Forum Archive Index - February 2004

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

Charles,

               You put the position well . The infuriating thing is that SEA have outwitted everyone . GPG were significantly into Australian Growth Properties thinking they might be the catalyst to frustrate SEA`s ultimate agenda for NZ and Australian smaller shareholders . Normally GPG have been successful in unravelling cross holding situations to the smaller shareholders advantage (and their own) . Last year they failed with BKW (ASX) and Soul Pattison (ASX) The latest failure when they acknowledged defeat  by accepting TTP`s offer was just a continuation of being outsmarted . Not that their quitting was financially unrewarding . They made substantial profits, particularly with  the BKW exit.

 

   However the gladatorial aspect of not being able to lock horns with the adversary must have caused Sir Ron Brierley many a sleepless night.

   I am deeply cynical of SEA. Unfortunately it is not as simple as merely putting them on the nearest plane. Even the NZSX are impotent. There is no such thing as equity in business only winners and losers. Though not a shareholder I would cherish the day SEA come a crash at the hands of smaller shareholders . But I sense that I am whistling in the wind.

                                           Regards,

 

                                                                   David