John,
Only thing I can add after reviewing my brief notes from annual meeting is that the Shearhart,s own approx 75% of the company, Bob seems to be semi retired concentrating on a TSE listing, he's approx early-mid 50's but impressed me with his "only a country boy type of personality, the kind of guy who is easy to like and also easy to underestimate who had the curiosity of a 10 year old"
They are keen to get on the TSE and get into optiions(not necessarily bad if used to stimulate growth, personally I dont like them).
Servicing(12 vans going to 24, contractors, not employees)
Just rec'd service right to Maytag.
New superstores opened(11K sq Ft, typical store 5200)in Richmond Hill and St Catherines(relocates from existing),and Scarboro very soon. Expanding into London in August.
Renovating all their stores, est cost $25K-50K each.
They seemed very happy and stated a few times that any surprises going forward would be pleasant ones.(warranty selling,servicing, new Burgandy&Grey life displays(no idea, supposedly a new concept that US retailers have been looking at).
Thats pretty well it, this is a new area to me and since my position is very small not too motivated prior to the meeting to study the report in detail. My general impression was very positive, only negatives were head office seemed skimpy(very few employees to handle the growth). Scott |
