NZO has too of a much long term focus to be knocked by short term traders.
At these prices a sale is on.
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NZO has too of a much long term focus to be knocked by short term traders.
At these prices a sale is on.
With hindsight we could all do better . Best to look at how undervalued nzo is and buy more if you can-i just have .
NZO now have a brilliant debt instrument over prc giving it greater powers over the running of the company as well as high interest . It is going to produce the goods -and possibly sooner than peter whitalls deliberately pessimistic predictions .When it is producing well nzo will sell it, shareholding and life-time coal rights at a great profit . I wouldnt be surprised if resource consent to mine all the coal isnt obtained to double the life of the mine
NZO has $145m in the bank . With the strong nz dollar investing in the drill bit will be much cheaper . A rig 2 years ago costing 500,000 a day can now be hired at 150000 . They have a lot of valuable knowledge and many good prospects .
Rising oil prices will ensure good returns on tui and kupe-and more wells possibly added in these fields .
NZO appears out of favour with the market and oversold because of this years unsuccessful drills and prc . To me this is a good time to start buying-the management are competent ,trustworthy and run a financially secure company with excellent cash flow and exciting prospects .
OK
mistymountain & fish, lets see what the next 12 months have in store.
Meanwhile how into it you two, i got more than enough will buy more when the drilling starts, management seems happy to saunter along enjoying the fruit of their very hard work.
What is it again 1/2 mil. for the boss per an. no need to hurry
David Salisbury must be on notice that expectations have not been met - the directors just said good bye to Gordon Ward for what must have been non-performance, and I doubt if DS will be given as much rope as Gordon. NZOG still looks like a ponzi scheme - GSJBW seem scared to buy back any shares, NZOG keep issuing them, management and directors get paid more but don't seem to have added value, nor has the market recognised value that was there from those that came before. Peter Whittall needs to get the job done - I find it hard to believe that Pike's road header(?s) are only working 5 days a week when we are told that that is the production bottleneck.
Ditto to the above.
This site has gone strangely quite recently, wonder why?
nz oh nz, working 5 days a week eh? its always about the lifestyle ..
Yup Colin,
most if not all of the 22 hard workers of the co. probably over there too living it up.
Good on them.
another oil spill from a tanker washing up on kapiti coast,hope its not nzo again?although they say its from a tanker so may have no impact on nzo/awe itself if it is from tui
Small blobs of oil washed up on beaches north of Wellington on Monday are believed to be from a crude oil spill off Taranaki a month ago.
Greater Wellington Regional council says the globules have been found at the high-tide mark between Mana and Otaki on the Kapiti Coast.
The council suspects the oil has come from a 1000-litre leak from production ship Raroa. -- Radio New Zealand
The Raroa is the FPSO at the Maari field. NZOG has no involvement.
Is NZO the only one buying their shares at the moment? Would hate to see the shareprice without the buyback
Thanks for that wisdom phaedrus-I was about to start buying a lot
I will hold out for a further fall before I do
Fortunately I bought heavily into vector when they were around 190 -no one could explain on here why they were so cheap so bought lots and have been selling last few days so am safely solvent and patient
I don't think anyone is convinced that PRC is coming right. When will they be doing another shipment? Will they be able to pay back the money NZO advanced them to keep them running? When will they require another bail-out from NZO? - soon I'd say.
The PRC options will expire in April 2011 without anyone taking them up - unless they get their share-price up to and over $1.25, so that cuts off another line of funds for them. Who will have to pick up the slack????? NZO!!!!!!
PRC is a big albatross around NZO's neck at the moment. Everyone knows it.
Well actually that is clearly incorrect .Not everyone .
NZO has had offers to buy their PRC but not at the kind of price they would like . With no more unexpected problems they will be a very valuable company in 12 months . Its just that some people dont have the patience to remain in the market until then . I have been buying PRC .
In the meantime nzo is making handsome profits loaning money to prc plus teeing up their shareholding to make it very attractive to steelmakers . The importance of the extension of the lifetime option to take a substantial shareof prc coal has been lost to those selling nzo today
NZO as a lender to prc is in a better position than other shareholders .
making handsome money off money it lent them in the first place this is not a good lending process. If PRC doesnt become profitable it doesnt matter what interest rate NZo get of PRC they simply will not get back the principle they initially lent them lol.
Exactly. And we've got talk of "no more unexpected problems". This is the constant that's always being harped on, yet there are always more unexpected problems. What happens if the hydro-mining equipment beaks down?? What happens if they hit another graben?? What happens if the continous mining machines break down?? It's a catastrophe, that's what. Because Pike has no cash buffer anymore, and no earnings to speak of. All the cash from the capital-raising(s) is history. They are running on NZO bail-outs just to keep operating, and getting more in hock every day. Which means any problem stands to have a huge impact on the mine's ability to keep going.
I'm sorry, there is a big risk factor here for NZO. NZO's future has been staked on a coal mine. All the oil and gas success is being over-shadowed by PRC. If PRC continue to perform as per their track record, no-one is going to want to buy their stake in PRC.
"The coal is there" is a nonsensical argument. It's like pointing to the sea and saying "the fish are there", while your fishing boat is aground on the the rocks, you're nets are torn to shreds, & you've lost your keel. The coal has always been there, but it has to be got out, and profitably. So far a project that was supposed to go from start-up to full production on $75 million has gobbled up several times that amount, and all they have to show for it is 40,000 tonnes of coal shipped. NZO's result each year is being impacted by a loss from PRC. NZO is pouring money into PRC, and NZO's SP is suffering because of the (increasing) amount of risk they are being exposed to. These are the facts of the matter.
And your glass is half empty I guess.
That's the dishonesty promoted within corporate culture. Most of the people rising to the top are driven by the pursuit of money and power, and lack empathy. They have big ego's, pride themselves on positive thinking, and get so locked into this mind-set that they lose objectivity. This is how Pike, with it's constant optimistic forecasts, got itself into this mess. I bet they couldn't find one honest guy prepared to risk his future promotions and big pay packet to actually speak up and be honest about the situation. Everyone from the bottom to the top is locked into saying what everyone else wants to hear, and if you step out of line you're 'negative'....you're out. .....And when things turn to custard, the ego-freaks at the top can't understand it; everything and everyone gets the blame but them.
Even now, with PRC lurching from debacle to crisis at every turn, we still get the same spin and exortations to "think positive". Think honest, think accurate, think real: don't be a sheep.
Does anyone know the depth, if any of the NZO boards expertise in coal mining, or for that matter investments, apart from them alluding to be guns in oil & gas exploration?
So we agree to disagree than Mr Lion .... that Mr 9fingers post does reflect what goes on in many organisations .... its only natural behaviour .... and Pike seems to show all the symptoms of that behaviour
Maybe we agree to disagree because our emotional attachment to the subject in question is different
I recently had the chance to have discussions with TR , DS, a distiguished investor whom I won"t name and Chris Roberts . They impressed me with their experience and knowledge .They are far too modest too ever allude to be guns and strive to be as open and honest as possible .
Forgive me, but everytime I read a Nine digits negative post the name Sniper comes to mind, remiss of me I know.
FISH
personally i share the same sentiments about TR my association with him stretches some 20 years, been in and out of MIN. RES. OTTER GOLD, PPP, NZO, & indirect PRC.
Yes all the good stuff in these co,s can be directly attributed to him.
The old but now realized TUI & KUPE are mainly in the hands of other Co,s.
Lot of comments and claims have been made in recent documents about where, the mostly new and highly salaried members of the board will
take NZOG in the last 5 years.
I do not now who writes or edits these reports [ 1/4 1/2 yearly reports ] also projections where they intend to take the Co.
To say the lest i am not impressed so far, but ready to recant if there is measurable progress but patience starting to erode fast.
We all know and have heard often enough how great Tui & Kupe are.
I'm 'negative' - I would say say honest or realistic - about PRC. It seems to me that the project infrastructure alone (never mind working capital) was under-costed by about $150 million from the get-go. Corners were cut to try and deliver a fully operational mine on the cheap. The cheap solutions used have cost PRC - ultimately the share-holder owners - as yet unquantified millions of dollars & untold lost credibility.
I like NZO, I'm up-beat about their oil & gas assets. But PRC is an on-going disaster.
No question Logen, PRC have certainly got issues and right now my truckload of options are looking a bit shaky but as well as for ever emphasising the negative how about recognising there is (in my view) still opportunity in PRC, all is not lost.
LNF and Balance-do you have a strategy? Will you buy in when or if the share price drops to $xx? Or are you just observing? putting this much energy into this thread means you must have some sort of intentioin-Im curious what it is....
Agree with you winner69, but they both match each other in come true Prophesies.
BTW THE BOARD COULD ALSO START BUYING A FEW THOUSAND $ S WORTH OF LOTTO TICKETS EVERY WEEK.
A strategy maybe as good as any at the rate this is developing.
I'd like to buy in again at some stage, I really would. I'd like to be buying into NZO at a time when the company has resolved the matters which are currently clouding it's outlook. The PRC situation is a saga I have been following for some time, and it's fascinating. Over the course of reading the information coming through from PRC, the posters in this and the PRC thread, and also information from other sources, I reached the following conclusions:
1/ PRC was grossly under-costed and under-funded from the start, and that has made the current situation practically inevitable.
2/ PRC stuffed up the purchase of their continuous mining equipment. They took the wrong option, and 'cheapest is not always best / you get what you pay for.' The Sandvik ABM20's were always the better, if more costly, option.
3/ There are people currently within the top management of PRC who have displayed questionable judgement coupled with a lack of accountability and a prolonged inability to learn from past mistakes.
I would be very happy for NZO to find a way to extract itself from the position it is in with PRC.
NZOG has this millstone of Pike around their neck and they won't be able to rid themselves of it for at least a year.
Meantime they are blowing their money by buying back their own shares as an artificial method of keeping their share price up.
Expect nzog to pump more money (shareholder's war chest) into Pike to keep them going.
so much for the bright future of 2-3 years ago when they had is this money after Tui came on. All these seem to have done is increased their staff levels and amount of money they have spent with no tangible results.
Are they going to drill Kaupokonui when they have only managed to attract one farm in partner to 20% of costs? nzog will have to fund 80% of the well and I can't see them doing that. Expect them to relinquish the permit. Will DS on his 550K will sort things out?
I pending drill should be all that it takes to stop the sp sliding.
m
Yes true,
but it stops them going down to the more realistic level of between$ 1.05 -$ 1.15 and i would not buy any even at that.
Unless the problems with PRC are resolved there has to be some quantum improvement elsewhere for this Co. which i always thought since Tui & Kupe would be a co. with a bright future.
CHEERS
Let our Thoughts and Prayers be with the Missing, Families ,Relatives and Friends.
so what the hell happens now??
Not much by the looks of things .
If you are referring to trading I believe there is a halt to trading on the asx which continues until tuesday unless otherwise notified.
During this long wait for a rescue my mind has had occasion to think what should I do next week-
NZO still has money in the bank and those valuable oil fields producing income so will stay solvent- I expect the sp to drop about 25c-but its anyones guess .
I hope a trading halt will continue longer-especially if the trapped men are not brought out .
It would seem almost obscene to be doing so
I also hope they get the miners out very quickly and alive - obviously for the relief of their loved ones but secondly, an expeditious and successful recovery will help build confidence back into Pike and its safety systems. I'm also hoping for a quick resolution because, after a short period of respectful sympathy for the miners and their families the media will no-doubt start a witch hunt (because they love it) and this will be counterproductive to everything except newspapers sales.
this is so tragic. It appears that is a very likely that the miners were all killed in an explosion on Friday afternoon and a fire is now burning in the mine. This is the end to Pike River and there will be a witch hunt which will no doubt turn up some issues.
Where does that leave nzog? Well I don't think they will get their 85 million back from Pike and expect them to have to bail them out even more to clean this mess up. There will be no way anyone will want to buy the mine, and certainly not for the valuation nzog has put on it.
There is still a small chance some miners have survived, but it is remote.
This is a disaster in more than one way
cant see them walking away there have been disasters like this elsewhere and people get on with it clean it up and carry on.
any picks after trading halt is lifteD?
the upper big branch coal mine disastor in west virgina happened on 5/4/2010 at 3.27pm,29 miners died and it was the us worst coal disastor in 40 years,it was 4 days before they could get in and access acurately the fatalities and around 4 months before they could get in and start investigating it,they are still investigating it now
Good realistic post. PRC as many have noted has been a problem child for ages now. It'll cost an absolute fortune if the mine can ever be made operational again, which I very seriously doubt. David Salisbury needs to look after NZO's key assets and make the hard decision to let the constantly dissappointing company PRC face its almost inevitable conclusion.
NZO has some good assets without PRC and needs to focus on those. NZO's investment and loans to PRC are approx $100m and based on shareholders funds in the annual report of $446m that would suggest a fair price for NZO counting PRC at nil value of 93 cents. If the share trading halt is lifted, and I think for NZO it should be as surely nvestors are capable of making there own minds up as to the approximate fair carrying value of PRC in NZO's books I expect the market to place a minimal, if any valuation on the value of NZO's investment in PRC going forward. However if David Salisbury does something really stupid likes backs PRC without limit's there could be a large negative value implied on NZO and reflected in the share price. D.S. Needs to look after NZO first and foremost and act SOLELY in NZO's interests.
theres the buy back as well,so when the halt is lifted,what will nzo do about thier buy back?
Of course we don't know the damage to the mine as yet and we also do not know if there is a fire down there which could be impossible to put out but if the mine is able to be saved I suspect there will be pressure brought to bear from Coasters, miners and probably Smilin John to keep it going, it can provide a lot of economic gain for the Coast and NZ.
The Indians will no doubt be very interested in whats going on here as well, don't know what the implications are if there supply contract is broken.
I've watched the buy-back and its influence on the S.P. which has been minimal IMO.
They seem to have been at pains to not "shift" the market with the buy-back, that said obviously the buy-back has been supportive of the price overall. I think the price will find its own level pretty quickly around where I have suggested it should be above. Put it another way, if the shares are over a $1.00 or under 80 cents i'll be taking what I consider to be the appropriate action, selling or buying respectivly.
NZO
22/11/2010 09:14
GENERAL
--------------------------------------------------------------------------------------------------------------
NZO
22/11/2010 09:31
HALT
REL: 0931 HRS New Zealand Oil and Gas Limited
HALT: NZO: NZX Market Supervision NZO Trading Halt
22 November 2010
NZX Market Supervision
New Zealand Oil and Gas Limited
Trading Halt
NZX Market Supervision ("NZXMS") advises that, at the request of the company,
it has placed a trading halt on New Zealand Oil and Gas Limited's ("NZO's")
ordinary shares, pending a material announcement by the company.
Ends.
End CA:00202667 For:NZO Type:HALT Time:2010-11-22 09:32:04
Good estimate. My ball park view is that it should wipe off about $100m off the market value or about 30 cps
Pike has weighed heavily on the NZO share price for a good while now. Every announcement of support has reduced the SP. There is an argument that the NZO share price would have been better without PRC, just as it would have been better with better performance from PRC. Let us give people time to work this out. No doubt the shorters are itching to unleash mayhem on the investors and the bank margin lenders are poised to remove margin loans from their clients. Vultures all or is it just survival of the fastest and nastiest? IMO there is nothing to be gained from removing the trading halt until everyone can focus on an organised commercial outcome. For now we have 29 people underground and that should be everyone's focus.
trouble is bilo im getting the feeling nzo will trade tomorrow(i hope not) yet prc stays in suspension,this means some nzo holders may have important decisions to make today
I would find it morally insane for NZO to trade tomorrow. There is just no excuse to addto peoples misery. Imaging getting a margin call from your husband's bank when he is still down the mine? PRC isn't going to get sorted for months even if 29 miners walk out this afternoon, and trading a few shares won't help anyone. The OZL instance and NXS during the GFC are cases where trading halts allowed time for investors to be allowed follow all eventualities. The sooner an announcement to this effect the better, IMO.
In a perverse, but investment thinking way (no offence intended), perhaps NZO will want to pursue the coal seam gas potential of the brunner seam?
Looks very unlikely Pike River will ever get consent to mine for coal now, given the enormous costs they would have to spend upgrading the mines safety standards
Out of tragedy comes opportunity?
I don't agree. NZO directors are presently working on a statement outlining scenario's and endeavoring to provide some clarity of the effect of the PRC event on NZO. PRC is only as associate of NZO and only one of its investments. The free and open market should be allowed to get on with its business once the staement from NZO directors is issued. To wait for the financial implications of the PRC event to be quantified with any reasonable degree of accuracy on that company and consequently upon NZO would amount to an unreasonable interference with market dynamics and could put NZO into a trading halt for weeks or months, who wants that ?
Everyone who ever invested in anything and has a modicom of concern for others, or the majority of their shareholders.
Unless NZO sell their PRC interests or get taken out themselves, there is no-one that will determine the commercial outcomes of this disaster to NZO for some time. IMO
I would also like a long-term trading halt on prc and nzo-would stop the sharks feeding on the shipwrecked .
I have been selling stocks today in case of a major fall in nzo . I like to have plenty in reserve to keep that margin call away
My broker says it will most likely be trading tomorrow at around $1-00
First thing NZO board, turn of money supply to PRC as a 30% S/H nzo is not responsible to bring mine to prod. now that the co. is bankrupt there is no way they get any of it back.
Cost to restart the mine to production level, probably 150 to 200 mil. Think of all the possible and likley scenarios
TIMELINE:
To restart
Short, 9 -18 mts.
Medium, 2-5yrs.
Long, 5- never.
PRC IS NOT DEAD IN THE WATER , IT IS SUNK.
Time for NZO the cut loss and concentrate fulltime on it,s core activity.
The gamble has not payed off
Irregardless the outcome of the present Tragedy!
NZO's board should be thinking about IT's OWN shareholders first & foremost, its options are:
1. Cease funding anymore loans to Pike & await what transpires (allow shareholding %age to be dilluted, medium term strategy)
2. Look to exit its shareholding, take the loss & focus on Kupe, Tui & there exploration portfolio (short term strategy)
3. Throw more money into it to assist the long road ahead to coal production (long term strategy)
NZO has PRC shares, convertible notes, short term loans, + the coal production rights, so its a bit of a financial weave to unravel its association from PRC without putting them further in the crapper...
Personally i'd take the #2 option, but i'll assume NZO will choose #1 (for now), & hopefully not #3
Fabs, totally agree with your timeframes & cost estimates
how can nzo make an imformed decision on pike by tomorrow,its stupid
Via ASBSEC, I see Morningstar have made a valuation of NZO at $1.08 AUSTRALIAN after the Pike explosion. (They last traded at A92c) They warn that NZO may well be oversold when it starts trading again, noting that only 20% of NZO's market cap is made up of PRC and that if NZO's sp falls by more than 20% when they start trading, it would be excessive.
Edit - I assume that means that if NZO did fall by 20% it would mean PRC had no value at all - surely that wouldn't happen? There's still a conservative $11b worth of coal there.
I agree with you and Fabs, its pretty clear the value the market should attribute to the PRC component of NZO's balance sheet is minimal if any. On this basis I see no logical reason why NZO should be kept in a trading halt, sure emotions are running high but the market is logical and will mark NZO back by about 20-25% (approx 30 cents) on the basis that its investment in PRC is worthless.
Obviously there will be some who believe the mine is still potentially a going concern, (I am definitly not one of them) and they have the option to buy into NZO if they still believe in the PRC story.
I agree NZO should turn off the cash tap, PRC is a mine out of cash, out of time, out of excuses and out of luck. I would strongly encourage NZO Directors to stop throwing good money after bad.
In theory you are correct DONK but in reality it doesnt always work like that.
PS I was employed as a professional firefighter for 27 years !
Salvus announcement after market today estimating that the 9% of SAM holding in NZOG is going to be worth 3.2cps to SAM NAV.
Holy Mac! From what I can see NZO is up and running again Buy98 sELL100
As I understand it, bids and offers can still be placed while a company is in halt, but won't be executed until halt is removed. This is the difference from suspension where all bids/offers are removed prior to re-opening.
NZO will have to release an update prior to coming out of halt. ASX would normally require a halt to finish at their open this morning, so would need a reasonable case for a further 2 day halt, but may suspend them if they don't provide an update. Since was not halted on NZX until yesterday, they might have a bit longer here.
Surprised we did not have an announcement by now, but most likely get one by 10am Aussie time.
mayby i got it wrong-although i dont see anything about TH on direct broking
thanx for update Lizard
nzo are suspended pending announcement hopefully AM Wednesday
http://www.asx.com.au/asx/statistics...idsId=01123384
M
Well said Shasta.
I really feel for the miners and their families but there's hundereds of millions of dollars at stake here and that also matters.
Either the Govt provides assistance to keep the mine in an "on hold status" approx $7 million a month or PRC make a renounceable rights issue say 2 for 1 at 20 cents or something like that and PRC shareholders can make up their own minds whether there's any value left in the company and whether they deserve yet another chance. Perhaps the Government could underwrite the rights issue, remember the Air New Zealand bail out anyone, deemed to be in the national interest ? But who if anyone will be interested in PRC eventually resuming mine operations if all the miners are dead ?
Two more minutes to see the initial impact. Trading halt lifted.
around 85 cents-lower than i expected
The Govt could buy PRC & run it in a similar vein to the Stockton mine run by Solid Energy? (providing NZO an exit strategy?)
The hard coking coal is still of value, especially to the Japanese steelmakers, again NZO can extract some value on-selling the coal production rights?
Wonder what the Indian shareholders want to do, & whether there focus is short or longer term? (Where does that leave NZO?)
Assuming, the "rescue" is now just a body recovery, the sentiment in the affected surrounding areas may prompt the Govt to act
I still see room for NZO to extract some value out of this situation, & would be interested in NZO is oversold
Disc: Nil held in NZO & PRC
Interesting thoughts Shasta... I see 30% has just evaporated from NZO.
The key question for me (when considering govt intervention etc) is... What guarantee can operators give that there will 100% certainty that this won't happen again in future? Noone will want to buy a loaded gun, as there will be even less excuses for this sort of accident again in the future.
I personally think the govt would be stupid to touch it
?oversold at 80 cents-I think so but their is downwards pressure still-hope the buyback kicks in before margin lenders have to exit
The nzo statement is good-they will continue to supply funding to prc so at least families of the trapped and workers will keep receiving wages
Around $140m wiped off NZO. Goes to show that the equity stake and debt was already discounted in NZO like most equity stakes have of publicly traded companies are.
I don't think the govt will step in. PRC probably won't be up and running for quite a while yet. The best thing would be to bring it down to a small team to work on design implementations so the risk of something like this never happens again. However, I see it as quite unlikey for PRC to stand on its own again. NZOG is their largest creditor and will no doubt get the asset and from there take it on again. There is what $300m of infrastructure at PRC now?
The greenies will probably come out and say this is why we shouldn't be mining coal etc but has anybody thought that this shows what lengths people/cpmpanies have to go to make investment in this country? This would never have happened if this was a simple open cast mine. Furthermore, the economic benefit would be greater from the full recovery of the coal and at a much more timely rate (the recovery rate would have been closer to the 58mt than the current 18mt). There would be visual impact in the short term, but how many people from here can honestly say they have looked at the paparoa ranges other than in PRC reports?
Lets just hope we get some good news out of that mine over the next few days with the miners first.
in the ealrier statement nzo values its total PRC investment as only 16 cents / nzo share, oversold?
The market pricing of NZO is clearly indicating based on a weighted average of people's opinion, that PRC has no residual value, and I agree.
It will be politically unacceptable for the Govt to take over the mine.
I am slightly disappointed that NZO are so freely continuing to fund PRC to the tune of the rest of the draw-down facility, approx a further $12m when there would appear to be very little hope of repayment. Perhaps from a legal / moral point of view, they had no choice but I believe the market by pricing NZO at 85 cents is saying from a commercial viewpoint, we're not impressed.
With heaps of negative sentiment still to be vented in the market against PRC its hard to see NZO's share price moving north from here for quite some time or at least until the dust settles, which could be many months away ?
What to do, buy, sell or hold....me thinks the latter, that way no one can say big Rodge profited from other people's misery.
FISH
Your heart is in the right place mate.
Makes you wonder what contingency system PRC has in place for just such as redundancy, injury, sickness and death at work insurance and compensation payments. Should not come out of borrowed funds. So NZO is in there as a secure creditor for another 12mil. how secure that is remains to be seen.
As to buy back, will never be cheaper than now.
So far the volume of shares traded has been relatively modest.
You can forget about what the valuation is, market sentiment alone is dictating the SP .
I wonder what the institutions will do?
I wonder if the margin calls on NZO have begun. Could be some forced selling.
Sad situation all round.
You would have to assume the institutions will be in it for the long haul, as they would have wanted dividends from PRC when in steady production
But good question, whether institutions would buy/hold or sell if NZO was wanting to exit PRC earlier than anticipated
Otherwise its holding on for Tui & Kupe, with Pike in the background as another project "in development"
Maybe NZO board at the end of there wits, inviting takeover?
asb have been trying to ring me but ive holed myself in the bedroom and im not comming out