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Re: [sharechat] Pot reply to robin

From: Robin Benson <>
Date: Sun, 23 May 2004 07:37:37 +0100

Hi Snoopy

> After what happened last year, I think Marilyn is more the ports expert
> than I am!     Very disappointing that LPC fell out of the elite 'focus
> investment group' set of companies.    The union problems, two years
> in a row now, and lack of provision for replacement of basic
> infrastructure came as a shock.    I think that long term around 5c per
> share of value has been removed from this share by all the troubles.

That's some crystal ball you have! I think a big question-mark 
overshadowing LPC's future concerns the actions of that union. I wonder 
how many employees own shares in the company -- now *that* would be 
interesting information.

> However, in defence of LPC the yield is still good at today's prices 
> (just
> above $1.60).  ROE remains good (27% last year, adjusted for one
> offs) and there isn't any other port that serves the largest city in 
> the
> South Island.   Contrast that with Auckland where POT seems hellbent
> on getting into the territory of POA.

Indeed. SPN don't look close enough to LPC to be much of a threat. What 
about happenings further up the coast? (I have not been following that 
issue recently ... maybe it's died a death?)

> If she's listening I'll leave Marilyn to tell you if POA is worth 
> getting into
> at this late stage.

Hope to hear something there!

> For myself, I'm sticking with LPC.    In fact they're the only shares 
> I've
> bought this year.   With a share like LPC though, they must be bought
> at the right price for you to get a decent return out of them.

Thanks Snoops -- Woody would be proud of you!


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