Originally Posted by
COLIN
While all the cynics and sceptics and scoffers are sounding forth, could I just meekly and politely mention that some of us are actually making money, hand over fist, on our exposure to SCF. I bought my last lot of the perpetual prefs at 38c on 14 July -they ended up at 57c today (some traded at 60c) giving me a capital gain of exactly 50%, plus dividend, in the space of 4 months. Now, how many of the said cynics, sceptics and scoffers have been able to better that, over the same time frame, elsewhere on the NZDX? I have also revelled in some super returns on the SCF010's, and am amazed that they are still selling on a yield of 19% - Alan Hubbard would have to lose every cent he has invested in SCF, and all the preferential shareholders would also have to lose every cent, before the debenture stock is at risk!
Temuk: I agree that its rather sad that so many seem to have little real knowledge of the situation here. For instance, Scales Corporation came out with a record profit result for their past year - probably greater than the average of all the listed companies on the NZX Small Caps; I will jump at the chance of taking up shares in the Southbury Group, with entities such as Scales included in the offering.
I can assure the cynics, sceptics and scoffers that I am not given to wild, irrational behaviour when it comes to my hard-earned investment dollars.
Yes, it might have been nice to have had a permanent replacement for McLeod all lined up before his departure takes effect, but I am sure that the appointment process is well under way and meantime Forsyth Barr will be the ones driving the capital raising and surrounding issues. In fact, they probably encouraged McLeod's early departure, given that the situation now requires a whole new set of skills.
Watch this space, and relax! I certainly am.