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

[lewinsky]

Does anyone have any thoughts on the proposed Capital Reconstruction Plan?
I have yet to see the offer documents but having a cursory glance on the website it would appear that in three years time they will have 172 million shares on issue and be generating a profit of $6 million. After that options can be exercised and so eps will be worse.
I am getting the feeling the only people to benefit here are the directors and senior management, who appear to have had no reduction in fees or remuneration.
As an old dorchester shareholder observed once" this should be a cash cow, but it is being milked before the shareholders will ever see anything".
Like an old dog with mange" is it time to do the humanitarian thing and put it down?

[POSSUM THE CAT]

Lewinsky lot of anti talk at the explanatory meeting this morning but mainly elderly there. Talk after the meeting was that they had been telephoning the biger debenture holders and did not get the same result from them. Read the Stuff reporters article on meeting.

[Dr_Who]

Anyone still in DPC and would like to comment on the cap raising?

I am still in two minds as to take it up or not.

[POSSUM THE CAT]

DR Who I am getting more anyway from debentures if passed on Wednesday will wait until the last minute to decide on the other entitlements but will not be taking all of them. If you are going to the meeting Possum will probally be the scuffiest dressed person there. Or a PM will get you a phone number if you wish to discuss it further.

[ASFVK]

Not sure if thats a good idea the shares are trading @8.5,and with the biggest rat leaving the sinking ship ie the current General Manager in charge of Life and Senate you have to wonder.
Also found it interesting That no notice re his leaving to NZX this was one of the key people to pull DPC out of their current differculties.

Anbody know more on this subject?

[POSSUM THE CAT]

ASFVK how about a name please

[dsurf]

Henry Lynch

Henry Lynch is the General Manager of Group Operations for Dorchester. He is responsible for all group operations including Dorchester Life, Senate Finance and new motor vehicle lending. Henry has managed the Dorchester Life business as Chief Executive since October 2006 and prior to that held senior management and executive roles at Westpac, Tower and as CEO of Catalyst Risk Management.

[dsurf]

Trading at 10c & seeking to raise more money - this company is a survivor. Since it has lost money for years and years and years for shareholders I am in a state of disbelief that natural law has not squished it out of existence. Casino sounds like more fun than giving away perks to trough eating management

[ASFVK]

Sorry to be cryptic but you can check the DPC website its not Mr.van der etc and someone has answered above.

[Felix]

It will be interesting to see how Dorchester progresses post Moratorium and now they have some shareholders funds. What concerns me is an earlier comment from them that the raised capital will put them in the 'right position to take advantage of the further consolidation that is inevitable in the finance industry'. Hopefully any consolidation they undertake takes place after some serious due diligence (unlike Allied Finance's due diligence of Hanover). Personally I just want to see them put their head down, meet their obligations and slowly rebuild the brand and business.

It will also be interesting to see how their shares trade in the coming months. Hopefully they don't sink like ALF shares sunk after lots of shares were issued to Hanover Debenture holders.