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 Bruce Sheppard
The Board of Waste Management N.Z.
is frequently expressed by relating the total Limited 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.
Oliver Saint
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.
Bruce Sheppard
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 Calan Healthcare
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 Contact Energy
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 Strathmore Group
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
Statements. 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.
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 BRANCHES
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 at 7.30pm. 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 at the
Allen Smith, who has served as Secretary / Johnsonville Community Centre, on
Treasurer from establishment in 2001, has Tuesday 4 March, starting at 7.30pm. All
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.


Pii: s0091-6749(99)70181-8

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

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