what is the good or the bad news, page-11

Hi Selwyn,
Maybe. Maybe not.

On 31/12, TMS reelased its operational figures for November demmonstrating a positive cashflow of $1.6m for the month. On 5/12 when TMS released its october results showing a $360K positive cashflow, the news was widely reported in the Fairfax press (SMH, AFR), and in the Murdoch press (The Australian). The share price went up, as a result. This time round, no media coverage, at all.

That said, Peter Morgan has now set up 452 Capital, and opened its doors for business. In doing so, it has "linked with the Commonwealth Bank's Colonial First State Investments" (SMH, 6/12).

After Morgan's departure from PPT in September 2002, PPT aggressively sold down its equity holdings in a number of media entities, including (esp) TMS, TEN, FXJ, and in SEV.

Morgan was the architect for taking PPT into the media field and throughout 2002 had argued that media was a recovery agent in the making for 2003.

With his new 452 Capital business now open, I would venture a guess that he is looking over some of the same equity stakes as what PPT exited from during Q4/02.

According to the SMH (6/12):
"Mr Morgan's value investment style complements the Commonwealth Bank's indexed or "core" style and Colonial's growth-oriented style....The deal with Colonial allows Mr Morgan and his investment team of four, which he is yet to recruit, to concentrate on money management, with "back-office" infrastructure and marketing supplied by Colonial....Mr Morgan said he didn't believe in "fancy" funds and would roll out "vanilla" Australian shares funds, the first of which should be in the marketplace by March next year....Under the terms of its alliance with Colonial, 452 Capital will be able to raise money from institutional investors directly. And after three months, 452 Capital will be able to list its fund with other master funds".

Will we soon see 452 Capital joining the lists @ TMS, along with RBC Global Services which continues to hold a 10.58% stake in TMS (ie: 19.23m shares)?