LOL.. dont think so.
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What a bizzare sell-down this morning.
Say you ascribe $1.30 per share to the value of the cash and pike stake.
That means the value of tui/kupe/exploration rights was about 25c yesterday according to the market. So the market has reduced the value of the future cashflows of the firms projects by 20% this morning....(with the 5c sell down).
Thanks Xerof and 777. positions opened in NZO.
If you include the 5 cent dividend with a record date in 12 trading days it's unreal, although very small parcels being traded.
What would you need to offer for a takeover - $1.75? You could fund almost 50% (well 50% by EOFY even at $2) with the company's cash!
You'd just about have the Tui & Kupe for nix by selling out of PRC at 2.50 late next year!
Rationality Failed :(
At the moment, people do not seem to see the trees from the wood, oil is still around $130 OZ, NZ dollar similar proportionally, so how the price at the pump is to come down is beyond me.
NZO still creaming it :p
Brent Crude Oil $US/barrel
http://nz.f961.mail.yahoo.com/ya/dow...a&head=b&Idx=4
A$/US$
http://nz.f961.mail.yahoo.com/ya/dow...a&head=b&Idx=4
Disclosure, only hold OZ listed shares and NZO is one of them.
todays paper shows nzo p/e ratio of 3 - wow!
the new prospects around tui look good and awe are talking about possible drilling next year
exciting times ahead, with next driver being prc hitting the coal in a few weeks time
M
Found this on PNN, unfortunately I don't have access to the full story. Could somebody with
access please fill us in on the finer details of the story? - TIA
Multi-well exploration program for NZ in 09: AWE
Neil Ritchie, New Zealand
Tuesday, 2 September 2008
TUI operator Australian Worldwide Exploration is planning a $A300 million, multi-well exploration, appraisal and development drilling program off Taranaki, New Zealand next year.