Forum Archive Index - April 2001

[David Iles <DavidIles@chestsyd.com.au>]

Posting this from Sydney so I may be behind the times on news.

Last time I looked NTA of TTP was over 60c & majority shareholder was HK
based company which is proposing the capital restructure (takeover). Given
that the MD of TTP is also a director of the HK company I have always
questioned his independence and who he actually represents. The non payment
of dividends over the last few years has seen TTP shareprice depressed & now
gives the HK company a cheap takeover price. I am sure if the takeover is
successful dividends will quickly flow to the HK company.

If there is a genuine concern that no dividends are being paid to
shareholders there are several ways this can be achieved without the
takeover proposal. Shareholders are being asked to sell their shares at half
real value and are then expected to lend the funds to do so to the takeover
company at 10%.

Vote NO at the meeting or on proxy. Also at the AGM let someone prepare a
motion of no faith in the directors. A sell off of the portfolio and return
of cash would even return more cash to shareholders.

Interesting article in todays Australian Financial review about AGP. Looks
like these directors treat their shareholders the same as TTP.

David Iles

davidi@chestsyd.com.au


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