3/8ths Mike Pohio loses $23,000,000

Mike Pohio, 3/8ths pure. He’s here to help?

A little over 13 months ago Mike Pohio sold Tainui’s stake in Ryman Healthcare for $58 million at approximately $2.58 per share. Today those shares are worth $3.62.

Take a quick look at the math:

August 14 2012, 22.5 million shares @ $3.62 equals $81,450,000.

Mike Pohio of Tainui Group Holdings lost $23 million of your money. Over a year, that’s the equivalent of losing a staggering $442,307 per week!

Mike is in a hurry to help the community, by the way!

8 Comments (+add yours?)

  1. Tainui on the Web. Eraka's Blog
    Aug 14, 2012 @ 07:54:55

    This is what happens when you offload your most valuable assets when the market is at the bottom. Tainui Group Holdings are a bunch of fools.

    Reply

  2. Chris Webster
    Aug 16, 2012 @ 04:49:18

    What TGH did was sell those shares – to pay off debt it had incurred & to make to reports look pretty. Perhaps the 3 banks put pressure on it as TGH had drawn down on all borrowings. Remember those 3 banks have first right of access to all our assets – land, buildings etc – mortgages on housing developments (which are growing cobwebs). If it goes down the gurgler – guess what we will be left with – memories & nightmares & it will be back to last century – except raupatu would have come from within. Remember TGH only has $6-odd-million in the bank. Remember TGH wants to borrow / invest $NZ2-3 billion to develop Ruakura – which BTW still does NOT meet planning requirements & the neighborhoods are up in arms. What company would want to invest in TGH with its history & its inexperienced reckless directors? Now WRLT is looking for punters to invest $NZ20m for a JV in whanau ora service delivery. With its record – yeah right. people will be lining up to run away. BTW TGH is still in debt to the banks – though it has reduced its indebtedness from 30 to 26%. Are we are supposed to be joyous. Nervous perhaps – joyous no.

    Reply

  3. Charlie B
    Aug 16, 2012 @ 08:40:34

    What was not mentioned was what the shares were originally bought for, as against what they were sold for. Its one thing to say they lost 23 mil but what was the actual background against that and what were the consequences if they had not done that. Can you answer that.

    I am surprised TGH has not gone to the Chinese for funding for the Inland Port Developement. Thats the sort of Infrastructure investment “Chinese Government owned companies” would be interested in provided its done “properly”.

    NZ is open for business according to Bill English! The banks are not your friend, neither are the Chinese but who has the cheaper money and prepared to take a longer term view? Australian owned banks are totally self serving and answer only to their shareholders.

    Reply

  4. Molly
    Aug 19, 2012 @ 11:17:11

    A picture is emerging of the Tainui businesses which are talking themselves up for huge billiion dollar projects when in fact they are desperately short of cash. The Tainui CEO was in the news the other day looking for $20 million investors to fund the Whanau Ora project. I thought that Tainui had almost $700 million in the bank? Surely they would be able to scrape together $20 mil from their spare change?

    Reply

  5. Smithy
    Aug 21, 2012 @ 16:36:34

    What worries me is that Tuku and his mates are spreading their tenticles into other tribes treaty settlements. Are they using them as slush funds too?

    Reply

  6. Tainui on the Web. Eraka's Blog
    Aug 21, 2012 @ 17:08:02

    Tuku is certainly attempting to get in there. The other tribes know that Tuku is just a mouthpiece for John Key. I wonder how much Tuku is being paid by John Key to do this?

    Reply

  7. Charlie B
    Aug 23, 2012 @ 07:12:23

    Mate that is stretching it a bit far aye bruddah. John Key has enough mouth pieces around him,does not need another one. You sure Erakas blog is not some right wing outfit hell bent on helping Tainui self destruct, not that they need any help.

    Need a bit of balance in their mate instead of all the doom and gloom stuff. Fair enough about telling the people whats happening but I am starting to come to the same conclusion as Pango Winterburn?

    Reply

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