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.