Forum Archive Index - February 2004

[Charlie Harvey <cd@pl.net>]

Interesting to see the market respond to the TTP result. Initially it held
at 41 then started descending from there to 36. Looks like some resistance
to selling at 36 for the moment but should get a better idea near the close.

I do not think analysts will be focussing so much on the numbers in the
result but the words in the result. I would have been surprised if there was
a dividend. Like David I think SEA is going to lead this company where they
want it lead. Retaining earnings for counter cyclic acquisitions sounds
great but it worries me that their eyes are on Australia and SEA's home
territory in Asia. Once they start buying property in arms length
transactions from SEA friendly parties you can kiss goodbye to TTP ever
returning true value to shareholders.

The current NTA backing may be 64c but this is all totally irrelevant when
the only party likely to get a sniff of it is SEA.

Like I have said before. Why would you trust a company to return fair value
to you as a TTP shareholder when they offered Australian Growth Properties
(AGP:ASX) shareholders considerably less than the NTA. The 'they' is SEA
that I refer to. 

The NZ Shareholders Association, analysts, business reporters and
independent directors (?) should keep harassing TTP until they start
demonstrating some real transparency in the whole of the operation. For me
that is more the issue than paying a token dividend.


Charles



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