LPC

[Snoopy]

quote:Originally posted by foodee


[2] POL is at 12%+ and picking up all they can get, when perhaps next week they might be able to buy cheaper - quite strange apart from stopping ChCHC getting to 80%.
I am all ears and continue to hold.

POL are now up to 13%, and have spelt out their intention to go to 15%.

Once POL reach that level they become an associate. That means certian financial transactions are no longer a 'fait accompli' rubber stamp by the LPC board. A very good thing I think.

Have just returned from the KOPP (Keep Our Port Public) meeting at the Christchurch Town Hall. There were a couple of interesting revelations.

Firstly the whole City Council with one obstention (councillor Helen Broughton) voted for the Hutchison deal. However, it would seem the matter was not given due consideration. There was no announcement that such a vote was going to take place before the council meeting started - it was just sprung on them. The councillors were presented with a high pressure powerpoint slide show, without any associated notes being given. The councillors were told that the deal had to be done in this half secret way to avoid any commercially sensitive leaking of a confidential deal. The concillors were furthermore almost scared into signing. They were told by CCHL (the arms length commercial arm of the council) that the long term consequences would be dire for LPC if they didn't. There was certainly no mention of alternative deals and other ways out of the 'downward auction on ports' problem.

Also the free trade deal with China being negotiated now is going to allow for free movement of labour. Because LPC will become a foreign company they will not have to abide by NZ labour laws. Thus a ghetto of foreign labour housed in bunkhouses built in old shipping containers stacked on the Lyttelton wharf front will become quite legal.

KOPP are however, quite open about the need for some reform. They see a union with Port Otago Limited as the most sensible 'first step' move.

SNOOPY

discl: hold LPC, Ratepayer of Christchurch

[airedale]

Thanks for the update, Snoopy, it is no co-incidence that this deal with Hutchison is being played out as the China Free Trade deal is being discussed at government level.

[minimoke]

Since when do these councillors have the skills and experience to make such a decision – indeed where is their mandate from the electors. In years to come there will be some interesting revelations about these backroom dealings with councillors. The current LPC situation will be one, the Kate Valley landfill will be another.

[foodee]

Snoopy thank you for your update yet again.

Post-offer, it seems that there will only be about 13% of LPC 'free floating'. The sp could drop a bit but I think we have a stronger animal in LPC.

As for Chch councillers well.....

cheers

[airedale]

Now that the takeover excitement is over for the time being, I wonder when the "threatened" dividend will be paid.
Renewed buying interest today.??

[foodee]

Unusual sp movement with no announcement. [?]something brewing

[Snoopy]

quote:Originally posted by foodee

Unusual sp movement with no announcement. [?]something brewing

Now bid $2.04, Sell $2.22. No sales for the last couple of days.

What unusual share price movement? Not all share price movements have meaning foodee. My expectation is that the pattern in share price movement you thought you saw in LPC was just random noise.

SNOOPY

[airedale]

It is a big spread between bid and sell. But not surprising given the limited number of shares available and not cornered by Chch City or Port Otago.
Those still holding LPC will be in for the long haul. [however long that may be]

[foodee]

Yes indeed I am hearing too many noises.

Incidently I note that SPN(holding) is heading northwards (not noise, hopefully).

cheers

[airedale]

Hi Foodee, it is worth noting that SPN and/or LPC
Would benefit if oil/gas is found in the Southern Basin. I know that it is a long shot,but I bear it in mind.