watch it all come crashing down, page-16

Bloodwynch wrote:

"Surely the perpetual bulls like agent cooper and co would have reassessed and thought gmg was not the extreme underpriced stock they originally thought it was. NTA was diluted down to 54c. I bet they didn't see that one coming. Nevermind NTA they will say. Let's price this on PE multiples of X times. If the share price goes higher we'll just find a new valuation method to fit the share price....."

and "...If the capital raising was done at 20c share today would be worse off. Lucky the markets recovered along with the share price to do the capital raising at a higher price".

Bloodwynch you would have far more credibility if you simply admitted that you got this one wrong. I have got plenty wrong myself in the last few years, and there is no shame in being wrong. None of us are perfect.

Mate, to be honest, I DID see a lower NTA coming!!! And I knew it would happen once they did a capital raising at which time anyone who follows markets (and the example being set by other REITS during this time) that the capital raising would COINCIDE with property writedowns and a share dilution.

As for the comment "IF the raising was done at 20c......", mate IT WASN'T DONE AT 20c, and that is because Greg Goodman obviously had the support of his bankers and the support of his close knit network. This network DID NOT include the Instos who hate him, and who were trying to dictate terms to him, the way they did other companies. Goodman did it his way, and was able to hang out while the Instos got burned shorting the stock at 25c (obviously they made a lot of money along the way, but some of them also lost when they couldn't force GMG to do a placement to them at sub-20c to cover their shorts). "Lucky the markets recovered" you write....I don't agree....Goodman did it HIS way, and the strategy paid off.

Look - I am not trying to attack you personally here...but I do disagree with your views on this one. You got it wrong - it is as simple as that - so lets just move on. I am sure there will be plenty you will get right, and I will get wrong, in the future.

As for me being a perpetual bull on GMG...well, actually, I am not. My view on GMG now is that it will survive and that it will do okay now gearing is manageable, and that they have been able to retian their growth engines of property development and funds management and strategic hookups with CIC.

GMG no longer holds the compelling value opportunity it did when it was 25c - 30c, but gee - even at 52c - it is still offering a nice little PE and dividend yield. I have sold my holding into the strength this week and obviously retain my entitlement at 40c which I will take up and hold for the time being (why wouldn't I - they have an attractive dividend yield and several growth engines that will justify a premium to NTA at some point in the years ahead)

But, I have halved my position and will look for another value play elsewhere. Others may have chosen to retain their fulle xposure...and good luck to them, but please, don't try and box any of u in to corners simply because we had the "audacity" of getting a call right.

Let's move on, shall we.