Forum Archive Index - October 1999

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

> Am I missing something. Current price is 28c. NTA is 72c. EPS (full year
> based on interim result) is 4.5CPS. If pay a dividend of 60% profits
> gives a yield of 9.64%.
> 
> I know the market hates this stock and it has terrible mgmt, there is an
> overhang of 98 million shares from the companys override of capital
> notes conversion, but where is the bottom?
> 
How many more convertible notes are there out there that may be 
forcibly converted into shares, which would further dilute the NTA ?
 >
> SEABIL hold 54.7% of the shares. Looks a cheap takeover to me or have I
> missed something.
> 
Since SEABIL has management control there is no need to spend money 
on a takeover.   When current rent contracts expire and new 
agreements are written at a lower yield what will happen to the 
income?   How much will the value of the buildings have to be written 
down once realistic rent contracts are in place?   When will the 
exodus of businesses from the Wellington CBD end?  SNOOPY

PS Just asking the questions.  Fortunately I am not a shareholder so 
don't ask me for the answers.
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