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RE: [sharechat] WRI - Snoopy

From: "Craig Hoskin" <>
Date: Thu, 22 Aug 2002 17:43:41 +1200

Title: RE: [sharechat] WRI - Snoopy

Thats either U or your ISP

* You have probably got your EMail programme set at "leave mail on the server", AND your ISP doesn't recognise the command your EMail programme is issueing to recognise those already read

* Or ... just "delete mail from server"

|-----Original Message-----
|[]On Behalf Of
|Sent: Friday, 23 August 2002 5:36 a.m.
|Subject: Re: [sharechat] WRI - Snoopy
|Hi Ben,
|>I remember a great analysis you did on Wrightson some months back.
|>I'd be interested in hearing your views on the latest profit
|Yes, I usually shy away from making 'recommendations' as what may be
|a buy for the income investor might be a sell for the growth investor
|and vica versa.
|However, I certainly hope some of the sharechatters took up my
|suggestion and got on board WRI a couple of months ago!   15% yield
|going into the third best year for farming in two decades with the
|company being a market leader, and having low debt?   There is no
|such thing as a "no-brainer" investment decision, but buying WRI two
|months ago would have to be just about as close as you could get. 
|There were plenty of folk fretting about the general election at the
|time but that with hindsight was just market noise, and allowed
|investors who aren't distracted by such things to pick up some
|The WRI result was always going to be good.  The question is what
|happens from here?  The problem with WRI has traditionally been
|return on equity.  It hasn't been flash and that means that it can be
|a fine balancing act between making a strong profit and a loss.  My
|other concern with WRI is the board.   They are lacking in diversity
|of experience.   Nevertheless, I think CEO Alan Freeth has done a
|good job.  I see the reduced turnover as encouraging.  It indicates
|WRI are focussing on profits, not sales at any margin.
|Nevertheless, there is still no external director of WRI with a
|strong retail background, and no-one there with a good science
|background to independently assess, for example, the risks of their
|genetically modified grass project.  I get the impression that WRI
|had a good year 'in spite of their directors' and not because of
|them.  It will be interesting to see if the non-executive directors
|try to vote themselves a bonus share scheme at this years AGM as just
|reward for all the hard work they have done (cough, cough).  It's
|easy to surf a rising wave.
|I'm quite happy to hold WRI at these levels.   I don't see a huge
|upside from here, but then again if WRI is to be brought into line
|with some of the other rural retailer shares on the market, perhaps
|there is a bit of swell in the old surf yet?   Maybe Phaedrus would
|like to comment?
|Message sent by Snoopy
|on Pegasus Mail version 2.55
|"Stay on the upside of the downside,
|Anticipate the anticipation!"
|To remove yourself from this list, please use the form at

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