Forum Archive Index - March 2002

["Peter" <pmaiden@today.com.au>]

Gerry - you shifted to Australia? Aussie email address and aussie 
friends coming around and all that.

Yes it must be a galling time for those faithful Baycorp holders. 

Since they got their BCA shares they have seen the price go dowm 
nearly 20%.

Looking at the BCA (old DAD) chart in OZ I note the price is still 
lower than the lows of September. Thats saying something about the 
current sentiment towards BCA.

Even though the interim announcement basically showed DADs 
performance it appears as if Baycorp in NZ didn't do too well either.

They reportied an earnings increase of 13% but noted that this 
excluded debt acquisition earnings which fell quite significantly. 

Overall earnings increase less than 10% for NZ by the looks of it.

Not the sort of earnings increase we would have expected from the 
Baycorp of old. And i don't think the old Baycorp would have tried to 
make the result appear better by leaving out a part of the busines 
where earnings were going backwards. 

It looks like Collection House have cleaned them out in the debt 
acquisition area. Obviously a part of the large increase in 
Collection House earnings - at the expense of Baycorp.

Cheers

Peter

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