Forum Archive Index - May 2004

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Harley,
 
> 
>WRI  as I see it.  Norgate is rubbishing the company 
>results but must see value there hence the  bid.
>

Very good.

>
>If the offer succeeds those who accept will not have all their
>shares bought but will be subject to a scaling process. 
>Possibly 43% only. 
>

I think it will be more than that because there will be several 
shareholders who will not accept at all.

>
>Future dividends to shareholders will possibly only equal the
>preference shares interest. 
>

Only nine or ten percent?    How are we shareholders going to survive 
;-)

>
>Norgate gets $500,000 management
>fee per year from RPI plus whatever from Wrightsons.
> 

Yes I wondered about that.   How is Alan Freeth worth 'only' $360,000 
whereas Norgate is worth $500,000?   Who has the more skilled job?
Freeth managing WRI, or Norgate managing RPI?

> 
> If the offer fails  will it be a good buying opportunity ?
> 

Harley you are getting far too smart for your own good.
You weren't meant to tell the other sharechatters about that until we 
had filled up *our* barrows with WRI shares remember?    Ah well, if 
Norgate does throw the blocks out of the cot, there will be plenty of 
shares for all.

SNOOPY




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