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Thanks again LM.
Interesting that if they sell down to under 50% they will consider the future repayment of the PPS, not definitely pay them back.
I am guessing they probably would because of the 9 million saving they mention, but hey, you never know.
Will happily sit on my 6.64% and see how things play out.
I may even buy a few more........
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Originally Posted by Grimy
Thanks again LM.
Interesting that if they sell down to under 50% they will consider the future repayment of the PPS, not definitely pay them back.
I am guessing they probably would because of the 9 million saving they mention, but hey, you never know.
Will happily sit on my 6.64% and see how things play out.
I may even buy a few more........
Yes "consider" is odd wording given the PDS, i suspect they did that out of concern for their continuous disclosure obligations.
The PWC report itself states that the PPS would be repaid for a selldown to under 50%. The assumption is also that this all takes place in Q4 this year.
Anyway at 92.5 they are less of a raging buy than they were at 85-86, nevertheless i would buy more if they dropped back towards 90c.
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On June 28, 2023, S&P Global Ratings revised the outlook on its long-term rating on Bay of Plenty Regional Council, a New Zealand local government, to negative from stable. "Rising interest costs, including Quayside Holdings Ltd.'s perpetual preference share dividends, and inflationary pressures will narrow operating margins for the New Zealand local government".
Credit rating is the driving force behind the Bay of Plenty Regional Council's desire to sell down Port of Tauranga's shareholding to 28%.
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