Independant Breweries

[Stuster]

Base malts:
BB Galaxy
Kirin
Bairds GP
BB wheat
Wey Pils, Munich 1, Munich 2 and Vienna

Specialties
BB xtal 140 and Caramalt
Bairds dk xtal
Rolled wheat, torrified wheat
A whole bunch of Weyermanns; Carafa 1, Carafa 3, CM3, Acid, CaraPils, Melanoidin, Carared and CaraAroma.

Thanks, dig. Always interesting to see what grains those who've brewed a lot prefer. Sorry for going OT, investors.

 

[tk75]

Sorry Malt,

But you have the story a little confused there - Coopers had greatly undervalued their company, thus actually ripping off their own shareholders - LN had an independant auditor come through and valued at approx $300 per share (IIRC) LN offered around the $340 IIRC, this was actually approved by the shareholders, however the "family" or board took it to court to block it.

This is a very quick overview of the situation, but I suggest you read up on it and do not go off the cooper's fanboys.

This is one of the reason why I do not like coopers, going againsts your shareholders wishes is not exactly "nice"

Ok now worries...Please understand that if I am incorrect in any of my statements, I will gratiously accept being correctly informed.
:icon_cheers:

 

[the_fuzz]

Well then that is a matter for the shareholders. Not Lion nathan.
Where is the cause and intent on undervalue. Value is what a stock is worth to the buyer, and what it is capable of returning. Any independent financial advisor would have shown that and would have brought the matter forward with the authorities.
Did the court rule that the stock were undervalue? If so surely that ruling would have said that any purchase by existing holders would have to be done at existing market price, which would be the offer made by LN. If the existing holders didn't want to buy at that price then the oppurtunity would pass on to LN.

Otherwise the court ruling would make no sense and would have been appealed by both LN and shareholders wishing to sell.

Correct, however, what Coopers did to stop that was remove the clause that allows an outside company to buy shares appart from existing shareholders and AMP - thus at the moment, in theory no one can buy coopers - which is really limiting shoreholder's options.

 

[tk75]

Each to their own - personally think Coopers taste's like arse, give me a golden ale anyday - as a matter of fact, I feel like one now...........

Putting company specifics aside for one moment...I too am a big fan of JS GA and I commend dig(if you make this of course) for making an exceptional brew!!
:icon_cheers:

 

[the_fuzz]

Ok now worries...Please understand that if I am incorrect in any of my statements, I will gratiously accept being correctly informed.
:icon_cheers:

No worries,

Lets all just sit around and have some more beer :beer:

 

[tk75]

No worries,

Lets all just sit around and have some more beer :beer:

Indeed!

:beer:

 

[dig]

Putting company specifics aside for one moment...I too am a big fan of JS GA and I commend dig(if you make this of course) for making an exceptional brew!!
:icon_cheers:

Nah, not anymore. Used to. I still like it when it's fresh. Work elsewhere now. No longer have to maintain the illusion of 'craft'. Sorry also for going off topic.

 

[capretta]

just doin some browsing myself on the asx.. what does everyone reckon?

undervalued company or going down the toilet?

http://www.asx.com.au/asx/research/Company...ode=GRB#details
GAGE ROADS BREWING CO LIMITED (GRB) - ASX Listed Company Information Fact Sheet

offered at 50 cents a share just over a year ago now worth 10 cents on a good day, net tangible assets per share almost halved from $.13 to $0.7. also the company doesnt appear to be expanding is workforce (wage costs lower for 2007).
offered by way of explanation, heavy costs of marketing and the poor response to the flavour profile of their premium lager with their "target demographic". ie it doesnt taste like TEDDIES i spose...

http://www.asx.com.au/asxpdf/20080229/pdf/317sjptcsd7kdr.pdf
2007 eoy report.pdf (application/pdf Object)

but if i read correctly some directors picked up 200,000 between them recently.. why? thought they'd be reaching for the ejector handle..

i myself dont mind gage roads, but have found the quality a little variable ( i had a bad batch of ipa ). i hope this isnt the death throes of an independant brewer though, as the market will be poorer without them (anyone remember their london bitter thing? i thought that was nice!)

 

[blackbock]

Somehow this thread escaped my notice for a while. Looks like I'll have to hose myself down again due to Dr K's flamethrower:

please show me evidence that the "megaswill" lot in Australia source and use inferior barley, inferior hops, have inferior quality control. When there is a shortage of premium grade malting barley the big two use muscle to buy the very best, the very best actually reduces their manufacture costs as they are assured of consistency.

I don't know where I said they use inferior barley or hops etc. What I did say is that they compromise on ingredients:
Is Tooheys New or VB made from 100% malt? I don't think so. Do they use a whole pile of specialty malts for their blandard lagers? I don't think so. As far as quality control does, I think it's pretty darn good. They always produce the same product no matter what.


Regarding Gage Roads going downhill, it's no wonder. I have to look pretty hard to find their produce. Even specialty bottle shops don't often have anything. Maybe they're easier to find on the West Coast, but surely that has to be a limited market?

 

[hughman666]

(anyone remember their london bitter thing? i thought that was nice!)

yep it was pretty good. they just released a new world wheat as part of their seasonal range. i thought it was pretty good too!

 

[geoff_tewierik]

anyone remember their london bitter thing?

Still on the shelf in a number of my local Bottle Shops.

Can't wait to find the new wheat one hugh mentioned.

 

[capretta]

didnt last too long down here.. havent seen any for a couple of months.

 

[sah]

didnt last too long down here.. havent seen any for a couple of months.

I'm pretty sure Figtree has it. It was fuggly wasn't it?

I really like their IPA.

Scott

 

[///]

I'm pretty sure Figtree has it. It was fuggly wasn't it?

I really like their IPA.

Scott

Thirroul Cellars has a wide range as well and had their product there.

Scotty

 

[tcraig20]

just doin some browsing myself on the asx.. what does everyone reckon?

undervalued company or going down the toilet?

The problem with a lot of these micro-capital companies is that they are just too small to be publically listed companies.

GRB is worth $4 million at current share prices. Their price/book is around 1, so it seems a fair value for their assets. The board sucks over $400,000 off the top of any revenue in cash and a total of over $1 million once share bonuses/options are taken into consideration.

The business needs to net 10% just to pay for the board. Add to that the dilution of shareholder capital through incentives and options. How is a shareholder expecting to make a decent return on their money when the board is extracting such a disproportionate amount of the company's wealth?

 

[capretta]

yup, thats where i found it at figtree.. but i was kinda saying it didnt last too long, even though i know it was "limited"..