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Re: [sharechat] TWR

From:	"Harold J Skinner" <petzl@spamcop.net>
Date:	Wed, 13 Nov 2002 10:41:49 +1100

>Major shareholder Commonwealth Bank sells
>down it's stake in TWR  from 5.9% to 4.3%

>Writedowns on Bridges Finance are still to be
>added to the 30---40m loss  although I think (and hope)
>this has already been factored into the current price


NZ$30-40 million loss is already flagged

Tower I believe it has a break-up value of about AU$3.00 a share

I would think most fund managers might be reducing holdings in TWR because
of untrustworthiness of the company.

Tower itself is looking like becoming a takeover target (IMO)

If this management ever had a dumb idea in a bear market to scare investors
they have done it!
Leaving little credibility to anything else they might say


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