WIN - Winton Land

[Mos]

Peculiar trading halt announcement this afternoon from Winton - material leadership announcement coming. Share price down by around one third this year.

https://www.nzx.com/announcements/474984

[moose]

Probably a "hands issue":
1. Hands off the tiller - yes the share price is down 30% but given the overall sector dynamics probably cant be pinned completely on the CEO. Also the Oligarcic managment style goes against this
2. Hand in the cookie jar - possible but unlikely - I'm sure the senior execs have all got their money safely hidden away in separate entities.
3. Hands somewhere else..... WIN hasn't got the greatest track record of staff relations (https://www.stuff.co.nz/business/360632166/ceo-falling-out-executive-assistant-over-bad-business-class-seat-costs-company-100000), but.....

[Southern Lad]

https://api.nzx.com/public/announcement/475065/attachment/471369/475065-471369.pdf

Interesting announcement.  Chris Meehan taking leave from CEO position for health reasons, coming during the concluding stages of a Board lead employment process with Mr Meehan.

No mention of taking leave from his Chair and Board role (for health reasons) but this role is presumably not subject to the employment process, but rather shareholder appointed directorship and board elected Chair.  Will the Board have the courage to move to elect a new Chair or even an acting Chair?

[Basil]

Looks like he's ruffled too many feathers too often both within the company's staff and management and at board level and he's persona non grata now.  Julian Cook could be a good replacement chair although he's very busy trying to keep SKC out of trouble.

[Crackity]

Looks like he's ruffled too many feathers too often both within the company's staff and management and at board level and he's persona non grata now.  Julian Cook could be a good replacement chair although he's very busy trying to keep SKC out of trouble.

The Meehans owned 55% off Winton last time I looked - dunno what to think about a Board led Employment Process - seems unwieldy yet oddly specific phrasing

hmmmmmm

[Basil]

Dipping his nib into the company ink, (so too speak) or gross misconduct in some other manner I reckon.  Not surprised.  Someone I know who has some experience with this suggested in quite diplomatic terms that you have to treat him with "kid gloves" at all times.

[Shareguy]

FB has just released a research note and have downgraded from  $2.75 outperform to NZ$1.70 Neutral.

[LaserEyeKiwi]

Never had any of this, due to the ludicrous valuation they managed to IPO at.

What made it a terrible investment in my eyes, was probably the most magnificent achievement of his CEO tenure: Simply choosing to do an IPO at the peak of the property frenzy.   

[Crackity]

The Board of Winton Land Limited advises that Steven Joyce and Guy Fergusson have both resigned as independent directors of the Company, effective 31 August 2026.
 
 Mr Joyce is also resigning as Chair of the Board, and Mr Fergusson will cease to be the Chair of the Audit and Financial Risk Committee.


Dunno if you could find a biggger redder flag

[moose]

The departures of Winton's chairman and another director follow the resignation of the company's chief executive and earlier chair.

The chairman of property development company Winton, Steven Joyce, and another director, Guy Fergusson, have today resigned, citing a "fundamental misalignment" with majority shareholder and former CEO Chris Meehan.

"Over recent months, it has become clear to us that there is a fundamental misalignment of expectations between ourselves and the company's majority shareholder with regards to matters relating to corporate governance," Joyce and fellow director Guy Fergusson said in a statement today.

"In an attempt to address this issue, amendments to the company's constitution were proposed to the majority shareholder to provide minority shareholders with a direct say in board representation and provide a mechanism for independent advocacy for the interests of the company and all its shareholders.

"The proposed amendments were not supported by the majority shareholder."

[moose]

Whay would anyone want to be an investor in a company with that sort of attitude from the major shareholder?