----- Original Message -----
Sent: Friday, January 16, 2004 12:47
PM
Subject: [sharechat] GPG
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
See IRG research reports
