collection on receivables will be where I'm focused rather than earnings. As you noted, Q4 and Q1 are non-planting season quarter and their revenue is typically relatively modest during those months.
I've only tried to ask questions a couple times and the only time I didn't get to ask was when they ran out of time and the market was about to open so they had to end the call. I actually thought they were pretty good about letting anyone on the line ask if there was time (although I'm sure this was at least partially due to lack of institutional callers at the time). Granted, I haven't tried to ask a question for the past few quarters so things may have changed during the final buyout push. It won't surprise me if they take questions from anyone on the line this time now that the buyout is pretty dead. However, I do expect there will be lots of questions on monday so it might be tough to get in before they have to end the call.
I know a lot of people want to push for a dividend and I encourage anyone that feels strongly to get their question in regardless of whether I agree or not (that's what the system is for). I just plead that if one person asks about dividends or buybacks or something like that and it's clear that management isn't going to say more than a canned answer, I would request that that two more people don't ask the same question expecting something different. There's limited time during the calls and I'd like to hear how management addresses as many questions on different topics as possible.
I don't currently have anything I want to ask, but once I see the earnings release before the call, you never know.
It can't hurt to ask if that is something you feel strongly about. However the odds are that if they don't announce one during the prepared remarks, you probably will only get a "we are exploring all options for maximizing shareholder value and there is currently no dividend announced" type of response
RXR knows fully well I've had him on ignore forever and can't read his posts here so it's pretty amusing how he obviously just replies to my posts to push his agenda.
I'm sure if I didn't type this sentence he would lie and say "I don't know or care if you have me on ignore", and maybe he'll still post that anyway to prove a point. ha
there were 19 million+ non-voted shares which count as "no" votes. You have to back in to the # of non-votes since it wasn't explicitly stated on today's 8-K, but based on the proxy, there were a little over 38m non buyer group shares, so they needed over 19m "yes" votes for it to pass. Subtract the yes, no's and abstains in today's proxy from the 38 million total and you get the non voted shares. Add the non voted shares with the "no" votes and that's the 25 million votes that counted against the buyout.
ha, yeah, then that vote will only be defeated by 12 million shares rather than 13 million that $6.69 lost by.
I say the same thing I've said for a while...I wouldn't even consider voting in favor of any offer of $15 or less. Once we get into the $20's it gets worth at least considering. (here's where the shorts reply and say I'm nuts), but I don't give away valuable assets I own for pennies on the dollar.
there's no way that I foresee them even trying another offer of $10 or less.
yes, that's right. there were a little over 38 million minority shares (not owned by buyout/rollover owners) so they needed more than 19 million votes for it to pass.
Yes, that means that 12.8 million shares were voted for the buyout and 25.5 million shares were counted against the buyout (in the only vote that really mattered, the one where the buyout group's votes didn't count).
That, my friends, is what we call a blowout. I don't see them trying to raise the offer and do another buyout attempt anytime soon, especially with all of the arb's that lost money this time, I still maintain they would get a lower percentage of the vote if they tried another shot.
time to get more shareholder friendly
I can't imagine the buyout group would have tried to take them private if they only thought the company was worth $10.15 per share
Yup, it's funny to hear someone compare a company with close to 100% collections for more than half a decade with rapidly growing revenue (much to the same customers) to a P scheme. He must not know how a P scheme works. If repeated re-orders from your biggest customers makes you one of those, then all of the biggest american companies would be one too.
sgh, how many different times can you misquote me in one post? Maybe you should re-read mine again
"At first you are for a small dividend as long as it does not hinder growth"
I never said I was "for" any type of dividend. Where do I say that? I said I was not AS against any dividend as I used to be, but I'm still against.
I also didn't say that anyone asking for a dividend is working with the shorts, as you claimed. I actually even said that there are some legit long shareholders that want a dividend (which I don't agree with), but that there are others asking for a dividend AND claiming that no dividend this week means they a fraud and those folks are most likely working with the shorts (yes, there are posts on this board last week that said exactly that, and I would hope even you agree that those folks clearly have an agenda).
I still hold firm to my belief that a dividend would likely boost the stock price in the short term, but those of us that own long shares and legitimately are willing to treat this investment like ownership of a company (as we should do with all stock holdings) are likely to make a lot more money over the long term by not paying out significant amounts in dividends today. In the future, it probably will make a lot of sense for YONG to pay a decent dividend, but I'm not sure if that time is now.
I agree with me_assassin. I've always been staunchly against a dividend. There is still a major land grab for market share to become the biggest household name(s) in the Chinese fertilizer and plant nutrient space and right now I still believe most of their earnings should be reinvested into the business. Slowing or delaying that growth could cause them to lose market share that will be much more difficult to win back after someone else has beat them to the punch. That being said, I'm not AS against a dividend as I used to be if it was kept small enough to allow them to fund their growth appropriately.
While there are long term shareholders that think YONG should pay a dividend (and I don't really agree with them), I think that most of the folks on this board currently claiming that if they don't announce a dividend during the Q4 earnings call that it says something about the authenticity of the business are just working for the firms with the short positions and they are only saying these things because they know that there is very little chance that a dividend gets announced this quarter. Afterward they can come back and claim that this "proves" something that it does not. Just put those folks on ignore.
In my opinion, there is very little chance of a dividend being announced this week, unless it's just a one time amount. It's just too soon after the failed buyout for them to make that kind of decision for a long term dividend policy. They might a more permanent dividend policy later this year or in a future year, but I wouldn't get anyone's hopes up in the near term. It probably would have an positive impact on the stock price, but it also might be a detriment to the company in the long term to do it at this particular time.
if you think Wu has deep pockets, you are clearly new to this company. It's likely he has significant debt from his $3m purchase of YONG stock. I imagine he got a very favorable interest rate from MS, but nonetheless, you obviously are not familiar with the situation.
when you say things like this, the one person on this board that might have taken you seriously, now realizes you're not being serious
you're saying it's an odd investment for them to get a large ownership stake in a company in a key agricultural industry in the country with the world's largest, fast growing population, with lots of extremely favorable preferred clauses not available to common shareholders? If that's an odd investment, I hope all of my investments are odd.
You're saying they lost trust in management? The same management that teamed with them to try to take the company private for pennies on the dollar? And the same management that has led the company to quarter after quarter of fantastic earnings? If that's management that doesn't deserve trust, I hope all of my management teams are untrustworthy.