MAP 0.00% $2.79 map group

caution advised - fyi

  1. 832 Posts.
    WESTPAC RECOMMENDATION 30/12/04:

    Although MAP has a simple investment strategy it has a complicated operating and financial structure involving trusts and a Bermuda-based company. This financial structure is far from simple and a map should be provided to all those looking at investing in MAP. While the assets MAP has invested in appear of good quality the events of 9/11 have, like it or not, significantly altered the attractiveness of the asset class. We argue that MAP should sell at a substantial discount to asset backing. MAP is therefore not for conservative investors. The distributions are a combination of capital return and unfranked income. There is no tax paid by the entities in which MAP invests which is of some concern should the Australian Tax Commissioner take a different view. We do not like the MAP structure or the financial engineering behind it and recommend Sell and Avoid. Switch to MBL or RCD.
 
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