STR - Stride Property [ex DNZ Property]

**whatsup** · 30-11-2009, 04:40 PM

These directors SHOULD BE MADE TO SELL THEIR MANAGEMENT CONTRACT FOR SHARES in this offering that would leave them with skin in the game instead of a falling S/P

**BRICKS** · 30-11-2009, 04:43 PM

JUST don't BUY the share let them fend for themselves but it appears NZ investors cant
help THEMSELVES..

**macduffy** · 30-11-2009, 05:34 PM

Originally Posted by BRICKS

JUST don't BUY the share let them fend for themselves but it appears NZ investors cant
help THEMSELVES..

BRICKS and I don't always see eye to eye but I'm 100% with him on this one!

Why anyone would want to put money into this float (?) beats me.

**i_claudius** · 30-11-2009, 07:13 PM

I can quite understand the horror and anger this is causing past and existing investors in DNZ.You are being badly treated.

But as a new investor in these assets I see a reasonable prospect.Acceptable yield at a good discount to NTA (30/09/09 valuations) with the "old problems" of the hideous management contract,excessive gearing and illiquid trading being cleaned out.

I note messers Duffy and Hasell are "invested" out of their proceeds to the tune of 26.2 million shares (embargoed for 18 months).And yes,there are some outs but not without consequences.

I don't think the other directors including Simon Botherway would be taking up $3 million worth of shares without some sense of future value in it.

Are comments this is "crap" or not worth it fairly appraising the new form entity or just reflecting past pain?

**fungus pudding** · 30-11-2009, 07:24 PM

Originally Posted by i_claudius

I can quite understand the horror and anger this is causing past and existing investors in DNZ.You are being badly treated.

But as a new investor in these assets I see a reasonable prospect.Acceptable yield at a good discount to NTA (30/09/09 valuations) with the "old problems" of the hideous management contract,excessive gearing and illiquid trading being cleaned out.

I note messers Duffy and Hasell are "invested" out of their proceeds to the tune of 26.2 million shares (embargoed for 18 months).And yes,there are some outs but not without consequences.

I don't think the other directors including Simon Botherway would be taking up $3 million worth of shares without some sense of future value in it.

Are comments this is "crap" or not worth it fairly appraising the new form entity or just reflecting past pain?

Work it out yourself. At 82 cents they return 8.6%. That's low in comparison to other lpts, so shares should be around 79 cents. . Based on discount to NTA they shoUld be $1 + based on other lpts. So who knows? I can't see the appeal, but it's a strange world at times. KIP,ING, KIP and GMT all look better to me.

**i_claudius** · 30-11-2009, 08:02 PM

Thanks Fungus.

The yield's not too bad...only slightly off some of the other lpts.

Seems to me you're saying it yourself.The appeal is in the discount to NTA and that is where the value might emerge with the internalised management and an improving property market.

LPTs aren't quick trades or stags but an option on property inflation.Provided they self fund,theres always a place for that in my portfolio.Better yields can be achived in the debt market.

Just my humble opinion.

**bull....** · 30-11-2009, 10:06 PM

Snapper I think I summed it up its not a good investment in my opinion. high risk doesnt matter if the portfolio bad or good it s a macro thing old chap.

Heres my prediction of the future - revalued property values down
- lower divs
- cash issue to support the balance sheet . diluting poor old s/h ( hence why you will lose halve your dough ) if you dont put more money in.

This senario could or may have already happened to many a property company. guess time will tell , dont mind being wrong.

And yea I think some other companies have a better portfolio for these times.

**Snapper** · 30-11-2009, 11:42 PM

Thanks for your opinions Bull, I Claudius, Bricks & co. All different but I guess that's what makes a market. As to the post below...

Originally Posted by troyvdh

...dear snapper..with all due respect...you are an example of what is wrong with our share market....this IPO ..is crap......everone knows this....there is little if not no chance that this will be a successful.....on the face of it 30 % of all monies forwarded are to for a management contract...in the past....bye the way...how many dollars have you in the "mkt"....

Dear Troy
I am truly humbled by your due respect, totally undeserved I assure you. Humbly I ask you what attributes I should have to improve the market, bad grammar maybe?

How many dollars do I have in the ""mkt""? What is this, a pi$$ing contest?

**troyvdh** · 01-12-2009, 10:12 AM

dear Snapper..fair call (I never got SC English....even worse in maths)....no this not a pi$$ing contest....however over the years I cannot recall how many times i have spoken to folk about making/keeping dosh..and how often some folk aint got any !.
Ive owned rentals for some 30 yrs..longest tenant...11 yrs...he was a realestate agent ?..who worked in the recruitment dept !!!!.As for some brokers..what a joke..almost in every case they almost never had any "skin in the game".
So apologies for being a blunt prick...I could have phrased my point differently....if you get my point.