$2.50. Hoom, Hum, its a puzzle. I did a search to see what the bad news is apart from going ex a 9cps dividend.
Nothing. I read today's NZH piece but it only contains positives.
Maybe some people are frightened because Paul Reynolds is going next year? Not so long ago there was a howl for his departure!
Or some NZ$ play where overseas speculators use TEL as a proxy for the NZ$ and it's time to take profits on the NZ$?
Or frightened because there is an approaching demerger?
Or frightened of their own shadow? I used to note how selling pressure came in each day onto the NZX at lunch time and used to imagine a number of little old ladies cowering under the bed reading Revelations only to emerge at lunchtime screaming Sell! Sell! Sell everything! For anything you can get!
But now I know that that wave comes from Australia so that there are a number of little old Australian ladies cowering under the bed reading Revelations only to emerge at Australian morning tea time screaming Sell! Sell! Sell everything! For anything you can get!
At $5m a year I should imagine Telecom Retail would be able to get someone effective who is a lot cheaper than that, hopefully internal who knows the business already, is performing well and will hit the ground running!
Hoom, hum, I see the bottom feeders are chewing away already and I'm too late to buy at $2.50. Blast! Never mind I'll wait for the little old Australian lady effect at lunchtime and buy then.....