With news on Friday that Sky City is rumoured to have interest from ozzie's Star City and a total of almost $45 million shares changing hands on the day - the vast proportion of it after the market closed - its seems a good reason the reassess my view on my portion of the business.
From the position I am in it seems just as CEO Nigel Morrison has got the casino on a good footing, Auckland is humming and all other businesses are doing well and all are likely to do much better for the foreseeable future.
The only backslides are the backflippers.
Thats is the two projects, the convention centre in Auckland and the expansion in Adelaide.
My only interest is the price someone should pay for my belief that one day Sky City would pay off (and further in the future) and that Morrisons skills as an accountant (dotting the Is and crossing the Ts) will continue to pay off if I choose to say NO.
Im not convinced someone can pay me what i'm getting now, 20% + PA, if I put my money elsewhere.
I think I would have to start again - depending on what price I could be offered.
I think the price would have to be significantly North of the $10 per share that Nigel said it could be back in 2009 and I don't see anyone offering any like that.
Ill just bide my time :)
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I agree.
ReplyDeleteI think they would have a hard time getting it through offering a premium less than 50%. That is somewhat arbitrary, but needs to account for the monopoly premium. Higher still if it involved equity. Do you know who the significant holders are that they would need to get?