I am a shareholder in PGC (NZX PGC) and have been so for quite a long time. It is my worst stock and I'm not afraid to say it, I don't always get things right.
What are PGC up to now? They're into distressed assets these days and currently own land which they're developing and selling for house construction. When I invested they were mainly a lender and owned Marac Finance (now part of Heartland Bank).
Here's my advice: get out of property development. There are many good reasons for not becoming a land developer but the most important can be summed up in two words - cash flow. That's right, cash flow is king and developers regularly have little of it. Hence the saying, always an investor never a developer be.
PGC have got cash, don't plough it back into real estate that may never sell. Invest that cash in good solid businesses instead. Will they listen? Unlikely, but heh, we all live in hope.
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