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Re: [sharechat] Tower

From: "andrew cottingham" <>
Date: Mon, 25 Feb 2002 12:34:11 +1300

I rarely deal with NZ shares but as you have disappointingly received no replies to your first post, I have looked at TWR for you. The share has been consolidating in a zone not dissimilar to an ascending triangle, and $5.30 is clearly the resistance. I personally would not sell now until seeing if support around $5.12 is broken. This area has seen resistance and support before. Should $5.12 hold, the share will test $5.30 again, and if it can break through, then it can move North to the next resistance at $5.45. The break from the formation is a slight worry, but the candles of the 15th and 19th produced a 'tweezer' and these together with the hammer produced on Friday are all promising signs, (as is the holding above the $5.12). Fridays hammer shows the bulls power over the bears, and the surplus of white candles is good to see. So, in brief, watch for a break below $5.12 and then re-consider.
I trust my information has been helpful.
PS. The answer to b, is answered above, and c, No.
----- Original Message -----
Sent: Saturday, February 23, 2002 11:28 PM
Subject: [sharechat] Tower

I'm more of a long term investor rather than a trader, and have held shares in TWR for a year or so now (In wich time they have done nothing)  after reading their annual report have thought about getting out of them !! (I know I'm a slow reader)  My thinking is twofold
1)  A good chunk of shareholders funds is represented by " excess of directors valuation over net assets of subs"  (Goodwill in my lingo)   and
2)  $17M of their earnings (some 20%-25%) was derived from "increase in directors valuation......." (or somthing to that effect)   (In effect an internal revaluation of goodwill ) 
This is my first post to this forum (have lingered, in the background, rewiewing others comments though, for a couple of months now)   but would appreciate advise (give you 3 options)
a) Was I a mug buying these shares in 1st place ??
b) Am I a mug to sell them now ??
c) Am I wrong to tell you guys my thoughts prior to actually selling the shares ??


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