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  1. #2021
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    http://nzh.tw/11995143

    I guess this will be having an effect on the cost and availability of Turner’s imports of Japanese cars.

  2. #2022
    IMO
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    Yes . im a little stunned that no port in NZ has the ability to fumigate a ship. This is nuts . We will eventually end up with all the noxious plants and pests and diseases because customs, inspection, fumigation is chronically underfunded imo. Once these things are here they usually here for good at our cost.

  3. #2023
    percy
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    Scary and crazy.!

  4. #2024
    Dilettante
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    Quote Originally Posted by Joshuatree View Post
    Yes . im a little stunned that no port in NZ has the ability to fumigate a ship. This is nuts . We will eventually end up with all the noxious plants and pests and diseases because customs, inspection, fumigation is chronically underfunded imo. Once these things are here they usually here for good at our cost.
    Agree JT this is ridiculous. I imported lots of containers of good 10-15 years ago from Europe and they all got fumigated in a warehouse on the wharf in Nelson. Crazy that we are not equipped to do whole ships with bulk cargo or cars

  5. #2025
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    Just took a nibble at 2.92.
    Cmon guys, this is an amazing opportunity to buy more TRA at below the SPP capital raise price of 3.02.
    Anyone who missed out on getting more in the SPP have a chance to seize them at 2.92!!!

  6. #2026
    On the doghouse
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    Quote Originally Posted by JayRiggs View Post
    Just took a nibble at 2.92.
    Cmon guys, this is an amazing opportunity to buy more TRA at below the SPP capital raise price of 3.02.
    Anyone who missed out on getting more in the SPP have a chance to seize them at 2.92!!!
    Or we bondholders could wait a few months and purchase some TRA shares at $2.60. An even better deal!

    SNOOPY
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  7. #2027
    ShareTrader Legend Beagle's Avatar
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    How do you figure that one Snoops ? Its a 5% discount to the 30 day VWAP or was it a 5% discount to the $3.75..I can't remember to be honest but don't care anymore. Even if the 30 day VWAP was $2.92 that would make the price about $2.75 to bondholders but to be quite frank about it I'm no longer interested in this very low growth, (on an EPS basis), company. Bondholders chances of receiving a premium on conversion were shafted with the recent deeply discounted share issues and they are really treated as little more than an inconvenient necessity by the major shareholder in my opinion. Second class stakeholders if you like.
    To be frank about it share issues are too often, too much and too deeply discounted for my liking and paucity of liquidity and almost meaningless low EPS growth leaves me completely underwhelmed.

    There's SUM vastly better opportunities out there on not dissimilar PE multiples. Why diversify into mediocrity just for the sake of diversification itself ? This is my new mantra for trying to beat what I believe will be a pretty flat NZX50 index this year. Some of Couta1's theories about not being too diversified are starting to rub off a bit on me. Good to have good mates isn't it

    This company has been in a confirmed downtrend for nearly a year now. Why back losers ? "Never drink and buy shares in a downtrend you idiot" (KW). That's actually the censored version of her signature line on every post in another forum, that's how strongly she believes in that investment mantra. (She uses a swear word before idiot to emphasize her point)

    Disc: Sold the last little dribble of bonds I had left over today. Motto, If you find yourself on a road to nowhere its time to start a fresh journey !
    Last edited by Beagle; 23-02-2018 at 04:41 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  8. #2028
    Senior Member Marilyn Munroe's Avatar
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    Beware, a prospective car purchaser may be tempted to buy a Peugeot or Daewoo badged as a Holden with a warranty for no deposit and 0% interest rather than a Turners Jap import with all the interest charges and fees tacked on.

    Boop boop de do
    Marilyn
    Diamonds are a girls best friend.

  9. #2029
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    Quote Originally Posted by Beagle View Post
    How do you figure that one Snoops ? Its a 5% discount to the 30 day VWAP or was it a 5% discount to the $3.75..I can't remember to be honest but don't care anymore. Even if the 30 day VWAP was $2.92 that would make the price about $2.75 to bondholders but to be quite frank about it I'm no longer interested in this very low growth, (on an EPS basis), company. Bondholders chances of receiving a premium on conversion were shafted with the recent deeply discounted share issues and they are really treated as little more than an inconvenient necessity by the major shareholder in my opinion. Second class stakeholders if you like.
    To be frank about it share issues are too often, too much and too deeply discounted for my liking and paucity of liquidity and almost meaningless low EPS growth leaves me completely underwhelmed.

    There's SUM vastly better opportunities out there on not dissimilar PE multiples. Why diversify into mediocrity just for the sake of diversification itself ? This is my new mantra for trying to beat what I believe will be a pretty flat NZX50 index this year. Some of Couta1's theories about not being too diversified are starting to rub off a bit on me. Good to have good mates isn't it

    This company has been in a confirmed downtrend for nearly a year now. Why back losers ? "Never drink and buy shares in a downtrend you idiot" (KW). That's actually the censored version of her signature line on every post in another forum, that's how strongly she believes in that investment mantra. (She uses a swear word before idiot to emphasize her point)

    Disc: Sold the last little dribble of bonds I had left over today. Motto, If you find yourself on a road to nowhere its time to start a fresh journey !
    Yeah I've sold mine too. May be back at some point, but there are better growth opportunities elsewhere. I've put some in afterpay Australia and SML this week.

  10. #2030
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    Quote Originally Posted by Beagle View Post
    How do you figure that one Snoops ? Its a 5% discount to the 30 day VWAP or was it a 5% discount to the $3.75..I can't remember to be honest but don't care anymore. Even if the 30 day VWAP was $2.92 that would make the price about $2.75 to bondholders but to be quite frank about it I'm no longer interested in this very low growth, (on an EPS basis), company. Bondholders chances of receiving a premium on conversion were shafted with the recent deeply discounted share issues and they are really treated as little more than an inconvenient necessity by the major shareholder in my opinion. Second class stakeholders if you like.

    This company has been in a confirmed downtrend for nearly a year now. Why back losers ?
    I think my mental arithmetic went a bit mental Beagle. I optimistically remembered the bond conversion terms at a 10% discount to the prevailing share price. 10% discount on $2.90 was roughly $2.60. But as you so rightly pointed out, the real discount on offer was 5%. However, exact numbers aside, the point I was trying to make was that whatever share price you bought your own shares at over the last couple of years, it looks likely bondholders will have a chance to buy new shares even cheaper when the bonds mature.

    It was clear from the day that the bonds were issued that if the TRA share price went up, then bonds would be a second class citizen way of investing in TRA. if the share price went down then the bonds potentially gave shareholders access to much cheaper shares at bond maturity time. Holding bonds was a hedge against the share price going down.

    Potential capital growth of the shares was stymied with a subsequent share placement, mainly to Australians IIRC. But bondholders were not shafted. Owners of bonds were invited to get in on the companion share issue deal at around 3 bucks IIRC.

    Of course the reason to keep holding shares in a downtrend is to continue to accumulate dividends, until the uptrend starts again. I can't take any investment plan very seriously when the result of that advice that selling at a low price is better than selling at a higher price. For a company with sound fundamentals, albeit not exactly blue chip status I believe that TRA will bounce back in share price terms at some point. And if I can pick up some more at $2.75 towards the end of the year by converting the bonds I will probably do just that AND buy into the inevitable new issue of bonds to keep my TRA position hedged.

    SNOOPY
    Last edited by Snoopy; 24-02-2018 at 01:12 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

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