Latest / Best of Business / Oliver Mander: Shareholders' Association CEO unsure about the Warehouse Group's plan for shares

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Oliver Mander: Shareholders' Association CEO unsure about the Warehouse Group's plan for shares · Best of Business

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  Speaker 2: Do for sels see a fascinating news about the warehouse today?
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  Speaker 2: Sir Stephen Tendall wants to buy it back with help
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  Speaker 2: from a private equity firm. As a result, the company
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  Speaker 2: issued and do not sell your shares notice to shareholders.
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  Speaker 2: Oliver Amander is the chief executive of the Shareholders Association
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  Speaker 2: and with us, Hey.
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  Speaker 3: Oliver, do you want to have that?
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  Speaker 2: What do you reckon Sir Steven's motivation is? Is it
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  Speaker 2: the poor share price?
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  Speaker 3: I certainly believe that that's part of it, and certainly
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  Speaker 3: the fact that the share price increased today. It certainly
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  Speaker 3: deicates to the market thanks to some sort of probability
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  Speaker 3: of either a transaction occurring or that the activism biss
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  Speaker 3: Steven will encourage long term better performance.
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  Speaker 2: What do you make of the do not sell your
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  Speaker 2: shares notice?
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  Speaker 3: Well, to be honest, we don't really know much more
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  Speaker 3: than what has been announced. It is an unusual notice.
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  Speaker 3: I don't remember seeing one for a long time, but
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  Speaker 3: under disclosure rules, the company no choice to announce it.
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  Speaker 3: That hadn't approach following the article in The Australian. But
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  Speaker 3: that approach really we don't know what it is. It's
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  Speaker 3: not a classic non binding indicative offer, which is someone
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  Speaker 3: kicking the tires. It certainly isn't a scheme of arrangement.
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  Speaker 3: It's just simply an approach. So we don't really know
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  Speaker 3: what that means.
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  Speaker 2: What do you make of the warehouse? It's SOLF. We've
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  Speaker 2: got a lot of text from people who think it's
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  Speaker 2: a bit cruddy and it's being undermined by TMOU. Looks
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  Speaker 2: to me though, like the fundamentals of the business, a
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  Speaker 2: sound is just badly run.
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  Speaker 3: It certainly has a really good footprint across New Zealand
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  Speaker 3: and that would and plus a couple are really good
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  Speaker 3: brands in the warehouse and Noel Leming. So I've made
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  Speaker 3: some hard decisions this year in terms of looking at
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  Speaker 3: the market dot com in terms of Torpedo seven, I
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  Speaker 3: mean all the activity that's occurred at the warehouse this year,
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  Speaker 3: it really does show the signs of a ongoing business transformation.
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  Speaker 3: And more recently, of course you've seen them cut the
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  Speaker 3: leadership positions in their leadership teams. Is there is there
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  Speaker 3: a shareholders with hope that this will a good business there.
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  Speaker 3: It certainly has some really key sources of value such
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  Speaker 3: a big part of the New Zealand retail landscape.
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  Speaker 2: True, it is true. Yeah, Oliver, thank you as always,
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  Speaker 2: really appreciate your time. It's Oliver Manda, the chief executive
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  Speaker 2: of the Shareholders Association.
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