Forum Archive Index - March 2002

["Andrew Smith" <smith5@free.net.nz>]

Hugh

Like you I am very suspicious of what the management are doing. I do not
trust the major share holder (SEA Holdings) as they also, I understand, have
the management rights. I would have thought that they could not have
possibly written down the properties any further, as all the other property
companies are trading just under NTA or in some cases above. In some ways I
regret not converting my shares to Bonds as least I would be getting 10%
interest.
GPG are not a major share holder unless they are holding them under another
holding company. I sold some on Friday as I cant wait another year. I still
believe though, that the patient shareholders will benefit in growth in the
future. When the convertible notes were converted to bonds all the major
shareholders refused to take this option which lead me to believe they also
knew the intrinsic value that is there in the bricks and mortar not what is
shown on the accounts.
Regards
Andrew
disclaimer Hold TTP
----- Original Message -----
From: "hugh webber" <hugh.webber@clear.net.nz>
To: <sharechat@sharechat.co.nz>
Sent: Saturday, March 02, 2002 4:00 PM
Subject: [sharechat] Trans Tasman Properties


> There seem to be a number of company reports not getting discussed at all
on Sharechat,
> not sure why.
>
> Yet again TTP has produced another disappointing report and its NTA has
gone down from seventy
> something cents a share to fifty something cents a share. Yet its share
price is 21 cents a share.
> If its valuations are done by honest registered valuers and the management
had any brains they'd
> sell it all off and wind it up as they don't seem to be getting anywhere
over a period of years.
> What are its gearing ratios as a matter of interest?
>
> At one stage it was the largest listed property owner in NZ and I think
its as big again in
> Australia as it is in NZ.
> Every year it seems to be taking a tremendous hit on writing down property
and yet some other major
> players have been writing property values up. Is it preparing the ground
for another el cheapo
> management buy out bid perhaps....does it really think GPG goes to sleep
that easily...
>
> I see there's one or two articles in the NBR Will has posted for us, one
headlined how well the
> Aussies thinl out property companies are doing. I'd better read those
now - probably find I wish I
> hadn't spoken out first ;-).
>
> Disclosure: Don't own any TTP but I did once and I remain rather curious.
>
> P.S. Where are all those AQL fans of yesteryear....I see Certified
Organics has made a decent sort
> of loss with another one coming up.....does its share register still
contain all those famous names
> that caused otherwise quite sober people to commit instant hara kiri and
dive in?
>
>
>
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