By Chris Hutching
Friday 16th August 2002 |
Text too small? |
That was the message at the annual meeting in Christchurch midweek when managing director Kevin Hickman told shareholders the upcoming result would be the best yet.
When asked by a shareholder why the share price had fallen from $2.15 a year ago to $1.60 early this week, Mr Hickman said the market perception was a hangover from disappointing results last year when after tax-profit was down 21% at $11 million on turnover of $61 million.
His comments may have done the trick because by late yesterday the price had lifted to $1.70.
But the more likely reason for the recent share price dip was that a tranche of shares representing about 1% of the capital has been sold in recent weeks.
Directors John Ryder and Kevin Hickman own 19% stakes each, Ngai Tahu has 20% and so does Emerald Capital, with Armstrong Jones Ing owning 2.5%.
The rebound in company fortunes comes partly from "overwhelming" sales at the company's Hilda Ross retirement village in Hamilton, while sales at the Grace Joel village in St Heliers, Auckland, have also been strong.
Founder director Mr Ryder has stepped aside as joint managing director and has accepted the appointment to the non-executive deputy chairman position.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes