Forum Archive Index - October 1999

["Brent Gray" <brent-g@ihug.co.nz>]

I agree

When wri sold their finance arm, they threw away the baby and kept the bathwater.

Since then, they have been indulging themselves in frittering away the money they got for the baby.

The main architect of this shallowly thought out course of action seemed to be the former ceo, who recently left with a golden handshake  of over $400,000. Seems the more shareholders money you lose, the more pay you get.

However, the ceo should have been controled by the board, and he was not. That same board is still in control of the company,so we can probably expect more of the same, until the directors are voted out or in wri's case expire.

Either way any improvement in their share price is likely to be as a result of wishful thinking rather that than anything real.

 

Cheers

-----Original Message-----
From: Malcolm Idoine <malcolmi@clear.net.nz>
To: sharechat@sharechat.co.nz <sharechat@sharechat.co.nz>
Date: Sunday, 17 October 1999 11:04
Subject: Re: [sharechat] share price half the nta!

WRI & BIL ugh!

 

Wrightson seems to have suffered both from the commodity down turn plus management cockups - heck I brought a few at 42c full of expecation but somehow I don't think a few lines of seed potatoes is going to do the trick. I also suspect the company has a service culture and is busy empathising and suffering with its clients - most of the employees probabbly have cuzzies on the land. I'm still in 'hold' mode but only just...

 

As for BIL I brought a few at 48 but with control going to Singapore and registation in tax a haven who who knows what asset stripping and skullduggery the new owners will get up to - havn't yet decided whether to take the notes....

 

Still there must be a bottom somewhere ....

 

mal