Forum Archive Index - April 2000

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

This morning I went to my wardrobe and pulled out a shirt.   It was 
an old shirt and the left hand cuff had started to fray due to many 
years of friction between the watch strap and the end of the cuff.    
The collar was the kind with which you would wear a bow tie.   Not 
though any desire of one upmanship but because it was the only thing 
wide enough to cover the starchless protrusion that once counted as 
a collar.   Yes it would be necessary to wear a hair extension to 
cover the back too.

But why had that shirt escaped the rag bag?   Simple really.  Every 
stitch was in place, every button was intact, there was not a loose 
thread to be seen inside the doubled over cotton and the arms were 
not designed for a kangaroo.   Yes it was a product of quality - a 
made in New Zealand shirt, from the days when shirts were made in 
cotton, not China.

And speaking of China Clays,  on the 3rd of July this will be sold 
for a bucket full of money ($NZ41million to be exact).   The 
transition will be complete. ' Ceramco' will have moved through ' 
Ceramgo' to become 'Ceramgone'.    The last vestiges of what was 
Ceramco will have been jettisoned with that money making it's way 
back to shareholders.    Now this will be payday bigtime, something 
like $1 per share which on current capitalization will leave a minnow 
like $26 million dollars company left, which translates to a share 
price of 60c and an NTA of around 25c  with sales of 65 million per 
year. Hallenstien Glasson shareholders.  How does that compare with 
your outfit?

An article in 'the Independent' on Wednesday said that the market was 
underweighting the benefits of  this restructuring.   But given that 
the market is always right I question this.   From now on (and here 
is where my shirt opening comes in) all Bendon products will be made 
in Asia and for all I know China Bras are on the shelves already.   
Is product quality holding up?

Why are Ceramco buying up bankrupt clothing chains as outlets for 
their product?   Would this not antagonize existing retailers who are 
selling the Bendon product?    Will they be able to maintain their 
price premium when the threads go and the slips slip?    Is the 
market perception of their products good enough?   Would any women 
readers care to comment?    And does anyone actually buy that 
McPhersons Men's range?    I guess even if you do you would never 
admit it here on this public forum.    Seems like a poor substitute 
for having 'Elle' next to your body.

Yes Ceramco has it's pants down all right.   Underwear is all that 
is left.    But apart from that free soft porn rag that mascarades as 
the Ceramco Annual report what are the benefits of continuing to hold 
them?    Any other holders of rag and retail shares out there care to 
comment? SNOOPY


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