I agree that Bevan's record of building value is exemplary (and in doing so for shareholders not just mgmt as well!!!) - however I wonder about the ability to build "moats" in the data centre business that will protect you from competition.
It seems a little too much like a specialised property leasing or development business - easy for competitors to come in and build a new building with the same or better specs and compete on price. It takes a lot more effort to build networks - network economics essentially provide the builders with protection if they arent stupid on price.
As an ex-PWK shareholder, bitterly disappointed at the lowball offer from TPM succeeding, I love Benvan's story - but reading the news today that HP is preparing to sink a fortune into a massive data centre in Sydney makes me wary that easy entry from competition will crimp the ability to grow this business like PWK was grown while Telstra and Optus slept.
Would appreciate a good answer to rebut my concerns.
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