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

[mskv]

Never mind. we have... Senate Collections Ltd

One of the new business opportunities, which leverage the company's existing expertise and infrastructure!

Interesting new business but I d't know if there is any money in it.

Your comment on the finance market failing is correct. The only problem is that Dorchester was well positioned to survive the expected wave of failures but AW's and the boards decisions (that we know about) have put it seriously at risk.

Conspirousy theory: Was AW a plant into DPC all along for St Laurence, ie to run the business down and allow STL to acquire it cheap. The plan then went sour when Stl ran out of money to complete there end?????
Too much coffee today!!!

[Ears]

DPC & St L have no future together!

DPC no CEO. DPC has a few small activities. But nothing to justify a listing, imho.

But hang on, whats that ...Ears hears something coming, ..hooves....Could it be the White Knight!

[lewinsky]

A white knight or a black king

[lewinsky]

More spleen venting by the VI---King.
Reasonable questions. Interesting to see what the response is.
I would have thought Barry Graham may have a teeny weeny conflict of interest here.
Do I wear my STL hat on today or my Dorchester Cap with the backward d.
Is this the time honourable men fall on their swords?
ie before the Annual Meeting.

LEW

[Steve]

More spleen venting by the VI---King.
Reasonable questions. Interesting to see what the response is.
I would have thought Barry Graham may have a teeny weeny conflict of interest here.
Do I wear my STL hat on today or my Dorchester Cap with the backward d.
Is this the time honourable men fall on their swords?
ie before the Annual Meeting.

LEW

How much of DPC does VIK still hold?

[James Bond]

How much of DPC does VIK still hold?

4% but i suspect it could be much more very soon.

[Nitaa]

did my post get deleted with regards to king buying back DPC at a bargain price?

[lewinsky]

More rumblings in today's Herald.
I would be interested in your views Nita.
Or was this the post suggesting a price between 1cent and 10 cents.

Lew

[Hoop]

Addition to Lewinsky's post. A interesting piece in today's NZHerald written by Adam Bennett.

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VIKING ATTACK
Last week wasn't a good one for listed finance company Dorchester Pacific.
The company's shares fell to a record low of 36c after it issued its second profit warning in three months, said it expected a $5 million after-tax increase in provisioning on its property loans, and said chief executive Andrew Walker was moving on after just two years.
It's safe to say Dorchester is not the only finance company facing a revaluation of its property lending portfolio given what's happening in that market. The company now says its March year profit will be $3 to $4 million, down from $6 million previously advised.
This has all given fresh ammunition to Dorchester founder and disaffected shareholder Brent King of Viking Capital.
King has for some time been critical of Dorchester's direction, which has raised eyebrows, as he has been steadily selling off his holding, and getting ever decreasing prices for the shares.
Walker reckons his work at Dorchester, putting in place a simplified structure and effectively downsizing the company, was sensible given the deteriorating market conditions.
However, Walker points out he is going to "friends and family" rather than heading for the hills, taking up a role of investment and portfolio management at Kevin Podmore and Mike O'Sullivan's Auguste Holdings, the ultimate owner of a 75 per cent stake in St Laurence and a 20 per cent stake in Dorchester, which in turn owns 25 per cent of St Laurence.
NO BASKET CASE
While the likes of the Shareholders Association's Bruce Sheppard, a man with Viking tendencies of his own, have joined Brent King in bagging Walker's performance and that of the company, Kapiti Coast broker Chris Lee reckons that Dorchester is far from a basket case.
Lee believes the company will likely write down the value of its property loans by a far heftier amount than indicated last week in a bid to clear the decks, and he reckons that's what a number of finance companies should be doing.
However, even with the deeper writedowns, he says the company's net asset backing will still be above $1, and he points out it has $33 million in cash on hand.
With its shares closing yesterday at 40c, someone so inclined could virtually take it over using its own money, says Lee, adding that this would not have escaped the attention of Podmore and Hugh Green who between them hold 40 per cent of the company.

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It seems to suggest that AW found it tough as CEO and now going back home to live with his parents. This is going to leave DPC rudderless again.
When STL got involved with DPC it came as a surprise by financial insiders as to why STL would desire to be in bed with this small niche unrelated company. It seems STL (DPC's white knight) has changed it's strategic direction with DPC and a future merger is off... this situation must mean that DPC has become more vulnerable to corporate predators.

It has all the factors in place for takeover.

1......CEO going back to parent company indicating they have lost interest in DPC as it is considered too hard and expensive to kick start this company or the job has been done (whatever it was).
2......Bits has been sold off, DPC is now a fat cash-cow..unproductive..and is now ready for the meat works. (Share price 40c.. Nett Assets over $1.00)
3......DPC accountant buying into a falling share price
4......BK has stopped selling DPC shares.,,but still bagging the company over poor performance. VIK looking to raise money (Hostile?? or a planned part of T/O or a red-herring?)
5......High disregard to small investors. Small investors kept in the dark regarding DPC restructuring, and hijacking by STL, and the resulting slow creep of shares transferred from disenchanted small investors to an area of owners close within the DPC playing field (exception being BK ?? maybe not?)
6......Adding more to point 5... small investors received no good news all bad news from a company that didn't promote good will has seen a small share investor exodus lowering the share price from 250c - 40c yet no public outrage from Hugh Green???
7.....AW seen from the outside general public as a poor performing CEO..from people in the know (incl Chris Lee) he has done a good job within a hostile environment. His resignation was planned not pushed?
8.....Winding down of company activities
9 ....Large cash reserves ($33 million?)
10...Writedowns maybe over conservative, company maybe worth more than perceived.

Disc Have no DPC shares

[COLIN]

I see they have finally sold Equity Investments, and the other similar bodies, for only $1m plus. Hardly going to make a ripple in the overall pool.