Forum Archive Index - August 2001

["Chris Castle" <c.castle@paradise.net.nz>]

Hi John,

Widespread Portfolios still holds a substantial parcel of ITC shares (some,
but not enough, bought at present price levels when the company was
reconstructed). I still like the company and its major investments. I'm not
happy about the Streamlink deal and the apparent breakdown in communication
about its demise when Jeff Dittus issued the "hey, we are OK statement"
recently when the price collapsed again.

I don't have a problem with the $900,000 bonus for the good deals - I just
wish it worked the other way for the bad ones. It's not a lot in $US terms
anyway.

The cash burn doesn't worry me.

I don't think the company has a lot of credibility left at the moment and
the shares won't perform (whatever they say) unless a major gain is
crystallised in DVI or VS. I'm not so worried about them finding more deals
after that - it's a good buyers market now and it may be for a while.

Generally I think the company is on track even if the market doesn't seem to
agree and am prepared to stay in and possibly buy more  The talk of a
possible rights issue seems ineptly timed given the present market situation
but I see the issue, if it eventuates, as an opportunity to buy more.

ITC right now is a classical counter-cyclical investment opportunity - it's
either the best buy or the worst buy in the market. I tend to favour the
former view at the moment.

 The irony of the whole business is that the company is in far better shape
now than when the shares reached $1..........

Hope that makes sense.

Chris Castle

----- Original Message -----
From: "Wedde, John" <John.Wedde@weltec.ac.nz>
To: <sharechat@sharechat.co.nz>
Sent: Friday, August 10, 2001 2:41 PM
Subject: RE: [sharechat] ITC - attn. Chris Castle


> Hi folks,
>
> A lot of chat again in the past few days about ITC on this and the "other
> channel" .
> As a holder I'd have to add my voice to those who aren't too happy about
> Jeff Dittus's and Keith Phillips's remuneration. However, in fairness to
> both of them, it does appear that much of these payments are bonuses they
> were contractually entitled to receive as a result of the very successful
> exit from exonet, rather than actual salaries.
> I'm still holding but looking at a resonably chunky loss at this stage and
> hoping that DVI [and to a lesser extent VSL and the others] eventually
> deliver. Some of the recent DVI news sounds promising and I believe they
are
> now actually selling these screens --- see my post on this other day.
>
> Chris Castle --- Are Widespread Portfolios still a substantial holder of
> ITC? You were last time I looked. What are your views on ITC's prospects
at
> this stage?
> Be good to hear from you on this one.
>
> Cheers,
> John
>
>
>
>
> -----Original Message-----
> From: Matthew Laing [mailto:Matthew.Laing@synergy.co.nz]
> Sent: Friday, 10 August 2001 11:54
> To: 'sharechat@sharechat.co.nz'
> Subject: RE: [sharechat] ITC
>
> The current price more than reflects the distrust that
> people have in the
> stock. There are a lot of people who are hesitant, waiting
> for some positive
> news. Good news or bad, the company is trading at 48% of
> it's NTA. Unless
> the company goes totally belly-up (not likely) then I would
> say that the
> share is trading at a considerable discount to "similar"
> shares (which trade
> at a 80% of NTA level...) and that there is upside based on
> the current
> investment valuations. Just wait until DVI signs a major
> deal (and
> potentialy it could become an industry standard) and then I
> think we will
> see the price trade at NTA or higher.
>
> Disc: Hold ITC - looking to purchase more at current levels.
>
>
> -----Original Message-----
> From: owner-sharechat@sharechat.co.nz
> [mailto:owner-sharechat@sharechat.co.nz]On Behalf Of Chris
> Watson
> Sent: Friday, August 10, 2001 11:33 AM
> To: Heather Reiss; sharechat@sharechat.co.nz
> Subject: Re: [sharechat] ITC
>
>
> Some real question marks over the running of this company.
> Huge expense
> bill (mainly
> salaries, including JD's over the moon package) to manage
> very few
> investments.
> Alright for some I suppose, but not (so far) for its
> shareholders.  Check
> out their
> latest financial report...makes for interesting reading!  I
> will suspend
> final judgement
> until after their exec answer some hard questions at the
> upcoming AGM.
> Until then,
> too much uncertainty for me to BUY.  And if you're holding,
> probably too
> late to
> sell...unless you're a short-term trader in which case I
> would say take your
> funds
> and put 'em somewhere else.
>
> CW
>
> >
> >Does anyone have any thoughts on ITC? Recent announcements
> from Jeff
> >Dittus indicate
> a rights issue.
> >What does this mean for the share price given its current
> standing?
> >I realise this is a speculative stock, but IMO it shows
> much potential
> >with DVI
> and VSL.
> >Heather
> >disc: Hold ITC.
> >
> >
> >
> >
>
>
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