STR - Stride Property [ex DNZ Property]

[Jessie]

Its very good news for long-suffering DNZ shareholders if the following comment from Chris Lee has any substance. Can this be true?

"
When Money Managers began its disintegration, and Edgar’s profile was no longer helpful to DNZ, Hassell and Duffy bought our Edgar. Ironically the winner of this action may be Edgar, for it looks now as though DNZ’s management contract may become redundant, and may cease, without cost to the investors.

This would happen if DNZ’s board agreed to liquidate the company, sell all properties, repay all debt, and then pay out the proceeds to all the shareholders, probably at an effective rate of around 65c for each of the original dollars invested. (The consolidation of shares does not allow for fair comparisons.)

Whisper has it that Hassell, having sided with Duffy in farewelling Edgar, now believes that a total asset sale is in the best interests of the poor old shareholders, so the DNZ board may be about to make a decision to liquidate the company. Good on them, if they do.
"

[Snapper]

I see that DNZ has appointed Michael Stiassny as an independent director. I know that he's fairly well-known but for good reasons or bad? Anyone with any views one way or the other??

[CJ]

I see that DNZ has appointed Michael Stiassny as an independent director. I know that he's fairly well-known but for good reasons or bad? Anyone with any views one way or the other??

He is a liquidator/Receiver by profession so this is probably an indication of where they want to go (ie. sell down some investments to deleverage). Whether he is well known for good or bad reasons depends on whether you agree with what he wants to do. He is a 'hard bastard' (said in a good way) who doesn't back down.

my view: In the short term, this will be a good thing for them. Once they are back on track not so sure. He definitely ruffled some feathers at Vector (the rest of the Board resigned??).

[fungus pudding]

He definitely ruffled some feathers at Vector (the rest of the Board resigned??).

In which case, all power to him with this appointment.

[Billy Boy]

Hope he can sort out the management contract

[George]

Anyone got opinions on the 16 aug NZX listing of DNZ - and the 60c offer from Carrington. I've told my sis who had 2000 shares gifted to her to sell out on listing at supposedly 80c-1.05, but this may not be the best advice.

[fungus pudding]

Anyone got opinions on the 16 aug NZX listing of DNZ - and the 60c offer from Carrington. I've told my sis who had 2000 shares gifted to her to sell out on listing at supposedly 80c-1.05, but this may not be the best advice.

The 80 to 105 cent is the price offered to selected buyers. That is existing shareholders who can apply for a certain dollar amount, but will not know the number of shares they are buying unti the price is set, which is estimated to be 80-105 cents, but depends on certain factors, e.g. instituional investor demand. (It's to be set by a bookbuild process-however that is calculated!) Hopefully the list price should be above this, b ut almost guaranteed to be above the 60 to 80 cent range. The last sales on unlisted market were 90cents, and the management has since been sorted out, so I am quite optimistic they will be nearer 100 to 110 cents depending on bookbuild price. They have been a gangster outfit - another of Doug Sommers Edgars schemes, but after a long miserable history to date, the future looks very good at long lat. I'll give her 65 cents.

[Snapper]

Bought my shares on Unlisted for 40 cents so after consolidation they've cost me a dollar. I took up my entitlement and I would expect that there will be reasonable institutional demand when it lists - the sell side might be reasonably skinny as the existing shareholders will be loath to sell out at what they perceive to be a loss.

[fungus pudding]

Bought my shares on Unlisted for 40 cents so after consolidation they've cost me a dollar. I took up my entitlement and I would expect that there will be reasonable institutional demand when it lists - the sell side might be reasonably skinny as the existing shareholders will be loath to sell out at what they perceive to be a loss.

That was good buying. I wish mine only owed me a dollar! I took up my entitlement and an extra few of thousand of the 50% extra allowance. Who knows what they will list at, but the income is too good to be ignored at 80-105 cents price. I don't agree with the skinny selling theory. There must be heaps who want out of this thing and they have never really had a chance the way these gangsters have operated to date. Remember most of the investors are quite elderly, and many must be desparate for cash after what they were promised by this and other Somers Edgar schemes. I reckon they'll hover around a dollar plus till things settle, but should certsinly lift in a few months. I also reckon their long term looks fine now the way things have been restructured.

[George]

My mother also has about 2000 shares (left by her brother's will) but she has just sent off the signed letter to Carrington with her share number. At 86 she's happy to get the money on offer. Inquired with DNZ if it was possible to cancel the letter but apparently not, unless Carrington decides to out of their good will, so guess it's not worth the bother.