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[sharechat] TTP.NZX - 6.8 cent per share surplus - but no biscuit

From:	"david.gibson" <david.gibson@k.co.nz>
Date:	Thu, 12 Feb 2004 14:02:43 +1300

TTP.NZX announced a $40.6million surplus (6.82 cents per share) but failed
to declare a dividend.

By my reckoning:

- NTA is now about $0.645 (share price $0.39 - 60% of NTA)
- P/E ratio is now about 5.6

Bit disappointed on the dividend side - would have thought that paying $0.04
of $0.0682 surplus, per share, was a reasonable course of action.

Market is hammering TTP.NZX - price down $0.05 from $0.43 to $0.39.

Must be because the market was expecting a dividend - the surplus numbers
exceed analysts "estimates" by about $20mil on the up side!!

Disclosure: Hold TTP.NZX

/dbg


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