Happy new year theologian ;) I haven't been worrying about my...

Happy new year theologian
I haven't been worrying about my stocks much. Went for a walk around Mt Taranaki instead which is probably more productive.
I did the research earlier, just waiting for half year results now. The movements in the shareprice or how much Crescent paid is not something which concerns me much.
I think the two capital raisings at a 40% discount were obscene as Markiemills and I said at the time. They created that fantastic opportunity at 50c where we could buy the whole business for less than a conservative appraisal of the Australian Business while at the same time the company was very conservatively financed. The good business could carry the poor business at what I considered the bottom of the cycle, operationally profitable and cashflow positive.
This is great for a simple fulla like me, easy decision to underdiversify the hell out of something that looked really obvious.
Most people couldn't see it because they take their idea of value from the shareprice which is rediculous - maybe I sound optimistic to you but I strive to be as objective as I can be. Hence with the shareprice recovery my tone is more neutral perhaps - all that has changed is the shareprice making the company relatively less attractive.
As you say they are dependant on property development and I need to keep this in mind.
As the price rose to $1.2 I changed sentiment to hold and sold 20,000 at an average $1.04 to diversify a bit more. I considered that the shareprice ran ahead of the recovery somewhat.
I can't pick the top or the bottom so I just dollar cost average.
I don't think Crescent knows anything about running an Engineering Consultancy but it shouldn't be that hard. It's a closed private fund who have done a number of these situations before and as I posted metroglass did well.
They actually encouraged shareholders to take part in these raisings and said up front that it would be a 3-5 year thing. They are perhaps therefore the nicest shark in the pool.
I didn't hold a gun to anyone's head forcing them to sell, perhaps Crescent did where long term holders weren't holding cash for the raisings or sold out in a panic. They also supported the business through a tough period.
As I said to Friendly Dwarves I try my best not to let the shareprice or what other holders may be doing influence me but I will admit now it's hard to do. It's especially hard not to get overconfident in a rising share price and start believing your own bullshit.
Wankmueller's restructuring I think will leave them in good stead, no-one's going to tell us what happened behind the scenes but being a hatchetman is not a job for a decent human being. The gains were outweighed by deteriorating conditions.
It's hard to predict the future but if conditions improve for PPI and they shut down Caminosca (I understand it's already written off) then a 70m NPAT and $2 per share is not unrealistic so I will keep holding long term for those earnings and dividend stream.
I think we are looking 12-18 months from here but I am often wrong with the timing. I recommend people do their own research but for me I am more than happy to wait until it returns to a more normal level of earnings. Letting my profits run to something quite significant for me as a small individual investor.