Forum Archive Index - August 2003

["david.gibson" <david.gibson@k.co.nz>]

I hold TTP and am quite pleased with the progress to date.

First - a couple of points:

Assertion #1 - High Management Fees
I can't find evidence of the management fees being anything other than fair
and reasonable.  I have raised the point before - no one as corrected the
view, based on research, that TTP is "best practice".  I would welcome
insight into this ... please!

Assertion #2 - Poor prospects for recent investments
I tend to view the Viaduct and Airport developments as extremely positive.
The success of the existing airport development is evident.  The new airport
property will be blessed with reasonable proximity to the airport and access
to the motorway system.  In light of TTP's conservative approach to
development - my guess is that there is already significant expressions of
interest in the new property before TTP would proceed.  The Viaduct is now
the pre-eminent home for technology companies - my guess is that the TTP
developments will be commercial, rather than residential.

There has been bad press surrounding the stock since the Latimer Holding
attempts to force either a buy back or capital distribution.  The central
point made in this action is that SEA is behaving oppressively in some
manner.  Personally, I do not see what the fuss is about - when you look at
the facts, TTP looks "best practice".  I personally welcome SEA as the
foundation shareholder as it has allowed management to implement massive,
long term structural reform.

One point people miss is that the RJI Trans Tasman and SEABil entity were in
rough shape in 1995 at the merger.  Do you remember Chase, EquityCorp,
Aurora, etc ....? Trans Tasman is a survivor, and while its path has been
difficult, it is a testament to Management and Shareholders that it is in
excellent shape today.

As to why the stock attracts zero interest from the analyst community - who
knows.

Best Rgds
David Gibson


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