Forum Archive Index - December 2000

["Geoff Ewert" <gewert@wai.quik.co.nz>]

Hi Gordon,
    I'm your long lost nephew,my stupid aunties keep buying me clothes and
other rubbish.....................put me in for a few thou.
    Relatively yours G.
----- Original Message -----
From: "Gordon King" <gordon.k@xtra.co.nz>
To: <sharechat@sharechat.co.nz>
Sent: Monday, January 01, 2001 8:32 PM
Subject: RE: [sharechat] Transcript of ITC Q&A - but where's the shareholder
benefits?


> I'd agree with that, thanks Ben.
>
> On your points Hugh, my 15 year old niece's birthday in a couple of weeks,
I
> was thinking of buying her a few thousand ITC shares.  My thinking is all
my
> stupid sisters will buy her clothes she'll grow out of, I might as well
get
> her a long term speculative stock.
>
> Any comments on good opportunities
>
> Gordon
>
> -----Original Message-----
> From: owner-sharechat@sharechat.co.nz
> [mailto:owner-sharechat@sharechat.co.nz]On Behalf Of hugh webber
> Sent: Saturday, 16 December 2000 8:16 PM
> To: sharechat@sharechat.co.nz
> Subject: [sharechat] Transcript of ITC Q&A - but where's the shareholder
> benefits?
>
>
> Yes, thanks for that Ben it was very interesting.
> Congratulations to the sharechatter penetrating questions
> on China, when will it pay a dividend etc etc.
>
> I had misgivings over a year ago in the midst of the gathering
> tech bubble hype that it was a venture capital company and
> VC companies do not reward their shareholders.
>
> That seemed to be one of the two major elements missing from
> the discussion (a) complete absence of a strategy for rewarding
> shareholders apart from one question on when will it pay a dividend
> (b) no discussion on the cash flow position.
>
> Some investment sage noted - I forget who it was - that cash flow
> positive companies' shareholders do well and cash flow minus
> shareholders don't do well. The phrase cash burn was mentioned
> but is ITC in this situation along with its investments?
>
> A shareholder reward strategy can have a number of elements
> such as (i) dividends
>              (ii) dividend reinvestment on concessional terms
>              (iii imputation credits on those dividends
>              (iv) a share buyback scheme
>               (v) share options
>               (vi) distribution of shares or options in ITC investments
> that are doing well
>               (vii) distribution of concessional products or services from
> the
> investments.
>               (viii) growth in the value of ITC shares which seems to be a
> non-starter here.
>
> There just seemed to be a complete lack of comprehension of what was
> possible
> or if that there was even an issue or comparison to other companies.
>
> It just seemed to be a one way street of cash in but benefits out to the
> companies invested in, and presumably the directors and staff. How long
> will investors
> put up with that? I would have thought that in the absence of anything
else
> that
> (vi) should be a starter for ITC....
>
>
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