Forum Archive Index - January 2004

["David & Jill Stevenson" <djstevo@quicksilver.net.nz>]

 Although I think they are fully priced as far as the market is concerned at the moment GPG prove again that patience pays  off.

In Australia I note that RAC were in their portfolio a couple of years ago and had a then market value of 5 cents- today they are selling at 47 cents . They hold approx 30 million shares not a significant value at 5 .1cents $ A 1.527 million then but at todays price of 47 cents $ A 14.076 million. Less a reflection of a good gain simply rather an indication of knowledge /intuition to ride a gain beyond a point where most investors would have sold and included in that day`s banking. GPG do have a knowledge of the insurance industry. Let`s hope they carry that over into their involvement with Tower Corp. Amost without exception GPG`s Australian portfolio are performing well. Particularly CNB, PMV, GFD . Their CPI entry has been a squib so far but we can`t read Brierley`s mind. CAA is a slow development but is represented by solid capital investment in that company`s expansion plans.

    I notice in the UK that two shares in GPG`s portfolio were mentioned in New Year`s recommendations by Brokers.

 

   (1) DVR (De Vere Hotels) - featured in GPG books since a couple of years or so ago . Were selling at STG 2-70 ie 9,233,183 shares = STG 24.9 million

      

 

                                                                                                   reached a high of STG 4-55 yesterday         "            "     =  STG 42.010  "

 

   (2) TOPS PLC Not a large holding so I won`t expand on figures.  But public recognition that GPG is a force to be reckoned with . In fact in the case of DVR it was stated that GPG  are applying significant pressure upon the Board to pursue certain direction.

 

   I don`t think either of the above are worth coat tailing as GPG made their investment some time back and their presence would have been factored in by the market even before these broker recommendations.

     Anyone contemplating buying GPG should perhaps wait until April/May to get a better reading on likelihood of Bonus Issues . I remember with Brierley Investments Ltd through good luck rather than good management I bought in just prior to their 25th Anniversary when they declared a rights issue at 1 : 1 for 50 cents. Those shares were later trading at $ 8-95 cum rights. Why I mention this is that GPG must be around it`s 10th Anniversary . If Sir Ron Brierley reads into this Forum . He may detect some sort of hint. More likely be bloody minded and ignore that hint.

 

   Remember the sleeping giant is Coats plc.

 

                                                 David Stevenson