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

[tim23]

Meaning what? Previous post referred to value of company thats what the market does each day and today it didn't value DPC at much atall.

[Ears]

Tim


You said "only$8 is to property lending"????????? I said no!


Wasn't talking about mkt cap!!!!

[tim23]

Ears - most of my listing was pasted from Dr Whos post (see above), my reply simply referred to the market cap at close of business today.

[Ears]

I have no doubt shareprice will get hammered tomorrow, yet nta over $1 compared to DFH's 21cents. Strife for DPC could have been months away.
$18 m cash.

It should be priced well above DFH's 12 to 15 cents. Hammering then a bounce??

[moimoi]

Ears...i would suggest the NTA is no where near $1....

St Laurence today admitted..."virtually all of St Laurence's loans were not performing"

The others left will not be immune.!!

[lewinsky]

"Clearly, taking proactive measures in the current economic environment is
the best way to ensure full return of investors' funds and to preserve value
for stakeholders."

I fell off my chair when I read this last sentence from the Chairman. 23 competitors have either failed or delayed repaying investors and they have proactively done nothing over the last 2 years other than make stupid profit forecasts(misinforming the market? ) and taken potshots at the ex MD who they were happy to coat tail (or lick his a***se) while they were directors and BK was MD.
The only proactive measures they have taken is to sit on their hands and hope the problem
would go away.
Maybe Byrnes will see this an opportunity to buy some more shares and average down.
The ex CEO said the deal with St Laurence was the best he had done. I'd hate to see some of his not so good deals.
Who sang" Bring in the Clowns"?

LEW

[Steve]

I'm surprised that BK hasn't released a 'gem' of a comment yet...

[Ears]

BK can hardly comment, after his gem purchase...ICP BIO!


How good is Byrnes? A Director, has all the info, & still buys shares!

[moimoi]

and Lewinsky the tragedy of a moratorium is that effectively mum and dad debenture holders are now the companies bank....and wearing all the risk.

Mr show pony developer is probably laughing heartily as what was previously a 6 month loan term is about to be extended for 2 years.

moi.

[Nitaa]

Dorchester latest to throw in towel
Page 1 of 2 View as a single page 5:00AM Thursday June 26, 2008
By Adam Bennett



Finance companies in freefall
Adam Bennett: Failures do nothing for savings - or our homes
More prosecutions in the pipeline
The ongoing finance company meltdown gathered pace yesterday as yet another property-focused lender, Dorchester Pacific Finance, threw in the towel, saying it would ask investors to approve a "deferred repayment plan".

Dorchester, which is listed on the sharemarket, is now the 24th finance company in two years to break down and the third in less than a week.

With Dorchester's $176 million, investors' funds tied up in failed or stricken firms now total almost $2.8 billion. That total rose by $666 million in the past week alone.

Following a board meeting yesterday, Dorchester's chairman, Barry Graham, said his company would withdraw its prospectus, effectively ending efforts to raise money from the public, and "will seek the approval of debenture-holders and note-holders to a deferred repayment plan, but with continued interest payments".

Dorchester's move is similar that announced on Tuesday by St Laurence, the Wellington finance company in which it holds a 25 per cent stake.

Graham gave the same reasons cited by St Laurence boss Kevin Podmore, and by Dominion Finance's chief executive, Paul Cropp, when his company hit the wall last week.

"As a result of the rapid decline in the property finance market and a continuing fall in reinvestment rates the board has formed the view that there is now a risk of a cash-flow shortfall arising in future months."

Mr Graham said a deferred repayment plan should give the company time to realise property loan positions "in an orderly way and ensure full repayment to debenture-holders and note-holders".

Dorchester owes $168 million to debenture stock investors and $8 million to subordinated note-holders.

It has total assets of $212 million, including $18 million in cash.

While Dorchester's repayment plan still requires approval from the company's trustees and then from investors, repayments of maturing debentures and notes will be suspended from today. Financial adviser and industry commentator Chris Lee believes the deferred payment plan announced by Dorchester and a similar plan from St Laurence demonstrates an "honourable" approach.

Yesterday, he contrasted this approach with the desperate last-minute scramble for cash by some of the failed companies and their subsequent breach of their "trust deeds", which are intended to protect investors.

"The good news is that Dorchester is in a position, like St Laurence, to be proactive.

"These companies have acted before they have to. Dorchester has cash in the bank."

FINANCE FIRMS CONTINUE TO WOBBLE AND STUMBLE

Dorchester Pacific this week became the 24th finance company to strike difficulties in the past two years. Investors' cash totals almost $2.8 billion.