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[sharechat] Michael - re CNZ

From: "Oliver Shapleski" <>
Date: Fri, 28 Jul 2000 23:22:20 +1200

Hi Michael - 

CNZ has recovered somewhat since the IRs became fully paid - it had been on a 
downward trend since listing and in thelast six months on a continuous trend 
from 35-25c.  Since the payment of the final 57c (or 50c for some of us : ) ), 
the trend seems to have reversed - despite some unhappy press coverage the 
price has held well and looks to be creeping up towards 90c rather than 
continuing a slide towards 70c.  

Valued at anything above $1??? Don't hold your breath; the dividends aren't 
increasing any, and the property market is experiencing increasing vacancy 
rates.  Couple this with the high interest rates countering the value of the 
yield on the share, and management giving mixed signals over whether they want 
a growth stock or an income stock - I wouldn't value CNZ at anything more than 

(Hold CNZ)


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Auckland     - Phone +64-9-353 9700 Fax +64-9-353 9701   PO Box 3798
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