Forum Archive Index - February 2000

[frank <frank.fernandez@xtra.co.nz>]

Bret,

Since the last of its Dairy Brands shares were sold and Savoy said it
was looking for other opportunities, the company has announced it is to
invest a further $US40 million (quite a hefty investment)in a listed
Philippines gaming company, BW Resources. 

On the New Zealand scene, Savoy intends to seek a $100 million plus
compensation from the Auckland City Council for the abnadoned Britomart
transport terminal. The company's lawyers are working on this claim and
their presentations would be put before the Savoy board at its annual
meeting on February 16.

>From my point of view, it is extremely unlikely that a long-time
property developer such as Savoy (and especially having to currently
service a multi-million dollar funding facility for its Hyatt Regency
deal taken not so long ago) would conceivably even contemplate moving
into the "smaller bikkies" domestic e-commerce or telephony area. 

There has been some mention about Savoy moving into this area with the
name "Ericcson" being bandied about but judging by Savoy's past history
of being solely in the property development business both in New Zealand
and overseas, the local e-commerce and telephony market would not be an
appetising and lucrative proposition at all.

I could be proven wrong but even at 6cps (or lower), I know I'd rather
place my hard-earned dollars somewhere else on the market rather than on
Savoy stocks.

Frank Fernandez

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