Forum Archive Index - December 2003

[Robin Benson <rob@hammerheadmedia.co.uk>]

Thanks David and MacDunk.

WRI - Only 80k of WRI moved today, with a buyer still in the market for 
225k@NZD1.45 - not a lot of dealing going on at that price level. It 
does not seem unlikely that RPI are using more than one broker to 
accumulate and the limit is identical so I suspect that it is RPI 
rather than another buyer. WRI has recently been developing further as 
a business with changes in management, involvement with Genesis, 
Agri-feeds and Eurogrow Potatoes growth, etc. It does appear that the 
market would price WRI higher were it not for the high dollar - perhaps 
the mitigation of this risk via hedging has come into play here? Also, 
even with earnings under pressure, dividend yield is not looking too 
shabby at $1.45. MacDunk what fundamentals, apart from the currency 
issue, are you referring to - your concluding comment sounds like you 
have a (virtual) quid both ways ... would you buy in if the price 
dropped and if so how far would it have to come down? David it looks 
like you might have been buying at $1.45? On the basis of dividend or a 
combination of factors?

RBD - Vicki Salmon now CEO. The spin indicates that there is currently 
not much interest in running this company amongst those with the skills 
to give it the boost it needs. How do RBD holders feel about this 
announcement and what it means for the future of the business?

Regards

Robin

discl.
hold WRI
zero RBD

On 18 Dec 2003, at 05:05, Duncan MacGregor wrote:

>
> HI ROBIN
>                WRI are certainly going through an Interesting 
> stage.    If we look at the basic fundamentals of the business, the 
> shares should drop In price.       The profits must decrease, the 
> dollar Is to high, farmers are having a bad time and wont spend up. 
> However we have the situation where one large Investor has been joined 
> by another, taking advantage of the bad times with a long term 
> strategy In buying up large.      What this means Is the share price 
> may surprize with a few more wild swings dependent on what the 
> Intentions of the main contenders are.    I wont be buying In the 
> share price by rights will come down but who knows what happens when 
> they games begin.  
>                cheers macdunk


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