TRA - Turners Automotive Group [previously TNR - Turners Limited]

[Hoop]

Hey Dsurf, are you a DPC shareholder?

I must admit, I got this one wrong. Should have seen the writing on the wall when Bridgecorp was in trouble. Thank God I only hold a small amount.

Anyone has a valuation on their assets?

Yeah, I have..well... sort of.
Having referred to the FYR report March 07 booklet many times lately I have put in a place where I can access it easily for reference..I have now misplaced it!!!........but from memory the NTA then was somewhere around the $1.87 to 1.92 mark..since then with the new accounting rules (from NZ GAAP to NZ IFRS) the NTA was revised downwards by $5.4M (15cents/s) to $1.72 or there abouts.
Lately DB has a DPC NTA/s of $1.67 on their website.

With the latest announcement 29 Nov 07.The report says that the Total Equity $64.362M up from $54.495M last year.

Note the new wording TE not NTA
Last year there were less shares on issue... so..

As of 29 Nov $64.362M TE / 36.299M shares on issue = $1.77/share

I have no idea how close this is to being accurate as I don't know what TE is comprised of .
I need a lot of time (which I haven't got) to sort out the facts from this complex maze of figures (as to date I can't find the latest detailed version). Why do they make it so complicated is beyond me.

If my figures are accurate, it shows that there has been no asset burning so far.

Hope this helps somewhat.

[Dr_Who]

If the NTA is only $1.77, so why did Bridgecorp, STL, VIK and HG pay well over $2.00 for it?

[Toddy]

If the NTA is only $1.77, so why did Bridgecorp, STL, VIK and HG pay well over $2.00 for it?

Dr, Who knows what kind of back hander deals went on during those P party's on the million dollar boats and in the million dollar houses in Auckland.

Its best just not to ask the question and stay away from the 'shady' companies. And I managed to say all of that without mentioning that Marc character also.

Party at Ridges house tonight to celebrate Brent Todd avoiding the lock up.

[winner69]

Party at Ridges house tonight to celebrate Brent Todd avoiding the lock up.

but Brent will be down at Cowboy doing his bouncing job .......... he's allowed to do that as clean mats cars during the day ..... suppose that Mat has to go down to bring him home or is brent allowed to drive home

[dsurf]

Hey Dsurf, are you a DPC shareholder?

I must admit, I got this one wrong. Should have seen the writing on the wall when Bridgecorp was in trouble. Thank God I only hold a small amount.

Anyone has a valuation on their assets?

I have been a couple of times in the past " lost the faith " after the 2006 AGM when the new CEO outlined a new strategy of rebalancing the loan portfolio away from motor vehicles - it turned out after questioning from a shareholder that all they had done was not re-invest the money.

then there was the Rod Petrovich vs the board spat - very unprofessional - was obvious that there was no alignment of shareholder & management / board interests. Also obvious it was a "jobs for boys club with little controls"

Then there was the clincher - the backward D new logo

Do not hold currently - will not until the management are replaced!

[Hoop]

If the NTA is only $1.77, so why did Bridgecorp, STL, VIK and HG pay well over $2.00 for it?

???
??? hmmmm...OK.. Answer ..probably for the same reason that investors want to buy FBU shares for 1161 cents when the NTA/s is 334cents

[dsurf]

This time last year VIK paid over $2.00 for DPC and now they are selling DPC at 84 cents... ROFL! What a laugh! So who still owns VIK shares?

disc: DPC shareholder

I wonder what St Lawrence paid. Funny how they are having a rights issue - must be short of cash. If the rights are not taken up maybe they will join VIK & be a seller also!!!

[Nitaa]

This time last year VIK paid over $2.00 for DPC and now they are selling DPC at 84 cents... ROFL! What a laugh! So who still owns VIK shares?

disc: DPC shareholder

and maybe B King will come in and buy DPC with his own money at 60cps rather than the calamity of errors with Viking

[Dr_Who]

Hey guys, DPC at these levels you are getting over 10% div! In the half yr announcement the board confirms Full yr profit of $6 m, so div should be around 8-9 cps.

Also interesting to see one of the directors slowly accummulation more shares on the market.

disc: Shareholder

[Deev8]

Hey guys, DPC at these levels you are getting over 10% div! In the half yr announcement the board confirms Full yr profit of $6 m, so div should be around 8-9 cps.

A net profit after tax of $6 million would be earnings of 16.5c per share, so a 9c dividend would be a relatively modest payout ratio of 55%. So it's possible that they could pitch the dividend even higher than that.

Assuming a 9c dividend, they would be yielding 10.8% net, or over 15% gross at their current price of 83c.