cnz - volume + support!!!

[madmike]

is there a run on here?
not a ta but it looks interesting to me!
is there leaks in the defence force?
any chance of finally getting back to its listing price?
if it barks it must be a dog...that right KING!!!

[cdt18]

methinks the yeild is favourable in the currentl low interest rate climate.

Where else are yields close to 10%, not anywhere else.

[zyreon]

DRIP: yes
NZX sourced ratios:
Price/Earnings (P/E) 11.4828
Times cover (TC) 1.0650
Earnings per Share (EPS) 0.0801
Dividend yield 9.68%
Net tangible assets (NTA) $0.865
IRG sourced ratios:
EPS 8.1
GRDPS 9.00
NTAPS $0.87
P/E 11.4
Div Yeild 9.8%

As far as dividends go this is a good stock, why? good dividend yeild, and Dividend reinvestment.
Scope for appreciation? in normal circumstances IMO medium/average (or even low).
Other than that a sound strategy would be to buy, register for DRIP and forget.
But don't get excited about its growth prospects unless you have reliable information to back it up. low risk average reward.

[i_claudius]

I'm sure this is being bought for yield.
However,this company has shown a taste for the rights issue and will probably go again before long.It will need funds to custom build for the Defence Force and whilst it has plenty of borrowing capacity this board seem ever eager to increase the sum of funds under their management.
Overrented portfolio has major impact in 2005/6.

[tsb]

dunno about a run - I have been trying to sell 37000 @ 93c for a bit and only managed 7000 so far.

I did get abit fed up with their rights issues - shares got to 96 just before the last one then sank.

Am swapping over to AMP Office for now

[Nightmare]

Bought this stock after the rights issue a year or so ago and then, sold out when freaking company announced another heavily discounted rights issue within 11 months.

When the lease on Defence House expires next year, the yield will drop by 1.25% as the property is horrendously over-rented, old and not attractive for any other tenants.

So the current yield is not sustainable.

[KentBrockman]

quote:Originally posted by Nightmare

When the lease on Defence House expires next year, the yield will drop by 1.25% as the property is horrendously over-rented, old and not attractive for any other tenants.

So the current yield is not sustainable.


But as long as Labour is in office, surely, one more busy body after the other will be created to take up any space that becomes vacant?

Fear no office vacancies in Welly. Invest the Labour way! ;)

[Nightmare]

quote:Originally posted by KentBrockman


quote:Originally posted by Nightmare

When the lease on Defence House expires next year, the yield will drop by 1.25% as the property is horrendously over-rented, old and not attractive for any other tenants.

So the current yield is not sustainable.


But as long as Labour is in office, surely, one more busy body after the other will be created to take up any space that becomes vacant?

Fear no office vacancies in Welly. Invest the Labour way! ;)


Not in this case ....;)

Enough said. Do your own homework and watch that yield drooooop....:D

THE KING says not much has happened to the CNZ since I dropped out some years back now, But the Co`s has had two share issues and not bought any prop`s. The idear of going into building a Defence Building makes me sudder the main reason is Mr Colin is still running the ship but i have noted he has over a period of time he has made various share movements hell knows why unless he been naughty time will tell.

But I will never,never forget him running very fast of the stage and out the back door at the TOWER meeting when asked a question, dont know if any body has asked to many Q`s at a CNZ meeting let me know the answers.

To me nothing has changed and feel a little relucktant ever to buy again untill something says there is a big change and Mr C is gone.

Watching from Paraparaumu May 4 AUS THE KING

[Andrew]

I am in this one, but am in a quandry. It is certainly yield sensitive. I would like to get some more because of the good yield 10% but am also thinking to sell down as they are retaining nothing to reinvest in the business and reduce debt. Perhaps I will class this as a hold. Looking to the future, if the divie is cut the price will certainly suffer (ala vtx).

[madmike]

all we need is a couple of 1m volume days and i think we could be getting close to $1

[belgarion]

... and rights issue?

(rights issues are alwasy good for a few cents)

[KentBrockman]

Anyone have a theory why this seems to move up slowly now?

[KentBrockman]

quote:Originally posted by KentBrockman

Anyone have a theory why this seems to move up slowly now?


Let me try again: CNZ moved up another couple of cents, 1.5 mill at buy now, while 50,000 at sell. All this at historic highs, anyone wants to take a guess what's going on?

[madmike]

quote:Originally posted by KentBrockman


quote:Originally posted by KentBrockman

Anyone have a theory why this seems to move up slowly now?


Let me try again: CNZ moved up another couple of cents, 1.5 mill at buy now, while 50,000 at sell. All this at historic highs, anyone wants to take a guess what's going on?




rights issue coming up!!!!!!

[madmike]

quote:Originally posted by KentBrockman


quote:Originally posted by KentBrockman

Anyone have a theory why this seems to move up slowly now?


Let me try again: CNZ moved up another couple of cents, 1.5 mill at buy now, while 50,000 at sell. All this at historic highs, anyone wants to take a guess what's going on?




rights issue coming up!!!


rights issue coming up!!!!!!

[KentBrockman]

quote:
rights issue coming up!!!


rights issue coming up!!!!!!


I hear you loud and clear. [:o)]

I am not familiar with the underlying economics, could someone please explain?

[mikescott]

Property sector is in play. ING takes over control of Urbus. Next. [:p][:p][:p][:p][:p]

[Major von Tempsky]

Dunno why some of you fellers are so pissed off about the last two rights issues, there were very substantial bonus elements to them and CNZ maintained its per share dividends at the same level in spite of the dilutions.
Pay for the first rights issue at 75 cps and the price goes up to 95; pay for the second issue at 80 cps and the price is now up to 95 cps again. That plus all the 10% yield dividends over quite a few years now easily outbalance a very modest dip below the original issue price. Do a bit of arithmetic on a parcel of say 1,000 original sahres and you'll see.

The old Defence Dept building does not necessarily spell doom - CNZ has some plan to convert them to inner city digs and flog them off and there seems to always be continuing upwards pressure for inner city Wgtn ppty.

Can't quite understand how CNZ has continually been beaten to the punch for good inner city ppty in the last couple of years by the other listed ppty coys and is now conceding that its had significant deal investigation expenses. Must be a hangover from its old civil service days, bit slow on the uptake and out of the starting blocks.

[madmike]

quote:Originally posted by Major von Tempsky
[br
The old Defence Dept building does not necessarily spell doom - CNZ has some plan to convert them to inner city digs and flog them off and there seems to always be continuing upwards pressure for inner city Wgtn ppty.



the question i have here is the defence building up to earthquake standard or does a lot of $$$$$$$ have to be spent to get it to residential quality to flick off

[Major von Tempsky]

Obviously something is happening, or about to happen, price up tp 97 cps on volume - what is it?
Or are other investors finally beginning to see the value which I thought only long term value investors like me had notcied....

[KentBrockman]

quote:Originally posted by minder
Property sector is in play. ING takes over control of Urbus. Next.


Anyone heard any other confirming/disconfirming news?

http://www.nzherald.co.nz/business/businessstorydisplay.cfm?storyID=3580251&thesection=business&thesubsection=commproperty&thesecondsubsection=general

[trendy]

Thought my eyes were playing games and that CNZ was NOG. But if I'm seeing correctly has it moved up 8C or 7.8% today?

What's the news???

[Paper Tiger]

quote:
CNZ
19/11/2004
STAND

REL: 0917 HRS Capital Properties New Zealand Limited

STAND: CNZ: Stand in the Market

Goldman Sachs JBWere (NZ) Limited has provided the following

STAND IN THE MARKET TO GAIN A HOLDING OF UP TO 19.9% IN CNZ AT $1.15 PER
SHARE

Goldman Sachs JBWere have received instructions from Kiwi Income Properties
Limited, manager of Kiwi Income Property Trust ("KIPT"), to acquire up to
19.9%, inclusive of shares currently owned by KIPT and associates, of the
issued ordinary shares in Capital Properties New Zealand Ltd ("CNZ") at $1.15
per share through an overnight offer and a stand in the market. The stand
and the agreements to acquire shares through the overnight offer are
conditional on KIPT acquiring at least 10.0% of CNZ shares, inclusive of
shares currently owned by KIPT and its associates.

The stand in the market and the agreements to acquire shares through the
overnight offer include an escalation clause. In the event KIPT buys any
shares in CNZ at a price higher than that paid to sellers in the stand in the
market and pursuant to the overnight offer, within 12 months thereafter,
(after adjusting for all normal factors such as dividends, subdivisions,
consolidations and share issues) KIPT will ensure that those sellers are
compensated to ensure that they are not economically disadvantaged or
advantaged.

The stand will open at 10.00am on Friday 19th November 2004 on a first come
first serve basis and will continue until 5.00pm the same day if not
completed earlier. A Special Order Facility has been established under the
code SPEC1 with the NZX to facilitate acceptances into the stand.

Normal settlement and conditions apply, except in the event the escalation
clause applies, where KIPT will provide any additional compensation at the
relevant time to all sellers via NZX Firms who have sold into the stand.
End CA:00108202 For:CNZ Type:STAND Time:2004-11-19:09:17:44



quote:
REL: 1101 HRS Capital Properties New Zealand Limited

STAND: CNZ: Stand in the Market Completed and Unconditional

Goldman Sachs JBWere advises that its stand in the market announced this
morning, together with the overnight offer, to acquire ordinary issued shares
in Capital Properties Ltd ("CNZ") as instructed by Kiwi Income Properties
Limited, as manager of Kiwi Income Property Trust ("KIPT") has now been
completed and is unconditional. KIPT has reached the target ownership level
of 19.9% of CNZ, inclusive of shares currently owned by associates.
End CA:00108223 For:CNZ Type:STAND Time:2004-11-19:11:01:46

[trendy]

Thanks PT. I miss the AB news site :(

[Paper Tiger]

You can get announcements via any number of websites such as:

http://stocknessmonster.com/
http://www.nzx.com/nzxmarket/nzsx/
http://stockwatch.nzherald.co.nz/

[belgarion]

You see ... Sometimes defensive strategies pay off ... Am I laughing today? ... You bet! ... Will I be as p!ssed as a parrot tonite? ... Absolutely.

Who would have thought that CNZ, regular divie payer and plodder that is, could be so good.

Yippie Ki Ay !!! (hiccup!) [8D]

[mikescott]

quote:Originally posted by KentBrockman


quote:Originally posted by minder
Property sector is in play. ING takes over control of Urbus. Next.


Anyone heard any other confirming/disconfirming news?

http://www.nzherald.co.nz/business/businessstorydisplay.cfm?storyID=3580251&thesection=business&thesubsection=commproperty&thesecondsubsection=general


:D:D:D:D:D[:p][:p][:p][:p][:p]

Very very very satisfying. [^]

[madmike]

quote:Originally posted by belgarion

You see ... Sometimes defensive strategies pay off ... Am I laughing today? ... You bet! ... Will I be as p!ssed as a parrot tonite? ... Absolutely.

Who would have thought that CNZ, regular divie payer and plodder that is, could be so good.

Yippie Ki Ay !!! (hiccup!) [8D]


oh yes!!! but can cnz maintain this price level.....quite often companies have made a play for a 19.99% stake in a company but the shareprice for joe punter (who didn't get in on the the play in the market) gets nothing...recent examples dpc/gen...maybe better to sell out now

belgarion...give me some solid reason why i shouldn't sell out now!!!

[Major von Tempsky]

Bugger. I'm in the same stock as Belge. Whoever would have thought the CNZ Board and management is filled with fulminating, foaming at the mouth rabid left wingers with an anti Bush mental fixation....

For all us bods wot missed out (I was rung at 8.20 a.m. by J B Were who left a message but I was out doing things until 1 p.m. and by then it was all over) we may well have done best.
KIPT has given the market notice that it is interested in gobbling up CNZ, first a substantial minority stake, then 51% control, then complete takeover, is my reading. They're obviously not in a hurry but they'll have to pay significantly higher than $1.15 for control/51% and maybe significantly more than that for the last 10%.
Anyone wanna be part of a last 10% bloc?
The guys who were "lucky" enough to sell out at $1.15 may well be kicking themselves a bit further down the track....Obviously KIPT wouldn't pay $1.15 unless they thought CNZ was worth a lot more than that per share....

[madmike]

do you think kip would like the latest announcement????

would it mean that they bought 20% of the company cheap.....
or will the 80% balance cost more!!!!

i look at it as a very goood "defensive" move by cnz

may force a few people's hands!!!

[Major von Tempsky]

Yes, CNZ has put KIP on the spot and KIP doesn't like it - squirm, squirm.
I didn't know about the 12 month escalation clause when I posted last time. I think KIP envisioned sitting tight for 12 months while the price drifted downwards and then with a sudden flurry again grabbing the extra 30% to reach 50% control.
In a way its a great pity this has happened, CNZ was a brilliant investment bubbling along nicely at around 10% gross yield with occasional dividend raises, near full occupancy, sound management and now the Hooray Harrys, Johnny Come Latelies have to come charging in and spoil it all for long term value holders/income seekers.
It will be a pity if CNZ sells off it's self management, it will be a pity if CNZ is gobbled up by the lower quality but higher profile KIP with the ongoing much lower yield. It has always amazed me how KIP has managed to defy the force of gravity propped up by constant puffery by Goldman Sachs J B Were et al.
Then there is that Sylvia Park albatross hanging over KIP. If you know the area it's choked by traffic, has a small catchment cut up by traffic and major competitors relatively close by that are easier to get to. And it's going to cost heaps which KIP will find hard to manage. Just because you have a parcel of land in Mt Wellington doesn't mean you build a megashopping complex and the people will come. They'll continue to go to Highland Park, Panmure, Pakuranga, Howick. KIP has delusions of grandeur and now its bringing its own peculiar brand of low quality management, low returns, overblown shareprice to CNZ.

[mikescott]

This was an easy one to make money off - too easy. [^]

Now for the next one. [:p]

[madmike]

oh dear do we have a fight here!!!!
a bit of argy bargy before xmas
come on kip lets have a takeover offer...put up or shut up!!!
as i said before in one of my posts...nice defensive move by cnz
nice to see the revaluation of properties out today as well

CNZ21/12/2004GENERAL REL: 1725 HRS Capital Properties New Zealand Limited GENERAL: CNZ: KIP seeks Regulatory Action Regarding CNZ Proposal KIWI INCOME PROPERTY TRUST SEEKS REGULATORY ACTION REGARDING CAPITALPROPERTIES PROPOSAL TO SELL MANAGEMENT RIGHTS Kiwi Income Property Trust (Trust) advised today that it has applied to theNew Zealand Exchange Limited (NZX) for a ruling in relation to theannouncement by Capital Properties New Zealand Limited (CNZ) that it isseeking proposals for the purchase of management rights over the company'sproperty assets. The Trust considers that any such disposal would change theessential nature of the business of CNZ and as such requires shareholderapproval. The Trust and its associates hold 19.9% of the CNZ shares on issue. Chief Executive of the Manager of the Trust, Angus McNaughton, said CNZ hadconsistently promoted its internal management structure as a highlight forinvestors and the key reason for its claimed lower cost structure. "While moving to an external management structure may result in a one-offpayment to CNZ's shareholders, it is also likely to result in lower futuredistributions. It represents a fundamental change to the nature of CNZ'sbusiness and as such should be put to all shareholders for approval." As recently as 19 November 2004 CNZ's Chairman, Colin Beyer noted that one ofCNZ's highlights was its "low management costs with internalised managementand the absence of an external management contract". Despite this statement,less than a week later CNZ announced a complete reversal of its "internalmanagement philosophy" by seeking expressions of interest to acquire therights to externally manage its property portfolio. Mr McNaughton said the CNZ announcement, made one week after the Trustacquired its cornerstone CNZ shareholding, appeared to be a defensiveresponse designed to protect CNZ from a takeover. If the management rightsare sold, the prospects of a takeover offer in the future will also besubstantially reduced. If CNZ truly consider the sale of the managementrights will create value for its shareholders then it is questionable why itwas not crystallised some time ago. The Trust is therefore requesting that all shareholders are provided withsufficient information to assess the impact of such a fundamental change inthe basis of CNZ's management on the value of the company. All shareholdersshould be fully informed and then given the opportunity to vote at a generalmeeting to approve such a change to the company's business. In a separate action the Trust has written to the Takeovers Panel asking itto consider whether the proposed sale of the management rights infringes theTakeovers Code which prohibits directors of companies using defensive tacticsto frustrate a takeover or potential takeover offer. The Trust believes thatthe primary motivation for the decision to sell the management rights is tolower the attractiveness of CNZ as a takeover target, thereby reducing thepotential for CNZ shareholders to have the opportunity to receive a takeoveroffer in the future. The Trust also notes CNZ's announcement regarding its property values earliertoday. Less than a month ago CNZ shares were trading on the basis that thecompany had net tangible assets (NTA) of $0.94 per share. In its interimreport released earlier this month CNZ noted that it expected its NTA toincrease to approximately $1.07 per share. Less than two weeks later, CNZhas announced that its NTA has risen to $1.19 per share. Mr McNaughton saidthat CNZ shareholders were entitled to question why CNZ Board and Managementallowed trading of CNZ shares to occur on the basis of inaccurateinformation. ENDS For further information please contact: Angus McNaughtonChief ExecutiveKiwi Income Properties LimitedDDI: 64 9 357 9332Mob: 021 946 157 About Kiw

[nelehdine]

Nice upward revision from PFI today too ... looks good value at just over the dollar mark.

Disc: Hold PFI

[madmike]

nice shot from beyer to kip....this will be very interesting little fight over the festive period. i lok to another little share movement upwards by the new year.....$1.20's!!!!


CNZ22/12/2004GENERAL REL: 1702 HRS Capital Properties New Zealand Limited GENERAL: CNZ: Kiwi Income Property Trust Regulatory Action On 26 November 2004, Capital Properties New Zealand Ltd announced thatproposals would be sought for the purchase of the management rights over theCompany's property assets. The Capital Properties board expressed the viewthat the value of the Company's management rights, as distinct from the valueof its property assets, were not properly recognised by the market. Further,the board expressed the view that the value of the management rights, if soldfollowing a contestable open market process, could be considerably in excessof that recognised in other circumstances. If the board considered that,following receipt of proposals, it was in the best interests of shareholdersto sell the management rights then it was likely that they would be sold andthe proceeds of sale distributed to shareholders as a return of capital. On December 21, 2004, Kiwi Income Property Trust (KIP) announced that it hadmade applications to New Zealand Stock Exchange Ltd (NZX) and the TakeoversPanel in an attempt to procure regulatory intervention to prevent CapitalProperties from proceeding with its proposed course of action. Today, Capital Properties has contacted both the NZX and Takeovers Panel andoffered its full co-operation in dealing with KIP's applications. Prior to proceeding with its initiative to seek proposals for the purchase ofthe Company's management rights, the Capital Properties board obtained legaladvice that it was fully entitled to do so. Further legal advice obtainedtoday again confirms this view. Capital Properties Chairman, Colin Beyer commented that he and his fellowdirectors were simply acting in the best interests of all Capital Propertiesshareholders. KIP's assertion that Capital Properties were using defensivetactics lacked credibility given the absence of any announcement from KIP asto its future intentions. Mr Beyer also questioned the true motives of Kiwi Income Properties Ltd(KIPL), as the external manager of Kiwi Income Property Trust. "This actionlooks very much like the external manager of KIP seeking to prevent CapitalProperties shareholders from realising the full value of their very valuablemanagement rights in an open contestable process. We are not surprised by thesignificant media coverage and KIP unitholder dissension in recent timesaround the issue of whether KIP's external manager is acting in its owninterests rather than in the interests of KIP unitholders. Associated withthis is the comparatively poor investment performance they are producing forKIP unitholders. " For further information contact: Chris GudgeonCEOCapital Properties New Zealand LimitedPhone: 04-495-0150End CA:00109854 For:CNZ Type:GENERAL Time:2004-12-22:17:02:39

[madmike]

anyone read the news today...oh boy!!!

are the people from kip/kipl up themselves or what?

[Mick Jagger]

Any new comments on this after the NZ Herald article this morning re CNZ and KIP?

[madmike]

quote:Originally posted by Mick Jagger

Any new comments on this after the NZ Herald article this morning re CNZ and KIP?


hey mick
noone wants to know about cnz much, but i think this will be a nice little corporate fight in the next couple of months with the shareprice being the winner.
you should read the "property company " thread on this. there was an article that said that aust property co's are heading away from being externally managed to retain the function inhouse!!!
obviously therefore the cnz move is a defensive strategy, but then again you have a KIP mgmt team that is obviously ripping their shareholders off.....notice how they revoked the mgmt fees on the cnz investment only after cnz made the defensive move (ie they would have charged the kip shareholders for managing the passive investment in cnz if cnz didn't make its move)

[Major von Tempsky]

Last year CNZ announced its quarterly results on 25/02/04.
So far this year.....nothing.
Nothing on the CNZ website, nothing on the NZX website, nothing in the paper, nothing in the Press's list of upcoming company announcement's over the coming week.
What's going on? Did someone slip in a balance date change? When do they get caned by the NZX?
Late news is usually bad news....groan....

[Mick Jagger]

the CNZ announcement 25 Feb 04 was just the quarterly divi announcement... of which the corresponding one for this year was announced yesterday... They have never reported earnings quarterly...

I understand a newsletter update for shareholders is in the making... that will have update and recap on the KIP situation, plus further detail on the dividend upgrades they signalled at the interim result annoucnement... so all you CNZ shareholders should get a whole heap of good info on the companys current situation hopefully in the next few weeks...

[Major von Tempsky]

Mick...or anyone...
If the CNZ quarterly dividend "was reported yesterday" (?Sunday?) where was it reported? It's not in the media releases on the CNZ website and I can't find it on the NZX site....
I'm interested in (a) what was the cash per share excl imputation credits (b) what was the imputation credit per share (c) when is the ex date (d) what is the payment date...
Tell me that and I'll be happy and go back to quietly playing my chess computer....

[Mick Jagger]

This is on the NZX website dated 25/02/05... think there was a duplicate yesterday but it doesn't appear any different, so has been removed i think.. computer glitch maybe...

Capital Properties Ltd (CPNZ) has provided notice of the third quarterly dividend for the 2004/2005 financial year of $0.0225 per share including imputation credits of $0.004 per share.

Record date: 18/05/2005. Payment date: 01/04/2005.

[Major von Tempsky]

Thanks Mick, I'm eternally grateful.

[madmike]

quote:Originally posted by Mick Jagger

This is on the NZX website dated 25/02/05... think there was a duplicate yesterday but it doesn't appear any different, so has been removed i think.. computer glitch maybe...

Capital Properties Ltd (CPNZ) has provided notice of the third quarterly dividend for the 2004/2005 financial year of $0.0225 per share including imputation credits of $0.004 per share.

Record date: 18/05/2005. Payment date: 01/04/2005.



the duplicate was to correct the record date...s/be 18/03/05 NOT 18/05/05!!!!!!

anyway, why has the shareprice dropped????...hopefully just something to do with the dividend reinvestment scheme....or is the yield not good enough for some???

[Steve]

Sale promises Capital windfall (http://www.nzherald.co.nz/index.cfm?c_id=3&ObjectID=10113493)
Listed landlord Capital Properties has promised shareholders a one-off windfall from the sale of its management contract.

It said the money, expected by one analyst to be more than $30 million, would be distributed to investors as a return of capital on a tax-free basis, either through a share buyback or cancellation.
...
Capital chief executive Chris Gudgeon said the date of a shareholder meeting to discuss the management sale had not yet been set.

[Mick Jagger]

yeah this should be a very interesting meeting to go to... KIP will be there, and they need 75% of votes to put a spanner in the works for the mngt contract sale process... have you all read your shareholder newsletter yet?

[Steve]

Sorry, not currently a shareholder. Had some from the IPO, but they are now llong gone...

[madmike]

quote:Originally posted by Steve

Sorry, not currently a shareholder. Had some from the IPO, but they are now llong gone...



REL: 1131 HRS Capital Properties New Zealand Limited MONTHLY: CNZ: Shareholder Newsletter, March 2005 March 2005 Shareholder Newsletter, shortly to be mailed to shareholders. Copies can be requested from lcr@nzx.comEnd CA:00112306 For:CNZ Type:MONTHLY Time:2005-03-03:11:32:03

steve...request a copy if you like.....still haven't got my copy yet thou

[OldRider]

I must be an odd ball. I don't want the management rights sold, and I don't want KIP. So far haven't seen any company newsletter.How do I vote?

THE KING says this company has all ways been headed for self DESTRUCTION.. [^]

[kiwikauri]

Stand in market @ 1.35 per share opening at 10.30am for 23m shares by FNZC

[lambton]

quote:Originally posted by kiwikauri

Stand in market @ 1.35 per share opening at 10.30am for 23m shares by FNZC


Thanks for the alert.

[Mick Jagger]

all done. that was quick.

[madmike]

this company is a mover and a shaker this year and noone gives a damn except "the king" who is crying into his fosters as he sold out too soon.
just amazes me that so much is posted on cer/gen/etc (yes i do post on gen but macduck & donner seem to go over and over the same thing) and good/interesting companies with good constant yields like cnz dont get a mention, and when they come into play like cnz has in the last 3 months still no talk...oh well...i'm enjoying the ride

[Major von Tempsky]

I'm with Old Rider - I don't want KIP and I don't want the management rights sold off. Either is an effective end to the Cap Props we know and love - good dividends, sound planning, share price growth, concessional cash issues, reliability, no surprises.
So, KIP has decided investing in CNZ is a better bet than developing Sylvia Park?
When is the Trustee for the unitholders in KIP going to get around to doing its job instead of sitting there mute and collecting its fees, being an accomplice to KIP's management's delusions of grandeur and pocket lining at the expense of the unitholders. Perhaps someone can sue the Trustee for dereliction of duty....

[Mick Jagger]

Great to see APT get in there and grab it from under KIP's nose... They'll have the management contract soon...

[kiwikauri]

Mick Jagger - from my reading of the SSH - it is AMP or more correctly the AMP NZ Property Fund - not APT - ie an unlisted property fund and not APT that bought the 35 miliion shares.

A subtle difference.

There is a difference in that AMP/AMp Multiplex only manage APT so can't be seen to throw unit holders money around (like KIP did) buying another listed vehicle...


See quote from SSH - "AMP Custodians Limited - Between $1.18 and $1.20 for 1,116,838 shares and
1.35 shares for 23,000,000 (consideration was paid on behalf of the AMP NZ
Property Fund. AMP Capital Investors (New Zealand) Limited has not paid
any consideration.)"

[Mick Jagger]

Nah its clearly more strategic then simply a fundy increasing their holding in a good company...

I bet AMP Cap investors will be buying the mngt rights as well... as widely expected in the market (only wellington based competitor and trying to get into the govt sector)... see APT announcement late Feb about suspension of DRT or whatever plan, due to APT looking at "substantial opportunities" etc...

they will be getting this stake in the shares to make sure KIP can't block the sale of the contract to them...

[belgarion]

And the yeild falls below what you can get from a bank with far less risk and about the same growth opportunities (am I being too cynical?) ...

I'm getting out. Thanks for the ride. :)

[Mick Jagger]

Yeah well anyone who has held CNZ at all in the last 6 mths has done very well..

All the smart people would have sold into yesterdays offer...

[belgarion]

quote:Originally posted by Mick Jagger
All the smart people would have sold into yesterdays offer...


Except it lasted just an hour and it was all over before I was contactable :(

_

THE KING says It looks more like a SHARK attack with large bites taken out of the company the final throws will be swift NOW.. so dont GO down for the COUNT.. [^]

[Mick Jagger]

yeah i guess situations like this show the bnenefits of having a proper broker as they would have sold them all for you and got the good prices...

[moimoi]

um mick....i think it shows the value of being a big swinging d..k rather than having a proper broker....

this was completed in an hour....regardless of proper broker or not, in this circumstance one was never going to get the call up if you held 5000 shares.

cheers
moi

[Mick Jagger]

yeah maybe

[madmike]

quote:Originally posted by THE KING

THE KING says It looks more like a SHARK attack with large bites taken out of the company the final throws will be swift NOW.. so dont GO down for the COUNT.. [^]


so are you saying
1)$ cap repayment from mgmt rights sale + resulting share price < $1.35ps
or
2) full takeover of cnz < $1.35ps
or
3)any other option < $1.35ps

I say while there are more than 2 companies after the mgmt rights or any other parts or whole of cnz, it is worth the risk of the staying in cnz for "the ride".

[COLIN]

Why would anyone want to bail out at this stage? AMP aren't exactly stupid - well, not these days!
I see that quite a few of the listed propty coys/trusts firmed today. Looks like a race to get into the big league, also with ING/Urbus about to merge and MGP doubling in size to achieve greater economies of scale. With a lot of the industrials SP's looking a bit "toppy" and likely to come off the boil soon I think there will be increasing investor interest in the defensives, such as the property coys/trusts.

[Paper Tiger]

No one interested in the TAKEOVER?


quote:
CNZ
15/09/2005
TAKEOVER

REL: 1329 HRS Capital Properties New Zealand Limited

TAKEOVER: CNZ: CNZ Receives Takeover Notice from AMP Property Portfolio Ltd

CAPITAL PROPERTIES NEW ZEALAND LIMITED RECEIVES TAKEOVER NOTICE FROM AMP
PROPERTY PORTFOLIO LIMITED

Capital Properties New Zealand Limited (CNZ) advises that it has today
received a Takeover Notice under the Takeovers Code from AMP Property
Portfolio Investments Limited ("AMP Property Portfolio"), a company wholly
owned by the AMP NZ Property Fund.

AMP Property Portfolio intends to make a full offer under the Takeovers Code
to purchase all the ordinary shares in CNZ it does not already hold. It is
also noted that AMP Property Portfolio will not offer to buy CNZ's
outstanding capital notes which are stated, in the Takeover Notice received
from AMP Property Portfolio, to remain outstanding under their existing terms
and conditions. A copy of the Takeover Notice has been provided to the NZX
and the Takeovers Panel.

CNZ has appointed an independent committee of directors to advise on the
offer. The independent committee consists of James Ogden (Chairman), Michael
Cashin, Peter Coote and Tony Frankham (currently absent overseas). The first
task for the independent committee will be to appoint an independent adviser,
in accordance with the requirements of the Takeover Code, to prepare a report
on the merits of the AMP Property Portfolio offer.

The consideration offered by AMP Property Portfolio for each CNZ ordinary
share is $1.42. The offer is subject to a number of conditions, including
that acceptances be received in respect of that number of CNZ's ordinary
shares which, when taken together with those already held or controlled by
AMP Property Portfolio, will confer on AMP Property Portfolio more than 50%
of the voting rights in CNZ.

CNZ will respond to the Takeover Notice in accordance with the Takeovers
Code. This will include provision of a Target Company Statement and
independent advisor's report.

The independent committee advises shareholders not to sell until CNZ has
received an independent advisor's report and issued its Target Company
Statement.
End CA:00120745 For:CNZ Type:TAKEOVER Time:2005-09-15:13:29:32

[Lizard]

B***dy annoying actually. Good price, so I better take it - but I'm already under-allocated on property, so going to have to do some research now to find something else...

I know they're a yawn, but the money I invested in listed property 3 years ago has pretty much doubled, without alot of volatility...

[marinesalvor]

do you allocate equally accross sectors Lizard??

[Lizard]

No. The more "serious" of the portfolios I run has set %'s across different asset classes and geographic locations. I use listed property to top-up the property assets - ends up about 15% of portfolio. My definition of "listed property" gets stretched a little sometimes, so includes shares like CDI, while MET gets treated as "half property".

Have to say, that the asset allocation method seems to perform slightly better than the more haphazard method I operate with the other portfolio, so am slowly bringing that into line.

[Major von Tempsky]

Presumably the $1.42 is a cash offer rather than shares in AMP Office Trust or a mix? It doesn't seem to say.
Well Belge, and all the others who were kicking themselves for "missing out" on the previous offers, you've done much better by staying in. And the ride may not be over yet, perhaps a good independent valuation and AMP will raise its $1.42 and there's always a possibility that the other cornerstone stakeholder Kiwi Income Ppty Trust will come out swinging.
Me, I shall sit tight and take the best offer.
Pity, I always rather liked Cap Props and enjoyed their high dividends, high capital growth and regular bonus element cash issues altho some non analytical shareholders hated the cash issues for some odd reason.

[Skelessi]

Assuming this offer proceeds to a full takeover - which the Sunday Star Times reports that it will - what does one move the money into in the sharemarket property sector? KIP, PFI - any suggestions?

[Contrarian]

Gidday
BIL is property

[rmbbrave]

AMP told to pump up Capital takeover offer
25 September 2005
By GREG NINNESS

Share analysts are already pouring cold water on AMP's takeover offer for Capital Properties and one says it has little chance of success.


But they also think it unlikely that Kiwi Income Property Trust, Capital's largest shareholder, will make a rival bid for the company.

AMP Property Portfolio Investments is offering $1.42 a share for 100% of Capital Properties. It already owns a 15.67% stake.

A report by ABN-Amro analyst Mark Lister suggests AMP will need to sweeten its offer. "In our view the offer price appears too low to succeed," the report said.

That sentiment appeared to be reflected in the market. Capital Properties shares were selling for $1.43 last week, although trading volumes were small as investors waited for the independent directors' report on the AMP offer.

That price was in line with a report by Macquarie Equities analyst Matthew Lambourne, which valued Capital Properties at $1.43 a share and gave a 12-month price target of $1.50.

AMP Property Portfolio general manager Stephen Costley was unmoved, saying: "That's Matthew's opinion on it, but everyone else's continues to be slightly below our price. We've always thought $1.42 was a very good price."

One of the main reasons the Macquarie and ABN-Amro reports were cool on the AMP offer was that both saw a positive growth outlook for Capital Properties.

ABN-Amro placed particular emphasis on several potential property developments Capital Properties could secure in central Wellington.

These included Capital Properties being selected as the "preferred supplier" to develop a new head office for the Ministry of Justice and the opportunity to refurbish and re-tenant the Defence Headquarters building.

These opportunities amounted to about $150 million worth of development potential on top of the existing new Defence HQ project, ABN-Amro said.

"We believe these opportunities represent strong future returns for Capital Properties shareholders that are not fully reflected in the (AMP) offer."

Those prospects will be at the top of the list of points to be considered by Capital Properties' independent directors as they prepare a report for shareholders.

Shareholders may also be hoping Capital Properties' other major shareholder, Kiwi Income Property Trust, which has a 19.3% stake in the company, will top AMP's offer with a rival bid.

"It's absolutely one of the options," said Kiwi Income chief executive Angus McNaughton.

"We're running through our numbers on it at the moment. But we're interested to see what position the independent directors take. We haven't made a decision yet about what we're going to do,"

But the Macquarie and ABN-Amro reports thought a Kiwi Income bid was unlikely.

"Our best guess is that Kiwi Income... neither accepts AMP's offer nor makes a counter bid," the Macquarie report said. "This would seem more likely given that it is focused on constructing and leasing its very large Sylvia Park development and a competing bid for Capital Properties would seem to be an unneeded distraction."

Kiwi Income paid $1.15 a share for its Capital stake in November.

[Mick Jagger]

anyone following this?

[Binklebonk]

quote:Originally posted by Mick Jagger

anyone following this?

Not many it would seem.
Revaluation to $1.48 and on a roll makes the $1.42 look light. Why sell when there is good growth, good yield, low risk and offer is below valuation?

[madmike]

nice move by independent directors refer announcements today)...$1.55ps wanted........but there logic doesn't seem right to me.....they should be asking for more since nta = $1.49ps

[lambton]

quote:Originally posted by madmike

nice move by independent directors refer announcements today)...$1.55ps wanted........but there logic doesn't seem right to me.....they should be asking for more since nta = $1.49ps


Nah we want $1.85 or we keep em. No need to sell plenty of cash in bank already. Why give to AMP to destroy even more wealth.

[Contrarian]

Gidday
AMP got to 50% +

[Lizard]

Have handed mine over. Don't see alot of capital gain from here for a while and the yield is no longer exciting. Could be wrong. Has been a nice little earner considering it was something I bought nearly 4 years ago for the yield.

[lambton]

quote:Originally posted by Contrarian

Gidday
AMP got to 50% +


But not 90% - still holding.

[Major von Tempsky]

Agree with Lizard, and for the same reasons. Bought it for the dividend and for its position in government buildings in Wgtn. Enjoyed taking up all the share issues that some short sighted people who couldn't see the wood for the trees opposed. A really magnificent investment both in capital gains and dividend flow. But I sold out a few days ago on the market just in case the conditional AMP bid flopped.
I was disappointed when the CNZ management was unable to understand their specific advantage in Wgtn in govt buildings was the one to concentrate on and went hiving off into parking buildings etc in Auckland. But they succeeded despite their stupidity, its just that they would have done even better if they had stuck to their knitting.
I've plunged into NAP as the next best bet.

[OldRider]

The cash arrived in the bank yesterday from the sale of our CNZ shares to AMP, so I had a look at the returns.

Initial amount bought in 2001 when I retired, then added rights issues entitlements on two occasions, gross gain on cost 44% which was almost exactly three times the net dividends received over the period.

In total close to 50% return after tax for 4 years
- a very satisfactory return for a low risk investment. All for no work, beats owning myself.

Now what to do?

[777]

It does not look like AMP will get the 90% required to be able to take the rest. Any thoughts as to what they will do now.

[Contrarian]

Gidday
2 x elderly relations were first dismissive, then indignant that postie knew they had shares because "accept $1.48 etc" was all over the outside of their envelopes have finally accepted.
Probably thinking like lizard above.
I'm hanging out just to be difficult.. AMP reviewing divvie, Oh I'm so scared, NOT!

[777]

Unfortunately I buckled and let them have them. They seem to be an arrogant bunch so am quite glad there are the likes of you holding out. I hope you do all right out of it.