Still here, just that I'm in shell shock. I thought the worst of the property portfolio woes were over & done with. Looking back it puts the Seymour resignation & the MD falling on his sword into perspective.
I've just re-read the Update released a few weeks ago & under the Property Division Robert McDonald says they sold down $120m in property & everything is going well! Now we're told we have to take a $90m write down on the properties we've still got just a few weeks later. Perhaps he should leave the building with the other two. No wonder in the same document we shareholders were offered 'mate's rates' to buy residential dwellings - nice touch guys.
I also read in the AFR about another problem area for WTP and that is a JV company with Ariadne (another Seymour play thing) that was set up as a holiday unit management company that is in dispute with several properties it is involved with. It looks messy & potentially expensive.
Can't we just be a builder/construction/engineering/mining services company & leave all the white shoe activities to someone else. It's no wonder we Queenslanders have a poor reputation in business & get tagged with the 'white shoe brigade' tag.
WTP Price at posting:
74.0¢ Sentiment: ST Buy Disclosure: Held
