Forum Archive Index - August 2000

["Ian Andrews" <iandrews@ihug.co.nz>]

Brien

 

The usual report of the meeting doesn't seem to have appeared in Dunedin's "Otago Daily Times" , but there is an article in the Christchurch Press (see www.stuff.co.nz/inl/index/) of 24 August.

 

It seems the long-promised listing on the New Zealand Stock Exchange main board is not now proceeding. The directors believe it is better to list instead on the ASX "later this year". The Mount Conqueror deal is taking "longer than expected". Chairman Trevor Mason added Mount Conqueror would be given the opportunity to "joint venture the Radionet development into the Asian continent".

 

He must know something others don't, because my inquiries show MCO has no cash & no cashflow (to speak of). Perhaps it has some very wealthy shareholders.

 

In opinion, having been a shareholder in WNC for 4 years (once with 2.5%, now with only a nominal holding), the last-minute backdown on main board listing removes much of WNC's remaining credibility.Shareholders who may have bought expecting an end to WNC's dreadful corporate governance record under even the NZSE's light-handed regulation will be sorely disappointed. 

One really has to ask whether the "Tartan mafia" who run the company actually believe it is in their interests to submit to regulation, when they have happily ignored such constraints to date with impunity & profit. I don't regret selling - in fact it seemed entirely necessary.