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  1. #1
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    Default TRA - Turners Automotive Group [previously TNR - Turners Limited]

    One of the nastiest shocks of the week was the arrival in the post of Dorchester's printed half-year report.
    This revealed,for the first time if I remember correctly, a shocking drop in the important EPS figures - down an unexpected 33.8%.
    Neither the chairman or the ceo made any reference to this....they couldn't have imagined that if they didn't mention it then shareholder would't notice, could they?
    Shareholders are now left with the serious question of whether to hold onto the shares or whether the new regime may now carry on as they have started?
    Comments please.

  2. #2
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    Suggest that you read the other DPC thread-this is old news which was out about 6 weeks ago.I would keep well away from this stock until things change.It has been in a downtrend for a long time.

  3. #3
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    Default

    KJ, I did what you suggested but couldn't find any reference to big drop in EPS. Don't want to be a nuisance, but where exactly was it mentioned.

  4. #4
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    Goodguy-If you knew their NPAT (came out early Nov)then you can obviously work it out.
    I use Direct Broking-all the info is there-let me know if you do not follow.

  5. #5
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    Default

    The only other threads I can find on DPC are 12 months old.

  6. #6
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    Default

    Tapman-go to page 2-last post 10days ago.

  7. #7
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    Default

    Found it. Thanks

  8. #8
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    Default

    KJ, To be able to work out the EPS you need to know the number of shares on issue and this wasn't given in the Nov announcement....hence the shock of some of us when the printed report arrived last week, and no comment about the big fall.
    I definitely share your opinion on the company: what should we do for the best now?

  9. #9
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    Default

    Can't you find the number of shares on issue at NZX.com?

  10. #10
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    Default

    Not sure what the fuss is about. Whilst the change in earnings per share is - 33.9% it is quite easy to see why from the short report.
    If the abnormal and one offs are indeed abnormals and one offs then they won't recurr. Also the equity increased by approx 20% in August 2006 so it was up on the previous comparable period but had little time to generate earnings.

    Quoting the chairman's report, "excluding abnormal and one-off costs,
    Operating Profit for the six months is ahead of the same period last year"

    I've got three small parcels of DPC and put the company in the category of should have done better.
    The IRR's are ok at 8, 17 & 30% for the respective parcels. IMHO if they can sort a few things out DPC will be rerated upward.

  11. #11
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    Default

    quote:Suggest that you read the other DPC thread . . .
    Yes, but this one has a much more appropriate title.

    In his half-year report for Viking Capital on 4 Dec., Brent King noted the poor performance of DPC, in which VIK has a significant stake. "The recently announced mediocre result was the worst return on shareholders' funds for a half year in Dorchester's history," said BK. "The company is clearly underperforming . . ."

    Meanwhile, in its first three months VIK achieved a return on sh'rs funds of 11.4%, due mainly I suppose to the sale of its 42B shares, more than compensating for DPC's poor effort.

    At the last agm the new board and management had a lot to say about a "new era", "new vision" blah blah blah, and introduced the new logo with much fanfare.
    But here's a funny thing. They made much of dumping the Olde English D emblem and replacing it with a new-look d. Somebody commented from the floor that the new d points backwards - fair comment I thought. Now, in a book of sterling silver hallmarks I've found the identical d, used to identify silver objects made in York in 1815!!. [B)]

  12. #12
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    Default

    Also quoting from the AGM dated 23/8/06:
    "already we are reaping the benefits with year to date results tracking well ahead of last year"....(Chairman)

    "we are tracking towards a profit for 2007yr ahead of last yr in line with our goal of achieving a 20% return on shareholders funds"
    ...(new CEO)

    These comments were made just before the H/Y results.Why would you want to invest?

    In a LT downtrend with profit falling & management making the above statements.

    A 20% return on shareholders funds equals NPAT for 2007 of $10.8m-don't think so!

  13. #13
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    Default

    quote:Originally posted by MoSteph

    Wonder who just bought 400K worth... a keen bean...

    Wonder who just sold the 400K worth.... a depry bean.....

    Sorry MoSteph, not having a go at you, but it really depends on which way you look at it

  14. #14
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    quote:Originally posted by MoSteph

    Wonder who just bought 400K worth... a keen bean...
    It appears that it was VIK who was buying
    Death will be reality, Life is just an illusion.

  15. #15
    Legend shasta's Avatar
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    Default

    VIK getting close to the 10% blocking mark, which would mean 3 separate blocking stakes in DPC, & surely something's got to give(same situation as RBC).

    BK wanted a seat on the board & moving towards a 20% stake would all but seal it.

    Interesting times ahead...
    Disc holding - GAL, IGO, LEG, SES

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