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Been away for a few days and almost choked at the 37c close on Friday. Somebody was in a rush to depart ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ 2m turned over. The huge dump, combined with a few days after the half year report smells of one the substantial holders pulling the plug, perhaps after a chat to management post hy result.

 

20 12:34:46 pm 38 10,000 5.5 $3,800 1

19 11:09:40 am 43.5 2,225 3.5 $968 1

 

Most of the selling took place in succession all day bar this one where there was one hour 25 difference and 5.5c.

 

I've had a brief look at the hy release http://www.sharescene.com/html/emoticons/thumbdown.gif A long way short of the EBITDA of $9m full year 07 forecast in Aug 06.

 

But it's early days with the new direction and I'm happy to wait for the dust to settle and go along for a ride.

 

Cheers

 

 

 

 

 

 

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In reply to: samson on Sunday 04/03/07 05:24pm

Unbelievable, I have not looked at the price since my last post in December being 69c . I have never liked share consoladations for shareholders so have steered clear. But 37c Ouch. Bottom line is management have failed to deliver promised EBITDA for a start and real earnings are but a fantasy at this point.

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In reply to: michael_milken on Tuesday 06/03/07 12:52am

And another 5m+ dump today. Perpetual was the culprit on Friday reducing nearly 2m of their holding. They still had about 8m, so I gather we'll see a "ceasing to be a substantial shareholder" from them in the next couple of days.

 

I bought a small parcel last wednesday at 45, so it was guaranteed to go down. I'll warn holders in future.

 

Cheers

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In reply to: michael_milken on Wednesday 07/03/07 12:01am

And the 605 form came out this morning highlighting perpetual dumped about 4.4m yesterday. I've never been a huge fan of ppt, they appear to jump in and out of investments in very short spaces of time, which is probably caused by the competitive funds management environment and the need for instant results.

 

If Thorney on the other hand was to walk away from wwm, that would be more of a concern. Perhaps they picked up some of ppt's dump http://www.sharescene.com/html/emoticons/icon14.gif

 

Cheers

 

 

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In reply to: samson on Wednesday 07/03/07 09:59am

WWM announcement yesterday, selling certain management rights and cancelling the rights issue. Well given the price has halved since they announced the rights issue and Perpetual has bailed out it is hardly a surprise. Forget the PR spin, I would say the underwriters cancelled the rights issue as allowed under the underwriting agreement, rather than the Co having any choice in the matter. The sale of the management rights is now required to bring some cash in the door to replace the money from the rights issue.

 

The sale of some management rights is interesting decision, given it only seems like 12 months ago Management was lauding managment rights as the great hope for increasing revenues for WWM in the coming years. Now that straegy has changed. Determining a value for this Co impossible as things currently stand imo.

 

In my opinion, Managements credibility is in absolute atters. If you are in this stock, then follow the smart money in this case Perpetual and get out.

 

RWE story follows

 

Wentworth to focus on R/E and property management

13:52, Wednesday, March 14, 2007

 

Sydney - Wednesday - March 14: (RWE Aust Business News) - Wentworth Holdings (ASX:WWM) has determined its future will be in the real estate and property management business. Chairman Colin Cowden said the half year results were highly indicative as to where the exciting growth prospects of the business are.

 

"The real estate and property management sectors have excellent potential and we need to ensure we are in a good position to capitalise on the opportunities as they present themselves," he said. "It is an opportune time to consider divesting ourselves of some of our holiday management rights due to the current high demand for these types of businesses as a result of a shortage of quality properties on the market. "We will seek to exit those holiday rights that now do not fit our Wentworth business model and utilise the funds to further develop the real estate and property management business and also to reduce current debt levels."

 

Due to the well publicised general downturn in the share market, the company has also decided to adopt a conservative approach and not proceed with the proposed rights issue. "We feel that with the share prices at the current levels, it does not make sense for us to seek market support via a rights issue at this time," Mr Cowden said. Wentworth shares were down 3c to 32c.

 

 

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Management have just released FY10 outlook; no slip-up that they didn't mention a bottom line figure and only gave ebitda guide.

 

WWM is a classic example of one of buffett's famous sayings "when good management take on a poor company, it's the company that stays with its reputation intact" :blush:

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