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

[dsurf]

yeah I do - seen them in action many times - how long u been investing? See my posts below on this thread before you give me greif! I bought this dog at 2.68 & sold at 2.56. And have slagged it ever since!

posted
04-07-2007, 08:40 PM [B] post #98 WHEN TRADING AT 2.05




Join Date: Jun 2007
Location: , , .
Posts: 351


--------------------------------------------------------------------------------

At an industry level - rising interest rates and liquidity crunch does not keep the cashflow coming in - hence 4 finace firms fall -over

At a company level - Inexperienced management with no track record and not meeting targets (including the reverse mortage debacle)
- Fractious boardroom
- Split opposing dominant shareholders, reducing any T/O opportunity

I will buy this at a $1.00 in the next 2 years.

Hoop
"Now the interesting thing with DPC is SP $1.61 NTA/S $1.92 !!!!!

NTA is $1.92 - does that assume all loans are collected. does that assume all deals work 100%. Does that assume property values (including head office at 20%??? of nta are valued fairly etc etc

What was bridgecorps NTA - Answer - it does not matter when you have no cash!!!!

POSTED 18/07/07

KJ - The "no cash" does not relate to solvency - I am not suggesting that. It means less funds for re-investment, lower EPS, lower div's etc

The herald article today quoting St Lawrence sums it up well below.

'Flight to quality' tipped to hit all but best finance companies
5:00AM Thursday July 19, 2007
By Adam Bennett


St Laurence managing director Kevin Podmore.
Higher interest rates mean the "flight to quality" following the Bridgecorp collapse will hit finance companies harder than the three failures last year, says finance group St Laurence.

[b]Bridgecorp's receivership has sparked fears that other finance companies will suffer a squeeze on funding as investors divert money to safer havens such as top tier finance firms and banks, as was seen following the collapse of Provincial Finance, National Finance 2000 and Western Bay Finance last year.

Now it can be argued that DPC is a top finance company - however the public are not well informed and think wrongly that Rod Petrovich is involved with DPC. It is not all the publics fault - BKBurger did sell 20% to Petrovich in such a badly promoted deal that the media have been all over it. This deal is why DPC SP has halved.

Is DPC entering buying territory - Not yet - too much bad sentiment re: finance companies.

Will VIK step up and bail them out - No too busy bailing out BIO!!!

pOSTED 28/08/07

"Have you noticed....all investors in DPC have been stung in the last few years...talk about a poison chalice"

Except for the largest insider BKburger who sold the poisoned wine as champagne at circa $2.80 to Rodney who is exceptional at two things: losing other peoples money and drinking champagne they have bought him

pOSTED 31/08/07 - sp NOW $1.40 & FALLING OFF A CLIFF

At the 2006 AGM the cjhairman said they were "changing their lending mix" and showed a before and after pie chart that showed that their lending to the motor vehicle sector had decreased and the lending mix was "safer". It turned out that as loans expired they were not re-lent. The new chairman said this was a strategic move. What a pity a year later they are still exposed.

The other gem was the unvieling of a new corporate symbol. Drum roll....... A backward D

Fantastic!!!

These guys are terrible at spin. The whole management need removing from their "jobs for boys club"

POSTED 15/11/07 sp NOW IS 95C

This is one strange stock - Large holder VIK owns a large chunk & tells the market he is selling - no wonder there are no buyers!! King has lost it - glad I am not into VIK - Not many fund mangers talk down there holdings!

POSTED 30/11/07 sp nOW 85C

I have some thoughts on this one

1/ Barely profitable - The npat of 3m included 2.3?m of "equity accounted earnings" - this means the rest of DPC made 700k

2/ Burning cash - otherwise why sell assets? Maybe they are not getting the retail funding in the door?

3/ Selling assets - sold Direct broking at almost exactly the wrong time - kiwisaver etc had already been signalled by the labour government -

Now they are sellling Equity at a time when retail investors do not want to invest in the main product offfering - finance debentures - so they will not get much - so sounds like they are stopping cash burn

And for the icing on the cake.... drum rolll ..... sell property when their is a credit crunch

Brilliant minds run this company!!!!!!!!

hope it goes under.

My concerns are well laid out in previous posts but to summarise:

-0 yes zero operating profits - losses unknown
-dividend funded via cash generation from asset sales
-worst sector possible sentiment wise - blue chip going under?
-business model relies on retail funds - Why do they need bailing out by HG & St L - no cash generation from operating business - very bad sign - rights issue?
-internal management / boardroom fighting
-huge share overhang publicly stated by founder with vendetta
-generates own bad media by ongoing war with BKburger
-naiive young overly academic CEO - comments on past bad strategy of board without thinking of ramifications - ie business model is weaker than previously
-website & "operational update" allude to share overhang - bizarre at best

and to add my latest....
- phoned head office last week to plead with the co'y secretary tristram Van der meijden (hopefully he reads this thread) to stop the war with VIK at 12:20pm - was told that he was out til midday - I said - it is 20 past will he be long - was told he was always late
- So phoned today twice - phone rang 20 times - no answer -


At best an unhappy company - at worst - will be in recievership within a year??

Best result would be break up & asset sales - thats right they are selling all their assets - hope the grunters in the trough get smoked so the shareholders at least get a bacon butty

pOSTED 22/04/08 sp nOW 50C

My concerns are well laid out in previous posts but to summarise:

-0 yes zero operating profits - losses unknown
-dividend funded via cash generation from asset sales
-worst sector possible sentiment wise - blue chip going under?
-business model relies on retail funds - Why do they need bailing out by HG & St L - no cash generation from operating business - very bad sign - rights issue?
-internal management / boardroom fighting
-huge share overhang publicly stated by founder with vendetta
-generates own bad media by ongoing war with BKburger
-naiive young overly academic CEO - comments on past bad strategy of board without thinking of ramifications - ie business model is weaker than previously
-website & "operational update" allude to share overhang - bizarre at best

and to add my latest....
- phoned head office last week to plead with the co'y secretary tristram Van der meijden (hopefully he reads this thread) to stop the war with VIK at 12:20pm - was told that he was out til midday - I said - it is 20 past will he be long - was told he was always late
- So phoned today twice - phone rang 20 times - no answer -


At best an unhappy company - at worst - will be in recievership within a year??

Best result would be break up & asset sales - thats right they are selling all their assets - hope the grunters in the trough get smoked so the shareholders at least get a bacon butty

ETC ETC ETC BLAH BLAH BLAH

[The Good Oil]

yeah I do - seen them in action many times - how long u been investing? See my posts below on this thread before you give me greif! I bought this dog at 2.68 & sold at 2.56. And have slagged it ever since!

posted
04-07-2007, 08:40 PM [B] post #98 WHEN TRADING AT 2.05




Join Date: Jun 2007
Location: , , .
Posts: 351


--------------------------------------------------------------------------------

At an industry level - rising interest rates and liquidity crunch does not keep the cashflow coming in - hence 4 finace firms fall -over

At a company level - Inexperienced management with no track record and not meeting targets (including the reverse mortage debacle)
- Fractious boardroom
- Split opposing dominant shareholders, reducing any T/O opportunity

I will buy this at a $1.00 in the next 2 years.




POSTED 18/07/07

KJ - The "no cash" does not relate to solvency - I am not suggesting that. It means less funds for re-investment, lower EPS, lower div's etc

The herald article today quoting St Lawrence sums it up well below.

'Flight to quality' tipped to hit all but best finance companies
5:00AM Thursday July 19, 2007
By Adam Bennett


St Laurence managing director Kevin Podmore.
Higher interest rates mean the "flight to quality" following the Bridgecorp collapse will hit finance companies harder than the three failures last year, says finance group St Laurence.

[b]Bridgecorp's receivership has sparked fears that other finance companies will suffer a squeeze on funding as investors divert money to safer havens such as top tier finance firms and banks, as was seen following the collapse of Provincial Finance, National Finance 2000 and Western Bay Finance last year.

Now it can be argued that DPC is a top finance company - however the public are not well informed and think wrongly that Rod Petrovich is involved with DPC. It is not all the publics fault - BKBurger did sell 20% to Petrovich in such a badly promoted deal that the media have been all over it. This deal is why DPC SP has halved.

Is DPC entering buying territory - Not yet - too much bad sentiment re: finance companies.

Will VIK step up and bail them out - No too busy bailing out BIO!!!

pOSTED 28/08/07


pOSTED 31/08/07 - sp NOW $1.40 & FALLING OFF A CLIFF



POSTED 15/11/07 sp NOW IS 95C


POSTED 30/11/07 sp nOW 85C







pOSTED 22/04/08 sp nOW 50C



ETC ETC ETC BLAH BLAH BLAH

So The Baker Boys game Plan is?
& why did you buy this dog at $2.68.
I have been an active investor for 25 years, have not bought DPC, Yet, but you never know....

New management?, one with a vision, in an industry overtaken by failure, which leaves little competition, sounds like an opportunity to me. A big one at about 6 cps. I suggest that a lot of bad news (honest valuations) needs to be announced before the share Price and the Company can move forward togeather. The current share price is well ahead of itself, and due for a bit a correction.

So if you were the Baker Boys, how would you play it?

[dsurf]

6c is a good buy, well done. It is not what I would do that matters. See earlier post predicting announcements & tactical accumulations. Counter-cyclically it is probably a fantastic time to buy finance company shares. Good luck.

[lewinsky]

Following yet another large loss for the half year, one gets the impression that this company is being kept alive to pay for inept managers and directors.

I would have thought it was overdue for the Chairman to step aside. He appointed Walker, approved the St Laurence deal, made profit projections that were so far out of kilter they were nonsense. I would have hoped the Baker Boys would have tipped him out.

I can't see why the company has been kept going.

Sitting on 1,000 shares for the amusement of the Annual Meetings.

[blackcap]

Following yet another large loss for the half year, one gets the impression that this company is being kept alive to pay for inept managers and directors.

I would have thought it was overdue for the Chairman to step aside. He appointed Walker, approved the St Laurence deal, made profit projections that were so far out of kilter they were nonsense. I would have hoped the Baker Boys would have tipped him out.

I can't see why the company has been kept going.

Sitting on 1,000 shares for the amusement of the Annual Meetings.

Lewinsky do you actually know how this loss was attained?

Accounting can be a wonderful thing. If you read the comments at the full year and again at the half year you will see why a HUGE LOSS has been made....

Not defending the company but sometimes things are not what they seem and Baker Boy whatever their agenda is couldnt stop this either.

[Dr_Who]

Following yet another large loss for the half year, one gets the impression that this company is being kept alive to pay for inept managers and directors.

I would have thought it was overdue for the Chairman to step aside. He appointed Walker, approved the St Laurence deal, made profit projections that were so far out of kilter they were nonsense. I would have hoped the Baker Boys would have tipped him out.

I can't see why the company has been kept going.

Sitting on 1,000 shares for the amusement of the Annual Meetings.

I agree with you.

The chairman can f@#K off and go jump off the cliff. Pardon my French. I am only expressing what most shareholders think of these bunch of geezers.

[lewinsky]

Black cap,

The half yearly report is not out and that will give only a small insight.

The concern is that the Chairman and senior management probably don't know either.

It would however be an educated guess to say that this is the legacy of an ill timed entry into property financing at a time when the market was at its peak and when there were huge warning signs to say cash-up and beware.

Walker, Graham and Byrnes have a lot to answer for. They are propped up by friendly shareholders.

Dr Who is quite correct in his assessment.

[Dr_Who]

Walker, Graham and Byrnes have a lot to answer for.

These sl@ts allow St Lawrances to come in a pillage all the cash in DPC and left it high and dry. The directors in DPC and St Lawrance should also be place in the Tainted directors thread. I will never invest in a any company associated with these idiots again.

[POSSUM THE CAT]

Dr Who: Graham to go what are your thoughts on todays announcement they want two new independant directors

[Dr_Who]

Dr Who: Graham to go what are your thoughts on todays announcement they want two new independant directors

About time! A breath of fresh air is positive for the company. I am wondering if they will use it as a backdoor listing and change name?