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  1. #10161
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    Quote Originally Posted by Balance View Post
    You typify the sort of shareholders that NZOG (and by inference, PRC) likes - unquestioning and defensive.
    That is a completely incorrect statement. It shows nothing more than that you comment on things you know nothing about.

    I have in fact sent a number of messages to the company executives over recent years and had three face to face meetings with management. To suggest those meetings were unquestioning shows how far you are from understanding reality.

    You have brought up a quote from some time ago. A lot has changed since then, so it is largely irrelevant. In my view there are some significant areas where the company has failed to deliver of late, and has failed to make the reasons for that lack of progress clear to its shareholders. That is not good, and something I will quite likely be taking up with the company in the near future.

    The three matters that are largely behind the current price of NZO shares (the recession, the PRC explosion and the lack of success from the recent drilling programs) are not things I blame NZO management for. My view is that drilling programs are not guaranteed to succeed and that the Pike explosion was something from the worse case end of the risk list that in practical terms may not have been avoided without the use of hindsight. Once the cause of the Pike explosion is known, I may well change my mind on where blame should lie with that event - but it is extremely unlikely that NZO has any culpability.

    You also failed to answer the simple question ... How many companies have you built up to the extent they made it into the NZX50?

  2. #10162
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    Quote Originally Posted by Unicorn View Post

    You also failed to answer the simple question ... How many companies have you built up to the extent they made it into the NZX50?
    Happy to repeat my answer :

    You mean like Allan Hawkins built Equiticorp into a top 5 company?

    Or like Mark Hotchin and Eric Watson built Hanover to have over $500m of depositors' money?

    Or maybe, like (insert who you think) built PRC and caused the deaths of 29 miners?

    Wrong argument, me ole Unicorn, to use.

  3. #10163
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    Quote Originally Posted by Balance View Post
    Happy to repeat my answer :

    You mean like Allan Hawkins built Equiticorp into a top 5 company?

    Or like Mark Hotchin and Eric Watson built Hanover to have over $500m of depositors' money?

    Or maybe, like (insert who you think) built PRC and caused the deaths of 29 miners?

    Wrong argument, me ole Unicorn, to use.
    I am sure that anyone can see that your response does not answer the simple question.

    I will assume the answer is none.

  4. #10164
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    Quote Originally Posted by Unicorn View Post
    I am sure that anyone can see that your response does not answer the simple question.

    I will assume the answer is none.
    The answer, me ole' Unicorn, is that you have an undying belief that anyone who builds an NZX50 company automatically must be accorded the highest level of respect and admiration in your books.

    I choose to disagree with your assertion and ask you to consider the question of PRC and the 29 dead miners. $290m and a top 50 NZX company built by a bunch of amateurs, wow! Was it worth it?
    Last edited by Balance; 15-12-2010 at 06:25 PM.

  5. #10165
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    Quote Originally Posted by Balance View Post
    The answer, me ole' Unicorn, is that you have an undying belief that anyone who builds an NZX50 company automatically must be accorded the highest level of respect and admiration in your books.
    You are once again completely wrong.

  6. #10166
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    If you would allow me to interject for a second, the NZO price this time last year was over $1.75 and is now 82 cents, less than half. The share price has fallen since the PRC event to a significantly further extent than is warranted by the complete write-off of the funds invested in and loan advances made to PRC, assumming those amounts are completly written off, which looks like a pretty safe assumption to me. This drop is against a background of high oil prices and a lower exchange rate against the American dollar so NZO should be "caning it" in terms of revenues from Tui and Kupe.

    NZO hit a six year low today and I believe the market has spoken that it is not at all impressed with NZO and its track record in recent times. I also believe the market is most unimpressed from a commercial perspective about the handling of the extra funding matter previoiusly eluded too at some length.

    I'm with Balance on this one and think Unicorn, your question is completly invalid.
    Last edited by Beagle; 15-12-2010 at 07:05 PM.

  7. #10167
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    Quote Originally Posted by Roger View Post
    If you would allow me to interject for a second, the NZO price this time last year was over $1.75 and is now 82 cents, less than half. The share price has fallen since the PRC event to a significantly further extent than is warranted by the complete write-off of the funds invested in and loan advances made to PRC, assumming those amounts are completly written off, which looks life a pretty safe assumption to me. This drop is against a background of high oil prices and a lower exchange rate against the American dollar so NZO should be "caning it" in terms of revenues from Tui and Kupe.

    NZO hit a six year low today and I believe the market has spoken that it is not at all impressed with NZO and its track record in recent times. I also believe the market is most unimpressed from a commercial perspective about the handling of the extra funding matter previoiusly eluded too at some length.

    I'm with Balance on this one and think Unicorn, your question is completly invalid.
    The market is driven by supply and demand. After the PRC failure, supply is up and demand is down. It will take a while for that to stabilise.

    Meanwhile some people will panic and lose money, others will be more rational and will make money. That is the way the market works.

  8. #10168
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    Quote Originally Posted by Unicorn View Post
    The market is driven by supply and demand. After the PRC failure, supply is up and demand is down. It will take a while for that to stabilise.

    Meanwhile some people will panic and lose money, others will be more rational and will make money. That is the way the market works.
    Nope - NZO made some very bad mistakes. That's why investors lose money.

  9. #10169
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    Quote Originally Posted by Balance View Post
    Nope - NZO made some very bad mistakes. That's why investors lose money.
    NZO's induction into the main index was on the basis of the options money raised @ $1.50 per share

    Roger makes a valid point, despite all that cash raised, what has happened since, the share price is what it is!

    NZO has paid out a few 5c dividends
    No further exploration success, & little exploration acquistion activity during the GFC (which provided plenty of opportunities for cashed up companies)
    PPP investment, which hasn't worked out & is showing a paper loss
    PRC investment (ok there are many factors out of there control, but not a good use of shareholder funds & to keep propping it up!)
    Poor treasury/cash management with regards to FX, (to do NOTHING is speculating!)

    These are all matters that the NZO Mgmt/Board had/should of had, control over!

  10. #10170
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    Poor treasury/cash management with regards to FX, (to do NOTHING is speculating!)
    I remember the FX debate well Shasta

    I recall offering to do it for them for a lousy 200k pa, and I heard nothing

    I sold all my NZO and PRC in silent protest high 1.60's and mid 1.20's

    You guys who are bleating on at management now should vote with your feet too - in my experience it pays......

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