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  1. #1
    IMO
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    Default ARG - Argosy Property.

    Anyone intimate with ARGOSY comments. They are buying 2 GOvt buildings in Welly.Maybe dont own premium buildings but looks like stable divs. NTA above s/p Debt will drop below 40%.

  2. #2
    IMO
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    Have decided not for me, not enough cushion and note most prop stocks dropped away except for ARG. maybe risk off time with folks thinking fiscal cliff solution a done deal etc (honeymoon before the marriage? )and money leaving prop stocks for TEL etc.

  3. #3
    Senior Member
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    Joshuatree They bought the management contract back from ANZ but still kept the same staff that had been managing it for ANZ. It was not performing before so who would expect it to perform now with the same people managing it only now being paid by ARG instead of ANZ Management needs a BOMB under it IMHO.
    Possum The Cat

  4. #4
    IMO
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    Default

    thanks for the heads up Possum.

  5. #5
    Guru
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    Default

    Still, given it is trading at 94c, must be worthwhile for a quick trade.

    December seems to have been a good month for those that can get their hands on placements. I assume Trademe was only institutions as no-one noted they got the call.
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  6. #6
    Senior Member
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    Joshuatree Notice they did not approach all shareholders ( probably get told to go & fornicate with spiders) even cancelled The DRP for the current dividend pay able on 21/12/12
    Possum The Cat

  7. #7
    Member
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    Aug 2009
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    Default

    Poor communication from ARG. 2 properties for 180 million? They haven't mentioned the yield either? I am very confused and sceptical.

  8. #8
    Senior Member
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    Quote Originally Posted by RRR View Post
    Poor communication from ARG. 2 properties for 180 million? They haven't mentioned the yield either? I am very confused and sceptical.
    There is an attached preso on the nzx announcement. This contains more info than the text release

  9. #9
    Senior Member
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    Quote Originally Posted by Joshuatree View Post
    Anyone intimate with ARGOSY comments. They are buying 2 GOvt buildings in Welly.Maybe dont own premium buildings but looks like stable divs. NTA above s/p Debt will drop below 40%.
    Proforma NTA is 85.6c. This is below the share price.

  10. #10
    Permanent Newbie
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    Mar 2010
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    Just got the share purchase plan. No details on the investments as far as I can tell. I own ARG, GMT, PCT & PFI (small holdings but large for me combined). My feeling is negative on property trusts as from my brief look at their financial statements lease income is going down although vacancy rates remain low which might indicate pressure on landlords to bring rents down if the economy is sluggish. My analysis is not indepth and I am happy to be corrected. it could be a sell down of properties. Internet has killed music shops & will probably kill bookshops possibly more as people use the internet more. My kids were showing me what they wanted for xmas and this included clothes from a UK store which I purchased online for the first time. A bloke at tennis buys grips online from overseas as they are cheaper than what he pays in a store in NZ. The change is gradual but it is happening. I think the property trusts have the prime spots so am happy holding for the long term but if inflation and then interest rates rise suddenly then unit prices will suffer.
    In spite of this I will probably partake in the SPP unless someone convinces me otherwise. Possum could you elaborate on ARG mgmts underperformance.
    Last edited by Aaron; 18-01-2013 at 04:38 PM.

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