Forum Archive Index - October 2003

["Malcolm Cameron" <malharcameron@hotmail.com>]

Charles Your reasoning is as bad as your mathmatics. If you take warrants 
into consideration and the stags had not paniced we would have broken about 
even At 43 cents and comparable warrant prices as it is at the moment we are 
down 13% . Where as those that bought Telstra at T2 are down a hellof a lot 
more than that.

Malcolm




>From: Charles Harvey <nbs@pl.net>
>Reply-To: sharechat@sharechat.co.nz
>To: <sharechat@sharechat.co.nz>
>Subject: [sharechat] 42 Below - alcohol poison
>Date: Mon, 20 Oct 2003 12:11:43 +1300
>
>As one who did post a warning on this float I will not gloat with rightness
>but wish to take issue with the NZX for not monitoring this charade.
>Firstly, let's ask the question, who purchased this 'oversubscribed scaled
>back' float? My hunch is somebody is left holding a rather large parcel of
>stock. When it is talked up to the degree Dorchester and the FTB directors
>talked it and then plummets like no other float that I can remember,
>questions must be asked.
>
>This example offers little confidence to uninitiated investors. The NZX
>needs to come out and explain (the directors wont, they're too busy sewing
>dresses and sails) why investors have lost at least 20% of their investment
>in just a few trading days. It appeared to get propped up on Friday after
>going minus 40% yet looks southbound again. I suspect Gaynor (Herald) is on
>to it now but where is the NZX for comment?
>
>To those who were suckered by the sex appeal of the float promotion, I
>suggest you can put it down to good old experience. Maybe your decision was
>vodka impaired. Piddling your money into pumped up penny stocks is a deadly
>business unless you are a very experienced and decisive trader. I'm sure
>there is not a single institution or serious investor who looked past the
>glossy outer image on this one. The register will soon tell.
>
>As for the original stakeholders, well I don't bemoan the original
>stakeholders a reasonable profit but when they are issued shares at less
>than 1 cent (see NZX announcement excerpts below) and then ask the market
>for 50 cents (less warrants value) you have got to ask, is this reasonable.
>
>The answer is no. A lot of genuine investors just got themselves fleeced by
>some South Island sheep rustlers in designer swandris. The greatest value
>added to this company is from the cash injected by recent subscribers. It's
>a good lesson for us all and an opportunity to bookmark some names ( the
>directors & Dorchester) for the future.
>
>
>All the best, Charlie.
>
>
>
>Excerpts from NZX announcements
>
>
>
>Description
>
>- Southern Skies Holdings Limited acquired 49 shares from Better Living
>Holdings Limited for $1.00 on 16 May 2002, sold 3 shares to Better Living
>Holdings Ltd for $24,000 on 27 June 2003 and on subdivision in August
>2003,these 46 shares converted to 5,011 shares.
>
>- On 30 August 2003, Geoffrey Ross, Justine Ross and Darren Abernathey
>    (jointly) subscribed for 380,000 shares for $1.00 per share and these
>    380,000 shares were then subdivided into 41,394,989 shares.
>
>
>Description
>
>- On 30 August 2003, Grant Baker, Donna Baker and Paul Smithies (jointly)
>subscribed for 223,043 shares for $1.00 per share and these 223,043 shares
>were then subdivided into 24,297,059 shares.
>
>- Better Living Holdings Limited acquired 100 shares for $1.00 on 16 May
>  2002, sold 49 shares to Southern Skies Holdings Ltd for $1.00 on 16 May
>  2002, acquired 3 shares from Southern Skies Holdings Ltd for $24,000 on
>27June 2003 and on subdivision of these shares in August 2003, these 54
>shares converted to 5,882 shares.  On 17 May 2002, Grant Baker, Donna Baker
>and Paul Smithies (jointly) acquired 50 shares (being 50% of the shares on
>issue and is entitled to 50% of the underlying assets) in Fernglen Ltd for
>$1.00 per share and on the same date Fernglen Ltd applied this money
>toward the purchase of 100 shares in Better Living Holdings Limited for
>$1.00 per share on incorporation of that company.
>
>
>
>
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