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[sharechat] BRY/Thistle

From:	"vincent.wang" <vincent.wang@xtra.co.nz>
Date:	Fri, 2 Jun 2000 08:37:24 +1200

John,

Your analysis is very interesting and helpful.

I guess we need to consider one more factor when we calculate the loss which BRY might incur, i.e.. the exchange rate of currency.

I don't know how BRY booked its Thistle Hotel investment, if it booked Thistle Hotel investment by BP when they purchased it, then BRY could have some exchange gain by selling it now. (the exchange rate between BP and NZD now is more favorable than a few years ago) This would reduce its total loss, the loss of price difference.

The exchange issue might get more complicated if BRY is to use Singapore dollar for its next financial statements.(I guess they would do so because Singapore is their main listing country now)

I agree with you lacking a clear strategy might be the real big reason behind the share price drop.

RGDS,

Vincent Wang

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