Thursday, October 6, 2011

Goodman Fielder Ltd: Cutting my losses

The capital raising of $258 million by Goodman Fielder Ltd [GFF.NZX] should, to be frank, piss the hell out of GFF shareholders. While the company has had some bad times over the last 3 years or so management knew what position they were in and failed to respond to a market for their goods that was waivering due to the dire condition of the economy and are only now addressing the problem of their debt levels and falling sales.

I of course failed to listen to myself and should have sold when the share price hit just over 2 bucks in 2010 after being well below that in 2009 but I am either an eternal optimist or a silly old git - I will let you decide which.

The previous CEO managed the company into this mess and I have little faith that the CEO of the last few months will do any better given his previous poor track record.

The company itself has stated that the next 3 years or so will be painful with lower profits and a "restructuring" where presumably non-core assets will be jettisoned and the proceeds put towards paying down that rather large debt mountain but this is a big ask for management considering their poor stewardship of the company since its listing on the NZX in 2006.

I am lucky that I only have a small holding of 2000 shares bought at $2.33 so my loss will not be as big as others but nobody likes losing money. I will lose just under $3000.00 if I sell the main shares at current prices.

There will be a small amount of money coming from selling the rights in the 5:12 rights issue.

GFF shareholders have 3 options.

1. keep the shares and don't participate in the rights issue and sell the rights thereby having their shareholding diluted by almost 50%

2. participate in the rights issue and invest more money into the company.

3. sell the shares now.

If GFF shareholders keep their shares they will have to cross their fingers that management will be able to break their historically bad leadership of the company and the share price recovers at some stage.

Putting more money into such a risky proposition seems, well, risky.


Goodman Fielder @ Share Investor

Capital raising offer document

Is Goodman Fielder Terminal?
Share Price Alert: Goodman Fielder Ltd 3
Share Price Alert: Goodman Fielder Ltd 2
Share Price Alert: Goodman Fielder Ltd
Long Term View: Goodman Fielder Ltd
Goodman Fielder turning on the DRIP
Goodman Fielder to improve bottom line in 2009
Why did you buy that stock? Goodman Fielder
Goodman Fielder hit by high commodity prices
Goodman Fielder a Hedge against an economic slump
Goodman Fielder pie gets bigger

Discuss GFF @ Share Investor Forum
Download GFF company Reports

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c Share Investor 2011


Sunday, October 2, 2011

Share Investor Portfolio: Value @ 30 September 2011

The Share Investor Portfolio is down over the last week. In the last week of September the portfolio was down 1.16% or $3116.65 on the September 23 update .

Small dips across the board contributed to this weeks fall but the drop was exacerbated by a 12c rout in SKC shares.

There was $194.00 added to the dividend pool from HLG & PPG results.

For the first 38 weeks of 2011 the portfolio has increased by 5.64% or $13969.80

The total of unspent dividends and interest in the bank as at 30 Sept from the 2010 - 2011 earnings years is $31,270.39 at close of reporting season for 2010 and at the mid -part of the 2011 2nd half reporting year. There are also approx $60000.00 in tax credits earned from the portfolio since it began in late 2002.

The Share Investor Portfolio has increased in value by 10.37% or $27927.07 since I began tracking it for this blog on October 11 2010

Track the Share Investor Portfolio 2.

Share Investor Portfolio as at 17:30:00, Friday 30 September, 2011 (NZDT)

Stock
Quantity
Cost price
Total cost
Market price
Market value
Change
%
AIA

2,000 $1.700 $3,400.00 $2.300 $4,600.00 $1,200.00 35.29%
AIA

2,000 $1.510 $3,020.00 $2.300 $4,600.00 $1,580.00 52.32%
AIA

674 $0.000 $0.00 $2.300 $1,550.20 $1,550.20
AIA

638 $2.150 $1,371.70 $2.300 $1,467.40 $95.70 6.98%
ASBPB

3,109 $0.000 $0.00 $0.700 $2,176.30 $2,176.30
ASBPB

6,891 $1.000 $6,891.00 $0.700 $4,823.70 $2,067.30 30.00%
BGR

725 $0.000 $0.00 $1.360 $986.00 $986.00
BGR

2,275 $0.990 $2,252.25 $1.360 $3,094.00 $841.75 37.37%
FBU

303 $0.000 $0.00 $7.750 $2,348.25 $2,348.25
FBU

811 $9.750 $7,907.25 $7.750 $6,285.25 $1,622.00 20.51%
FPH

3,000 $2.350 $7,050.00 $2.530 $7,590.00 $540.00 7.66%
FPH

1,365 $3.720 $5,077.80 $2.530 $3,453.45 $1,624.35 31.99%
FPH

635 $0.000 $0.00 $2.530 $1,606.55 $1,606.55
FRE

6,405 $3.630 $23,250.15 $3.200 $20,496.00 $2,754.15 11.85%
FRE

2,226 $0.000 $0.00 $3.200 $7,123.20 $7,123.20
GFF

607 $0.000 $0.00 $0.600 $364.20 $364.20
GFF

1,393 $2.330 $3,245.69 $0.600 $835.80 $2,409.89 74.25%
HLG

366 $0.000 $0.00 $3.400 $1,244.40 $1,244.40
HLG

634 $2.530 $1,604.02 $3.400 $2,155.60 $551.58 34.39%
KIP

763 $1.480 $1,129.24 $1.070 $816.41 $312.83 27.70%
KIP

237 $0.000 $0.00 $1.070 $253.59 $253.59
MFT

1,000 $7.960 $7,960.00 $9.800 $9,800.00 $1,840.00 23.12%
MFT

1,838 $8.000 $14,704.00 $9.800 $18,012.40 $3,308.40 22.50%
MFT

1,375 $4.200 $5,775.00 $9.800 $13,475.00 $7,700.00 133.33%
MFT

787 $0.000 $0.00 $9.800 $7,712.60 $7,712.60
MHI

1,646 $0.860 $1,415.56 $0.810 $1,333.26 $82.30 5.81%
MHI

7,000 $0.630 $4,410.00 $0.810 $5,670.00 $1,260.00 28.57%
MHI

209 $1.050 $219.45 $0.810 $169.29 $50.16 22.86%
MHI

1,145 $0.000 $0.00 $0.810 $927.45 $927.45
PPG

1,004 $0.800 $803.20 $0.200 $200.80 $602.40 75.00%
PPG

1,443 $0.440 $634.92 $0.200 $288.60 $346.32 54.55%
PPG

88 $0.000 $0.00 $0.200 $17.60 $17.60
PPL

1,000 $3.090 $3,090.00 $0.820 $820.00 $2,270.00 73.46%
PPL

1,000 $2.870 $2,870.00 $0.820 $820.00 $2,050.00 71.43%
PPL

939 $4.200 $3,943.80 $0.820 $769.98 $3,173.82 80.48%
PPL

975 $0.000 $0.00 $0.820 $799.50 $799.50
PPL

1,086 $1.530 $1,661.58 $0.820 $890.52 $771.06 46.41%
RYM

555 $0.000 $0.00 $2.550 $1,415.25 $1,415.25
RYM

4,445 $1.970 $8,756.65 $2.550 $11,334.75 $2,578.10 29.44%
SKC

5,750 $7.430 $42,722.50 $3.350 $19,262.50 $23,460.00 54.91%
SKC

2,750 $7.700 $21,175.00 $3.350 $9,212.50 $11,962.50 56.49%
SKC

1,431 $8.750 $12,521.25 $3.350 $4,793.85 $7,727.40 61.71%
SKC

781 $7.600 $5,935.60 $3.350 $2,616.35 $3,319.25 55.92%
SKC

26,203 $0.000 $0.00 $3.350 $87,780.05 $87,780.05
STU

99 $0.000 $0.00 $2.350 $232.65 $232.65
STU

301 $4.740 $1,426.74 $2.350 $707.35 $719.39 50.42%
WHS

6,979 $6.000 $41,874.00 $3.200 $22,332.80 $19,541.20 46.67%
WHS

3,761 $0.000 $0.00 $3.200 $12,035.20 $12,035.20
WHS

4,260 $3.730 $15,889.80 $3.200 $13,632.00 $2,257.80 14.21%

23.09%


Total cost Market value Change

$263,988.15 $324,932.55 $60,944.40

Share Investor Portfolio @ Share Investor

Share Investor Portfolio: Value @ 30 September 2011
Share Investor Portfolio: Value @ 16 September 2011
Share Investor Portfolio: Value @ 9 September 2011
Share Investor Portfolio: Value @ 2 September 2011
Share Investor Portfolio: Value @ 26 August 2011
Share Investor Portfolio: Value @ 19 August 2011
Share Investor Portfolio: Value @ 12 August 2011
Share Investor Portfolio: Value @ 5 August 2011
Share Investor Portfolio: Value @ 29 July 2011
Share Investor Portfolio: Value @ 22 July 2011
Share Investor Portfolio: Value @ 15 July 2011
Share Investor Portfolio: Value @ 8 July 2011
Share Investor Portfolio: Value @ 1 July 2011
Share Investor Portfolio: Value @ 25 June 2011
Share Investor Portfolio: Value @ 17 June 2011
Share Investor Portfolio: Value @ 10 June 2011
Share Investor Portfolio: Value @ 3 June 2011
Share Investor Portfolio: Value @ 27 May 2011
Share Investor Portfolio: Value @ 20 May 2011
Share Investor Portfolio: Value @ 13 May 2011
Share Investor Portfolio: Value @ 6 May 2011
Share Investor Portfolio: Value @ 29 April 2011
Share Investor Portfolio: Value @ 22 April 2011
Share Investor Portfolio: Value @ 15 April 2011
Share Investor Portfolio: Value @ 8 April 2011
Share Investor Portfolio: Value @ 1 April 2011
Share Investor Portfolio: Value @ 14 March 2011
Share Investor Portfolio: Value @ 8 March 2011
Share Investor Portfolio: Value @ 28 February 2011
Share Investor Portfolio: Value @ 21 February 2011
Share Investor Portfolio: Value @ 14 February 2011
Share Investor Portfolio: Value @ 7 February 2011
Share Investor Portfolio: Value @ 31 January 2011
Share Investor Portfolio: Value @ 24 January 2011
Share Investor Portfolio: Value @ 17 January 2011
Share Investor Portfolio: Value @ 10 January 2011
Share Investor Portfolio: Value @ 3 January 2011
Share Investor Portfolio: Value @ 27 December 2010
Share Investor Portfolio: Value @ 20 December 2010
Share Investor Portfolio: Value @ 13 December 2010
Share Investor Portfolio: Value @ 6 December 2010
Share Investor Portfolio: Value @ 29 November 2010
Share Investor Portfolio: Value @ 22 November 2010
Share Investor Portfolio: Value @ 15 November 2010
Share Investor Portfolio: Value @ 8 November 2010
Share Investor Portfolio: Value @ 1 November 2010
Share Investor Portfolio: Value @ 25 October 2010
Share Investor Portfolio: Value @ 18 October 2010
Share Investor Portfolio: Value @ 11 October 2010
Share Investor Dividends


Share Investor Portfolio 2 @ Share Investor

Share Investor Portfolio 2: Value @ 30 September 2011
Share Investor Portfolio 2: Value @ 23 September 2011
Share Investor Portfolio 2: Value @ 16 September 2011
Share Investor Portfolio 2: Value @ 9 September 2011
Share Investor Portfolio 2: Value @ 2 September 2011
Share Investor Portfolio 2: Value @ 26 August 2011
Share Investor Portfolio 2: Value @ 19 August 2011
Share Investor Portfolio 2: Value @ 12 August 2011
Share Investor Portfolio 2: Value @ 5 August 2011
Share Investor Portfolio 2: Value @ 29 July 2011
Share Investor Portfolio 2: Value @ 15 July 2011
Share Investor Portfolio 2: Value @ 14 July 2011
Share Investor Portfolio 2: Value @ 13 July 2011
Share Investor Portfolio 2: Value @ 12 July 2011
Share Investor Portfolio 2: Value @ 11 July 2011
Share Investor Portfolio 2: Value @ 8 July 2011
Share Investor Portfolio 2: Value @ 7 July 2011


Share Investor's Annual Stock Picks


Share Investor's 2011 Stock Picks: Looking Back
Share Investor's 2011 Stock Picks
Share Investor's 2010 Stock Picks
Share Investor's 2009 Stock Picks
Share Investor's 2008 Stock Picks

Brokers 2011 Stock Picks


Related Amazon Reading


The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham
Buy new: $14.95 / Used from: $9.73
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Security Analysis: The Classic 1934 Edition
Security Analysis: The Classic 1934 Edition by GRAHAM
Buy new: $37.80 / Used from: $29.48
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Buy these two Books @ Fishpond.co.nz






c Share Investor 2011

Share Investor Portfolio 2: Value @ 30 September 2011

The Share Investor 2 Portfolio is a separate portfolio apart from the original Share Investor Portfolio and contains just one share, Contact Energy Ltd [CEN.NZX]. It will only have this one share in it and has a far shorter time frame than the original long-term portfolio that I started 8 years ago.

The portfolio was started July 7 with 9000 shares purchased at $5.34 at a total cost of
$48,060.00 and $144.18 in brokerage.

After the 79th day of trading the portfolio was down by $538.68 or 1.15% on the September 23 update to be worth a total of $49050.00.

The portfolio is up by 4.40% since tracking began on July 7 2011.

Share Investor 2 Portfolio as at 17:30:00, Friday 30 September, 2011 (NZDT)

Stock
Quantity
Cost price
Total cost
Market price
Market value
Change
%
CEN

202 $0.000 $0.00 $5.450 $1,100.90 $1,100.90
CEN

8,798 $5.340 $46,981.32 $5.450 $47,949.10 $967.78 2.06%

4.40%


Total cost Market value Change

$46,981.32 $49,050.00 $2,068.68

Share Investor Portfolio 2

Share Investor Portfolio 2: Value @ 23 September 2011
Share Investor Portfolio 2: Value @ 16 September 2011
Share Investor Portfolio 2: Value @ 9 September 2011
Share Investor Portfolio 2: Value @ 2 September 2011
Share Investor Portfolio 2: Value @ 26 August 2011
Share Investor Portfolio 2: Value @ 19 August 2011
Share Investor Portfolio 2: Value @ 12 August 2011
Share Investor Portfolio 2: Value @ 5 August 2011
Share Investor Portfolio 2: Value @ 22 July 2011
Share Investor Portfolio 2: Value @ 15 July 2011
Share Investor Portfolio 2: Value @ 14 July 2011
Share Investor Portfolio 2: Value @ 13 July 2011
Share Investor Portfolio 2: Value @ 12 July 2011
Share Investor Portfolio 2: Value @ 11 July 2011
Share Investor Portfolio 2: Value @ 8 July 2011
Share Investor Portfolio 2: Value @ 7 July 2011

Discuss CEN at Share Investor Forum - Register free
Download CEN Company Reports


Recommended Fishpond Reading



Buy The Intelligent Investor & more @ Fishpond.co.nz


c Share Investor 2011