Such a pity, Tainui aren’t riding that wave. Why? Because last June the boss of TGh, Mike Pohio sold off the stash of valuable Tainui shares in the Ryman healthcare company for $58 million. Sounds good? Nah! Mad Mike Pohio sold out when the market had bottomed out. Bad decision. Anybody with common sense knows that you must HOLD when the market is low, right? Today those shares are worth $4.20 each. If Mike Pohio hadn’t made the absolutely stupid decision to sell those shares they would be worth $94,500,000 today.
A selection of the MSM headlines in the months after Mad Mike sold out; “Ryman shares provide nest egg”, “NZ shares rise on Ryman’s record profit”, “Ryman shares surge after record $84m profit” etc.
Today TGH face the embarrassment of the possibility of selling tribal assets to cover the losses. We reckon that Mad Mike will go begging Te Kauhanganui for permission to raise the debt levels higher to cover the losses. As if $250 million worth of debt wasn’t enough already. Slippery slope!
Whats the bet that when Mad Mike does start flogging off the best bits of the tribal estate that it’ll all be done in secret as they cover their tracks.
Ninety four million five hundred thousand dollars. Unbelieveable.