Forum Archive Index - May 2000

["Paul Frost" <frostpt@ihug.co.nz>]

I have mentioned this company previously.

In view of the comments made below, it may be pertinent to look at the
record of SEU over last few years.

South Eastern Utilities was listed in 1986 when it known as Amuri Corp.Over
the years the companies activities  were progressively realised in favour of
a policy of investments in the utilities sector, and more recently
electricity companies in particular.

In 1999 SEU disposed of all electricity assets and became the cashed up
shell we know it today.

If you took the time to look at the record you would realise that the
company has been very astutely managed over the years. N.T.A. backing per
share has shown consistent and commendable
growth year after year, from .44c in 1994 to 1.08c today.

In my opinion their exit from the electriciy sector was extremely well timed
and was done at near the top of the market.

They have recently made an investment in a small Christchurch based software
company, with announcements of further larger investments to be made in the
coming months.

While the length of time it has taken SEU directors to make new investments
may be open to criticism, I believe this has been to the companies advantage
given the nature of the current investment environment.

I may be putting words into Sarah C.'s mouth, but I believe what she meant
was that if you really
want to invest in a cash shell, you would be far better of with SEU which
sells at a discount to N.T.A. and has a proven track record, compared to the
likes of AQL and SPE which have a dubious records and sell at many times
N.T.A. backing.

Disclosure. I own SEU shares (obviously) and AQLGA.


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