Forum Archive Index - August 2000

["Peter Maiden" <pmaiden@today.com.au>]

Sorry Roy but I tend to agree with Brian and Warner about WRI result.

Best year for ages and maybe comimg right but as Brian says they sell a heck of 
a lot to make $7M profit. Also in view of the great times the rural sector is 
supposedly having sales not much of an increase over last year - and still less 
than two years ago!

WRI is another of the companies in NZ destroying shareholder value - the $7M 
return on shareholder equity of $105M is less than invested elsewhere.

With an asset backing per share of 78c and carrying no debt you can see why GPG 
is interested.

For that reason alone there is most likely more value to be obtained out of 
them - not from any great returns from trading etc. Pity though seeing they are 
one NZ company selling a lot of goods on line and doing it well.

Roy - Keep to your convictions. You most likely do alright if you are patient 
and collect the dividends along the way. Maybe GPG will extract something out 
of the company for you.

For me I've sold out sfter my short foray into them recently - I'll collect 
when GPG collects.

Regards 

Peter





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