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Speaker 1: Don't ever do for sels see fascinating news about the

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Speaker 1: warehouse today. Sir Stephen Tendall wants to buy it back

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Speaker 1: with help from a private equity firm. As a result,

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Speaker 1: the company issued do not sell your shares notice to shareholders.

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Speaker 1: Oliver Amanda is the chief executive of the Shareholders Association

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Speaker 1: and with us. Hey Oliver, do you want to have

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Speaker 1: a What do you reckon Sir Stephen's motivation is? Is

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Speaker 1: it the poor share price?

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Speaker 2: I certainly believe that that's part of it, and certainly

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Speaker 2: the fact that the share price increased today. It's certainly

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Speaker 2: deicates to the market thinks to some sort of probability

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Speaker 2: of either a transaction occurring or that the activism BI

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Speaker 2: SSS Steven will encourage long term better performance.

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Speaker 1: What do you make of the do not sell your

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Speaker 1: shares notice?

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Speaker 2: Well, to be honest, we don't really know much more

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Speaker 2: than what has been announced. It is an unusual notice.

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Speaker 2: I don't remember seeing one for a long time, but

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Speaker 2: under disclosure rules the company no choice but to announce it.

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Speaker 2: That hadn't approach following the article in The Australian. But

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Speaker 2: that approach really we don't know what it is it's

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Speaker 2: not a classic non binar indicative offer, which is someone

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Speaker 2: kicking the tires. It certainly isn't a scheme of arrangement.

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Speaker 2: It's just simply an approach. So we don't really know

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Speaker 2: what that means.

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Speaker 1: What do you make of the warehouse itself. I've got

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Speaker 1: a lot of text from people who think it's a

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Speaker 1: bit cruddy and it's being it's being undermined by TAMU.

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Speaker 1: Looks to me though, like the fundamentals of the business

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Speaker 1: a sound. It is just badly run.

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Speaker 2: It certainly has a really good footprint across New Zealand

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Speaker 2: and that would and plus a couple are really good

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Speaker 2: brands in the Warehouse and Noel Leaming. So I've made

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Speaker 2: some heart decisions this year in terms of looking at

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Speaker 2: the market dot com, in terms of Torpedo seven, I

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Speaker 2: mean this all the activity that's occurred at the Warehouse

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Speaker 2: this year, it really does show the signs of a

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Speaker 2: ongoing business transformation. And more recently, of course you've seen

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Speaker 2: them cut the leadership positions in their leadership teams. So

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Speaker 2: is there is there a shareholders would hope that this

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Speaker 2: will good business there? It certainly has some really key

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Speaker 2: sources of value. It's such a big part of the

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Speaker 2: news in retail landscape. It's true, it is true.

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Speaker 1: Yeah, Oliver, thank you as always, really appreciate your time.

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Speaker 1: It's Oliver Manda, the chief executive of the Shareholders Association.

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Speaker 2: For more from Hither Duplessy Allen Drive, listen live to

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