Forum Archive Index - July 2000

[Chris <cd@ak.planet.gen.nz>]

Donald,

I am badly exposed to this stock after ignoring advice and not selling 
after the notes conversion last year.  It may look attractive at 17-18c 
today but I am not at all lured into topping up.  TTP has an almost 
exclusive exposure to commercial property(no significant industrial or 
retail investments), a sector that is under considerable pressure with 
the high interest rate environment and average occupancy rates.  

This company has high debt and a top heavy management some of whom are 
paid as consultants.  I am surprised GPG who came onto the register last 
year have not fired off a few rounds in the direction of these impotent 
consultants.  56% shareholder SEA Holdings out of Hong Kong appear happy 
to tread water on TTP and that too is not a good sign.  Their taking 
total control is a remote possibility, though I still would not punt on 
it.  GPG would block that move I imagine and threaten a selective selloff 
of property in an attempt to recover losses.

Keep your wallet in your pocket.

Regards,

Chris Darby
cd@pl.net
    

>Question - Why is this stock sitting at record lows?  Should I be buying 
>more?

>Donald

----------------------------------------------------------------------------
http://www.sharechat.co.nz/          New Zealand's home for market investors
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/forum.shtml.