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

[COLIN]

Cunning to announce at the last possible moment, just after market closure, on the very last day necessary to meet NZX requirements, and before a long weekend, hoping to minimise scrutiny and reaction, but it all seems rather pathetic.
It does seem rather ironic, though, that they have "had to" announce such a relatively large write-down on their investment in St. Laurence Ltd. on the very same day that St Laurence Property & Finance Ltd., (St. Laurence's major subsidiary) announces a significant increase in net profit. DPC must have paid a handsome premium for their 25% share of St. Laurence.

[Steve]

Cunning to announce at the last possible moment, just after market closure, on the very last day necessary to meet NZX requirements, and before a long weekend, hoping to minimise scrutiny and reaction, but it all seems rather pathetic.
It does seem rather ironic, though, that they have "had to" announce such a relatively large write-down on their investment in St. Laurence Ltd. on the very same day that St Laurence Property & Finance Ltd., (St. Laurence's major subsidiary) announces a significant increase in net profit. DPC must have paid a handsome premium for their 25% share of St. Laurence.

And this result doesn't take into account the the losses on sale of the assets disposed of subsequent to balance date.

Also note that cash reserves down from $30m to $28m, so have the outflows started trickling?

[Hoop]

Cunning to announce at the last possible moment, just after market closure, on the very last day necessary to meet NZX requirements, and before a long weekend, hoping to minimise scrutiny and reaction, but it all seems rather pathetic.
It does seem rather ironic, though, that they have "had to" announce such a relatively large write-down on their investment in St. Laurence Ltd. on the very same day that St Laurence Property & Finance Ltd., (St. Laurence's major subsidiary) announces a significant increase in net profit. DPC must have paid a handsome premium for their 25% share of St. Laurence.

Excessive writedowns on an unlisted equity..Hmmmm..maybe another cunning plan being hatched.. to soften up the shareholders before a management takeover attempt?...

Disc: Hoop's spectulation post without any facts.....just a post prompted by strange rodent type smells and sour tastes

[Dr_Who]

Something really smells and it is pissing me off big time!! As a shareholder, I am not happy at all.

[Nitaa]

At least they are getting into a business line that will see rapid growth over the next few years....Debt Collection.

If the true Net tangable assets equate to over $1.00 per then the current vale is a steal. Clearly all is not clear.

[James Bond]

The nett cash position isnt much use when the reinvestment rate is around 20%, clearly this will be used to fund redemptions. If one or two of the big loans are not repaid on time, they will have a big problem. The issue is not about NTA it is whether they can repay debenture investors on time when due.

[Enumerate]

Dorchester Pacific undershoots forecasts

http://www.findata.co.nz/News/1009/D..._forecasts.htm

St Laurence Property Finance year net profit up 22 pct

http://www.findata.co.nz/News/1004/S..._up_22_pct.htm

A plan so cunning, you can put a tail on it and call it a weasel?

Maybe, but weasels are certainly involved in this cunning plan!

If you want a "vulture" play in the finance sector - I think you should consider the following:

MFNHA.ASX - trading at A$0.24, mark to market NTA A$0.40, face value north of $0.60.

Losses due to the leverage deal mark to market terms forcing liquidity events have probably been stopped due to the latest portfolio refinancing. Good US Corp bond to be held to maturity. Possible may resume interest payments in 4-5 years - meanwhile all interest and lloan repayments going to repay the leverage facility. It is making money - just not distributing, yet.

A research "deep dive" may indicate that you could turn A$0.24 into A$0.83, in the best scenario, over 5 years.

FTN.NZX are the NZ version - very thin liquidity, though.

[James Bond]

Enumerate, The Fortress notes, is one of the wonderful back tested products created by the SMART Boys at Macquarie. In brief, the smart boys, clearly never envisaged what has transpired over the last 12 months. Hence, the value Macquarie current say it is woth is questionable to say the least. You can hold maturity paper till maturity that does not guarantee repayment. The majority of US corporate bond maturity mechanisms are rollover. That wont help Fortress. As I say, they smart boys at Macquarie got it wrong when they manufactured this product, so what is to say they are now right?
To put it into perspective, if maquarie, thought that there was no problem with thi investment they would have paid the poor old investor out to protect the good name of Macquarie!! They didn't, because these things are worthless and the only reason Macquarie keep them going is their Management Fee. They dont call Macquarie "The Millionaires Factory" for nothing!!!

[lewinsky]

They forecast a profit of $6 million six months ago and get an actual result of a loss of $18 million. Just a wee bit out on the forecasting there lads. A bit like throwing a dart at a dart board and hitting the neighbours cat two doors down.
Walker said the STL deal was the best deal he has done! Hell I'd hate to see the others.
I am surprised they haven't announced a dividend as they have $28 million in funds.
The AGM should be interesting if they are still around then.
I wonder where they expect to get new sources of funding?

[Nitaa]

They forecast a profit of $6 million six months ago and get an actual result of a loss of $18 million. Just a wee bit out on the forecasting there lads. A bit like throwing a dart at a dart board and hitting the neighbours cat two doors down.
Walker said the STL deal was the best deal he has done! Hell I'd hate to see the others.
I am surprised they haven't announced a dividend as they have $28 million in funds.
The AGM should be interesting if they are still around then.
I wonder where they expect to get new sources of funding?

Any time frame son how long DPC will be around?

Any thoughts on what BK intends to do? Either way, the average investor will get killed in this.