hhg spectacular up 10.5%., contrarian play.., page-15

re: hhg spectacular up 10.5%... spender Hi Spender ... the financial accounts referred to in the SMH article are the most recent auditored accounts (1H03) and AMP is to report again on 4th March04.

You say "HHG now say they have in excess of 1.5b pounds of net assets and minimal external debt and therefore it probably is worth $1.40 or so per share as advised by a number of analysists here in Australia."

You said HHG made the statement and then say by analysts here in Australia ... I am confused.

You will understand that this represents only hearsay until we can verify these from the source document(s) which you need to provide.

Again, any public statement by HHG or other regarding any financial will be checked against the next set of auditored accounts.

As an aside, Paul Batchelor in a private briefing said the UK operations were sound and would deliver a strong profit and that was when the stock was about $14.00 ... 3 weeks later Mohl reported a $1.6billion write-down and retrenched over 1000 staff. AMP do not have a good record for company announcements.

The reason this issue is important is because 'negative tangible assets' is serious and given the $2billion loss for the (1H03) six month period, analysts are very concerned as to what action is/not being taken to reverse these continuing losses. It is for instance, conceivable that HHG is still incurring large losses in the current period which would be disastrous.

HHG has been silent on this matter and is the reason analysts are pressing the company for explanations.

The next six months will be a critical period for AMP and the long suffering shareholders.

Cheers ...


This is only my view ... read the red stuff.