Forum Archive Index - November 2001

["george souros" <g_sourous@hotmail.com>]

With regard to Cullen,s T/O attempt of PRG it looks like he doesnt want to 
increase his bid so as I see it, it looks like there are 2 scenarios.
First is that he just doesnt agree with the valuation put on the company by 
Arthur Anderson and plans to leave it public. Hopefully he will be more 
shareholder friendly. His new CEO, Phil Newland seems to be doing a great 
job at Eldercare and it would be good to see this start to happen at PRG. An 
obvious step here would be to start paying dividends from the huge cash 
flow. The second scenario, if I put my conspiracy theory hat on, is its more 
likely he will wait a few more months for the price to drop and then launch 
another Takeover bid and this time get a new valuer who is more "Cullen 
friendly" than Arthur Anderson. By this time he,s had his chance to work 
over management and Independant Directors and most importantly the 
Managements so called unapproved budgets. For all of us remaining 
shareholders, and also as well the reputation of the NZSE I hope he goes for 
the first scenario. Any comment on this would be appreciated...
Regards
George

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