Forum Archive Index - August 2000

["Warner Lamb" <cloud9@i4free.co.nz>]

Matthew, thanks for TV reminder, I will check it out tonight.( this sort of
program seems good for public education)
TTP as I posted recently is on my long term watch list. I nearly got in when
I saw it almost break 20 but it came back.
I have had some recent feedback about management through the owners of shops
in Shades Arcade. I found out 18 months ago that management were not going
to renew leases for some in Shades. The group got together and said fine,
well pay you half our rent..and to their surprise the "manager" quivered and
said ok...They said she would hide upstairs and was not very supportive. I
was hoping it doesnt reflect on overall management but then I found out the
deal on Shades sale and that the new owner has already extracted value from
it. Two thoughts come to mind. Either the management were not concerned
about gaining max value because its not a core investment and by their scale
small or it reflects managements lack of vision and they are not capable of
best returns to holders?
now TTP have a debt ratio of about 50% which for comm property is fairly
normal and probably healthy in a positive property market but a noose on
declining rent returns and soft prices. The current price seems to be fully
discounted to reflect this and even a futher NTA drop of 10% would see it at
64c. At 18-19c it does seem super discounted on an NTA of 71c but timing to
jump on the recovery is the key. If you are long then now would be fine for
spare cash...sit and wait. Im sure one day youll be rewarded but it may take
time. Im not a charty but a breakout over 20c would seem a key move.
R
Warner


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