TRA - Turners Automotive Group [previously TNR - Turners Limited]

[Nitaa]

dsurf. I have to agree with your post. since i longer hold this stock i havent looked into their finaces with great dept. Your analysis seems very good. There will come a very good opportinty fo rthis stoc sooner or later. The only problem is the average investor will not not get a chance because the horse would have already bolted.

Chances of it going under? I guess there is that chance especially under the current econmoic climate it is facing.

Most probably know how i feel about this comapny but i do need to tread with caution on what i say.

discl. all my posts are speculation only.

[dsurf]

Sorry Nita I forgot to add that I am not sure that the 700K that DPC operations made does not include "an unrealised property gain" . Of course if it did & the gain was more than 700K then DPC operations are currently loss making.

Also which other company sends out a letter to investors & puts in on thier website that TALKS OF A OVERHANG THAT IS DEPRESSING THE SHAREPRICE - Nutters - daily volume in DPC is Tiny & VIK own a huge amount because the whole world know that VIK founder is also the founder of DPC & dumped his DPC shares that Rod Petrovich of Bridgecorp and equitycorp fame could not buy because of a minor irritation called the takeovers code

[Nitaa]

Definately going to be interesting. Watch this space

[p2r]

I am more interested in wherethe stock is going than where it has been / is.

Certainly have left the car loans and gone more for the property side.

Nita & D surf do you have any specific concerns or do you feel property is all bad.

[Hoop]

P2R Quote....I am more interested in wherethe stock is going than where it has been / is.

Yes I am in the same opinion.

DPC is a totally different animal now than what is was a couple of years ago. I really don't think any commentators can base their arguments about where this company is going using long term hindsight and past performances as a reference anymore.
In saying this though DPC, now that having sold its income stream property asset is more vunerable to the credit squeeze than before....but this area has been plugged with the new loan facilities for the short/medium term, and later a share option program.

The mist is clearing surrounding this company now...Hugh green is now seen to be involved within the DPC Camp and this takes away another uncertainity as to what was going to happen with that block of 20% DPC.
BK is on the outside which the market has already deduced but has publically announced lately that the company now has "opportunities"...so any number of conclusions can be drawn from this statement.

The downside however is the increasingly complexity of the DPC structure. STL is well known for its complex arrangements within its satelite companies and this influence is very evident here..... The upside is that I deduce this complex activity as a sign that STL will now not back away from the DPC -STL merger agreement that had a back door contingency exit measure by STL if things went sour.

Other positive signs are, the perceived harmony by the increasingly many players within this complex intertwined structure, the ability to pay a dividend (great Yield rate), good management, easy no cost ability to acess imformation such as experienced advice / activity.

Negatives, increase complexity makes it difficult for investor to know what the hell is going on. Less transperancy. Virtually no control by shareholders. Small shareholders not receiving any benefits from the restructure and a perception they are being screwed through asset transfer to STL group complex. The NZ Finance Company sector being in the midsts of a bear market cycle. The dark clouds on the property market horizion. Investor flight to A class banks. Bad press. Continuing crashing of the weak finance companies,with forecast of more to come.

So...weighing up the positives and weaknesses.....I have re-entered by buying a small parcel of DPC shares ....just to keep my focus on this company. My Strategy here has no time frame, so it could be a short term flick. Good Dividend coming (21 Dec) though.

[POSSUM THE CAT]

Long Term holder topping up

[Dr_Who]

You are brave Possum. I have some DPC but too scare to add more.

[dsurf]

I am more interested in wherethe stock is going than where it has been / is.

Certainly have left the car loans and gone more for the property side.

Nita & D surf do you have any specific concerns or do you feel property is all bad.

My concerns are well laid out in previous posts but to summarise:

-0 yes zero operating profits - losses unknown
-dividend funded via cash generation from asset sales
-worst sector possible sentiment wise - blue chip going under?
-business model relies on retail funds - Why do they need bailing out by HG & St L - no cash generation from operating business - very bad sign - rights issue?
-internal management / boardroom fighting
-huge share overhang publicly stated by founder with vendetta
-generates own bad media by ongoing war with BKburger
-naiive young overly academic CEO - comments on past bad strategy of board without thinking of ramifications - ie business model is weaker than previously
-website & "operational update" allude to share overhang - bizarre at best

and to add my latest....
- phoned head office last week to plead with the co'y secretary tristram Van der meijden (hopefully he reads this thread) to stop the war with VIK at 12:20pm - was told that he was out til midday - I said - it is 20 past will he be long - was told he was always late
- So phoned today twice - phone rang 20 times - no answer -


At best an unhappy company - at worst - will be in recievership within a year??

Best result would be break up & asset sales - thats right they are selling all their assets - hope the grunters in the trough get smoked so the shareholders at least get a bacon butty

[Dr_Who]

Hey Dsurf, are you a DPC shareholder?

I must admit, I got this one wrong. Should have seen the writing on the wall when Bridgecorp was in trouble. Thank God I only hold a small amount.

Anyone has a valuation on their assets?

[p2r]

Why do they need bailing out by HG & St L - no cash generation from operating business - very bad sign - rights issue?

I think the money is for buying up some of the finance company assets around at the moment.

They certainly need to get bigger & diversify. Hard to see where they are going. They don't seem to be into Kiwisaver but there must be a long term plan.

Selling their best asset - direct broking was a mistake.