----- Original Message -----
Sent: Friday, October 03, 2003 9:25
AM
Subject: Re: [sharechat] Heard of
IHG:ASX?
Shayne,
Interesting that you traced GPG entry into the IHG register . Up to a 5%
holding they don`t kick up much dust. I see from a 28/7 holding they,by
placement offer , moved to a near threshhold of 19 .98 % .The placement
boosted their holding by nearly 15 million shares at a 25 cents
placement price to a position where IHG shares a month later trade at over
double that price. Okay, you say they have had to put in 8.2 million
dollars to improve liquidity That requirement seems a concern to us and
others but does not faze GPG from their privileged overview.From that
limiting position their next action will have to be significant. Unfortunately
they have the luxury of playing their hand like notes on a keyboard.
While GPG was smaller in size they had to pursue an investment in a relatively
short time frame . Now ,with a portfolio in 3 continents, they can bide their
time. This results in better quality outcomes but does not help an investor.
attempting to predict their moves.GPG is on the Register of another European
Technology company.Lacking GPG overview we can`t foresee their plans at
synergies from possible amalgamations trans continental etc Look at their
holding in SOH in that regard in Australia where a looming interest MYOB have
moved in tandem with GPG to a 32 million share 13 %
holding..
Look
at CNB (retained over 12 years) ,acquired ex the BIL schism ,GPG have
nurtured that investment since . . Taken over by GPG at ,I think 35
cents, it has hit two dollars. It is,as a property development company,
perhaps not a good example of investment shelf life as while
retained it produces a spectacular dividend yield to it`s 68% majority
shareholder GPG and is geared to the phenomenon of the Australian property
boom. Dividends normally however are an inconsequential aim of GPG.It is
surprising GPG changing tack from traditional investment policy now getting
into intellectual property and technology fields. This must be the result of
other Director`s influence on the stamp-collecting approach of Sir Ron
Brierley. Maybe a sign of the times.This is no criticism of that man`s
abilities ,his record over many years is nothing short
of outstanding.. Did anyone listen to Linda Clark`s interview with Tony
Gibbs ? What an asset he is to the company. A man who worked on a Kibbutz at
16 years of age .A school drop out. But what a record of successes. Sir
Ron Brierley must regard him as one of his wisest acquisitions .Except for a
fortnightly phone call to Sir Ron Brierley he has total autonomy
(trust) with he and other Directors . What an example compared to some
companies that produce more words than action.
David S.
See IRG research reports
