Forum Archive Index - October 2000

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

>
>Thanks for some very good analytical work, Snoopy. And perhaps we
>should take some comfort from the fact that GPG is now a significant
>shareholder and place some confidence in Sir Ron who has often been
>described as a "superanalyst" - lets hope the GPG directors on the
>Board can use some clout and bring about a shake-up. 
>
>
>
I still don't think the balance of the board looks right.  There is 
no doubt that Messrs Gibbs and Loomes (GPG) know a turnaround 
situation when they see one.   They are smart men and will be 
doing their best (for GPG at least)!   But I still see too 
many lawyers and accountants on the board.   Not that there is 
anything wrong with lawyers and accountants per se.  But as I see it, 
the board needs a balanced set of skills.  I don't see *any* retailer 
experience on the board.  And Wrightson *is* a retailer isn't it?  
Even the new chief executive, Alan Freeth, is an investment banker.   
Now if we could get Stephen Tindall onto the board, I wonder what 
that might do for the share price? 
>
>
>
>Given that the
>farming sector is now experiencing much better returns than they
>have for some time, if WRI can't get it right in these conditions
>they never will. I considered that it was a sad error of judgment
>when Wrightsons dropped their finance business. Financial services
>go hand-in-hand with rural servicing. 
>
>
>
Yes I agree.  That plan of G.K. should not have been given the O.K.  
Is it true that Mr Kay is now in London trying to convince the Queen 
to sell her crown jewels? 
>
>
>
>(Disc.  Hold over 20k shares -
> some bought at $1.30 in the IPO.)
> 
>
> 
Ouch!   Still there are some positives.   WRI have no term debt and 
farming does have one of the best outlooks it has had for a decade, 
with beef and dairy at least.  Mind you, if Stephen Tindall had 
initiated a no debt policy when developing 'the Warehouse', how big 
would that company be today?  

Get Tindall on the Wrightson board I say!  Think of it, then you 
could have the whole countryside covered in red barns  ;-) 
SNOOPY



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