For what it's worth - if anyone is of the view that Management are numpties and will most likely squander the cash then they probably shouldn't invest in the business.
Trying to apply some kind of discount to the cold hard cash asset to counter 'silly spending' is a concept I struggle with a bit. Not saying I am right or anyone else is wrong...just that it is an idea I struggle to understand.
As it stands, there will be over NZ$130M net cash on the books. Does buying Sky TV for an effective price of NZ$330M appeal to me?
You're damn right it does.
Which is why i just bought another 5K shares.
Ann: Mt Wellington property sale becomes unconditional, page-4
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