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

[Billy Boy]

You give them 3 months.
I think they will pull through this credit squeeze and reshape slowly.
They still have good money out via Senat and that no doubt is there
cash flow right now. They are not makeing new car loans, just winding
down the book. They still have assets to sell.
65 mill out and 25% of that in property which most of is returning cash.
I think they report about end of May. We should all get a better picture
then.
At 50c a share. I am using my spec money on them.
Queenstown is certainly not their problem right now.
Cheers BB

[Steve]

General properties, BK how does that work?

Originates from the Dorchester & Smythe days. The companies office may still have the records on file, should you wish to do a search...

[COLIN]

Let me rephrase that for you. I THINK and i base my decisions on what i know best. If in doubt i stay out. Yes i may miss out on a bargain and DPC may be one of them.

I come from a background of having to take emotions out of the equation so you do not need to worry about me in that regard. Unfortuntately the english language can mean that you say one thing but actually mean something else.

DPC needs a dramtic rethink IMO. Although reverse mortages will prove popular in the future they are a long term plan. What DPC is having problems is short term.

BB. Interesting comment thanks. As a queentowner you will have your finger on the pulse much more than i ever will with regards to property in that region. If you are correct then my view is overly drastic. However, if DPC intend to sit on property then this will not solve their short term cash flow problem. In fact it will only contribute to their demise.

I give DPC 3 months

Nita - you mention reverse mortgage business - are DPC intio that in a significant way? I ask because I read somewhere yesterday that Sentinel, who apparently have 80% of this business, are winding back their involvement. With high interest rates compounding, no mortgage or interest repayments due, declining property prices, and lengthening life expectancy, the gloss of this business is apparently beginning to wear off.

[Steve]

Nita - you mention reverse mortgage business - are DPC intio that in a significant way? I ask because I read somewhere yesterday that Sentinel, who apparently have 80% of this business, are winding back their involvement. With high interest rates compounding, no mortgage or interest repayments due, declining property prices, and lengthening life expectancy, the gloss of this business is apparently beginning to wear off.

Yes, Sentinal are the market leader and I believe that they have indicated that their business model has not been moving with the times...

[Deev8]

you mention reverse mortgage business - are DPC intio that in a significant way?

You can find some information on Dorchester's Reverse Mortgage offering here:
Dorchester - Reverse Mortgages and Home Equity Release

[Billy Boy]

Nita
DPC only have a small mature exposure in Q,town. They are not into any new developments or dicky positions with what they hold. I cannot remember exactly the name of the holding they have but it is residual.
I do know they have an interest in some development land. But are sitting on that. Land is not dropping in price around the area, quite the reverse.
Cheers BB
Dis hold DPC

Nita
The above is very wrong :o:o
I was digging in council records this morning and found an interesting thing. So I kept digging and found some more.
The council have (for public use) old agenda,s and on those old agenda,s
Who sold and bought what and how much for and who put up the money,
etc etc....
I find... Dorchester have interest's in :-
Alpine village (Units)
Beacon (I think is one of wensley's) Managed Apartments
A Gibston valley winery
Queenstown Lodge Hotel Gold ridge (hotel)
Sherwood Manner (hotel)
There may be some others but did not have time to search.
It seams about $60 - $70 mill dollars involved all up.
Word has it that there could be some mortagee sales on Alpine Village &,
Beacon.
Sorry for previous post
Cheers BB

[Nitaa]

Billy Boy.

No problem and thanks for your reply. The best thing to come out of it is the fact that someone bothered to look into it a bit further. Therefore you are in a better shape to make an informed decision.

[The Good Oil]

I noticed in todays news (Good Returns) DPC was of the intended purchasers of Vestar the beleagered Investment firm owned by MFS, But arent DPC selling the other Advisory firm Equity Investment advisers & Stockbrokers? At Least that is what they said earlier this year. Am i confused or is DPC's Management ??

Cn anyone with facts help out?

[POSSUM THE CAT]

The Good Oil these two companies are quite different animals

[dsurf]

I noticed in todays news (Good Returns) DPC was of the intended purchasers of Vestar the beleagered Investment firm owned by MFS, But arent DPC selling the other Advisory firm Equity Investment advisers & Stockbrokers? At Least that is what they said earlier this year. Am i confused or is DPC's Management ??

Cn anyone with facts help out?

Yep I can

At the AGM on 23 August 2007, ie 9 months ago,

"Chief executive officer, Mr Andrew Walker, detailed a streamlined future direction for the company that was the result of a 12 month strategic review.

“A key part of the review was to identify the most appropriate strategy for the company. We concluded that in order to move forward, we needed to simplify and focus the company on those businesses with the greatest potential.

“Our future focus is on non-consumer related finance activities, the home equity release market and savings products.

We are exiting the Auckland used car market, shutting down sub-scale operations, and selling the investment advisory business and non core property assets."

..... The investment advisory business is Equity & Moneyonline Investment Advisors. It buys interest rate ( a lot of finace company paper), equities etc for clients. It was probably worth a lot in August 07 when the credit crunch had not hit NZ.

Another announcement later said it would be sold first quarter 08"

Given that most clients will have lost on the finance company paper & thier shares I wonder if is profitable or loss-making. It would be nice to know such trivial matters from a public company!

Anyway CEO inaction has cost shareholders at least $2m ( the difference between the original FY NPAT & the last one) in my opinion.

The board must go - they are a boys club that will drain this company dry and the CEO is a clown