Forum Archive Index - February 2000

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

just to give a more balanced view.....

"Savoy rides briefly on internet stock wave

February 16, 2000

by Felicity Anderson 

Savoy Equities stock has bounced around in bundles far bigger than its
weighting on the NZSE40 in the past couple of weeks on the back of what
analysts call a rumour. 

Large trading in the penny stock have related to speculation the vehicle of
Jihong Lu, the man who wanted to develop Auckland's Britomart Centre, was
about to buy in big to an internet player. 

Analysts say now the company has announced just what that purchase is,
combined with anticipation of a feisty annual meeting in Auckland today,
some players have decided to exit just as quickly. 

The property development company announced today one of its subsidiaries,
Savoy Technologies, has bought 70% of internet and communication technology
company Safety Net. That company provides wireless internet and virtual
private networks to commercial clients in New Zealand's main centres, using
a leased fibre-optic backbone. 

But there have been a lot of moves in that area in the past two months,
with National Business Review publisher Barry Colman first investing in
Advanced Futures Ltd, then combining that business with Walker Datavision
to expand its wireless network and bandwidth capacity. 

Savoy's choice of investment in light of that competition had made many of
the speculators nervous analysts say." 


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