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[sharechat] WRi battle warms up

From: Harley <>
Date: Thu, 20 May 2004 21:05:33 +1200

WRI  as I see it.
 Norgate is rubbishing the company results but must see value there hence the 
bid. If the offer succeeds those who accept will not have all their shares 
bought but will be subject to a scaling process. Possibly 43% only. Future 
dividends to shareholders will possibly only equal the preference shares 
interest. Norgate gets $500,000 management fee per year from RPI plus 
whatever from Wrightsons.
Management is defending the results and promising better in the future.
Looking at the schedules of shares and options for management and directors 
some have done very well out of their transactions. Nothing unusual in that! 
Whether company results justify the rewards is a moot point. If you accept 
Grant Samuels report the takeover is not  paying enough for the shares. If 
the deal with Fonterra goes ahead it should be good for WRI. I am not sure 
you can fully compare PGG and WKL with WRI  as both companies are not as 
diversified in their operations.  

If the offer fails  will it be a good buying opportunity ?


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