I have stoically held Postie Plus Ltd [PPG.NZX] shares now for 3-4 years.I own 2540 shares.
PPG shares have paid me a dividend of about 20 bucks over those years and are now worth a total of $709.80c, a drop of around 50% from the total purchase price of $1463.20.
To say then that it is a bad investment is a major understatement. It is the investment equivalent of backing Paris Hilton, Lindsay Lohan and Charlie Sheen in a movie and expecting them to show up at work every day, and sober no less.
So it is a loser plain and simple and should really have no place in my portfolio one would think?
Well, initially I thought it was such a small part of the overall portfolio I would sell and put it behind me but I hate to lose money but I know that some time in the future when management get their proverbial together and actually make some money somebody is actually going to make me a much better offer than 26c per share.
Well, I am thinking if Jan Cameron can take a big stake in the company then this boy can flash a few shekels around and get a bigger stake in the expectation that the share price will at least double.
With this in mind I am going to splash out $259339.60 to buy 997460 PPG shares to take my stake to 1 million shares. I am going to sell the whole Share Investor Portfolio to make this transaction happen.
The remaining unspent funds I am going to buy Allied Farmers Ltd [ALF.NZX] shares with and maybe a little gold.
I would appreciate any feedback on this.
Postie Plus Group @ Share Investor
Long Term View: Postie Plus Group Ltd
I'm Buying: Redux
What is Jan Cameron up to?
Whats on Rod Duke's shopping list?
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c Share Investor 2011
