Dear Unlucky_bacs - in response to What happened?
Short answer - I don't know. Common Greypower!!!
I haven't done the maths but a sp just under 90c would see a distribution yield around the 10% +-. So wannabes could borrow the $ at 7-8%, buy in and be positively geared from day 1 taking 3% cream. Positively geared property - nearly unheard of ... at least in W.A. Owning a share in property without all the tacky landlord / tennant muck and getting electricians in to change light bulbs on $70 / hr for lazy tennants.
Further PTN trading well below net asset value. So it the share is unbelievably cheap.
It seems fundy suit types on 6 figure salaries have made some illogical decisions. I can't fathom their decisions to sell down... Imagine if your dentist made irrational decisions or your mechanic or electrician. Mmmm. The sub-prime crisis is all to blame in my book. The market can't help itself. If there is anything good to come out the subprime US crisis is that share ravens can swoop on other people's irrational decision making...JOY...
On the upside PTN represents exceptional value with exceptional income. Seems to have gained back some ground today. Could be the turn around. I wish I had some spare cash to buy some more shares in Greypower. Too good to pass up. I'll go and check the ash tray in the car for some more coin. DYOR though.
Capt. Goodvibes
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