other complaints and any assets Hubbard says he put into either of these two entities were worthless and or wrapped up in inter party lending complications.

I feel sorry for the investors in those companies but like Allan they are blaming everyone else but the man responsible, Mr Hubbard.

Hubbard blames everybody else as well and specifically his fellow directors for not letting him invest in the stockmarket. He claims they wanted to invest in the property deals that ultimately led to the collapse of his empire.

The 60 minutes piece was filmed in Timaru during last weekends hubbardfest led by Paul Carruthers, formerly of the Standby Hubbard Support group.

A soft interview, without thorough investigation, designed to make Allan Hubbard look good.

Poor journalism.

Wednesday, September 22, 2010

Pumpkin Patch Ltd: 2010 Full Year Profit Analysis.

To those at Lynfield College currently reading this today, you might want to check out the updated links below this post for more on PPL. You can also download PPL company reports for free from here.

The Pumpkin Patch Ltd [PPL.NZX] Full Year 2010 Net profit after tax up 76% to $25.5 million. It compares to the 2009 Full Year Profit of $14.7 million.

The selling of 20 loss-making stores in the USA along with an improvement in operations there, in the United Kingdom and a relatively flat result in Australasia have contributed to the result.

Repayment of a large amount of debt has also been a key factor in bottomline profit.

The worrying factor is that revenues are down by 11% but some of that can be put down to the closure of the North American stores.

A disappointment to me is that head office costs have remained similar to last year - an effort could have been made to reduce costs during this recession. Likewise the higher dividend, this should have been retained for future growth.

Key Points

- Net profit after tax up 76% to $25.5m
- Net profit after tax (from continuing activities) up 38%
- Total revenue of $382.0m was down 11%
- Total dividend for the year up 27% to 9.50 cents per share
- Improved EBIT margins across all retail markets
- Launch of the new brand Charlie & Me
- Entry into 4 new Wholesale markets

Forecasts by management for 2011 have been understandably sketchy - few NZX listed companies are sure what 2011 will bring - but the indications from management assure shareholders that they are "well placed" if trading conditions improve.

I would imagine the struggle will continue in North America and the United Kingdom and there will be further negative impacts for the Australasian part of the business during 2011, depending on the impact of interest rates on the discretionary spending of Pumpkin Patch's target customer - the young middle-class family.

Disclosure I own PPL shares in the Share Investor Portfolio.

Pumpkin Patch @ Share Investor

Share Price Alert: Pumpkin Patch Ltd 4
Share Price Alert: Pumpkin Patch Ltd 3
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VIDEO INTERVIEW: Pumpkin Patch CFO Matthew Washington
Pumpkin Patch Ltd: 2010 Full Year Profit Analysis
Pumpkin Patch Ltd move downmarket
Long Term View: Pumpkin Patch Ltd
Pumpkin Patch's North American Downsizing a Prudent move
Digging at Pumpkin's Profit
Long vs Short: Pumpkin Patch Ltd
Pumpkin Patch Buyback shows Confidence in the Future
Pumpkin Patch takes a hit
Pumpkin Patch ripe for the picking
What is Jan Cameron up to?
I'm buying
Why did you buy that Stock? [Pumpkin Patch]
Rod Duke's Pumpkin Patch gets bigger
Buyer of large piece of Pumpkin Patch a mystery
Pumpkin Patch a screaming buy
Broker downgrades of PPL lack long term vision
Pumpkin's expansion comes at a cost
Pumpkin Patch vs Burger Fuel
Pumpkin Patch profits flatten
New Zealand Retailers ring up costs not tills

Discuss PPL @ Share Investor Forum
Download PPL Company Reports

Buy Pumpkin Patch Clothing

Buy What Was I Thinking: A Memoir @ Fishpond.co.nz

What Was I Thinking: A Memoir, by Paul Henry

c Share Investor 2010

Allan Hubbard Saga: Supporters head to the exit door

Interesting that in a piece in the Otago Daily Times on the case that Allan Hubbard supporters say they have against the Statutory Management of several of his financial entities and the spectacular crash of South Canterbury Finance indicates that it is unraveling quicker than a mangy cat pulling on a wet ball of wool:

"Chief Ombudsman Beverley Wakem was yesterday forced to tone down claims her office was investigating an alleged conflict of interest against Securities Commission member Simon Botherway, saying it was looking at the process and procedures followed, not Mr Botherway's actions.

Also yesterday, a formal business connection claimed by the group to exist between Mr Botherway and Christchurch businessman George Kerr was revealed to have ended in December 2004, when Mr Kerr resigned as a director of Brooke Asset Management.

Information on the New Zealand Companies Office website shows Mr Botherway resigned as a director in July 2008 and that Brooke Asset Management is now owned by Macquarie Investment Management Ltd.

The Securities Commission in June recommended Aorangi Securities, seven charitable Trusts and Mr and Mrs Hubbard be placed in statutory management, but it was several days later that Mr Botherway revealed that last year businesses owned by his brother, Jonathan, had been placed in receivership by South Canterbury Finance (SCF), owing $7.8 million.

The Stand By Hubbard campaigners accuse Mr Botherway of having a conflict of interest as a result, a claim that appeared to have some substance when the Office of the Ombudsmen earlier this month agreed to an investigation.

But Ms Wakem contacted media yesterday to emphasise her office was not investigating Mr Botherway and the process was fair and administrative justice was followed in the disclosure of a potential conflict of interest." Otago Daily Times, 22 Sept 2010

Those of you reading my comments on this long-winded saga will know that Allan Hubbard's supporters didn't really have a case from the get-go.

Claims by Paul Carruthers, one of the main drivers of the case supporting Hubbard, have ranged from multiple conflicts of interests, fraud by several politicians and business identities and a conspiracy planned by John Key's Government to set up a bank with his mates in Canterbury.

Claims made by Carruthers and something I was questioning myself, that Simon Botherway had a conflict of interest as his position as a board member of the Securities Commission clashed with its involvement in the statutory management of the Hubbards and the fact that a company owned by Botherway's brother was wound up by South Canterbury Finance, are also looking quite tentative given comments made that the ombudsman is only looking at processes followed rather than the actions of Mr Botherway.

Paul Carruthers submitted the complaint to the ombudsman.

I agree with Carruthers that Botherway's conflict should be investigated. I believe that no matter if he didn't have a "real" conflict of interest - I cant see how he didn't - it is the perception in the public's eye that counts and it is clear that our perception is that Simon Botherway had a conflict at least in that sense.

On Paul, he has spontaneously combusted into the ether after my questioning of him on this post and on a personal Facebook exchange with me yesterday, on the validity and availability of the Pricewaterhouse Coopers Report that his group have placed utmost importance on.

"I never claimed to have it but that doesn't mean I haven't seen it. Why do you want to see it if you are already convinced he is guilty? Are they not paying you enough? Hedging your bets just in case huh?" Facebook Exchange

Paul's personal Facebook page has vanished as have all the comments on the Help Allan Hubbard Facebook page as well as all documents related to his "case" on the Standbyhubbard.org site.

Is Paul sitting somewhere in a corner violently rocking back and forth? He doesn't do quiet at all.

Given the slow unraveling of evidence against Allan Hubbard thus far and more to come over the coming weeks - Grant Thornton Report 3 is due next week - I am betting that Paul and his merry band of pied piper followers will disappear into the ether with not much more than a squeak.

Pressure from myself and others seems to be batting the bastards back.

The silence from the affirmative is deafening.

Share Investor

Thursday, September 23, 2010

VIDEO: Extended Ian Morrice Interview

Allan Hubbard Saga: 60 Minutes Interview, Sept 23 2010 (UPDATED)

Wednesday, September 22, 2010

Pumpkin Patch Ltd: 2010 Full Year Profit Analysis.

Allan Hubbard Saga: Supporters head to the exit door

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