PGC - Licenced to Bank

[percy]

Hi Percy

"The Bank" @ $1 = 25cps for PGC. Plus 10c for PGW leaves only 1cps for the other residual assets in PGC. The book value would probably be about 30c NTA per share even after writing down the NTA for the lower value of PGW (in the books @ 80c with sale price around 60c). We live in interesting times!!

With the 2 Georges (Kerr and Gould) having so much "skin in the game" I would imagine there will be a few clever ideas for the PGC shell. Any ideas?

Cheers

Interesting post SCOTTY.Very interesting times.Torchlight were the first to be paid out by SCF,do not suppose that money is sitting at call at Kiwi Bank.!!! 100 to 150 mil.?
As you point out 1c buys a lot.!!!!!!!! As Gould will be running PGW,and most of the others going to "THE BANK" I think we will see PGC go where Kerr has the experience.:
Funds management,Torchlight,Thames Water 7 Moto,and other funds not suitable for "THE BANK".However I think we will see Kerr use his property dealing expertise to sort out the left over property loans ex MARAC and use his property connections to do some good deals not suitable for"THE BANK" .I would expect there is a que a mile long of hard pushed "wide boys" at Kerr's door with all sorts of deals no one else will finance.He has a good record,but whether it is suitable for a listed company we will soon find out.I keep looking at your figures and think PGC is a raging buy,then I see all the sellers,and the dreadful for the boys hand out and am just watching with interest.

[SCOTTY]

".I keep looking at your figures and think PGC is a raging buy,then I see all the sellers,and the dreadful for the boys hand out and am just watching with interest.

2.6mil shares for sale @ 36 - 40c is not a lot for a co with 808mil shares on issue IMHO.

[percy]

2.6mil shares for sale @ 36 - 40c is not a lot for a co with 808mil shares on issue IMHO.

Agreed.
However under 550,000 on the buy side is not a lot for a co with 808 mil shares on issue. !!!!????? Just happens to be five times the number on the sale side.

[geezy]

Agreed.
However under 550,000 on the buy side is not a lot for a co with 808 mil shares on issue. !!!!????? Just happens to be five times the number on the sale side.

welcome to the nzx percy

[percy]

welcome to the nzx percy

Thank you geezy.I am hoping that other posters may be able to add to the discussion as to whether PGC is a ragging buy or not!! I have posted a lot but know very little.

[percy]

These boys have made great contributions to our shareholders

No they have not.A year ago the SP was 48cents.Last sale 36cents.So the boys have lost the shareholders 25% in one year.

[Anna Naum]

PGC shell + Macquarie Bank Private Client division = new Funds Management listed vehicle.....Kerr and Co are long term mates of Macquarie (couple of them used to have senior positions with Macquarie) they also did the Macquarie led Thames Water etc deals. Maybe its the next Platinum??

[percy]

PGC shell + Macquarie Bank Private Client division = new Funds Management listed vehicle.....Kerr and Co are long term mates of Macquarie (couple of them used to have senior positions with Macquarie) they also did the Macquarie led Thames Water etc deals. Maybe its the next Platinum??

If that post does not add some spark to the SP nothing will. Makes a lot of sense to me.

[kizame]

Guys I believe it's better to wait and see what happens.
I have always found that to wish or hope or speculate often leads to results nothing like you may have hoped for.
And therefore disappointment,I'm sure we've all been there before. I just go with the idea that these guys are dealmakers and don't like to lose.
But it is a pity we don't have(or are not being told about) a game plan post BSH,also the percentage of shares they are going to hold back for sale to institutions,if we knew the game plan maybe the percentage wouldn't matter so much.
As shareholders I would have thought we needed to know this stuff.

[percy]

I see G Gould has stepped down from PGC board.I suppose he will have enough to do at PGW.I wonder if he will hold on to his shares in PGC.?