all divisions looking good, page-2

Hi Riv,

I sold half my holding at $3 about 2 months ago and was hoping it might come back a little for re-entry. I'm not impressed with this market at the moment, between the bots, shorters and a couple of poor decisions, I've just lost a heap of interest.

The reports that I'm hearing is AHE are really powering on. The purchase of the Coventry's business has been a superb one. Also the Rand business has been doing exceptionally well and car and truck sales are strong.

As for the CFO. I heard that he needed to go, he had a real conflict of interest originally coming from the Wheatley clan (who was the major shareholder). Part of the reason why there was a large backlash 12 months ago at the AGM (I didn't attend, but it was written up in the newspaper). Wheatleys sold their holding to AP Eagers. Eagers are looking for a board seat, but that will never happen, they are straight out competitors.

Is it fully valued? um I don't think so. It's well run, so if you have a long term view, I think it's probably good value under $3.

I also like CWP, Paul Sadlier is one hell of a smart bloke, pays a good divi, low PE, and continues to hit 12 month highs.

...but it's my only winner at the moment.

bye
Pep