# TGR - Tassal Group



## SoBadAtTrading (17 December 2008)

Not the most exciting of stocks, but while the market has been volatile TGR has held up rather well and is poised to increased its profits from 20m to 30m this financial year. This could be one of those long term holds. Not sure if I have missed the boat when it was hovering <1.75 recently. Any opinions?


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## It's Snake Pliskin (17 December 2008)

SoBadAtTrading said:


> Not the most exciting of stocks, but while the market has been volatile TGR has held up rather well and is poised to increased its profits from 20m to 30m this financial year. This could be one of those long term holds. Not sure if I have missed the boat when it was hovering <1.75 recently. Any opinions?




Something interests me at the moment about this stock. Do you have any fundamental opinions on this stock? As in pertinent fundamental criteria.


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## SoBadAtTrading (17 December 2008)

Not too sure why it shot up >7 % today but it has a debt/equity ratio of 21%, current ratio of more than 3, an interest cover of more than 7 times and a steadily growing net profit margin over the last few yrs

Seems like a prudently managed seafood selling business.


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## GumbyLearner (17 December 2008)

NPAT since 2004 from the CEO's address looks good. 
Appears as solid growth year-on-year.
Noticed a lot of workers comp claims, whats with that? 

But I dont own!

And dont know much about their point-of-sale arrangements.  :emp:


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## tge oracle (20 March 2009)

I have been a long term holder, since floating, and haven't conducted any transactions since then, however, the positive outlook for TGR  has prompted me to add to my holding. I consider the current share price to be of very fair value. The high quality and health benefits of Salmon will out perform despite the fears the current financial turmoil.


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## Rainmaker2000 (21 March 2009)

Tassell remains almost my favourite stocks on the market.....to me, it is the most exciting of stocks

I've held since 2004...and continue to build a stake...I have a stong belief this will be a 'ten bagger' for me in not too many years......

It ticks almost every box of the finest quality of companies.......whether that's on Philip Fisher's criteria or Buffett's...........there are just a few question marks over its capacity to grow after it saturates the Australian domestic Salmon market......but I believe its monopolistic hold on the Aussie market will provide a rich buffer as it saturates Asia.........and all the while it adds revenue with a declining cost per fish, without considering standard economies of scale

My lazy opinion is that this company should trade about 25 X earnings, it has after all grown at 40% average a year for four years and has plans for major growth out to 2015........since it currently trades around 7X forward earnings after the CEO surrendered stock due to ATO demands.............we can all rojoice indeed that we are in a bear market and our paychecks can be well employed


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## Basilica (3 April 2009)

Rainmaker2000 said:


> Tassell remains almost my favourite stocks on the market.....to me, it is the most exciting of stocks




Tassal is also a a company that i have high expectations of. The performance recently has been a little dissapointing. I have not seen any announcements that would explain it. Does any one know of any explanation why it has been heading south while the aords are going north?


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## tge oracle (4 April 2009)

Basilica said:


> Tassal is also a a company that i have high expectations of. The performance recently has been a little dissapointing. I have not seen any announcements that would explain it. Does any one know of any explanation why it has been heading south while the aords are going north?




Hi Basilica, Welcome to the TGR forum.

I don't like to discuss or speculate on the share price of a company unless there is an unexplained dramatic change in the value of a company for no aparent reason, as occurred with CSS last year. I will , however, make generalised comments on the value of a company and it's outlook. 

The answer to your question is not one particular reason just a few minor, in my view, considerations:

1. Financial downturn - TGR is a producer and supplier of premium quality seafood. Although not appreciably affected by the GFC, there will be a perception, by some investors , that consumers may scale back their consumption for Salmon. My view is that, although demand may not grow as fast as the last couple of years it will not fall substantially and will be flat at worst.

2. Chile - Chilean Salmon farms have been ramping up production. There are a couple of important considerations to be aware of here. Firstly, Chilean Salmon has had a history of desease and quality issues and can not provide the environmental credentials of TGR which is grown in the pristine watrers of Sth Tas. Also TGR supply most ( 90 % ) of their Salmon to the Aust market. Chilean Salmon is not a major competitor in the domestic market.

3. CEO Mark Ryan share reduction - The CEO offloaded a small parcel of shares in March. Some investors amy view this as a negative for the outlook for TGR, I am not one of them. It is perfectly normal for a CEO or Director to occaisionally sell or purchase shares in their company. We all need money at various times of our lives. I would be concerned if it was a substantial quanitity of shares, but I regard the sale as insignificant.

4. Profit taking - TGR has performed very well since listing, it is inevitable that some share holders will book profits after such a long and sustained run up, particularly with the GFC on investors minds.


Disclosure : I am a long term holder, since listing, of TGR and have used the recent weakness in the value of TGR to add to my holding.


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## Rainmaker2000 (6 April 2009)

Agree with above.......

There is a bit of ammunition for bears at moment

a) Exports are apparently unprofitable at moment due to currency/volume mix

b)TGR largest shareholder, Webster has signalled that it may see some shares to alleviate its debt situation

Good luck for all holders!


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## rryall (9 April 2009)

Rainmaker2000 said:


> Tassell remains almost my favourite stocks on the market.....to me, it is the most exciting of stocks
> 
> I've held since 2004...and continue to build a stake...I have a stong belief this will be a 'ten bagger' for me in not too many years......
> 
> ...





Just out of interest Rainmaker what is your favourite stock? I only ask because I hold FLT (amongst others) and am looking at accumalating TGR (at the right price) both of which you show a strong interest in.

Cheers


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## Rainmaker2000 (9 April 2009)

hehe...you know you are not meant to play favourites........there are some great stocks out there at pleasing prices today.....

My four largest holdings are FLT, TGR, SHV, FAN...........there is nothing especially amazing about these........in fact, they are the largest holdings cause the market does not know how beautiful they are...hehe.....but there are probably better companies out there at higher valuations.........like one of my favs PTM but valuation is too high reflecting it is 'tightly' held

I guess the key theme of all these companies is that they are quite cheap on a free cash flow basis, they can all grow from existing cash flows (and pay divs), they have proven they can grow through 'bad times', they all have room to grow still, they are all vertically integrated, they have relatively low capital requirements, they all have significant intangible assets and relatively proven management......hehe.....not much to ask really


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## Basilica (23 April 2009)

tge oracle said:


> Hi Basilica, Welcome to the TGR forum.
> 
> I don't like to discuss or speculate on the share price of a company unless there is an unexplained dramatic change in the value of a company for no aparent reason, as occurred with CSS last year. I will , however, make generalised comments on the value of a company and it's outlook.
> 
> ...




Thanks for your welcome Oracle,
Sorry i did not respond to your to your verry complete answer to my question sooner. I agree with most of what you say and also consider them to be small / tempory issues. Maybe it also was the slight drop in credability of the industry due to WKL and AAQ (1/3 of the listed aquaculture industry has closed recently). I also read somewhere that northern salmon farms had a bacteria / virus problems. (but that should help our image in the long run). When you think of Salmon who thinks of Chille? accept maybe as a spice. I bought another piece of Tassal Salmon for my lunch again.


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## Tysonboss1 (27 April 2009)

Does anybody know if TGR currently export into the asian market,

I have started looking into this company and so far I like what I see, I have been looking for I soft commodity company to add to my long term portfolio.


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## tge oracle (28 April 2009)

Tysonboss1 said:


> Does anybody know if TGR currently export into the asian market,
> 
> I have started looking into this company and so far I like what I see, I have been looking for I soft commodity company to add to my long term portfolio.




They export approx. 10% , mainly to Asian destinations. TGR are the main supplier of Salmon products to the domestic market (  90 % ) through various leading brands which are sold in all of the major supermarket chains. They do intend increasing their export volumes over time as they have a significant advantage with their environmentally friendly and high quality Salmon products.

I suggest you visit the TGR website and view investor presentations / announcements released on the ASX to get a better understanding of TGR and it's operations. You will then be in a position to decide as to whether , or not, to invest in TGR.


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## tge oracle (7 May 2009)

Today's investor presentation just confirms my long held belief that a well managed and run company with a good product can survive and, indeed. flourish in any market condition , even a GFC.
TGR's future looks very bright and remains consistant with a long term hold approach.


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## tge oracle (13 July 2009)

Please refer to attached link.

The potential for Salmon producers such as Tassal are enormous. Tassal presently export a relatively small 10 percent of their product. If Chiliean Salmon production collapses , as reported here, it will open the door for producers who can grow fish in a environmentally clean and safe environment.



http://www.growfish.com.au/content.asp?ContentId=13642


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## Rainmaker2000 (13 July 2009)

I had a giggle about Chile........I've heard about their problems for a while but to read the detail......it sounds majorly messed up........

A Salmon shortage, if you believe tgr reporting, companies with distressed finances have been panic selling into world market which has made exports unviable..........what better resolution of this than a worldwide shortage...hehe

Looking forward to report season...........this baby is near my biggest holding now and when people digest something like a 30% rise in this years profit and a 20% upward next year, the multiplier on the stock will be huge..........

But you know it's not about profits, its all about Omega 3


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## Tysonboss1 (14 July 2009)

While the chile crisis is a commercial win for tassal, I do feel sorry for the people who rely on the industry over there, and hope things turn around for them.

I hope the Australian Salmon industry experts are watching the situation closly so as to avoid the same mistakes, 

One good point about the australian industry is that the number of farms is controled farming permits, So this should stop any industry players from putting the longterm sustainabilty at risk for shorterm profit.


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## tge oracle (15 July 2009)

Tysonboss1 said:


> While the chile crisis is a commercial win for tassal, I do feel sorry for the people who rely on the industry over there, and hope things turn around for them.
> 
> I hope the Australian Salmon industry experts are watching the situation closly so as to avoid the same mistakes,
> 
> One good point about the australian industry is that the number of farms is controled farming permits, So this should stop any industry players from putting the longterm sustainabilty at risk for shorterm profit.





You raise some valid points Tysonbossi.

The reason I found the article of interest is that it does open the door to producers such as Tassal who are looking to expand their export markets.
The issue of disease and environmental sustainability is an import one for Salmon producers, having said that, Tassal have very strict protocols in place to mitigate this risk exposure.


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## SoBadAtTrading (15 July 2009)

Seems to be trending down again the last few weeks. 
Wonder what's going on? It does seem to be trading between a band of 1.70 - 2.20.


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## truevalue (15 July 2009)

My biggest concern about Tassal is that Atlantic Salmon is not native to Tasmania and is therefore more damaging to the local environment (waste product and problematic if they escape). Not being local also means they are more susceptable to fishy diseases and are less likely to cope with changing water temperatures etc.

Having said that they have done a wonderful job since merging the two businesses together and proven that this business is viable when you have scale (Mark Ryan was the liquidator appointed to manage the assets dont forget when the company last went broke)

Ticks all the boxes re consumer demand etc. The balance sheet is in solid shape. I like it. I just wouldn't want to wake up and find half the inventory has dropped dead overnight due to an unknown illness.


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## pistol72 (15 July 2009)

i live in southern tassy and must admit that i take some interest in TGR allthough ive never held.you can clearly see that they are expanding.there is more activitty in the water(pens)the value adding plant is running a night shift,recently advertising for employment,a new hatchery bieng developed.a new salmon shop in town which seems to be doing quite well.
what concerns me is the quality,are they comprimising for quantity?imho the smoked salmon is way inferior to other high end salmon...texture flavour and appearance.the portions are reasonably priced according to quality.there local competitors product absoloutely kills them in quality even though the send there fish to SA for value adding.if you want to try an awesome smoked salmon ,have a crack at huon aquacultures product,hot and cold.
as for bieng envirementally friendly,i guess thats debateable.5 years ago you could go anywhere down here and catch a feed of flatties in an hour ,now you could spend 3 hours and not get a bite..hmmm,just an observation!
P


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## Rainmaker2000 (15 July 2009)

Thanks for sharing a local view....I understand TGR is now Tasmanias second largest employer (next too gunns)

I agree too that, for some reason, their quality is inferior to Huon........I really put that down to the Woolies supply chain........they treat food like absolute garbage.......and while relatively small quantities of Huon go through Woolies, TGR massive amounts must be bought opportunitically by Woolies and put on ice......my only guess....TGR's supply chain is very good but something is going wrong....

I notice too, TGR, the 'little devil's' have now slipped Tassie Salmon into the 100 gram Superior gold brand packs, which traditionally come from Norway.......Superior Gold is still bout 52% of packed market and a very strategic buy when you could raise capital at 2X today's share price

Compared to gunns, salmon industry is a godsen environmentally.....but I agree, what is environmentally friendly about this scenario....that's why I can't muster the sympathy for Chile, who have shown no respect for the fish or nature......I of course my have simpathy for any working people caught up in it, but knowing a bit about Chile's economy, it would be good if their working class were given a go in the first place!


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## doogie_goes_off (15 July 2009)

If you think there aren't dead zones and ecosystem skewness associated with fish farming then you havent been near one. Farming is farming, with the right scale of 'natural dilution' it's no real problem. I reckon Tassal is going to struggle to grow although I'm sure the market for the product is just fine. I would consider buying them if they started to diversify or acquire other performing assets in the seafood area.


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## tge oracle (16 July 2009)

A new article which may be of interest.

http://www.growfish.com.au/content.asp?ContentId=13658

As for some of the concerns about disease etc. I think Tassal's history speaks for itself. They have been producing for 6 years now and there have been no significant issues concerning the health of their stock.
Nearly all fauna and flora farmed / produced in Australia is not native to this country. Companies have manged to create viable and sustainable industries despite this impediment.

I have been invested since the float ( 50c ) and they have performed well during this period with a 25c in dividends in addition to capital appreciation of the share price.

They are at the next stage of their growth profile having essentially reached critical mass in the domestic market. This is one in which they will need to expand overseas, or, develop new product lines which may include other fish / marine species. If they can achieve this goal then we can look to a growth profile more like the trend from 06-08. Either way, I am anticpating slow but steady growth with returns above CPI and bank deposits.

Note; this is not a recommendation to buy, just my thoughts on the outlook for TGR.
DYOR.


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## copashark (20 July 2009)

thanks for the article on the chilean industry. This can only be good for tgr in terms of potential market growth over the medium term. . I've moved in on today's low, it looks oversold at the minute.


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## omac (20 July 2009)

I bought in a few weeks ago after having an eye on them for a while.

I believe that Australia has good protocols in place regarding biosecurity, disease treatment, density managment etc. As long as fish density doesn't become too high then disease shouldn't become a major issue. 

The impact to the brand if they were to overdevelop there assets would no doubt be very damaging, since they are selling on the environmental credentials of tassie, so I daresay the development would be closely monitored by the business and government alike (possibly a few greenies too?) 

Interesting to here the local view posted earlier, I am heading down this week, and am keen to check out the shop in Hobart and also compare to the competitors products. The frozen product I buy here from Safeway is pretty bloody good (I'm not a foodie though).
 Sad to here about the drop in flatties, but any activity will have an impact on the environment despite what marketing will say. Hopefully the impact isn't too bad, or not associated with the salmon farming (maybe you caught them all)


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## tge oracle (21 July 2009)

I have a few thoughts for consideration;

1. Walmart will stop buying Chilean Salmon so somebody will have to fill that shortfall. Walmart is the largest supermarket chain in the world so I imagine their Smoked Salmon purchases are considrable. I will be interested to hear how TGR's export plans are progressing.
2. The domestic economy is slowly recovering , high quality products such as Smoked Salmon will see increased consumption. As with employment, this will lag the earlier recovery signs. 
3. Pistol72 - The flatties are not what they were anywhere in Australia , not just Southern Tassie...come to NSW and you can spend all day and not get a bite! sign of the time's , I think, not aquaculture farming.


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## tge oracle (4 August 2009)

Another recent article pointing to a bright outlook for TGR.

The report suggests Salmon prices may rise by 20 percent this year and that there has been steady demand for Salmon products.
It will be interesting to see how TGR is performing when their results come out.

http://www.growfish.com.au/content.asp?ContentId=13756


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## dan-o (24 November 2009)

BRW has recommended this one in the most recent issue. Those who are following has anything much happened since the last post in August? SP is still near its 12 month low..


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## UMike (24 November 2009)

dan-o said:


> BRW has recommended this one in the most recent issue. Those who are following has anything much happened since the last post in August? SP is still near its 12 month low..



Yes quite a bit.
a fair drop after the Final reports. Then steady through annual reports to most recently a new CFO.

Finnally got 5,000 @$1.7 after watching it for a long time, got the 4c dividend. Slow and steady mover from now in I think.


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## omac (4 December 2009)

Interested on thoughts regrading the lagging share price. Im looking at topping up. Is websters still deciding what to do with their share or have they sold? I also remember reading that this years growth wasn't quite what some analysts expected but, I didnt think enough to make the SP stagnate as it has, not a bad thing when topping up though. Im reading all current announcements etc and results (present and future) seem to be good.

Any thoughts appreciated.


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## Bean0 (8 December 2009)

omac said:


> Interested on thoughts regrading the lagging share price. Im looking at topping up. Is websters still deciding what to do with their share or have they sold? I also remember reading that this years growth wasn't quite what some analysts expected but, I didnt think enough to make the SP stagnate as it has, not a bad thing when topping up though. Im reading all current announcements etc and results (present and future) seem to be good.
> 
> Any thoughts appreciated.




I have been a Forum member for some time, however this is my first post.  There was an article on Tassal on the ABC News today that may influence some the thinking of some people, either as comsumers or as shareholders.  Unfortunately I cannot post the link as I have not made my obligatory 5 posts as yet.  If you do an ABC news search using 'tassal' and 'suzuki' you should soon pick up the link. The article talks about Dr David Suzuki as being an industry detactor.  I am not sure what bias the article has but it is probably worth reading.  The article was linked with tonights 7.30 report but I did not see the show tonight.

By way of disclosure I am a holder of TGR stock.


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## UMike (9 December 2009)

Bean0 said:


> I have been a Forum member for some time, however this is my first post.  There was an article on Tassal on the ABC News today that may influence some the thinking of some people, either as comsumers or as shareholders.  Unfortunately I cannot post the link as I have not made my obligatory 5 posts as yet.  If you do an ABC news search using 'tassal' and 'suzuki' you should soon pick up the link. The article talks about Dr David Suzuki as being an industry detactor.  I am not sure what bias the article has but it is probably worth reading.  The article was linked with tonights 7.30 report but I did not see the show tonight.
> 
> By way of disclosure I am a holder of TGR stock.



Hi the link is here 

What do these greenies want ffs. To over fish the ocean or to attempt to find a sustainable way of life.

btw anyone who opens his argument like this


> Three years ago he fired the first shot in the salmon wars, berating the National Press Club for eating Tasmanian salmon during his speech.
> 
> "You all sat and chowed down on farmed salmon and obviously you don't give a s**t about what you're putting into your body," he said.



On unsuspecting yet generally knowledgeable people doesn't really deserve to be listened to anyways.

Yep I am also small TGR holder


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## omac (9 December 2009)

UMike

I think its something to be interested/concerned about. If you make your sales on environmental credentials, then you need to show you can farm sustainably otherwise it's hypocritical and consumers will see right through it. 

The antibiotics is a concern for me. While all animals need antibiotics from time to time overuse may lead to resistance and possible disease outbreaks. The article postulated they use the majority of antibiotics, but then they are 65% of the industry so that would stand to reason. The concentration is the concern  (units per L, fish per unit area, whatever the units used are) 

Development of vegetarian based pellets and reduction in antibiotics would be good things anyway (antibiotics aren't cheap).


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## Rainmaker2000 (9 December 2009)

I'm quite a big holder of this stock and also can boast a signed copy of Suzuki's autobiography on my bookshelf.....

The environmental integrity of salmon farming is a matter of business and ethical balance.......and unfortunately is a matter of delicate tradeoffs...

Farming a salmon at global low costs will by definition not be the 'environmentalist ideal'.......Tassal I'm guessing is not an environmentalist organisation........but I hope an organisation committed to expanding margins and replicating those margins in future growth....

For his activism and his contribution to environmentalism globally, Suzuki is nothing short of a god.......and he's entitled to continue to influence our overall system where he sees fit............

Unfortunately, until the consumer will pay a premium for environmental sustainability in line with Suzuki, it's not in Tassal's interests to deliver it...........

Instead Tassal will deliver the Tassal brand of environmentalism through their 'pure tassal brand' and genuine attempts to ensure Salmon production expands without us become Chile.........

I note that Tassal may well end up being a global leader in environmentally friendly Salmon farming........they are certainly putting much money into it...............but will their version of sustainability meet the test that experts like Suzuki would request.......probably not

Capitalism depends on the consumer 'giving a damn' and paying for it...........most of the time, the consumer does not care much

Does anyone one on this forum eat chicken?????I'm suggesting to you that you would not eat chicken if you saw how they are farmed

Not out of interest for their welfare, but your own.......and yet, the word keeps going......and people, lots of people eat the chicken that comes out of today's chicken factories


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## tge oracle (24 February 2010)

TGR have delivered solid results for the half year. It is not easy selling premium products during an economic downturn. Fortunately, this one was short lived and TGR should increase it's product sales and market penetration over the next year or two.
They are supported by a competent management team that has a clear/defined growth strategy which includes new product lines and overseas markets for their produce.

I continue to hold and expect to do so for the long term.

Note: DYOR , I am not a financial adviser and the above is my opinion only.


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## UMike (24 February 2010)

I also hold.

I thought the results were better than solid under the circumstances.

I will hold off getting more though atm.


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## robusta (11 March 2010)

Just wondering why the sp is heading south?
I am a small holder and new investor is Tassal out of fashion, too capital intensive or viewed to have limited growth potentual?


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## UMike (12 March 2010)

It has gone ex-dividend.... All of 4c.

Seemed to go down in sympathy with CSS. Or was that just a co-incidence.


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## tge oracle (19 March 2010)

I guess TGR has been affected, somewhat, by the negative sentiment torwards the aquaculture industry most notebly, AAQ,WKL,MPA and now CSS. 
Unlike those companies TGR has a well established product and market. The appreciating AUD is not helping either.
I taken advantage of the continued weakness in TGR to accumulate with the remaining funds I had from the sale of CSS. I was holding some in reserve just in case CSS could turn it's business around, sadly, this is unlikely to happen.
TGR has become compelling value in my opinion and will remain my one and only exposure to the listed aquaculture space.
Despite weakness over the past year or so , I am of the view that this trend will reverse over the course of this year and beyond as TGR expands it's domestic and international markets.

Note - I am a holder of TGR ( Long Term ). 
All my opinion only, DYOR. My opinions are not based of any particular facts just my own investment research and principles of value investing.


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## Bean0 (24 March 2010)

The TGR letter to ASX today that the CEO has sold down about 25% of his holding may have some bearing on things.  Lets hope no info, surrounding that sale, leaked out early - but one never does know??.  It would appear logical to me that an individual may need to balance their asset portfolio from time to time.  More likely that the CSS issues have depressed the sector generally.


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## Rainmaker2000 (25 March 2010)

This is an ongoing issue Mr Ryan appears to have......being a victim of his own success

From memory, the company gifted him 400 000 shares a few years ago......and the poor bugger has to keep satisfying the ATO around this time each year......I have a good education in tax law but I don't understand why this time each year

Anyway, as a large shareholder, I would be worried if Mr Ryan sold is stock at good times.......eg. when stock was 3 or 4$.......but his timing on the price has been just diabolical......and its not like he tries to pump share price......so I conclude.......its just an honest sell

Investors need to keep in mind that a director buying pretty much always is a good sign........but selling is unclear as directors are by necessity net sellers of stocks on the stockmarket since they usually pre acquire them before listing


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## jojoventure (8 June 2010)

TGR, a conservatively leveraged, low PE company with a 5 yr growth plan still in place, which seems to be on track.

Why is the stock price so low? is the market irrational, or is there something else behind this.

Is the company too traditional for the market of 2010 and yrs to come ?  
Will it rebound or will market players never be able notice this company? 
Is there any bad sentiment or anything residual from when the company went in receivership in 2002?

Just some of the questions that I have been asking myself lately. 

Oh also, will Mark Ryan, The CEO stay on for years to come or will he give in eventually?


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## Bean0 (9 June 2010)

It appears to me that agricultural stocks (& TGR tends to get lumped in to this category for some strange reason) seem to be on the nose at the moment.  NUF is another classic example that appears to be way undersold - I know the glyphosate over supply is a problem but, with all the old high cost stock gone and everyone now buying inputs at a lower cost, the margin will be back on track - sure volume will be down but that only requires a matching reducion of scale overheads.  ELD & AAC also have had their problems, and in deed would be much more problematic than well run companies like TGR & NUF.

The fact that TGR don't see export as a core market is often a worry, however many intensive farming sectors in Australia operate on the same assumptions.  They find it difficult to generate stable long term relationships and sales in OS markets - different social cultures and 'norms', currency fluctuations, quarantine issues, geographic barriers, etc  - issues that don't pose such a problem in the domestic market.

Disclosure: I hold TGR & NUF


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## oldblue (9 June 2010)

Added to which, problems with Clean Seas Tuna doesn't help perceptions of fish farming as a stable, profitable business. Nothing to do with TGR, but there it is!


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## pistol72 (9 June 2010)

some food for thought! a couple of weeks ago tassal had a write up in the local rag saying that they were going to produce canned salmon,produced from pt lincoln(SA)with a few pics and other general info re hatching facility ect(from memory).
why canned fish?maybe excess stock? supply outstriping demand?quality of fish in decline?(as in deformed and not good enough for portions or smoked).
genuine opportunity for growth?better margins?.will be interesing to see if the product gets to market,how its promoted.might give tassal some exposure.be lnice to get some other opinions.
fwiw,the employee carpark has been full during the day when ive passed and they are still running a small nightshift about a 1/4 to 1/3 of the daytime shift.the extension(decent size) looks to be getting used now, perhaps another smoker and more coolroom space.
as for the share price,it hasnt looked good for a while, the break below1.7 was extremely bearish,decending triange on the weekly had been penetrated then retested the ol support and as of yesterday had its lowest close in a couple of years.projected target of 1.1(medium term).P


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## jojoventure (9 June 2010)

pistol72 said:


> some food for thought! a couple of weeks ago tassal had a write up in the local rag saying that they were going to produce canned salmon,produced from pt lincoln(SA)with a few pics and other general info re hatching facility ect(from memory).
> why canned fish?maybe excess stock? supply outstriping demand?quality of fish in decline?(as in deformed and not good enough for portions or smoked).
> genuine opportunity for growth?better margins?



I am not sure if you are talking about the same kind of canned fish, but canned salmon is already available from Tassal on a quite large scale. And its actually of the best quality, I have compared it to johns west and Paramount, and its actually much tastier and it has no bones or skin. It is made in tasmania, and it goes for about $ 0.50 more than the competitors.

I was also checking out the fish market yesterday, and looking at its competitors.  Huon fisheries also had smoked salmon on sale, and from the box seemed like a very similar product to Tassal (they were next to each other) I am not sure about the provenance of the fresh Salmons(No tags) but the fresh ocean trouts on sale (similar to salmon) was from Petuna, its other direct competitor.

With the Aquisition of Premium gold, TGR market for smoked salmon is pretty dominant. 
I am just wondering if they will start a Marketing campaign on national TV and newspapers, that would certainly also enhance their dominant position. Maybe later.

Oh I also hold TGR, for the LT


----------



## pistol72 (10 June 2010)

cheers JJ
i must be a bit behind the times.i have not seen the canned fish in our local supermarkets or any promotion in the media.quite suprising really.
glad you liked the product,did they have many varieties?as for there competitors,i would suggest trying both products and petunas(smoked).down here the huon product is nearly twice the price on the shelf as tassals.
P .i dont hold


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## Tysonboss1 (30 September 2010)

robusta said:


> Just wondering why the sp is heading south?
> I am a small holder and new investor is Tassal out of fashion, too capital intensive or viewed to have limited growth potentual?




I have started buying TGR. Based on my analysis I have valued it at $1.52. and am accumulating at under this level.

At $1.52 it has a decent chance of offering an above average return for the next few years based on divdend and growth from reinvested earnings not paid out as dividends.

There is a posibility that it could trade as high as $1.90, people buying in at this level have a good chance of only seeing an average return over time, and should expect periods where the share price remains lower than their entry level (+plus expected return) for some time.

Any who purchases this stock for more that $2.00 based on current earnings and growth rates will achieve a below average return over time. at this price return will be mediocre / poor at best. and you should see the price linger under your entry level( + expected return) for long periods of time.


----------



## tge oracle (8 December 2010)

It looks like someone ( PEP ) has finally acknowledged the intrinsic value of TGR. Although the offer may appeal to some investors , in my view , it is opportunistic and long term investors would be far better served by TGR refusing the offer. There is substantial upside for all food producing companies, particularly aquaculture, over the coming years/decades and long term TGR investors will be well rewarded for their patience, I do concede however, short term investors and those requiring funds may find the offer appealing.


----------



## Tysonboss1 (8 December 2010)

Tysonboss1 said:


> There is a posibility that it could trade as high as $1.90, people buying in at this level have a good chance of only seeing an average return over time, and should expect periods where the share price remains lower than their entry level (+plus expected return) for some time.






tge oracle said:


> It looks like someone ( PEP ) has finally acknowledged the intrinsic value of TGR. Although the offer may appeal to some investors , in my view , it is opportunistic and long term investors would be far better served by TGR refusing the offer. There is substantial upside for all food producing companies, particularly aquaculture, over the coming years/decades and long term TGR investors will be well rewarded for their patience, I do concede however, short term investors and those requiring funds may find the offer appealing.




It was pretty interesting announcement,

Based on my analysis I identified the price of $1.90 as being the most that could be paid if the investors was to have a fair chance of receiving a sound return on investment. And this figure is also the upper limit the pacific capital have placed on their bid.

I think $1.90 would be a fair price for the company as it stands today. but I wouldn't sell, because as you mentioned it is a great little company and I would much prefer holding tassal stock as a sound investment than holding a fist full of dollars.


----------



## oldblue (9 December 2010)

WBA's holding of 20.5% in TGR is the key to the success or failure of PEP's bid.
No statement from WBA yet but at the recent AGM approval was given to directors to sell these shares. I wonder if they have been talking to PEP - yet?


----------



## UMike (9 December 2010)

oldblue said:


> WBA's holding of 20.5% in TGR is the key to the success or failure of PEP's bid.
> No statement from WBA yet but at the recent AGM approval was given to directors to sell these shares. I wonder if they have been talking to PEP - yet?



Ahh well

And here it is then 

*Sale of Tassal Group Limited shares*
Webster Limited today announced it has entered into a share sale agreement under which it has
agreed to sell its 19.8% holding in Tassal Group Limited to Pacific Andes Resources Development
Limited. The sale price is $1.79 per share. Completion of the sale of shares representing 14.9% of the
holding will take place on 7 January 2011, with the balance of the sale to complete following receipt
of all necessary approvals required under the Foreign Acquisitions and Takeovers Act.
Sale of shares in Tassal Group Limited was approved by shareholders at the October 2010 Annual
General Meeting of Webster Ltd.


----------



## Gnomes of Aussie (15 December 2010)

Did anyone of you guy know why Webster refuse to sell their Tassal to Pacific Equity Partner in $1.80 to $1.90 per share but agreed to PARD in $1.79?


----------



## Tysonboss1 (15 December 2010)

Gnomes of Aussie said:


> Did anyone of you guy know why Webster refuse to sell their Tassal to Pacific Equity Partner in $1.80 to $1.90 per share but agreed to PARD in $1.79?




Perhaps they were happy to take a slightly lower price in return for dumping the entire holding in one transaction, also it was $1.79 was a decent premium to it's trading value before the offer.


----------



## oldblue (16 December 2010)

WBA have been trying to sell their stake for a while now. Shareholder approval was given to directors to do this at, I think, the last AGM.

My impression is that they had a sale to PARD firmed up before the PEP deal came along and may now be committed to it.


----------



## tge oracle (23 February 2011)

Following on from my earlier post, I fully endorse the decision by TGR Management to pursue with their own strategic plan to 2015 rather than sell out to opportunistic entities at well below intrinsic value .

This decision will ensure maximum value is achieved for long term investors. 

Investors wishing to crystallize their capital may be disappointed though


----------



## Tysonboss1 (23 February 2011)

tge oracle said:


> Following on from my earlier post, I fully endorse the decision by TGR Management to pursue with their own strategic plan to 2015 rather than sell out to opportunistic entities at well below intrinsic value .
> 
> This decision will ensure maximum value is achieved for long term investors.
> 
> Investors wishing to crystallize their capital may be disappointed though




Agreed, But I don't like that they cancelled the dividend because of all this strategic review B/S. No that it's over they should have to pay a special divvy to make up for it.


----------



## UMike (23 February 2011)

Tysonboss1 said:


> Agreed, But I don't like that they cancelled the dividend because of all this strategic review B/S. No that it's over they should have to pay a special divvy to make up for it.



 fully agree to this. This is a long term dividend investment for me and I can see no sense for it to change that. esp if there is not an adverse reason for it.


----------



## Gringotts Bank (7 July 2011)

I had a dream about this company last night.  It was sitting atop a huge hill, about to descend.

Disclosure: no position, short or long.


----------



## Tysonboss1 (8 July 2011)

Gringotts Bank said:


> I had a dream about this company last night.  It was sitting atop a huge hill, about to descend.
> 
> Disclosure: no position, short or long.




It must be a re-run dream, cause TGR is already sitting in the bottom of the valley ( from a value perspective)


----------



## Gringotts Bank (8 July 2011)

Yeh could be.  I don't dream about stocks often.  Or maybe i do and just don't remember them.  As I say, I have no position, nor am I likely to have one at any stage.  Just wanted to log my dream here in case something happens and I turn out to be an amazing prophet!  :


----------



## Tysonboss1 (8 July 2011)

Gringotts Bank said:


> I don't dream about stocks often.




Me either, Mostly Zombies or Female soccer players.


----------



## breaker (9 July 2011)

Tysonboss1 said:


> Me either, Mostly Zombies or Female soccer players.




Zombies?


----------



## Tysonboss1 (9 July 2011)

breaker said:


> Zombies?




Yeah, I think my wife and I play to much call of duty black ops zombies.

Heres a taste of the game.

.


----------



## Tysonboss1 (17 August 2011)




----------



## Tysonboss1 (23 August 2011)

Pretty solid result from Tassal for the last financel year.

Profits were well up from last year.

To be honest I was not expecting such a good result, I thought the high australian dollar would have had a larger impact by allowing a flood of cheap imports to saturate the market. But the did well, I am happy to hold.


----------



## Sirloin Steak (24 November 2011)

Does anyone one else find any concern in the lack of cash on the balance sheet?
Could this have anything to do with the dividend reduction?

Thanks,
Chris


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## RBgO (6 August 2012)

*Tassal*

Hello all,

does anybody follow the Company Tassal?

I am from Europe and interested very much in the Salmon Industry which comes mainly from Norway.

By chance I stumbled on Tassal and would like to know more, especially why the price has come down so much...

This is my first posting here, so apologies if I do not know the customs...


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## RBgO (6 August 2012)

Is there still anyone here?

I would like to get an idea WHY the price has come down so much.

IMHO Tassal has during the current slump held up much better operatively than most if not all other salmon producers worldwide...


----------



## springhill (7 August 2012)

*Re: Tassal*



RBgO said:


> Hello all,
> 
> does anybody follow the Company Tassal?
> 
> ...




I know nothing of Tassal, but I can supply you with a link to their latest strategy session. Sorry I can't be of more help.
http://www.asx.com.au/asxpdf/20120718/pdf/427ggr9kcw7874.pdf


----------



## RBgO (7 August 2012)

*Re: Tassal*



springhill said:


> I know nothing of Tassal, but I can supply you with a link to their latest strategy session. Sorry I can't be of more help.
> http://www.asx.com.au/asxpdf/20120718/pdf/427ggr9kcw7874.pdf





Thanks a lot, just read that one before coming here.

I was travelling in Oz 2010 and 2011 and remember buying Tassal products often; they were very expensive but good and there were literally no import products.


----------



## Ijustnewit (7 August 2012)

*Re: Tassal*



RBgO said:


> Hello all,
> 
> does anybody follow the Company Tassal?
> 
> ...




Hi , Go to www.abc.net.au/news/ then go to the search box and type in tassal , you will get all the latest news about the Company about it's latest reports and the Company Directors quitting in April 2012.
They are a Tasmanian Company and have a huge local following , magnificent products and seem to export allot of various products to the Mainland for sale. The Tasmanian State economy is not in great shape and this affecting many Tasmanian businesses not only Tassal. Hope this helps.


----------



## RBgO (7 August 2012)

*Re: Tassal*



Ijustnewit said:


> Hi , Go to www.abc.net.au/news/ then go to the search box and type in tassal , you will get all the latest news about the Company about it's latest reports and the Company Directors quitting in April 2012.
> They are a Tasmanian Company and have a huge local following , magnificent products and seem to export allot of various products to the Mainland for sale. The Tasmanian State economy is not in great shape and this affecting many Tasmanian businesses not only Tassal. Hope this helps.




Thx a lot, this helps.

Might seem that the Pacific Andes Move was not received well at the ASX.

Actually that's how I stumbled upon Tassal.

For me that would not be a negative.

Almost every other company I know had a very bad 2011: Marine Harvest, Grieg, Salmar, Leroy, Austevoll, Morpol, Cermaq,...


----------



## RBgO (31 August 2012)

FY figures came out last week; I am satisfied so far.

Had bought a small first position before.


----------



## craft (20 June 2013)

http://www.bloomberg.com/news/2013-06-19/world-fish-prices-climb-to-record-on-demand-for-salmon-and-tuna.html

TGR’s business is structured to be profitable on just domestic consumption and can basically take or leave the export market depending on price, all the same Record fish prices and a falling dollar is not a bad sort of tail wind. 

One potential problem with a lower dollar is it will make it easier for Pacific Andes to clean them up – they already have a stated creep policy in place.


----------



## piggybank (21 August 2013)

The chart isn't looking too bad either..........


----------



## tech/a (21 August 2013)

It is pretty!


----------



## piggybank (21 August 2013)

tech/a said:


> It is pretty!




The fish tail?


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## UMike (4 September 2013)

Done... 

Out @ $3.11

Been a nice little 2 bagger plus divies. 
Probably up on the propsect Of the Libs winning the upcomming General election.

No need to eat Salmon as often now.


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## green8cre (26 September 2013)

Engaged in the sale of Finfish. Other activities include hatching, farming processing, sales and marketing of Atlantic Salmon. Can be found in fresh fish shops, and Woolworths and Coles supermarkets throughout Australia. Products range include smoked range, frozen range, canned range, hot smoked range, and smallgoods range.

25/09/2013: Tassal Group Ltd Announces Ownership Interest Of Allan Gray Australia Pty Ltd And Its Related Corporate Bodies
Tassal Group Ltd announced that Allan Gray Australia Pty Ltd And Its Related Corporate Bodies holds 25,365,337 person's votes which represents 17.31% of the voting power of the Company.

Share price has doubled since January 2013 to $3.10, steadily increasing production and has established a stable earnings level for the past five years.

1 yr trailing return of 138.6% with a PE Ratio of 13.51, Market cap (AUD) of 454.17m

Highly recommend this stock, explosive earnings, strong balance sheet and management. Target Price: 3.20


----------



## UMike (27 September 2013)

Pays a resonable and increasing dividend also.

I feel Lucky to get back into this stock at $2.91 Last Friday.


----------



## UMike (23 October 2013)

Out today at $3.41.....

Hoping for a dip but with the buyers out numbering sellers 2-3 fold I might be waiting a while.


----------



## UMike (31 December 2013)

In (Late October) and Out today @ $3.28.

Seems to have a floor of about $3 and bounces Around the high $3.20s.

Been my best share this year.... Hope it dose the same behaviours in 2014


----------



## Value Collector (16 January 2014)

UMike said:


> Been my best share this year




Same, i have held this stock for a few years now, got in @ $1.50 I am happy to hold, i think we should see an incremental increase in earnings over the next few years, And the share price should move with it.


----------



## piggybank (4 February 2014)

Up 130% in the past year alone, Tassal Group’s (ASX: TGR) investment strategy, which focuses on delivering quality fresh salmon to the domestic market instead of focusing on volatile export markets, has been well received by investors. As the company transitions to its new growth model in 2014, earnings can be expected to remain largely flat, but in coming years could jump significantly. Paying a 3.5% dividend (which will likely increase in 2014) Tassal deserves a spot on your long-term watch list.....

http://finance.ninemsn.com.au/newsbusiness/motley/8773720/5-growth-stocks-investors-cannot-ignore


​


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## DrapSnagon (6 February 2014)

GRRRR

This has been on my watchlist since mid-2012 and never once has it fallen far enough to confirm a buy. Not even intraday.

Sad really, because taking the plunge around 130c would have turned out to be an inspirational move. Still, rules are rules [even self-imposed ones], so all I can do now is b1tch in a forum such as this about missing it .

FWIW, my current trigger for it {updated daily} is 327c, so any substantial holders out there willing to throw me some crumbs at this level or below, feel free  

Until the model revalues it, of course.

Congratulations to those who bit the bullet this time last year.

Snap

PS:- And, while I'm a consumer of products on offer from companies like banks, as well as an investor in them, I don't actually get all red-faced and excited every time I visit an ATM. With Tassal , I'm sure that you existing shareholders take just a little extra pleasure from that last salmon cutlet, or smoked fillet or whatever. One day, I hope to join you


----------



## piggybank (4 March 2014)

Daily P&F Update:-

​


----------



## craft (5 March 2014)

Fish waste currently sold to 3rd party contractor. TGR has received conditional approval to build their own facilities to be able to value add.



> Tassal has received a green light from the Environmental Protection Agency to build and operate an AUD 11 million (USD 9.9 million, EUR 7.2 million) fish factory near Triabunna ”” a likely boost for locals hit hard by the collapse of the forestry industry. The factory, 5km north of the town on the Tasman Highway, will process all the fish waste generated in Tasmania ”” up to 20,000 metric tons ”” into fish oils, health products and fish feed


----------



## VSntchr (5 March 2014)

They use the fish waste from FARMED fish to create fish oil and "health products"? 

Not a fan of farming fish, on the surface it may seem more sustainable but it really isn't.


----------



## craft (5 March 2014)

VSntchr said:


> They use the fish waste from FARMED fish to create fish oil and "health products"?
> 
> Not a fan of farming fish, on the surface it may seem more sustainable but it really isn't.




There are environmental concerns as there is with any agriculture. Farmed salmon is defiantly a luxury item that has more environmental impact then eating some other fish stocks. Really, the same can be said for any farmed meat – On environmental grounds we should all probably be vegetarians – Don’t think that’s going to happen, so it’s about how it’s managed.

Interestingly, Tasmania has a very strong environmental movement and for the most part Tassal has achieved and continues to hold a social licence to operate (unlike forestry). It says a lot about how they approach and manage environmental issues.


----------



## Value Collector (5 March 2014)

VSntchr said:


> They use the fish waste from FARMED fish to create fish oil and "health products"?
> 
> Not a fan of farming fish, on the surface it may seem more sustainable but it really isn't.




What part of Tassal's operations would you consider unsustainable? 

p.s

They use "waste fish" left over from both the farming and regular fishing industry to make fish oil, not fish waste( saying "fish waste" instead of waste fish might make people think you mean fish poo)

They also catch a lot of wild sardines and other forage fish to make fish oil.


----------



## VSntchr (5 March 2014)

craft said:


> There are environmental concerns as there is with any agriculture. Farmed salmon is defiantly a luxury item that has more environmental impact then eating some other fish stocks. Really, the same can be said for any farmed meat – On environmental grounds we should all probably be vegetarians – Don’t think that’s going to happen, so it’s about how it’s managed.





I don't eat any farmed meat. Well, to some extent its farmed..but its all open pasture grass fed that I buy in bulk (a half cow/lamb at a time.
I've looked into the ethics of meat consumption after being vegetarian for a period of time and the likes of Joel Salatin, Paul Chek and others gave me a great insight into sustainable farming and how it is actually far more sustainable than agriculture based vegetarian diets. Way off topic now and don't want to start an argument with any fuming vego's reading this so I'll stop.

Value Collector, I haven't looked specifically at Tassals operations but if your interested do some research on the Norwegian Salmon Farms in Canada and the devastation it has caused to the surrounding populations of natural salmon. As an aside, have a look at what they are feeding the salmon...and remember you are what you eat!


----------



## craft (5 March 2014)

VSntchr said:


> I don't eat any farmed meat. Well, to some extent its farmed..but its all open pasture grass fed that I buy in bulk (a half cow/lamb at a time.
> I've looked into the ethics of meat consumption after being vegetarian for a period of time and the likes of Joel Salatin, Paul Chek and others gave me a great insight into sustainable farming and how it is actually far more sustainable than agriculture based vegetarian diets. Way off topic now and don't want to start an argument with any fuming vego's reading this so I'll stop.
> 
> Value Collector, I haven't looked specifically at Tassals operations but if your interested do some research on the Norwegian Salmon Farms in Canada and the devastation it has caused to the surrounding populations of natural salmon. As an aside, have a look at what they are feeding the salmon...*and remember you are what you eat*!




Crap - I just ate some nuts.

VS - if you ever get around to it (ignoring the bigger question of whether we should eat salmon or not in the first place - given that somebody somewhere will meet the demand.) See what you think of how Tassal handles the environmental aspects. I would appreciate your thoughts.

Cheers


----------



## craft (5 March 2014)

There is a wealth of environmental and sustainability information on TGR’s website for those interested.

http://www.tassal.com.au/sustainability.html

Including the annual sustainability reports.
http://www.republicast.com/publications/66c140edc03347f9ace4433bcc76c15a/#p=1&c=0&v=1








> "We are proud of our partnership with Tassal, a company which is demonstrating leadership to mitigate the environment impacts of aquaculture. Poorly managed aquaculture operations can have impacts on our marine species and environments. But when done properly, aquaculture can indeed take pressure off marine ecosystems by reducing exploitation on wild caught fisheries. Tassal may be one of the first salmon farms in the world to be deemed responsible through ASC certification  -  an independent and scientific certification process. I would like to congratulate Tassal on their continued efforts, and look forward to working in partnership over the coming years"



_Dermot O'Gorman, Chief Executive Officer, WWF-Australia_


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## Value Collector (5 March 2014)

VSntchr said:


> .
> 
> Value Collector, I haven't looked specifically at Tassals operations !




Well perhaps you shouldn't make bold statements that their operations are unsustainable.



> but if your interested do some research on the Norwegian Salmon Farms in Canada and the devastation it has caused to the surrounding populations of natural salmon.




Does Tasmania have natural population of Atlantic salmon?

You have to be careful with your "holy than thou" assumption with your source of protein, Even your grass fed beef has an impact, the clearing of land to grow pasture offsets a certain amount of natural habitat for native animals. 

I went driving on the weekend through some of rural nsw, beautiful landscapes with rolling hills of cleared pasture with cattle grazing, but to think it was all once natural bushland with a great diversity of native species shows the cattle industry has a big impact also.



> As an aside, have a look at what they are feeding the salmon...and remember you are what you eat




They feed them a nutritionally rich pellet made by ridley corp, Its main imputs are as followed.

1, Fish oil and fish meal sourced from waste fish from the fish processing industry ie, the left over bits from when you purchase a prime fillet of fish

2, fish oil and fish meal sourced from direct fishing of forage fish ie, they fish sardines especially to be processed into fish meal and oil.

3, Grains ie, corn, wheat, flax seed etc

4, Protein and fat from the poultry industry ie, the bits left over once the breast and thighs are removed.

Seems ok to me.

Not to mention salmon has one of the best feed conversion rates of any of the major proteins we eat, because they are cold blooded.


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## pixel (5 March 2014)

craft said:


> There are environmental concerns as there is with any agriculture. *Farmed salmon is defiantly a luxury item that has more environmental impact then eating some other fish stocks.* Really, the same can be said for any farmed meat – On environmental grounds we should all probably be vegetarians – Don’t think that’s going to happen, so it’s about how it’s managed.




Salmon a luxury item? I'll definitely defy any such claims - just compare kilo prices of Salmon to Snapper and other trawled species at your local fish counter. (Of course, you can eat Basa or other Catfish caught in the Mekong or thereabouts for less. But I'm sure we're not talking about that ...)

Agree with you on the rest though, especially the need for managing the environment. Having had a closer look during my last visit to Tasmania, I'm impressed about the way Tassal are handling that side of their business. 
It seems the Market sees it similarly, if the chart is anything to go by:




PS - Thanks ValueCollector: My thoughts exactly.


----------



## craft (5 March 2014)

Value Collector said:


> Well perhaps you shouldn't make bold statements that their operations are unsustainable.
> 
> 
> 
> ...




Value Collector or should I say TysonBoss1

How about easing up a bit. There are legitimate environmental concerns and VS has every right to raise them without being accused of being "holier than thou"

How they are being managed I think stands TGR in good stead.


----------



## craft (5 March 2014)

pixel said:


> Salmon a luxury item? I'll definitely defy any such claims




I meant it in terms of kilogram input per Kilogram of output. Just on an environmental basis we would be better off eating the fish used in making the fishmeal (sardines etc) then eating salmon hence its an environmental luxury.


----------



## pixel (5 March 2014)

craft said:


> I meant it in terms of kilogram input per Kilogram of output. Just on an environmental basis we would be better off eating the fish used in making the fishmeal (sardines etc) then eating salmon hence its an environmental luxury.




OK craft, I missed that aspect.
Sure, there are a lot more alternatives that we could eat and drink. Our WA Government even wants us to drink recycled sewage. Neither that nor the offer to eat baitfish appeal to me. I prefer steak and salmon, washed down with a nice Shiraz or Pinot.


----------



## VSntchr (5 March 2014)

VC - I see your points and I understand I may have been a bit rash with my statements without extensive research of this particular company. As you are (and rightly so) keeping the argument strictly to TGR I don't think there's much point defending myself further in this thread as it's off topic. I'd be happy to continue in another thread if your so inclined. Cheers.


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## Smurf1976 (5 March 2014)

Something always intrigues me about these environmental debates and it is this.

However sustainable or unsustainable Tassal's operations may be, they are absolutely more sustainable than any of the many mining, oil / gas, transport and consumer discretionary companies listed on the ASX.

And yet I don't see too much (or in most cases any) mention of the environment on the many threads related to those companies. So why the focus on the comparatively benign Tassal?


----------



## VSntchr (5 March 2014)

My main problem actually isn't really with the sustainability of the practice, although I mentioned that in my post - my concern comes (perhaps selfishly) from an individual health perspective. Doesn't bother me too much, I just choose not to consume it..


----------



## pixel (7 March 2014)

Alan Gray connections have sold about 1 1/2 Million shares:
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01498631

Would it be worse if John West rejected them? :
We'll have to monitor the notes for an indication of further sales; so far, AG still holds more than 10%.


----------



## piggybank (3 April 2014)

P&F Daily Update:-


​


----------



## craft (29 May 2014)

Asian seafood giant Pacific Andes is selling a 17.1 per cent stake in Tassal Group through broker UBS.

UBS contacted fund managers after market close on Thursday offering 25 million shares at $3.65 each.

Interesting to see if they move it all. Sale will Leave PARD with 5.5% which they have agreed not to sell for at least 180 days.


----------



## craft (30 May 2014)

Looks like they got them sold no problems.
http://www.asx.com.au/asxpdf/20140530/pdf/42py0r62mv0s10.pdf

I’ve e been following this parcel for quite a while, buying into WBA when you could get the whole company for less than the market value of the depressed price TGR holding – When WBA wanted to sell to expand their Walnut business they couldn’t give them away to fund managers and had to search high and low for an industry player to take the stake.

I think PARD at least at one stage would have liked to take control of TGR but you just have to look at the performance of the two respective businesses to see it got beyond them.

TGR is now free to fly (swim) and make its own destiny, which pleases me greatly.


----------



## Ijustnewit (24 July 2014)

Just released news  from Tassie about Tassal Group. Great news for the Tassie economy and those in the struggling seaside town of Triabunna (you also may have seen the recently published news about the Mayor saying the place was full of Bogans). Anyways things have been grim up that way since the closure of the wood chip mill , which was bought out by former Kathmandu owner Jan Cameron . 

http://www.abc.net.au/news/2014-07-...ocessing-plant/5621466?WT.ac=localnews_hobart


http://www.abc.net.au/news/2014-07-...y-product-factory/5620930?WT.ac=statenews_tas

http://www.abc.net.au/news/2014-07-09/cadart-dodges-no-confidence-vote/5583098


----------



## kmlk (3 November 2014)

Big volume movement, and the 10DMA just crossed 30DMA, I just purchased this stock

is this a buy signal?


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## tge oracle (27 April 2015)

I never thought that an opportunity to acquire TGR and HUO shares at, what I regard, a reasonable price would eventuate anytime soon, but here we are, with a sham Greens senate enquiry and short term price adjustment due to Norwegian dumping and both entities are becoming very attractive investments most likely, ultimately, to overseas suitors. I have always invested on the premise of sustained long term growth profiles when choosing companies to invest in, however, in the case of TGR and HUO I see significant takeover/acquisition opportunities for global salmon producers. I regard the paramount risk in aquaculture is disease/virus infections in stock and this can have devastating results. For those of you who remember Western Kingfish ( WKL ), it destroyed the company. The best defense against this risk is biological isolation. This is achieved by farming in different geographical locations throughout the world and is the reason Marine Harvest ( worlds largest salmon producer ) has salmon farms in Norway, Chile, Scotland and Canada. Tasmania provides another level on biological security for global salmon producers in the event of disease/virus. Additionally, TGR and HUO are high quality / environmentally responsible aquaculture companies with unique access to the Australian market. The opportunity for a global player to move may be short lived as I am of a view that the Green’s senate enquiry will leave TGR and HUO smelling of roses and will, in fact, add to their credentials as ethical and environmentally responsible aquaculture companies. The value of these entities will correct to reflect this realization and a unique investing opportunity will be lost.
I am a investor in both companies and using this price weakness to accumulate more stock.

Disc- Opinion only, Invested in TGR and HUO (presently increasing holdings due to price weakness), DYOR.


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## skc (27 April 2015)

tge oracle said:


> I never thought that an opportunity to acquire TGR and HUO shares at, what I regard, a reasonable price would eventuate anytime soon, but here we are, with a sham Greens senate enquiry and short term price adjustment due to Norwegian dumping and both entities are becoming very attractive investments most likely, ultimately, to overseas suitors. I have always invested on the premise of sustained long term growth profiles when choosing companies to invest in, however, in the case of TGR and HUO I see significant takeover/acquisition opportunities for global salmon producers. I regard the paramount risk in aquaculture is disease/virus infections in stock and this can have devastating results. For those of you who remember Western Kingfish ( WKL ), it destroyed the company. The best defense against this risk is biological isolation. This is achieved by farming in different geographical locations throughout the world and is the reason Marine Harvest ( worlds largest salmon producer ) has salmon farms in Norway, Chile, Scotland and Canada. Tasmania provides another level on biological security for global salmon producers in the event of disease/virus. Additionally, TGR and HUO are high quality / environmentally responsible aquaculture companies with unique access to the Australian market. The opportunity for a global player to move may be short lived as I am of a view that the Green’s senate enquiry will leave TGR and HUO smelling of roses and will, in fact, add to their credentials as ethical and environmentally responsible aquaculture companies. The value of these entities will correct to reflect this realization and a unique investing opportunity will be lost.
> I am a investor in both companies and using this price weakness to accumulate more stock.
> 
> Disc- Opinion only, Invested in TGR and HUO (presently increasing holdings due to price weakness), DYOR.




IMO... the senate inquiry is NOT solely a scientific fact finding process. It is a political process. It's anyone's guess how TGR and HUO will come out smelling (probably more like fish than roses, if you ask me). 

It would take a very risk-seeking overseas buyer to acquire these businesses whilst the inquiry is ongoing. If nothing else it simply highlight's Australia's soverign (aka political) risks to foreign investors. 

Current prices may represent good buying opportunities... but it can only be determined through hindsight afterthe washout of the inquiry. 

All the best with your investments.


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## galumay (28 April 2015)

I bought TGR for my SMSF today, I am comfortable that I am buying them with a sufficient margin of safety below their IV. I have been studying them for a while, mainly as an exercise to understand better the mechanics of FCFE calculations and therefore a DCF valuation. Whilst in that process they fell further following HUO's notice to the market about falling profit due to Norwegian Salmon being boycotted by the Russians.

When I looked into this it seemed to me that firstly the market had overpriced the impact, and secondly when I dug a bit deeper I found the boycott is due to finish in August and the concensus seems to be it will not be reinstated.

This is one of the articles, http://www.seafoodsource.com/all-co...afood-exports-unscathed-by-russia-s-trade-ban

Todays release to investors from Tassal suggests the impact to their business is a lot less than HUO's as well.

The other risk overhanging the business is the Senate enquiry mentioned by skc above, my reading of that is that its not very likely there will be a negative impact come out of it. Again, more in depth research suggests to me that given the Feds dont even have juridstriction over the fishing licences, and there seems to be very little base to any claims of damage to other aquaculture activities, the enquiry may well end up going nowhere. TGR have worked very hard to gain their environmental credentials including the certification with WWF. 

Again I believe it may well prove to be that the market has mispriced this risk as well.

Long term its an industry that I would expect to provide solid growth for investors and TGR seem to be a world class producer.

When I inverted the current price to see what assumptions that implied for the market, I had to assume a drop in earnings of around 30% - that seems unlikely to me.


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## piggybank (2 May 2015)

It came up on my scan last night.

Although technically it is still in a downtrend yesterday's action saw it moved up just over 2%. This confirmed a double bottom had been formed, although the volume was down in comparison to recent days.

​
The latest release to the market was = PAC Partners - Tassal Group Limited Presentation which can be read here:-
http://www.stocknessmonster.com/news-item?S=TGR&E=ASX&N=422409

*Please Note* - This is only my opinion and for those who are thinking of either buying or selling this stock should do your own research.


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## craft (1 July 2015)

A bit of news regarding retail agreements with WOW & Aldi and execution of DeCosti purchase agreement seems to have woken TGR up.


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## galumay (1 July 2015)

craft said:


> A bit of news regarding retail agreements with WOW & Aldi and execution of DeCosti purchase agreement seems to have woken TGR up.




Yes, the negative news around the enquiry into environmental effect and the effects of the boycott of Norwegian salmon had depressed the TGR price below my calculation of range of fair value. Neither looked like being a large risk to TGR and I bought in a couple of months ago. 

They had started to show some life after i bought them although obviously got dragged down with the overall market in recent weeks. It nice to have some good news and a positive reaction from the market!


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## UMike (2 July 2015)

craft said:


> A bit of news regarding retail agreements with WOW & Aldi and execution of DeCosti purchase agreement seems to have woken TGR up.



 Yea.... Overseas atm and they went below my buy in price.

Didn't act on it unfortunately.

Good solid company.


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## tge oracle (1 August 2015)

Further to my earlier prediction concerning Australian aquaculture being in demand by potential suitors , this article was in today's Australian.

http://www.theaustralian.com.au/busi...-1227465448026

Disc - Opionion only. Invested in TGR ( hold ) , CSS ( hold ) and HUO ( accumulating ).DYOR


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## tinhat (1 August 2015)

tge oracle said:


> Further to my earlier prediction concerning Australian aquaculture being in demand by potential suitors , this article was in today's Australian.
> 
> http://www.theaustralian.com.au/busi...-1227465448026
> 
> Disc - Opionion only. Invested in TGR ( hold ) , CSS ( hold ) and HUO ( accumulating ).DYOR




unfortunately, that link is broken.

http://www.theaustralian.com.au/bus...g-in-costa-stake/story-fn91v9q3-1227465448026


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## peter2 (8 September 2015)

Weekly and daily trends are UP.  
Weekly chart shows bullish outside reversal bar (key reversal) two bars ago. 
Daily chart shows resistance at 3.85 level with a higher low (HL).

This stock has been very strong against the XAO index (light gray line in pics) and I'm interested in a close >3.85. A trader with a medium term outlook could buy now (and earn the div) and place their SL below the weekly ORB.


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## tge oracle (5 October 2015)

I have attached a quote from legendary investor Carl Icahn from an article on the front page of today’s SMH. He is very bearish on the world economy and, in particular, Australia. He does, however, single out agriculture ( presumably also aquaculture ) as a bright spot in Australia’s future. I have not posted the full article but it is worth a read.

Quote: 

“For Australia, the end of the China-led commodities boom does not spell an end to China-led export growth. Agriculture represents a huge opportunity, as do services and education, while China's need for commodities will never be modest.”


For full article follow link:

http://www.smh.com.au/comment/a-glo...h-us-down-the-wrong-path-20151002-gjzuu8.html



Disc – Invested in MGC, AAC, CGC, WBA, TGR, HUO and CSS


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## craft (4 December 2015)

> Tasmanian salmon producer Tassal has been benchmarked as the world’s top seafood company in an international report that benchmarks the world’s top 100 companies for sustainability reporting and transparency.




I don’t know how much weight the  seafoodintelligence.com report carries but surely its better to come first than last.  Company thought it worth a ASX release.

http://www.asx.com.au/asxpdf/20151202/pdf/433jcdlddskdnn.pdf

ps did anybody hear what came of the senate inquiry into the environmental impact of salmon farming? -perhaps it hasn't reported yet - or more likely a storm in a tea cup, whatever its obviously missed my radar.


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## galumay (7 December 2015)

> ps did anybody hear what came of the senate inquiry into the environmental impact of salmon farming? -perhaps it hasn't reported yet - or more likely a storm in a tea cup, whatever its obviously missed my radar.




http://www.abc.net.au/news/2015-08-21/senate-inquiry-backs-tasmania's-salmon-industry/6716076

yep, storm in a teacup! One of my better performers this year!


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## craft (3 June 2016)

Its nice to see Tassal putting in some yards for their employees.

http://www.asx.com.au/asxpdf/20160603/pdf/437ny73hr938r6.pdf



> We are part of the community - it is part of our social licence




I give this philosophy a big tick.


I also noted they have been nominated for another environment award.



> TASSAL has been named a finalist in the business category of the United Nations Association of Australia World Environment Day awards.





> FINALIST: Tassal Operations Pty Ltd, Sustainability – It’s How We Do Business (TAS)




http://www.theadvocate.com.au/story/3923222/tassal-finalist-in-un-environment-awards/


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## Value Collector (3 June 2016)

craft said:


> Its nice to see Tassal putting in some yards for their employees.
> 
> http://www.asx.com.au/asxpdf/20160603/pdf/437ny73hr938r6.pdf
> 
> ...




Isn't the announcement just basically saying "instead of sending out Margate production to Coles, we are now sending it to Woolworths"?


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## Klogg (3 June 2016)

Value Collector said:


> Isn't the announcement just basically saying "instead of sending out Margate production to Coles, we are now sending it to Woolworths"?




Yes, but you're racking up goodwill with the community.
And chances are there is a cost in moving operations for Woolies distribution from current location to Margate. So there would be a cost, but it's well played by management.


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## Value Collector (4 June 2016)

Klogg said:


> Yes, but you're racking up goodwill with the community.
> And chances are there is a cost in moving operations for Woolies distribution from current location to Margate. So there would be a cost, but it's well played by management.




I don't think there will be extra costs, the Margate plant currently produces salmon portions for Coles, the coles contact has finished, so now it will continue producing portions but instead send them to woollies, not much will change that I can see.

It just frees up some capacity at the lidcome facility to pack more branded product, which would be higher margin than the Coles contract. I think losing the Coles contract was probably a strategic win, frees up Tassal salmon and production capacity for a higher value market, and handballs the low bid to a competitor.


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## craft (4 June 2016)

Value Collector said:


> I don't think there will be extra costs, the Margate plant currently produces salmon portions for Coles, the coles contact has finished, so now it will continue producing portions but instead send them to woollies, not much will change that I can see.
> 
> It just frees up some capacity at the lidcome facility to pack more branded product, which would be higher margin than the Coles contract. I think losing the Coles contract was probably a strategic win, frees up Tassal salmon and production capacity for a higher value market, and handballs the low bid to a competitor.




Tyson

They didn't lose the Coles  contact, they withdrew from the tender as they wished to redirect volume to other areas to maximise returns. See 7 April announcement.


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## McLovin (1 November 2016)

Did anyone watch Four Corners last night? That seemed like a giant stitch up of TGR. The CEO of a company with a sketchy environmental past (that wasn't even mentioned) gets on TV and accuses TGR, WWF, ASC, the Tasmanian government and the EPA of all being cahoots and covering up an environmental disaster. I expect better from the ABC.

Or did I miss something?


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## Klogg (1 November 2016)

McLovin said:


> Did anyone watch Four Corners last night? That seemed like a giant stitch up of TGR. The CEO of a company with a sketchy environmental past (that wasn't even mentioned) gets on TV and accuses TGR, WWF, ASC, the Tasmanian government and the EPA of all being cahoots and covering up an environmental disaster. I expect better from the ABC.
> 
> Or did I miss something?




I watched it and thought the exact same thing, it was laughable. None of the 'evidence' was worthwhile, nor was there any real science in it. As you mention, Huon has a history of breaching standards (see ann by TGR on 16/12/15). On top of that, she (HUO director) claims that the WWF didn't want to be associated with Huon, even if they wanted to work together on environmental issues...

Of course if you have no background on it, you'd be inclined to believe the 4corners report.


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## craft (1 November 2016)

Klogg said:


> I watched it and thought the exact same thing, it was laughable. None of the 'evidence' was worthwhile, nor was there any real science in it. As you mention, Huon has a history of breaching standards (see ann by TGR on 16/12/15). On top of that, she (HUO director) claims that the WWF didn't want to be associated with Huon, even if they wanted to work together on environmental issues...
> 
> Of course if you have no background on it, you'd be inclined to believe the 4corners report.




It was quite a stitch-up of Tassal. Not a balanced debate at all which is a shame because there are certainly legitimate pros and cons of the industry that would make a good debate?  
There are people passionately opposed and there are real benefits from the industry.

Overall it seemed quite misrepresentative of Tassal from my research but then I’m obviously not an investigative journalist.  

And what is Huon’s story? Like a Chihuaha picking fights first with its food supplier who it refuses to pay and now it would seem with the rest of the industry.  They probably have worked out that their investment in high energy offshore farming is never going to be competitive against Tassal’s business plan and positioning.  So what do they do?  Whip up some environmental fundamentalism, portraying themselves as the good guys and Tassal as the bad guys probably hoping that fear and unfounded beliefs over science pushes all other competitors further off shore and incur the same expenses and economies Huon is exposed to. 

If world best practice Fish Farming balancing economics and environment can’t occur in Tasmania – then just shoot us and put us out of our misery- actually get rid of two thirds+ of the worlds population while your at it if you don't want intensive agriculture because you cant sustain them 'naturally'   Let’s by all means have sensible debate backed up by science and I’m all for acting responsibly for the environment, but crap sensationalism which knowingly or otherwise promotes one companies economic agenda is a bit disappointing from 4 Corners.  

Tassal and Skretting (fish feed producer) have both put out media releases following the 4corners story with the sort of information that I would have thought should have been in a program with balanced representation of the industry. 

As far as business impact goes, some of the mud will stick – might even affect demand to some degree but economically it small bickies compared to something like the supply implications of last summer’s water temperatures.

I still think Tassal is a good responsible business - But that's probably because I'm biased.


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## So_Cynical (1 November 2016)

I can understand the flushing issues with Macquarie Harbour, its still a new industry and there are lessons to be learned and if i had a million dollar sea view i certainly wouldn't want it polluted with salmon pens.

Not big issues, a bit of a beat up.


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## galumay (2 November 2016)

I thought the episode was oddly unbalanced for 4 Corners, normally the standard of investigation and journalism is much higher on 4 Corners. No matter, I don't think it will have any consequences, the claims made were easily refuted.


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## pixel (2 November 2016)

craft said:


> It was quite a stitch-up of Tassal. Not a balanced debate at all which is a shame because there are certainly legitimate pros and cons of the industry that would make a good debate?
> There are people passionately opposed and there are real benefits from the industry.
> 
> Overall it seemed quite misrepresentative of Tassal from my research but then I’m obviously not an investigative journalist.
> ...




I had a quick look at the segment through iView, and gathered the same impression: A beat-up.
Generally, I find ABC's journalism above the industry standard - think ACA, yuck!

But sometimes, their Left-leaning intellectualism can let them down and produce ludicrously imbalanced and distorted presentations. Of course, minnows like Huon recognise that and milk it to suit their ends. A bit of Social Media irresponsibility creeps into the picture. Remember the stink they created for Live Export?


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## craft (2 November 2016)

pixel said:


> I had a quick look at the segment through iView, and gathered the same impression: A beat-up.
> Generally, I find ABC's journalism above the industry standard - think ACA, yuck!
> 
> But sometimes, their Left-leaning intellectualism can let them down and produce ludicrously imbalanced and distorted presentations. Of course, minnows like Huon recognise that and milk it to suit their ends. A bit of Social Media irresponsibility creeps into the picture. Remember the stink they created for Live Export?




I don't know about left leaning intellectualism as the cause. I think it's just more a case of of the production team doing a crap job and that now being sadly acceptable to put to air on the ABC.

For all intents and purposes i'm a greenie, I certainly love nature and all my recreation is based around adventures in it.  I hope I'm pragmatic enough to see it from the big picture though, not just a my backyard perspective. I welcomed Salmon farming being put under scrutiny when I first heard about the program and watched it hoping to gain some more perspective that maybe my bias had blinded me too. Its not that the program was one sided that bothers me, it's the wasted opportunity for a thoughtful debate that is the casualty. Might as well turn the telly off altogether, obviously the only ones still watching just want sensationalist crap. At least the Internet allows you to dig for the facts, so long as you have your own bias filters under control.


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## McLovin (2 November 2016)

craft said:


> At least the Internet allows you to dig for the facts, so long as you have your own bias filters under control.




The same internet was available to the producers. Which makes you wonder...


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## Klogg (2 November 2016)

Looks like Mark Ryan and the Tasmanian Government have put their 2cents in:
http://www.themercury.com.au/news/t...n/news-story/7c5798ef8b60bff22f7583bc1aee9f4d


This point is interesting:


> The controversial report quoted research by Melbourne University’s Associate Professor Tim Dempster, which was funded by the Fisheries Research Development Corporation.




Especially when you see this:


> The Fisheries Research and Development Corporation (FRDC) is a co-funded partnership between its two stakeholders, the Australian Government *and the fishing industry*.




I wonder why the fishing industry would want a reduction in farmed salmon... 
That's basically the argument used to suggest the WWF and TGR were in cahoots.


And apparently 4Corners is on the same level as ACA or Today Tonight. Made me chuckle.


> In the minister’s view, Four Corners is a current affairs program, not a science-based documentary.


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## Value Collector (5 November 2016)




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## galumay (24 March 2017)

Had a phone call today from someone representing TGR asking if I had got the documents about the SPP and whether I would be participating. I pointed out I could buy on market, pay brokerage and be well in front. I guess the interest has been tepid at best!


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## galumay (2 October 2017)

Can someone with more experience explain to me how free cash flow works with TGR, I usually use "Payment for Property Plant & Equipment" as a proxy for Capex, but with TGR this amount is only slightly less than Operating Cashflow, meaning that I end up with very little free cash flow in comparison to EPS. 

Normally I would see that as a big red warning, but I think in this case its actually not capex but the lease costs - regardless it has a very big impact on FCF! 

I have some other more complex formulas I use for FCF and they also generate very low numbers.

I suspect there is something about a commodity producer in agriculture that I am missing here?


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## Klogg (2 October 2017)

galumay said:


> Can someone with more experience explain to me how free cash flow works with TGR, I usually use "Payment for Property Plant & Equipment" as a proxy for Capex, but with TGR this amount is only slightly less than Operating Cashflow, meaning that I end up with very little free cash flow in comparison to EPS.
> 
> Normally I would see that as a big red warning, but I think in this case its actually not capex but the lease costs - regardless it has a very big impact on FCF!
> 
> ...




You need to figure out what how much of this is maintenance capex, and how much is capex building beyond current capacity.

Keep in mind they have a 3 year fish cycle and 5 year capex cycle (from memory). So as a *very *rough approximation, the capex 5 years ago is the maintenance cost of today. 
There are better ways to go about calculating it, and I know a few years ago they gave a figure for this. But it's a start. Other factors to keep in mind:
- the seafood acquisition does muddy the waters
- they raised capital to expand whilst conditions remain favourable (more capex required)


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## galumay (2 October 2017)

Klogg said:


> You need to figure out what how much of this is maintenance capex, and how much is capex building beyond current capacity.




Thanks Klogg, yes, I think thats a bit beyond my simple ability! I am beginning to think I dont understand this business well enough to be a part owner!


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## Wysiwyg (2 October 2017)

I think the comm. has finished here so my obs.. TGR caught my interest with the extended narrow range. My most recent research revealed the world wide salmon sea lice infestation. I don't know if it has reached the Tassie stocks with the advantage of distant cleaner water. Price supported around the $3.80 line.


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## VSntchr (7 December 2017)

Pretty astonishing volume of over 4.2m traded today and price down over 10% on the back of JP Morgan cutting their price target from $5.00 to $3.43. 
Yes precisely $3.43


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## Calvin27 (24 July 2018)

Anyone holding this stock? Bought at mid 3s, currently approaching mid 4s. The last few months have seen a bit o factivity, but I'm not sure what is triggering this.


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## peter2 (24 July 2018)

Not holding, but there was an attractive BO setup. The trigger was a close above 4.30. 
Price is close to yearly highs. Another attractive aspect.


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## $20shoes (4 January 2019)

TGR gets a bit choppy, but has been holding its ground over last 2 months. 
Might be a trade in this one if it can hold over 4.50. Initial target $4.80 but it might be expected to test blue sky highs above 5.10 in a favourable environment. 

NB: 4.44 was a significant top in Dec 2007.

DAILY:








WEEKLY:


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## $20shoes (14 February 2019)

Results pleased the market. Was almost gunning for blue sky prices but the breadth of the move would have attracted some profit takers. Time to tighten the stop.


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## $20shoes (14 April 2019)

I was stopped out of TGR trade, but it's looking interesting again IMO


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## Trav. (14 April 2019)

$20shoes said:


> I was stopped out of TGR trade, but it's looking interesting again IMO
> 
> View attachment 93794



agreed, maybe it will take another run at $5.10 for a BO then no resistance after that, will be interesting to see how it pans out in the next few weeks.


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## $20shoes (24 April 2019)

My portfolio heat is getting maxed out so there's some trades I'll have to pass on. TGR this week is one.  
If my portfolio allowed I'd be interested in TGR this week/next week though, with a BO possible above $5.00. There's been a couple of low volume tests and volume has returned last couple of days to push it up to its $5 resistance level. 

It feels like it wants to keep going and there's some reasonable stops available depending on one's trading style.

Could be an interesting one...


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## galumay (24 April 2019)

long term invester here, so i have no view on the TA, but I have held TGR for a few years now and now seeing the gap between price and value close, its definitely getting to the higher end of my range of valuation now. Its not a holding I have ever been totally comfortable with, essentially its a cyclical commodity trader with high capital costs and lots of nasty risks like regulation, climate change, disease etc. 

One I think a big margin of safety is required.


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## rnr (4 May 2019)

@$20shoes well called as TGR made a new ath 3 days ago.
Is there enough fuel left in the tank to move the price higher than $5.16?


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## galumay (20 August 2019)

TGR released AR today and also went into a TH pending a CR for expansion of the prawn farming part of the business. First glance the results look great with significant higher margin growth coming from the prawns. Happily retail investors get a chance at the CR, although given the company's performance in the past year, I suspect we will be heavily scaled back!


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## charlsie (10 September 2019)

hello everyone this is my 1st post after introducing myself.I first started buying these shares in 2005 @ $1.18. I work for a company that supplies coolstore panel for them. My thinking at the time was that if they are expanding their warehousing they must be expanding the business. I started to increase my holdings on the dips and was happy with the way they were going until the latest drop. deciding to stick with them as I've always felt they were a long time hold and my buy price is averaging $3.68. im just wondering others thoughts on where it might go from here? I also put my hand up for the SPP. its fantastic to read through the history here too.


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## galumay (11 September 2019)

I decided not to take the SPP up because you can buy them on market for less than the offer price, I continue to hold and I think there is considerable upside with the prawns and expanded fish sectors going forward. There are always 2 significant risks that mean I am only happy to have a relatively small position, one is disease which can have a devastating effect, and the other is just the cyclical nature of a whats really a pure commodity play like TRG. Its certainly the best managed of the aqua-ag businesses and I think with an average price of $3.68 you should sleep pretty well!


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## barney (11 September 2019)

The 2019 results appeared very good, but the SP was sold off conspicuously just before the Trading Halt announcing the cap raise at $4.40 

They may need to invest in a tube of spac filler … the dingy appears to have a leak or two


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## charlsie (11 September 2019)

Galumay, correct me if im wrong. Offer (a) is $4.31 minus the 9c dividend = $4.22
                                                 Offer (b) is volume weighted 5 day average less a 2% discount rounded down to the nearest cent. A rough calculation based on todays $4.27 close (if it stays around this price till Monday, gives an indicative price of $4.19 per share. I took the offer in the hope and belief that once the dust settles, the price should start heading up. Thoughts?
On a side note, I exited Pilbara (PLS) @ .48c only to see it drop further, then they had a halt and have gone through the same motions. I see they too have a SPP. even if I hadn't sold, I don't think id subscribe to it.


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## galumay (12 September 2019)

I said you could buy for less than the offer price because up to 10/9 you got the 9c dividend as well. Perhaps I  should have said, although they are trading slightly above the offer price, you get the 9c dividend if you buy now.

If the price holds up then it starts to look a bit more attractive, but my test with SPP is always whether I would have added to my holding on market at the offered price, in the absence of a SPP - and in this case I would not have. 

As I said earlier, with your average buy, you will likely do fine.


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## charlsie (30 September 2019)

im having a crack at the tipping comp and im hoping that in a month that this might move forward a little.


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## galumay (12 February 2020)

I nearly sold TGR last week! Glad i didnt after the price was up 12% on HY results released today.


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## charlsie (12 February 2020)

I'm glad you didn't. when the priced dropped below the recent issue price, I thought id pick up another 1000 shares this morning to round out the number I already have. I was too slow, ill wait and pick them up on weakness, but what a great day. and with the pork shortage in china, they may look to other sources for their protein, pushing up the price again?


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## sptrawler (16 June 2020)

China halting imports of European salmon, could be a bonus for Tassal, if the contamination proves correct.

https://www.smh.com.au/world/europe...-to-coronavirus-outbreak-20200615-p552w1.html


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## Movendi (16 June 2020)

https://www.bloomberg.com/news/arti...k-to-beijing-virus-outbreak?srnd=premium-asia
I noticed that but it looks like Australia would be affected to according to this article. Not sure why SP is positive in light of this?
"The $700 million market for imported salmon in China is at risk after the fish was implicated in a new outbreak of coronavirus cases in Beijing, potentially dealing a blow to major exporters like Denmark, Norway and Australia.


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## galumay (16 June 2020)

Given that the contamination appears to have a connection with European imports, I doubt it would affest Australian Salmon, but even if there is a short term blanket ban on Salmon imports regardless of origin, its hard to see it lasting long. Its likely there will be numerous cases like this where residual viral shedding is found on packaging etc, once the source is confirmed it will be back to normal. So I cant see any significant impact for anyone, positive or negative really.


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## Chronos-Plutus (16 June 2020)

charlsie said:


> im having a crack at the tipping comp and im hoping that in a month that this might move forward a little.




Not sure if the Beijing seafood market shutdown indirectly impacts Tassal operations.


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## galumay (19 August 2020)

Probably my least conviction holding, its managed to have a reasonable year all things considered. Cash flow shows up just how capital intensive this game is, FCF is about -$80m and I cant remember the last FCF +'ve year! I should probably just get out and find a better home for the capital!


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## Clansman (19 August 2020)

galumay said:


> Probably my least conviction holding, its managed to have a reasonable year all things considered. Cash flow shows up just how capital intensive this game is, FCF is about -$80m and I cant remember the last FCF +'ve year! I should probably just get out and find a better home for the capital!




Still glad you didn't sell in February?  You sure know how to find the rough amongst the diamonds.


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## charlsie (22 August 2020)

the position is even better after fridays close. i wonder if there's something in the air?


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## UMike (21 July 2021)

ONE of these stocks that never really recovered after the March 2020 COVID issues.

Was once a favorite of mine. Back on the radar. See If I can get the timings right?


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## charlsie (21 July 2021)

UMike said:


> ONE of these stocks that never really recovered after the March 2020 COVID issues.
> 
> Was once a favorite of mine. Back on the radar. See If I can get the timings right?



I hope you do mike. I've been on these since i started making coolroom doors for their operations in Tassie. I've finally given up. hopefully the timing will work for you


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## galumay (22 July 2021)

There are a those with a view that TRG is a possible turn around story and can transition from a perpetual destroyer of shareholder value into a high quality business. I remain without conviction!


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## The Triangle (7 August 2021)

This will be an interesting Monday.  Huon being purchased at $3.85 per share and around 1.5x net assets.  TGR at 1.5 net assets (intangibles stripped out) would equate to somewhere around $5/share. Much higher than the current low 3's share price.  Also, TGR is/should be in a slightly stronger position than Huon.  

With TGR sitting near the top of the shorts list I expect to see a lot of pain for shorters this week.  Might be an exit point for me if there is a jump in the SP.  Will see.


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## JohnDe (6 January 2022)

> Promote dialogue and collaboration between and among small-scale artisanal fishers, fish farmers, fish workers, governments, and other key partners along the value chain, as well as to further strengthen their capacity to enhance sustainability in fisheries and aquaculture and to enhance their social development and well-being.




Maybe the tide of bad news towards all fish farms is turning





__





						Events detail
					






					www.fao.org


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## The Triangle (18 February 2022)

Dumped out of TGR this week.    Results for the half looked good on first pass with EPS up to 17 cps, but after a little more detailed look I noted that net assets were up only due to re-rating the fish stocks, debt is up every so slightly, and the cash for the half came from dumping down a lot of inventory.   With those taken into account the half doesn't really look any better than last year.  And they've spent considerable capital over the past few years to boost earnings and I'm not convinced the earnings boost this half has been without a little creative accounting. 

Still think this is a takeover target but I don't see any point holding on for a 8 cent dividend.    Might get back in later on if the SP drifts back downward.


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## JohnDe (27 June 2022)

I was wondering why the SP had been climbing this past week.



> David Williams lands Canadian aquaculture a prize catch in Tassal raid​
> Canadian aquaculture giant Cooke has swallowed a 5.4 per cent slice of ASX-listed salmon producer Tassal, and is ready to gobble up more chunks of the Tasmanian-based company.
> Cooke was revealed as the mystery buyer of a parcel of Tassal shares on Monday after a 10-day spending spree, buying at prices ranging from $3.42 to $3.85 a share and ending speculation that investment banker David Williams was returning for another bite at the company.
> 
> ...


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## The Triangle (28 June 2022)

JohnDe said:


> I was wondering why the SP had been climbing this past week.



Darn.  Shoulda held with my views a takeover was coming.

Insider trading this past few days obviously that ASIC will ignore.


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## Dona Ferentes (28 June 2022)

TGR has rejected a third buyout proposal from Canadian aquaculture company Cooke, and is refusing to engage in talks, arguing the latest $4.85 a share offer still undervalues the company.

Tassal’s board said the company has an “attractive independent future” where it will be better off going it alone. The latest Cooke bid values Tassal at $1.04 billion and is at a 22 per cent premium to Tassal’s close of $3.97 on Monday.


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## JohnDe (28 June 2022)

_RECEIPT OF NON-BINDING, INDICATIVE, INCOMPLETE AND CONDITIONAL PROPOSAL__ Tassal Group Limited (ASX: TGR) (“Tassal” or the “Company”) refers to recent media commentary and the substantial holder notice lodged by Cooke Inc. and related parties after market on 27 June 2022, disclosing the acquisition of a 5.398% stake in the Company. 

The Company has received a non-binding, indicative, incomplete and conditional proposal from Cooke Inc. (“Cooke”) to acquire 100% of Tassal’s ordinary shares by scheme of arrangement (Indicative Proposal) for cash consideration of $4.85 per Tassal share. 

The proposal is subject to conditions including Cooke’s board approval, the Company’s board approval, arrangements for key management and entry into a Scheme Implementation Deed including exclusivity provisions. 

Cooke has indicated that it has obtained Foreign Investment Review Board approval. This indicative proposal follows previous indicative non-binding confidential proposals received from Cooke for $4.67 and $4.80 per Tassal share. The Company’s Board evaluated those proposals and chose not to engage in relation to them_


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## JohnDe (28 June 2022)

The Triangle said:


> Darn.  Sho...
> 
> Insider trading this past few days obviously that ASIC will ignore.




Maybe not -

_ "Cooke’s offer – its third tilt at the company and a 42.2 per cent premium on Tassal’s closing price from when it *started buying shares in the company 10 days ago*."_



> *Tassal Group snubs Cooke’s $1.04bn takeover bid*
> 
> Canadian aquaculture giant Cooke has lobbed a $1.04bn takeover of ASX-listed salmon producer Tassal after acquiring a 5.4 per cent stake in the company.
> 
> ...


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## JohnDe (1 July 2022)

This is getting very interesting.



> Canadian seafood giant Cooke hooksTassal investors, lifting stake to 7.6pc in $1.04bn takeover tilt​
> Hundreds of Tassal investors have sold their shares to Cooke, despite the board of the ASX-listed salmon producer rebuffing a $1.04bn takeover from the Canadian seafood giant.
> In an after market announcement on Friday, Cooke revealed it had extended its stake in Tassal from 5.4 to 7.6 per cent.
> 
> ...


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## JohnDe (13 July 2022)

Glenn Bruce Cooke, Cooke Family Inc now has 8.890%



			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02541320-163S5J15GAJ03BKVOGEREKQSA3/pdf?access_token=0007GUYNmZdTaQp1qcrUVz8BdgDQ


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## JohnDe (20 July 2022)

Glenn Bruce Cooke now at 10.490% ownership



			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02543418-77F5V7DBFIDJFKMBDVAHCG00T7/pdf?access_token=0007HtRVw9uBOZZGAuywS9pujgT8


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## JohnDe (20 July 2022)

It's looking like another Aussie company takeover by an international. Sad, but maybe this is the beginning of great things for Tassel.



> *Takeover target Tassal puts salmon on more shelves*
> 
> Tasmanian salmon farmer Tassal, which is a takeover target for Canadian fish farmer Cooke, has begun supplying fresh packaged salmon portions to major Australian food retailer Coles.
> 
> ...


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## Dona Ferentes (16 August 2022)

Tassal Group says its board has accepted an *improved $5.23 per share *takeover offer from Canadian aquaculture group Cooke Seafood.

The bid values Tassal at $1.1 billon, or $1.7 billion on an enterprise value basis after accounting for debt.

Shareholders will vote on the proposed offer in November.


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## JohnDe (16 August 2022)

Dona Ferentes said:


> Tassal Group says its board has accepted an *improved $5.23 per share *takeover offer from Canadian aquaculture group Cooke Seafood.
> 
> The bid values Tassal at $1.1 billon, or $1.7 billion on an enterprise value basis after accounting for debt.
> 
> Shareholders will vote on the proposed offer in November.




Long suffering shareholders are happy.


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## galumay (16 August 2022)

One I got wrong, sold out a couple of years ago for $3.55 because it was my lowest conviction holding!


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## Belli (17 August 2022)

ARG was a substantial holder until yesterday.  Made around $11m in just under 12 months.


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## Belli (17 August 2022)

Belli said:


> ARG was a substantial holder until yesterday. Made around $11m in just under 12 months.




PS: Doesn't mean they sold the lot by the way.  ARG held over 10m shares in April last year.  Let's take a bit off the top and see what happens with the rest.



			https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02359820


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## System (23 November 2022)

On November 22nd, 2022, Tassal Group Limited (TGR) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between TGR and its shareholders in connection with the acquisition of all the issued capital in TGR by Aquaculture Australia Company Pty Ltd, a wholly owned subsidiary of Cooke Inc.


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