read the quarterly update...I liked the write down on trader 315 mill, but I didn't like the cancellation of the 5.5% unsecured convertible debenture. I would rather they use the cash to buy back the trust units paying 15%. (probably only management own these, otherwise why do it, this looks bad to the investment community, don't forget we all took a .36 drop in income so they would get the cash to do this. its a little self serving and the debentures are unsecured, ie no risk to shareholders). The online growth was ok at 26% but I didn't like the drop in cash flow of 19 mill or distributable cash of 13 mill.
Net: increase in vertical media equals about 26% or 16 mill for quarter, but decrease in directories I believe was 8.5% or 31 mill per the quarter, net 3.8% drop in revenue. That's a substantial drop in directory advertising in one quarter but given the recession might be expected.
In my mind its a slow ship sinking and it looks like management wants their money out now as they don't see any price appreciation (ie convertible debentures). I think there are better opportunities to be had elsewhere.
I sold my remaining 6500. Slightly ahead of were I bought it. Maybe I can't make money on this afterall.
Cheers rythman