The official newsletter of the New Zealand Shareholders Association Incorporated
STOP PRESS! TOWER
change is very fast and by the time this gets
working closely with Colin Beyer and Tony
to you it may well all be solved or in the
words of Tony Gibbs, “World War three’ will
management at Tower. It is important thatall protagonists in the interests of the
We may well be requesting proxies from you
company adopt a workable transition plan.
to support a sensible resolve, so hold on tothose ballot papers until further notice. At
It is the Association’s view that a majority
present, we can give no firm indication as
may also wish to use our website to publish
The Board of Waste Management N.Z.
is frequently expressed by relating the total
is to be congratulated on their
dividend paid as a percentage of net profits
have amended their dividend policy to take
companies a policy based on this ratio is
account of amortisation. This is a first and
perfectly appropriate and well understood
very welcome indication that at last this
shareholders. The text of the statement is
assets on their balance sheets. Theseassets may be written down annually –
“In determining the final dividend the board
reduces the disclosed profits available for
from that of distributing approximately 50%
of net profit after tax to distributing 50% of
the sum of net surplus plus amortisation.”
amortisation of intangible assets is takeninto consideration when repor ting the
percentage of after tax profits that is being
detailed commentary on this topic will be
paid to shareholders. It is of course possible
provided on our website in the future.
to work out, if a policy is stated, whetheramortisation is included.
PO Box 6310, Wellesley Street, Auckland. Ph (09) 309-9768
Communication and Membership Russell Hodge
WHAT TO DO WITH YOUR PROXIES
Our first preference is for you to attend every
shareholder meeting of every company thatyou own shares in and to exercise your right
know about Risk and Reward. I now wantto introduce you to the responsibility that
If you are unable to do this we would ask
investment is the glue that joins reward torisk, and if responsible investment is
● that you complete the ballot papers sent
on each issue that you feel passionatelyabout or feel sufficiently informed to cast
your focus from buying a share to a focus
● sign the form, and fill in the proxy holder
● mail the form directly to the company or
need any proof that such an approach pays
look no further than Hellaby Holdings Ltd.
said at the last AGM that Hellaby’s business
was about buying businesses theyunderstood and behaving as good business
We will then arrange to attend the meeting.
owners. It is working for Hellaby’s, its
The share registrars have agreed to allow
shareholders. (Disclosure of interest: Bruce
representative will then vote your stock.
If we cannot attend the meeting or we have
business owner if you do not exercise your
no pressing issues with a company we will
right to vote on issues that shareholders are
year this will be one of the NZSA’s hot topics
representative but only on the basis that
they undertake to vote it as we direct.
increasing pressure on institutions to dosome work for their money. It would be
Alternatively you can appoint a proxy of your
impossible for us to take this stand if we
shareholders to behave appropriately also.
NOMINATIONS FOR THE NZSA BOARD
All members of the Board will retire, and in
turn offer themselves for re-election at the
Association is lodged with the Secretary,
P O Box 42 139 Orakei, Auckland, prior to
indicated that the Board was comfortablewith their present arrangements.
The Calan AGM was a well-attended affair,and as usual was acrimonious. What
Michael Hill International
however was different about this AGM wasthe attitude from the chair and from Mark
opening address by Michael Hill and a short
as arrogant was particularly humble.
video to mark the 21st Anniversary of theopening of the first shop in Whangarei left
The chair tolerated intense questioning from
shareholders in a state of such exhaustion
the Association both before and during the
questioning was far from their minds.
However your representative offeredprofuse congratulations to Board and
Littleton tried to come to the party with full
covering 21 years of wholly organic growth.
Few other listed companies have been able
to match the performance since listing in
company is likely to arouse in the minds of
might result in further write downs and there
the investor the possibility – perhaps even
is of course the matter of the minority stake
the risk – that future results may not live up
in the Ascot operation which is probably also
to the steady and controlled organic growth
of the past. The visionary is not ageless andperhaps there may be a temptation to
increase the speed of expansion so that the
results can be seen more quickly. Faced with
spirited style suggesting that he had in him
the strength and health to see the fulfillment
question of how long the test run in Canada
over time but don’t expect any short-term
The constitution will soon be changed toensure that the three years retirement
gratuity for non-executive directors will be
Christchurch. It was a sunny day, the share
price was rising and the shareholders were
Our representative, Harold Brittan, askedthe Chairman that in view of the heavy
voting at last year’s AGM, would there be
any change in thinking on the question of
shareholders a brief update on events since
director’s retiring allowances. The Chairman
meeting the Chairman advised that theissue had not proceeded nor had the sale
allowed for no questions apart from those
of SoftTech taken place. The comment that
reduced to $20,000 per month was the only
this comment the directors referred to the
indicate a continuing operating viability.
that the Group had adequate resources for
Members will be aware that our first policy
order for companies to arrive at an annual
statement was on the subject of Options. It
charge for options. We therefore presented
continues to be a subject on which we have
mirror the thoughts that we originally made
Late last year the International Accounting
Standards Board issued a draft accounting
response to specific questions posed by the
covered as well but the options statement
two bodies. These replies are only of value
was at the heart of their pronouncement.
if the questions themselves are included.
However to incorporate the questions would
exphasise their support for International
accounting standards, decided to issue the
understanding of members. Therefore part
C only of our paper is shown on our
website under the heading Guideline
. The draft of the International
Our attention was drawn to this statement
important that it was imperative we prepare
received from all those making submissions.
So you will be able to see the full text of our
that we found desirable about the exposure
paper on that website in due course. It is a
draft but unfortunately we could not agree
companies, particularly in its present form.
DISTRIBUTION OF THE NEWSLETTER
given the Association an email address, as
well as posting a hard copy to every NZSA
Also, if we don’t have your email address,
increasingly expensive exercise. We could
please forward it to me for our future use.
make considerable savings by discontinuingthe hard copy to those who also get an email
Steps will be taken to find a successor toAllen’s portfolios.
A very successful branch meeting was held
on 3 December at the Horse & Trap, and
identify a list of possible company visits
guests. Brian Gaynor’s address was both
familiarise themselves with local industries
entertaining and informative and generated
lots of questions. This was followed by short
companies concerned to finalise acceptable
dates, a list of which will be notified to
members as soon as this task is complete.
Malcolm Dunphy, in the course of reporting
Auckland on 11 February, indicated that anymembers interested in attending functions
be accommodated subject to prior approval
rooms, and a bus was provided for a tour of
over an hour explaining the success of the
business and outlining its future, as well as
were most appreciative of the time and effort
Association will be represented at the Tower
put into this visit by Geoff and his team.
AGM on 27 March and will be seekingproxies for this event.
The next branch meeting is at the Horse
It is intended to continue the discussion
& Trap on Wednesday 12 March, starting
groups which were introduced last year with
The guest speaker is Mark
and Phillip Clemow will conduct a follow-up
give a brief presentation on this to the group.
workshop on Understanding CompanyAccounts.
The Tauranga branch committee held its first
meeting for 2003 on Thursday 13 February.
Inaugural Branch Meeting
Allen Smith, who has served as Secretary /
Johnsonville Community Centre, on
Treasurer from establishment in 2001, has
Tuesday 4 March, starting at 7.30pm.
offices from this year’s AGM because of his
Wellington region are invited to attend.
involvement in organising a major functionfor a previous employer. He reported to the
members and funds of $900 approximately.
or by telephone in the evenings on 04 4785102, or the secretary, Ray Jack, byemailing [email protected]
or bytelephone on 04 577 2623.
House dust mite avoidance for children with asthma in homes of low-income families Gail G. Shapiro, MD,a Timothy G. Wighton, PhD,a Tamara Chinn, RN,a Jon Zuckerman, BA,a A. Heather Eliassen, BA,a Joseph F. Picciano, BA,a and Thomas A. E. Platts-Mills, MD, PhDb Seattle, Wash, and Charlottesville, Va Background: Home exposure to high levels of house dust mite allergen has been shown
Allmänna Bestämmelser FÖR KONSULTUPPDRAG INOM ARKITEKT- OCH INGENJÖRSVERKSAMHET BYGGANDETS KONTRAKTSKOMMITTÉ Allmänna Bestämmelser FÖR KONSULTUPPDRAG INOM ARKITEKT- OCH INGENJÖRSVERKSAMHET AV ÅR 2009 ABK 09 Dessa bestämmelser med kommentartexter har utarbetats av Föreningen Byggandets Kontraktskommitté, BKK. BANVERKET BYGGHERRARNAELEKTRISKA INSTALLATÖRSORGAN