I can see that it has been tough for investors in the Park Fund and for earlier APZ investors but the heavy fall in price is one of the main things that attract me in here now. Although I have not examined the directors fees closely (and I will do) I don't think it is fair to blame them for the mining disaster that has caused their problems. They are not alone and all the companies involved in accommodation in the mining sectors are having a tough time. I am buying into Nomad and Fleetwood too. I am hoping that what these companies have lost in the mining sector, they can regain in general accommodation projects elsewhere. Accommodation is growing strongly throughout Australia at this time.
When real estate falls from $1.16 to 49c as the Park Funds have, I do think it is time to be coming in, not leaving. As Clyde pointed out, there is a good chance of APZ taking over the Park Fund either by a cash bid or equity. It makes sense and would be easier for you guys to trade and less costly overall.
I see APZ has announced today that it intends to have another buyback over the next year. Clearly it sees its own shares as cheap. The fact that the shares have gone up today on such a very tough investment day does suggest that we might have had a good ride upwards if it had been a healthy market time.
GPASAS
APZ Price at posting:
$1.28 Sentiment: Buy Disclosure: Held
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