Forum Archive Index - November 2000

[Sarah Corkill <sarahcorkill@yahoo.com>]

Hi All,

I have been eagerly awaiting the announcement that SEU promised about the
3 potential investment opportunities they were investigating.  When the
company released it's full year report on 22/8 they also stated that they
would be in a position to inform the market of these opportunities in one
months time.  The month has come and gone yet still no announcement, until
this morning (UK time) I see that Pyne Gould have made a takeover offer
for the company - not the announcement I was expecting but interesting
none the less. Curious I thought, I know Pyne Gould already own just over
50% of SEU and Mr Gould is part of Pyne Gould and also SEU's Managing
Director so what does he know that the rest of the shareholders haven't
been told.  

The NTA of $1.07 + has remained pretty much unchanged ever since the sale
of Wairarapa Electricity so why do Pyne Gould choose now to offer for the
rest of the company?  It is interesting that Pyne Gould's Chairman thinks
this takeover is the most efficient way to return funds to SEU
shareholders - given SEU's track record of investment returns I'm sure
most SEU shareholders would rather hear what investments the company has
been investigating and the potential for even greater returns in the
medium to long term than the cash.  If I had any SEU shares I would be
holding them and waiting for the appraisal report to see what it says.

Watching with interest from the sidelines,

Sarah



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