Dick Smith in store decline

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#1443264 9-Dec-2015 07:20

It seems Dick Smith is now advertising the "Clearance" on the NZ website. Instore only though.

Cant imagine what stock is left... Probably nothing lol

tripp

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#1443265 9-Dec-2015 07:23

Finch: It seems Dick Smith is now advertising the "Clearance" on the NZ website. Instore only though.

Cant imagine what stock is left... Probably nothing lol

I went and checked yesterday after it was put online, the albany store had no idea what i was talking about and said everything went last week.

So no 40 - 60% off old iphones, no good cellphones left etc.
I did pick up an ipad mini smart cover in blue for $5 they did want $99 for the same cover in green however.

Oh and they did try and sell me a $5 ice-cream maker until I told them that it gives me gas :P

I am starting to think that the sale in NZ should have been this week and not started last week.

scherfie

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#1443274 9-Dec-2015 07:44

This makes for some interesting reading...

https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private-equity-heist-of-all-time/

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#1443275 9-Dec-2015 07:45

The names of the 20 largest shareholders of ordinary shares are listed below:
* 1 J P MORGAN NOMINEES AUSTRALIA LIMITED  
* 2 NATIONAL NOMINEES LIMITED  
* 3 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED  
* 4 CITICORP NOMINEES PTY LIMITED  
* 5 LMA INVESTMENTS PTY LIMITED  
* 6 RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY LIMITED  
* 7 BNP PARIBAS NOMS PTY LTD  
* 8 AMP LIFE LIMITED  
* 9 RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY LIMITED  
* 10 CITICORP NOMINEES PTY LIMITED  
* 11 MRS MARCELLA DAVIS  
* 12 MICHAEL POTTS  
* 13 NATIONAL NOMINEES LIMITED  
* 14 GWYNVILL TRADING PTY LIMITED  
* 15 JOHN SKELLERN  
* 16 TABWIT PTY LTD  
* 17 DMW CAPITAL PTY LTD  
* 18 JATOLI 2 PTY LTD  
* 19 MARIO COCCIOLONE  
* 20 NEIL MEROLA

There's no way of knowing whether the 'nominee' shareholders are holding on behalf of Anchorage. The top three hold 25%, 15% and 15% and the rest have single-digit % holdings

Sometimes I just sit and think. Other times I just sit.

MikeB4

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#1443281 9-Dec-2015 08:02

It would seem that Anchorage completed a sell of its holding in 2014 following the IPO. In fiscal 2014 the DSE revenues were strong according to audited reports, what on earth has happened in a year to result in credit stops and fire sales. Strange that this has occurred after the parent ends it's investment.

Here is a crazy notion, lets give peace a chance.

andrew027

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#1443294 9-Dec-2015 08:18

And only 35 days ago, Dick Smith MD and CEO Nick Abboud was saying that New Zealand was doing pretty well. OK, the article is not all hearts and roses but it does include quotes like:

"the New Zealand store network is ‘profitable’ and...the company has a strong focus on five year outlook".

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Fred99

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#1443304 9-Dec-2015 08:36

"Strange" isn't quite how I'd put it. Anchorage make money by investment and divestment - that's what they do. Take it over, tart it up, flog it off. ASIC needs to investigate and find out if that tarting-up was a little too "creative". ASX also needs to have it cleared up, as if something dodgy did go on (likely IMO) then it destroys confidence in the market in general - especially for future IPOs.
Not that the investors who lost their nuts should expect anything back - it never seems to happen that way.

afe66

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#1443317 9-Dec-2015 08:53

Bit concerning how the top 10 holders seem to be big name companies.

Unless they are just holding shares for mum and dad investors, it's a worry that big name companies bought shares in something that crashed within 18 months.

I thought I paid fees to avoid my broker buying rubbish but if the big boys still bought the shares I wonder how good they actually are at avoiding rubbish floats.

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#1443366 9-Dec-2015 10:05

Dick Smith not surprised Dick Smith shares have bombed

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#1444363 9-Dec-2015 10:46

Just picked up a Panasonic DMR-PWT530GZ Blueray / DVD/ Dual Tuner 500GB recorder for $200. Realise its an older model but thats still a pretty good deal in my books. Declined the extended warranty on the grounds that I doubted they would still be in business if I needed to warranty anything in the future :)

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#1444385 9-Dec-2015 11:08

afe66: Bit concerning how the top 10 holders seem to be big name companies.

Unless they are just holding shares for mum and dad investors, it's a worry that big name companies bought shares in something that crashed within 18 months.

I thought I paid fees to avoid my broker buying rubbish but if the big boys still bought the shares I wonder how good they actually are at avoiding rubbish floats.

A.
.

Those big names are financial institutions, fund managers and so on. They will be holding most of the shares as investments on behalf of superannuation funds, unit trusts and other investment 'products' that they manage. Indeed a lot of the investors that they represent will be retail 'Mom & Pop' investors.

Agree it's disturbing that these institutions have such large holdings in DSE - you might have thought they would have seen through any smoke & mirrors that Anchorage used in the buy/restructure/float process. The institutions are large and influential and won't take it lying down if they feel they were Dicked in that process.

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MikeB4

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#1444394 9-Dec-2015 11:20

Fred99: "Strange" isn't quite how I'd put it. Anchorage make money by investment and divestment - that's what they do. Take it over, tart it up, flog it off. ASIC needs to investigate and find out if that tarting-up was a little too "creative". ASX also needs to have it cleared up, as if something dodgy did go on (likely IMO) then it destroys confidence in the market in general - especially for future IPOs.
Not that the investors who lost their nuts should expect anything back - it never seems to happen that way.

If you mean by "tart it up" they falsified the books that would be a serious fraud. I very much doubt a company who is in business to trade on the stock markets is going to risk it all on what is in reality a small
investment.

What is more than likely is four possible scenario's..

1. Gross mismanagement since the last fiscal reporting that has transformed the company viability.
2. Inventory sell down to prepare for change in direction.
3. Inventory sell down to reduce the stock on hand for possible buyout.
4. The stop credit by Panasonic may be the result of a billing dispute or errors. Larger companies often have stop credit, it does not necessarily mean they are doomed.

Here is a crazy notion, lets give peace a chance.

Dairyxox

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#1444462 9-Dec-2015 13:00

MikeB4:
Fred99: "Strange" isn't quite how I'd put it. Anchorage make money by investment and divestment - that's what they do. Take it over, tart it up, flog it off. ASIC needs to investigate and find out if that tarting-up was a little too "creative". ASX also needs to have it cleared up, as if something dodgy did go on (likely IMO) then it destroys confidence in the market in general - especially for future IPOs.
Not that the investors who lost their nuts should expect anything back - it never seems to happen that way.

If you mean by "tart it up" they falsified the books that would be a serious fraud. I very much doubt a company who is in business to trade on the stock markets is going to risk it all on what is in reality a small
investment.

What is more than likely is four possible scenario's..

1. Gross mismanagement since the last fiscal reporting that has transformed the company viability.
2. Inventory sell down to prepare for change in direction.
3. Inventory sell down to reduce the stock on hand for possible buyout.
4. The stop credit by Panasonic may be the result of a billing dispute or errors. Larger companies often have stop credit, it does not necessarily mean they are doomed.

If you read the foragerfunds.com link provided a couple of times in this thread it fairly clearly shows whats happened, with much less speculation than your own posts...

Not trying to disrespect you, but its just painful seeing you go through all these scenarios when its already well outlined previously.

There were huge profits for some parties involved, and unfortunately it seems fairly legal (from afar).

mattwnz

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#1444465 9-Dec-2015 13:18

Finch: It seems Dick Smith is now advertising the "Clearance" on the NZ website. Instore only though.

Cant imagine what stock is left... Probably nothing lol

Yeah, I got an email yesterday advertising these I store only deals, like big discounts on iPhones. But they were all sold out last week. Not good at all, as I thought in order to advertise like that you had to have reasonable quantities for sale, not almost zero.

tripp

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#1444472 9-Dec-2015 13:31

mattwnz:
Finch: It seems Dick Smith is now advertising the "Clearance" on the NZ website. Instore only though.

Cant imagine what stock is left... Probably nothing lol

Yeah, I got an email yesterday advertising these I store only deals, like big discounts on iPhones. But they were all sold out last week. Not good at all, as I thought in order to advertise like that you had to have reasonable quantities for sale, not almost zero.

Yes it's like they got the weeks mixed out and that should have gone out last week.

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