Forum Archive Index - August 2000

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

Ian,

No I do not see it as a negative post at all.  A good positive and 
searching enquiry more like it. I thought Nicolai's post of 24 July was a 
bit suspect.  Your search confirms that.  My hunch is that Nicolai does 
not exist but the writer's asscociation with WNC definitely does.  

I do not care how WNC may construct their balance sheet, at the end of 
the day they are a cashless company with suspect values attached to their 
assets.  The Iguacu restaurant had a huge drop in patronage with the 
arrival of the America's Cup and the opening of the 20+ restaurants 
around the Viaduct Basin.  Patronage in Parnell and Ponsonby has not 
recovered since.  How much did they pay, $7,500,00 for a damn restaurant. 
 Cobb & Co serves up vege and meat like there is about to be a resurgence 
in Kiwi 60's fare.  As for Radionet, well Walker Wireless is all over 
them in Auckland.  As of today Walker are offering free connections for a 
trial month and payment only if you carry the contract forward.  WNC do 
not have the $s to do that.

Mt Conquorer in AU is a joke and Jump Capital rumour is merely that.

Appreciate your posts Ian.  Let's see what else you uncover for the NBR's 
next revealing story.

Thanks
C  

Ian wrote;
>I guess I may qualify as one of the "negative writers to this board" about 
>Wilson Neill Corporation about which Nikolai is referring. My major 
>problem with WNC is that so much of the company's business which 
>shareholders have a right to know about,is kept secret.Even "facts" such 
>as how many shares are on issue - how on earth are investors supposed to 
>value the shares when they don't know how many shares exist.  I have just 
>discovered another 10 million shares have been issued since the Annual 
>Report was mailed recently. Director Paul Hyslop & a well-known consultant 
>working for WNC continue to be large sellers, despite enthusiastic public 
>pronouncements about the company ( I realise there could be genuine 
>reasons for selling, but surely I am not being "disloyal" to the company 
>for raising the question )
>
>In this regard, 1.5 million of the allotted shares appear to have been to 
>Nikolai himself on 24 July( the date of his first Sharechat posting), 
>according to registry records. Could he please describe the value he 
>provided to the company in exchange for the shares & be more frank about 
>his involvement with Wilson Neill?


Ian's post of 27/08;

Kevin would echo my sentiments about Wilson Neill, which were well 
covered in the last year in the Sunday Star, ODT, NZ Herald NBR & 
Independent. I said Corporate governance standards of WNC were extremely 
poor. Nothing has changed. The company is indebted ( I believe heavily, 
in comparison with its tangible assets)  to judge from the registered 
charges on its subsidiary companies Cobb & Co Ltd & WNC Hospitality Ltd & 
the WNC has refused to tell me how much the debts are.The Annual Report 
is due out in 2 weeks & this is doubtless fueling speculation.

This is just one example & there are other historic & current issues 
which will doubtless receive further public airing in due course.   

With the company's share price escalating, I found it difficult to 
persuade fellow shareholders of the need to act. The New Zealand small 
shareholder is their own worst enemy because they refuse to hold 
directors accountable until it is too late - i.e. when bad management & 
coporate governance have become reflected in the share price.

Against this, in the valuation mix, one must regard the wireless internet 
venture in Radionet as a wildcard; & in my opinion Wilson Neill's 465 
million shares at current prices could still be a speculative play ( but 
little more )

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