Forum Archive Index - February 2000

["hugh webber" <hugh.webber@clear.net.nz>]

Tony,
there's an article in the latest NBR comparing the NZ property shares incl
Trans Tasman.
There's also a table giving net asset backing per share (god knows how the
journalist did
it or sourced it). The table shows TT has about a 65% discount to net asset
backing - about
the most of the NZ ppty shares. I did have some but sold out at 33cps
because they weren't
paying dividends and seemed to have been somewhat undercut by GPG's big
raid into the TT
convertibles at a cheap price compared to the conversion into TT shares at
its then shareprice.
It would be good to have some authoritative data on net asset backing and
basis of valuation 
and debt compared to fully diluted shares and what the overhangs are. Also
what its occupancy 
%'s are here and in Oz and does it have any major vacancies coming up. (And
when it might
start paying dividends and to what extent imputed).
Perhaps one can only sigh for that sort of thing in NZ unless the NBR does
a follow up decent
job of it. (anyone in the NBR, Independent, Unlimited, the NZH listening?).
cheers,
Hugh

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