Managing director Tim Miles' shock immediate resignation from PGG Wrightson has upset shareholders this week with the share price taking a tumble.
Chairman Sir John Anderson said that under PGG Wrightson's new strategy and environment it was apparent the role of managing director would be different from that envisaged when Miles joined the company in early 2008.
"Accordingly Tim and the board have agreed that this would be an appropriate time for a change."
He was seen as Craig Norgate's right- hand man and the person who would anchor the company and bed down the deals Norgate undertook.
With Norgate off the board this year it was a golden opportunity for Miles to assert himself.
Miles did not return calls from Stock Takes to talk about his departure and the company said it would not be making any comments.
NO REPLACEMENT?
Some suspect Miles' role won't be filled any time soon because Wrightson may not exist in its present form in 12 months.
Market watchers still believe the company will sell off its finance arm although Wrightson has repeatedly denied this, saying that it is vital to the rest of its business.
George Kerr's Pyne Gould Corporation is still being touted as the likely buyer, with the finance business thought to be a good fit with Marac, which is slowly moving towards its aspiration of becoming a bank.
The recent PGC share buy-up by Accident Compensation Corporation has also been noted.
ACC is seen as a canny investor which would be keen to take advantage of any potential growth in the company.
A sale of the Wrightson finance business would allow some value to be returned to shareholders.
Wrightson shares fell from 59c, before Miles' resignation, to 55c.
Yesterday they remained unchanged on 55c.
STOCK TWEETS
According to a new study by researchers at Indiana University, the general mood among Twitter users can predict the rise and fall of the stock market - at least a week in advance.
Britain's Daily Mail reports the correlation was discovered after scientists analysed more than 9.8 million tweets from 2.7 million users during the 10 months in 2008. The public mood was found to be almost 90 per cent accurate in picking the trend of the Dow Jones.
That's not bad given how many others got it wrong over that time. But Stock Takes is not convinced it will see brokers ditching their Bloomberg terminals to spend hours surfing Twitter.
GETTING VOCAL
The Accident Compensation Corporation's decision to speak out publicly on its unhappiness with the management of AMP New Zealand Office Trust has been an unusual move for the state asset manager, which normally likes to work in the background.
ACC issued a statement late on Wednesday ahead of yesterday's unitholder meeting calling for the removal of AMP Haumi Management - the manager of the property trust.
"We believe AMP Haumi has not only performed poorly but has also imposed unreasonable fees on unitholders," investment manager Nicholas Bagnall said.
But it seems plans to hold a second meeting to vote off the management are now off the agenda.
Yesterday's meeting saw more than 80 per cent of unitholders give permission for the unit trust to be converted into a company and ACC's plans were based on it remaining a unit trust.
What steps ACC will take now are back to being under wraps again after the manager said it would not comment on its future plans.
Units in Anzo will be suspended on October 26 with share trading in the new company expected to start on November 1.
Yesterday the units closed up 2c at 79c.
DOWN THE RIVER
Serial disappointer Pike River Coal lived up to that title again this week after it cut production forecasts sending the shares down by 11 per cent.
The cut is the latest in a series of production delays and cost blowouts and it seems some shareholders have run out of patience.
But market commentator Arthur Lim reckons this time around it could be a tactical move by new chief executive Peter Whittall.
"This is typical when management changes happen. The previous management are expected to take full responsibility for all the problems and missed targets of the past."
Lim said it was now Whittall's chance to change the image by under-promising and over-delivering rather than the other way around.
Time will tell if the move is strategic or just another bit of bad news to add to Pike River's list. Shares in the company closed down another 3c yesterday on $1.02.
VECTOR SHOWDOWN
Today's Vector annual general meeting is expected to spark shareholder interest with the issue of director fee increases on the agenda again.
Vector saw the writing on the wall in 2008 and pulled a resolution to increase fees citing "tough local and global financial conditions" at the time.
This time around shareholders are being asked to approve an increase in chairman Michael Stiassny's fee from $180,000 to $189,900 a year and for all other directors from $90,000 to $94,950.
In their favour the directors say they haven't received a fee increase since 2005.
But don't expect to see any pictures or hear any comments made at the meeting. Vector, a monopoly company owned by many Auckland households, takes the unusual stance of banning any photographs or recordings from being made at its AGM.
Vector shares closed up 2c yesterday on $2.37.
WHO'S HUGHES?
Sean Hughes' appointment to the chief executive role of the new Financial Markets Authority (FMA) has been taken well even if he is virtually unknown to the local market.
Not one local market person spoken to by Stock Takes had heard of Hughes although most said his CV was impressive on paper.
A lawyer by training, Hughes has commercial experience working for the ANZ and National Australia Bank as well as regulatory experience through his role at the Australian Securities and Investment Commission (Asic).
One person who does know him is Association of Superannuation Funds Australia chief executive Pauline Vamos. Vamos worked with Hughes at Asic a number of years ago and says he is "lovely". Let's hope he will also be tough enough to rein in a financial industry that has been allowed to run free.
NOT THE BOSS
FMA establishment board chairman Simon Botherway has confirmed he is definitely not interested in the chairman's role of the new regulator.
Botherway had been widely expected to step straight into the new position.
But this week he said he was still interested in being part of the FMA but did not want the top job.
<i>Stock Takes</i>: MD's shock resignation knocks PGG Wrightson shares
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