Carters - IPO back on

[winner69]

Carters touted as an IPO this year good for you IPO addicts.

http://www.nbr.co.nz/article/hart-may-float-carter-holt-harvey-cs-171033

What you buying - "All that is left of the original business is the timber products business Woodproducts (NZ and Australia) and the Carters Building Supplies outlets."

The question I would ask - Carters have been on the block for years and nobody obviously interested in buying. Why?

[whatsup]

Carters touted as an IPO this year good for you IPO addicts.

http://www.nbr.co.nz/article/hart-may-float-carter-holt-harvey-cs-171033

What you buying - "All that is left of the original business is the timber products business Woodproducts (NZ and Australia) and the Carters Building Supplies outlets."

The question I would ask - Carters have been on the block for years and nobody obviously interested in buying. Why?
]
Just WHO would buy anything that has been through the hands of Watty beats me !!

[Schrodinger]

Good point. From what I can tell this is a way for Hart to exit and begs the question why a sale to a competitor was not achieved. If you are into housing and construction through a semi vertically integrated entity this might be your thing depending on how the housing market goes. If this is a pure dividend play there are better alternatives.

Will wait for documents before commenting further.

[winner69]

]
Just WHO would buy anything that has been through the hands of Watty beats me !!

Paper says raise a billion and with Hart keeping 30% (for now) that makes a market cap of $1.5 billion plus and no doubt some debt lest in there.

Fletchers et al obviously turned it down ......so the 'greater fools' on the market will jump at the opportunity to reclaim a piece of this 'iconic' company.

[macduffy]

Indeed, winner. CHH isn't even a shadow of the iconic company that it once was, just as Burns Philp wasn't when the same owner sold it to the market. Must admit I have a soft spot for the old CHH. Robert Holt Ltd, a middling Hawkes Bay sawmiller, was the first IPO I participated in as a newcomer to the market back in the 1960's. Subsequently merged with the Carter interests and then with Alex Harvey Ltd - which had bought can maker J Gadsden in its turn. NZ Forest Products and UE Box figured somewhere along the way with Brierleys featuring also, from memory. A lot of iconic companies involved there! But I won't be tempted into the latest model.

[winner69]

Sheesh.... I'm yet to see the prospectus, but you've already signed me up! :scared:

You will do OK greater fool .... they will price it such to make it tempting

What some say
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11428968

Fletcher performance shows building products not all plain sailing as Carter mulls IPO

[troyvdh]

These jokers are not stupid me thinks...would "they" risk floating a dud ???...Sure the world is awash with cash (and oil)...this could be interesting.

[whatsup]

these jokers are not stupid me thinks...would "they" risk floating a dud ???...sure the world is awash with cash (and oil)...this could be interesting.


yeh right !!!

[peat]

there is definitely some iconic NZ business history amongst the precedents of CHH but just because it has been private and out of surveillance for a while doesn't change the clearly struggling nature of the industry.
Are there still any trees? It was once the big forestry play ...

[Beagle]

Only a fool would buy an asset off Hart that he's been unable to sell to anyone else. He's simply too clever to leave anything meaningful on the table in terms of IPO pricing so its unlikely I'll even bother reading the offer doc's.

[gv1]

Only a fool would buy an asset off Hart that he's been unable to sell to anyone else. He's simply too clever to leave anything meaningful on the table in terms of IPO pricing so its unlikely I'll even bother reading the offer doc's.

Ditto mate

[percy]

Only a fool would buy an asset off Hart that he's been unable to sell to anyone else. He's simply too clever to leave anything meaningful on the table in terms of IPO pricing so its unlikely I'll even bother reading the offer doc's.

Ditto too.!!!

[iceman]

You could always go with his son-in-law at Fliway instead :-)


Only a fool would buy an asset off Hart that he's been unable to sell to anyone else. He's simply too clever to leave anything meaningful on the table in terms of IPO pricing so its unlikely I'll even bother reading the offer doc's.

[percy]

Just for Emveha....

[IAK]

Agree. I used to do a lot of pig hunting in the Carter Holt Harvey forests around Tokoroa before Graeme Hart converted most of it to farms and sold it off.

[winner69]

AFR say IPO back on

From BusinessDesk


Carters IPO? – Graeme Hart’s Rank Group has hired brokers Barrenjoey and Forsyth Barr to start briefing investors about a potential A$1 billion float of its Carters building products manufacturing and distribution operations in New Zealand, the Australian Financial Review reported this morning. Citing fund manager sources, the AFR-$$$ reported the spin-off would be dubbed Building Supplies Group and had about $1.55b of revenue per year, along with earnings before interest and tax of about $150 million. It reported the float would be expected to raise more than A$500m with a valuation in excess of A$1b.

[shareman]

Ditto, in fact, only a fool would even deal with Graeme Hart

[shareman]

I used to work for the prick, its just sad what he does

[nztx]

Why would Hart even bother mucking around with an IPO listing on NZX ?

Still can't be too much interest out there in a Building Supply Outfit ;)