WHS - Warehouse Group

[Basil]

Sounds like they were run by a bunch of the last governments best friends. Maybe Nick took inspiration from Jacinda.

LOL, best post of the week.

[lorraina]

Their Red Sheds always appear to be under staffed to me.

[Mos]

"Over 1000 people work in the head office."

Jeez, that a lot, even considering that they had at last FY a total head count of 11000.

One bean counter for 10 sales people? Must be very high performing sales people or the bean counters have little to count ;

Well, I think we know the answer to that.

Over 1,000 people at head office! I nearly spat my coffee out reading this. Unbelievablely high head office headcount for a fairly simple domestic retailer. Rod Duke would do it with maybe 10% of that?

[Perky]

In another life I visited Rod at his office. His office was above the st Luke's store before it was renovated. The place was old and tired..no flash office here..no suits here. The Rebel sport buyers I dealt with were in another rabbit warren of a building in the same complex

If you google a picture of the warehouse head office....Briscoes was the dead opposite.

The money was in the store fit out not the head office and you can't beat being at
Coal face with the big cheeses office being at a store.

Great operator...deserves all the success he gets.

Needless to say but we had to bend over and take it for our buying terms with them...lol.
They wanted margin, margin margin or get lost.

[Mos]

Great anecdote Perky. Owner operator mentality is so far removed from Corporate other people's money mentality. Briscoes and warehouse respective performances speak for themselves.

[Left Field]

Crikey......a potential takeover!!??

https://www.nzx.com/announcements/434820

Don't sell notice issued.

[Crackity]

Crikey......a potential takeover!!??

https://www.nzx.com/announcements/434820

Don't sell notice issued.

Leaky boat over the last week I reckon

[winner (n)]

Maybe takeover is on with a don't sell notice today

Tindall once offered $5.75 (with an equity partner) .....doubt whether they go that high this time but

[Left Field]

Leaky boat over the last week I reckon

I don't hold or follow, but reckon you are right..... chart shows big vols going through last Friday at around 10% premium. Interesting days!

[BlackPeter]

I don't hold or follow, but reckon you are right..... chart shows big vols going through last Friday at around 10% premium. Interesting days!

Clearly - big money decided to seize the opportunities. Whether it is as well smart money, we will see.

However - despite the previous team running the once reliable money making machine Warehouse into the mud and getting stuck, how difficult can it be to pull it out of the swamp and put it back to good purpose for anybody who knows how to run such a business?

I can see how somebody with experience can see opportunities at this price - backward PE (10 years) at SP 97 cents would have been below 7 - just get it out of the dirt and start harvesting money again ;

Discl: not holding - I did place my chips already and there are currently just so many other amazing opportunities around!

[Waltzing]

https://www.nzherald.co.nz/business/sir-stephen-tindall-and-private-equity-firm-make-offer-for-shares-in-the-warehouse/PDXYPYWFK5G67LVG6NSWPZ2AXE/

[Basil]

Makes sense for Tindall to take it private and use the WHS footprint to launch a new supermarket brand.
Fits with his current mode of operation, (caring mainly about ESG matters and leaving a legacy) and not being concerned at all about return on investment.
I hope shareholders get taken out of their misery at a decent premium to the current price.

[Auto Rower]

Maybe takeover is on with a don't sell notice today

Tindall once offered $5.75 (with an equity partner) .....doubt whether they go that high this time but

I think takeover for a new supermarket brand with this government is on, the sp being so low will be       
 another plus .
Takeover price to get majority shareholder's will need to be in the 1.90 just below two bucks I would say

[LoungeLizard]

I think takeover for a new supermarket brand with this government is on, the sp being so low will be       
 another plus .
Takeover price to get majority shareholder's will need to be in the 1.90 just below two bucks I would say

The potential for a new supermarket is an interesting angle, but I reckon they will need to offer a lot more than that to get shareholders interested. I agree with others that WHS has been appallingly managed but if it can get a decent team together and implement a top-to-bottom overhaul, there's no reason that it can't rise form the ashes and be a profitable business again.

 I can't see this sniffing around as being anything more than opportunistic and won't come to anything. Good for the SP and it gives notice to WHS management that the vultures are circling and they better get on with strengthening the business.

[Left Field]

More details of the Tindall offer....$1.50 to $1.70.

https://www.nzx.com/announcements/434931

The Warehouse Group Limited (NZX: WHS) ("Company") advises that this morning it received from private equity firm, Adamantem Capital Management Pty Ltd (as manager of the Adamantem Capital Fund II), an unsolicited, non-binding, indicative proposal with a view to entering into discussions about a potential acquisition of all of the Company's shares at a proposed price in the range of NZ$1.50 to NZ$1.70 per share via a scheme of arrangement (the "Proposal").

The Proposal notes that Sir Stephen Tindall, The Tindall Foundation and trustees of certain trusts associated with Sir Stephen Tindall ("Founder Shareholders") support the Proposal and will remain invested in the Company through reinvesting a portion of their consideration in the acquirer of the Company (resulting in the Founder Shareholders having a shareholding of up to 50% in the acquirer). All other shareholders will receive an all-cash offer for the entirety of their shareholding.