Forum Archive Index - February 2004

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

David,

         Agreed . GPG itself believes it can reinvest earnings more productively in the ultimate than shareholders could utilise dividends. That makes sense. The difference

is GPG share price continues to rise over the years (10 or more- they have not had a "bad"year) despite watering down of capital with bonus issues . My conclusion  -GPG despite being perhaps overgenerous to working Directors yet consistently produces acceptable results. Also we feel we really know the Directors.  A man absorbed in chess strategy and stamp collecting ,who when he makes public pronouncements, you know where he is coming from , that he has no hidden agenda from shareholders . That though sparing with words yet somehow they ring true when delivered. Maybe I  also believe in the tooth fairy  .Do I have such feelings about SEA.?  No !  Why not ?  I saw BIL taken offshore by Singaporean interests that was an exit signal. We have seen the treatment of AGH(ASX)  shareholders already . GPG clearly did not read ultimate noble intentions with SEA or they would not have beaten a retreat . Why can you be so confident with TTP? Have the Directors of SEA ever been put on the mat with appropriate questions from Financial Journalists ? I doubt if they would accept the offer and if they did would make inscrutable replies signifying nothing. Sorry to be so contrary. I have only to be proved wrong.

 

                              David