Forum Archive Index - February 2004

[Charlie Harvey <cd@pl.net>]

To RB and others

It seems Rockbottom has pinched a nerve in some chatters. I do not find
anything abusive, divisive or out of order in his post. In fact I think he
makes a valid point. It's his valid contribution. Hey he prefaced it with
'Dear' Chatters maybe to point out his warmth while criticising. Go easy.

Also, not all readers of this forum are necessarily contributing writers but
they are still participating are they not. I often scroll the posts and
think to myself 'do these people know anything about investing or is there
just nothing of interest on the telly this afternoon'. Now that comment
might be worthy of public stoning in front of the digital board at Access in
some peoples eyes. I refer to an unbalanced attention to penny dreadful
stocks and other oddities contributors want to tell us about. Valid
contributions of course but just not remotely interesting to me. So I whack
the delete button when I spot the contributor's name and move on with my
day. No upsets incurred.

TTP has been an on/off holding of mine for a while now and I'm happy to see
continuing upside in performance. Up 5% today (24% YTD) at 41c with sellers
at 42c and a capitalisation approaching $250m. Some solid volume is running
ahead of the forthcoming announcement. While we might expect a return to
dividends I'm not overly confident. The AGP move was a good one for TTP
holders including SEA but the discount to NTA was severe if I remember
rightly. If SEA now make a move on TTP for total control one should not
expect them to be more generous than in the AGP manouvre.

It's also interesting to note how they approached the AIA land development.
In fact they only developed the potential. Sites were sold on to others to
develop .This kept cashflow to a maximum and opportunities alive. This
practise is not inconsistent with that of the ever successsful Viaduct
Harbour Holdings (though they offer the city little in innovative urban
design and new architecture). Maybe the host of criticism leveled at TTP
management over the last two years has had a positive impact. Institutions
dumped the stock a long time ago and it would be interesting to know if any
were back on the register.

Enough for today. And thanks RB for stimulating my contribution.

Charles

  


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