Forum Archive Index - December 1999

[Sarah Corkill <Sarah.Corkill@directbroking.co.nz>]

Hi Graeme,

I had a long conversation with the MD of STL when they had their Capital
Notes road show. He believes STL is a retail company as some of their
rentals are linked to store turnover eg STL gets a cut of turnover.  Not
sure I agree - most shareholders see the company as a property company.
Although if you view the company in this light, retail should pick up under
our new Labour/Alliance govt and this could reflect positively on STL.

Investing in Westfield is diversifying beyond the NZ market.
Diversification is always a good idea as you know.  

As mentioned in some of the other emails I have received today other malls
and competion is always looming.  The internet via online shopping is also
competition for all STL retailers.  Only time will tell what will happen if
any of the proposed mall sites do come to fruition and what sort of tenants
they attract.

No ideas on WAM at present - will do some digging.

Regards,

Sarah Corkill
Direct Broking


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