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seagull
07-03-2007, 03:16 PM
If I buy NZO shares now, do they come with a 1 for 8 PRC entitlement. Cheers for any info here.

trackers
07-03-2007, 03:51 PM
oh dear...

Search function broken? [8D]

Rabbi
07-03-2007, 04:35 PM
quote:Originally posted by Seagull

If I buy NZO shares now, do they come with a 1 for 8 PRC entitlement. Cheers for any info here.


Yes.

Record date for allocation of PRC shares will no doubt be included in the upcoming IPO, due early March, which could be early March next year the way they delay things.

shasta
07-03-2007, 04:37 PM
http://www.sharetrader.co.nz/topic.asp?TOPIC_ID=22774&SearchTerms=Pike,River

Seagull - read the original thread

Regards

Steve
07-03-2007, 09:55 PM
At least we now have a seperate PIKE thread!:)

Thanks Seagull

winner69
08-03-2007, 06:04 AM
Steve .... there has been a separate one for some time .......

Steve
08-03-2007, 09:57 AM
quote:Originally posted by winner69

Steve .... there has been a separate one for some time .......


Thanks for enlightening me, Winner.

There have been previous PIKE threads in 2002, 2004 & 2006...

Nothing like a quick use of the search facility![B)]

limegreen
08-03-2007, 11:06 AM
quote:Originally posted by Steve
There have been previous PIKE threads in 2002, 2004 & 2006...


There's an interesting message in that[:0]

Mr Tommy
08-03-2007, 03:34 PM
quote:Originally posted by limegreen


quote:Originally posted by Steve
There have been previous PIKE threads in 2002, 2004 & 2006...


There's an interesting message in that[:0]


The interesting message is as follows....

Average coking price in USD, from 2000 - 2004 was between $50 -$60
Average for 2005 was $125
Average for 2006 was $115

JoeKing
09-03-2007, 08:27 AM
quote:Originally posted by Mr Tommy


quote:Originally posted by limegreen


quote:Originally posted by Steve
There have been previous PIKE threads in 2002, 2004 & 2006...


There's an interesting message in that[:0]


The interesting message is as follows....

Average coking price in USD, from 2000 - 2004 was between $50 -$60
Average for 2005 was $125
Average for 2006 was $115


Average NZO shareprice 2004 80c
Average NZO share price 2005 80c
Average NZO shareprice 2006 80c
Average loss per punter... well I know of a farm in one case.
Average length of a fortnight 68 weeks
Average Co. credibiliy minus heaps.
But have faith... this is not your average Company...
Change of share registry... another stall tactic?
Good luck Pikers
JK

Chippie
09-03-2007, 08:06 PM
JK. How did someone lose a farm if the average price has been 80cents over the last 3 years? (not including the issue of options and PPP shares).

digger
09-03-2007, 09:26 PM
Joe King and Chippie,

Yes NZO has been in the doldrums for the best[or worst] part of two and a half years. This is probably a result of trying to do three projects at once with nil income. Really it would have been better to have selved at least one [PIKE] until income is coming in.Because we did not do that the large cash issues and placements are giving a part of the company away far too cheaply to newbes. After the first placement i said that it would be hard to know if the placement price was a floor or a ceiling. I still do not kmnow. My best guess is that we will have on stream Tui in june 07
PIKE june 08 and Kupe june 09.This is digger time not NOG.

The farmer who lost his farm never had shares in NZO. He was just a lousy buisnees man and was going broke from the day dad gave him the farm.It goes on all the time.

Rabbi
19-03-2007, 03:01 PM
I heard a whisper that representatives from McDouall Stuart had been flown down to the West Coast, at the invitation of PRCC,to view the development of the mine and partake of some West Coast hospitality.

Apparently they were very impressed, well you would be after three nights at Kings Hotel and guided tours here and there. Sounds like some pre-IPO buttering up of the lead broker to me. If there's a gravy train on this project I hope it gets shared around and the shareholders can get some of it.

Meanwhile the tunnel continues to fall behind schedule.

airedale
20-03-2007, 08:22 AM
The recent sale of 50% of the nearby state coal mine to a multi national investment group is a positive signal for west coast coal mining.

http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10428975

JoeKing
20-03-2007, 09:43 AM
quote:Originally posted by Chippie

JK. How did someone lose a farm if the average price has been 80cents over the last 3 years? (not including the issue of options and PPP shares).

Hi Chippie
I understand he borrowed heavily to convert NOG 65c oc's, the subsequent interest and lack of cashflow killed him. (remember oc's were bought/sold at up to 73c and still needed another 65c to convert)

Digger
"...He was just a lousy buisnees man".
Maybe so, (actually he was imo a good farmer, just too small), but he was not the only one to borrow to convert NOG options and get caught. I borrowed $120k but was able to dump my NOG shares and repay loan plus interest with little loss. (and like McDunk have done very well on redirected investment $... over 800%) I know there are some regular posters on this thread who borrowed to convert OC options, or take up recent issue, and are paying heaps in interest believing it will all happen "in 2 weeks". The reality is they will probably not recover their investment, no matter how much oil or coal is produced. After expenses and the vultures have fed there will only be more hollow promises left for the hungry faithfull.
Still... good luck all
Cheers
JK

Mr Tommy
20-03-2007, 12:40 PM
quote:Originally posted by Rabbi


Meanwhile the tunnel continues to fall behind schedule.


Thats funny, last week they did 43.5m progress, the second best week yet.

Rabbi
20-03-2007, 04:24 PM
I must post negative comments about the tunnel more often.

Coal by Christmas then?

Go the Tunnel!

Happy Camper
21-03-2007, 07:22 PM
This Happy Camper is wondering whether there is a minimum entitlement provision incorporated into the 1:8 preferential entitlement?

Cheers

Romer
22-03-2007, 08:01 PM
Happy Camper
BWR confirmed on the NZO thread that there will be a minimum entitlement.
What do you reckon - - 1000? 5000???
[8)]

shasta
30-03-2007, 05:25 PM
NZO announcement re Pike IPO

30 March 2007
NZX Regulation Decision
Pike River Coal Limited / New Zealand Oil and Gas Limited
Application for ruling under NZSX Listing Rule 1.1.5


Background

1. Pike River Coal Limited ("PRC") is planning and working towards Listing on NZSX by offering shares to the public via an initial public offering ("IPO"). Immediately prior to the IPO, 54.2% of PRC's issued shares will be held by NZOG Services Limited, a wholly owned subsidiary of New Zealand Oil and Gas Limited ("NZO"), an NZSX Listed Issuer.

2. NZO and PRC applied for a ruling under NZSX Listing Rule ("Rule") 1.1.5, released on 2 February 2006, ("the 2006 Ruling") which confirmed that PRC would be a Listed entity for the purposes of Rule 1.1.5, would not to be considered a member of the group of companies of which NZO is the holding company and thereby the actions of PRC would not be considered for the purposes of the Rules to be the actions of NZO.

3. The 2006 Ruling was granted on the basis that:

(a) At the time of the IPO, PRC will have executed a Listing Agreement with NZX and therefore ought to be considered a Listed entity;

(b) Rule 7.3.1 would not be frustrated. Rule 7.3.1 sets out to protect shareholders in Listed Issuers (in this case NZO) by preventing Listed Issuers from issuing shares in a manner that would either dilute or diminish the value of their securities;

(c) The PRC IPO would raise sufficient capital to avoid a diminution of value of NZO shareholders as the issue of shares in PRC would be at full market value as established by a book building or market testing process;

(d) PRC was not seeking to issue the shares at a discount and the final offer price was to be set by a book building process or market testing during the course of the offer;

(e) Pursuant to section 47 of the Companies Act 1993, PRC directors were to declare that the offer price is fair and reasonable thereby making the PRC directors accountable to NZO shareholders;

(f) A pool of PRC shares in the IPO were to be set aside for subscription by existing NZO shareholders; and

(g) The purpose of Rule 1.1.5 is to avoid the purpose of the Rules being frustrated by Listed Issuers diverting assets or activities to related entities and thereby falling outside the ambit of the Rules. In the case put before NZX Regulation ("NZXR") for the 2006 Ruling, it was submitted, and accepted by NZXR that in this instance the object of the Rules would not be avoided.

4. PRC has advised NZXR that certain circumstances have changed since NZXR granted the 2006 Ruling. The changes to material facts are as follows:

(a) PRC and McDouall Stuart Securities Limited ("McDouall Stuart"), the Lead Manager for the IPO, have decided that of the two alternatives contemplated by the 2006 Ruling, a market testing process rather than a book build process should be used to establish the IPO share price; and

(b) McDouall Stuart has applied a valuation methodology and undertaken such market testing ("the McDouall Stuart Methodology") that in the opinion of McDouall Stuart has produced a fair share price. Details of the McDouall Stuart Methodology have been provided to NZXR.


Application

5. NZO has requested a revised ruling from NZXR that for the purposes of Rule 1.1.5, PRC will be a Listed entity and therefore by virtue of that rule the actions of PRC will not be construed as those of NZO. The practical purpose of the application is to confirm that NZO is not required to seek shareholder approval for the issue of shares by PRC in the PRC IPO.

6. NZO has also requested that NZXR confirms that the issue of shares by PRC in the IPO will not affect the calculation of the number of shares that may be issued by NZO in the future under Rule 7.3.5.

7. In support of its applications, PRC makes the following submissions:

(a) The objectives of Rule 7.3 will not be frustrated or avoided by reason of the separate legal personality of members of the NZO group;

(b) The issue of shares by PRC in the IPO is not a Ma

shasta
30-03-2007, 05:31 PM
quote:Originally posted by Romer

Happy Camper
BWR confirmed on the NZO thread that there will be a minimum entitlement.
What do you reckon - - 1000? 5000???
[8)]


Romer - i would guess that the minimum would be perhaps 500 shares, being a marketable package, which would mean those holding above 4000 NZO heads.

I cant see the minimum being above 2000, though we will find out soon enough.

shasta
01-04-2007, 01:07 PM
PIke update (some old news rehashed) from the Crown Minerals website..

Pike River Coal project's tunneling rate rises

27 March, 2007 The Pike River Coal Ltd's project access tunnel towards the Brunner coal seam is now making faster progress, parent company New Zealand Oil & Gas Ltd says in its half year report to December 31, 2006.
The Pike River project (MP 41453) on the West Coast of the South Island is making strong progress on a number of fronts, having faced and overcome some challenges during the period, NZOG says.

Construction activities at the mine site, situated 46 km north-east of Greymouth, are progressing well with tunnel development 450 m towards its 2300 metres end point at the Brunner coal seam.

Progress since 8 January 2007 of 275 m reflected improving rates of advance since the tunnel commenced in late September 2006. Initial projections of the rock type, made from surface mapping, have been revised and reforecast based on actual conditions encountered in the tunnel. Whilst there has been a need for increased roof support, this has been largely offset by faster than expected rates of advance in the poorer rock classes, NZOG says.

To date, approximately $55 million has been spent on construction activities at the mine and equipment purchases.

Major activities on site include 11.5 km of road from the public road end to the tunnel entrance, construction of seven bridges, clearance of 16 ha of land for installation of the mine's bathhouse, substation, coal preparation plant and stockpile areas and terracing of the amenities area located 1.2 km down the valley from the tunnel entrance.

NZOG says work has commenced on office and workshop buildings and installation of the 15 km of power supply infrastructure to the mine entrance was making good progress.

Contracts are in place for the purchase of two continuous miners and one roadheader which will develop the underground roadways in the coal seam as well as other mining and transport equipment required for the mine. The final shipment of slurry pipeline from Japan is due in March 2007 which will see all 10.5 km of pipe stored in Greymouth awaiting installation.

Pike River Coal received resource consent in December 2006 (in an interim decision) to use the cheaper and more direct southern route for coal transport from the mine to the Greymouth port.

The West Coast Coal Company Ltd, formed to transport Pike's coal from mine site to export port at Taranaki, has completed detailed ship design for the inter-port special purpose vessels, and plans to upgrade both the ports of Greymouth and Taranaki are moving ahead.

Dredging of Port Taranaki to 12.5 metres draft to allow Panamax-sized vessels of up to 65,000 tonnes to service the port is due to be completed in the June 2007 quarter.

The NZOG report says coal production will ramp up during the 2008 calendar year as underground roadways are developed and the mine's infrastructure installed, with calendar year ended December 2009 seeing the mine’s production at 1.1 million tonnes.

Benchmark hard coking coal prices for 2007 were settled by large Australian producer BMA at US$96 per tonne, which compares favourably to Pike River Coal’s earlier pricing expectations.

NZOG says two highly qualified independent directors have been appointed to the board of Pike River Coal. They are John Dow, who led gold miner Newmont Australia as managing director until his retirement in 2005, and is now a mining industry consultant based in Nelson. The other new director is Stuart Nattrass, a director of Fonterra Co-operative Group and a former banker.

A prospectus for the public offer of Pike River Coal securities was lodged with the Companies Office and the New Zealand and Australian Stock Exchanges for review in March 2007, ahead of formal registration. NZOG shareholders will receive entitlements to a significant proportion of the float at a ratio of 1 PRCL share for every 8 NZOG shares held at the relevant date.

Source: NZOG half year report.

Mr Tommy
02-04-2007, 08:12 AM
Do we now have an indication of the value of PIKE from the latest announcement ?

From the recent NOG announcement:
Entitilement to Ordinary Shares in Pike River Coal Ltd
Ratio 1:8
Number or Securities to be issued: Up to 32727063
Amount per security: NZ$1.00

So this raises $32 million

Now this one ...
Immediately prior to the IPO, 54.2% of PRC's issued shares will be held by NZOG Services

NOG used to have 61%, so is the 7% the amount allocated to shareholders in the 1 for 8 ????

If so, this values the 7% at $32m, giving the total company a value of over $400 million.

shasta
02-04-2007, 04:16 PM
Mr Tommy, that would value Pike River Coal Ltd at nearly twice the value of NZO, with no revenues etc!!!

NZO currently holds 34,502,960 of the 56,550,852 Pike River shares (or 61%).

We know 32,727,063 shares are entitlements for NZO shareholders (being 1/8th of the total NZO shares issued), should these not be taken up the two indian companies are effectively underwriting them, although we don't know if they have a cap on how many.

What we still don't know is the size of the public pool, & how much other Pike River shareholders (if any) are selling down.

I estimate the total Pike River shares to be issued (to both NZO holders & the public) to be around 60 million, assuming that...

... NZO would have approx 34m + 33m = 67m/122m =(54%)

With the 33m (Actual # = 32,727,063) for NZO holders (& underwritten by the Indian Companies)

With approx 27m shares available for the public pool...

I estimate NZO to sell down maybe 10 - 20m shares, & retain something above 10% in Pike River.

Had we been given the prospectus we would already know the above!

lambton
02-04-2007, 07:53 PM
quote:Originally posted by shasta

Mr Tommy, that would value Pike River Coal Ltd at nearly twice the value of NZO, with no revenues etc!!!

NZO currently holds 34,502,960 of the 56,550,852 Pike River shares (or 61%).

We know 32,727,063 shares are entitlements for NZO shareholders (being 1/8th of the total NZO shares issued), should these not be taken up the two indian companies are effectively underwriting them, although we don't know if they have a cap on how many.

What we still don't know is the size of the public pool, & how much other Pike River shareholders (if any) are selling down.

I estimate the total Pike River shares to be issued (to both NZO holders & the public) to be around 60 million, assuming that...

... NZO would have approx 34m + 33m = 67m/122m =(54%)

With the 33m (Actual # = 32,727,063) for NZO holders (& underwritten by the Indian Companies)

With approx 27m shares available for the public pool...

I estimate NZO to sell down maybe 10 - 20m shares, & retain something above 10% in Pike River.

Had we been given the prospectus we would already know the above!






That is so true. Where is the prospectus??????
Too much pre information floating around for my liking.

JoeKing
02-04-2007, 08:59 PM
Q.
Soooo what kinda sound does a mushroom make?????
A.Simple... just read last 300 pages on this thread HA HA HA!!!

shasta
02-04-2007, 09:18 PM
Lambton

I have never come across an "investment opportunity" (& i use that term loosely!), like this where NZO is wanting to spin off an asset, & has taken over the running of it, & expects it's own shareholders to support it, based on no financial information!

By not issuing the prospectus/investment statement earlier, they are doing both NZO & PRC shareholders a disservice & potentially derailing an IPO that was meant to add value to both companies.

This process has been badly handled, from the start when the PRC Independent Directors resigned, & leaves me starting to question my "investment" in NZO.

Disc: Frustrated NZO holder!

Noodle
03-04-2007, 07:34 AM
Last 300 pages of this thread?...hahaha...
Im sure youre thinking of the NZO thread!
But yes I agree...we are mushrooms...kept in the dark and fed bull****!


quote:Originally posted by JoeKing

Q.
Soooo what kinda sound does a mushroom make?????
A.Simple... just read last 300 pages on this thread HA HA HA!!!

Snow Leopard
03-04-2007, 07:47 AM
I posted this elsewhere, elsewhen

quote:
To quote from the NZOG announcement of 21st Sept 2005:
"Planning is in progress for an Initial Public Offering ("IPO") by PRCC by March 2006, and possibly earlier."

Given that it is June 2006 in my timezone we may (or may not) have a long wait on our hands.
It appears to be April 2007 at the moment, is my calendar running a little fast. :)

BigBob
04-04-2007, 07:10 AM
Pike River Coal's market listing edges closer

http://www.stuff.co.nz/4015342a13.html

The registration of a prospectus for the issue of shares in Pike River Coal company will almost certainly be completed in the next month, New Zealand Oil and Gas says.

The listing of the second biggest coalmine has been a long time coming and has been postponed four times in the past year.

NZOG is organising the listing of its 61 per cent subsidiary, PRC. The exact size of the share offering has not been disclosed.

NZOG has not stated whether there will be a public pool of shares as well as the issue of up to $32.72 million $1 shares reserved for NZOG shareholders.

Asked if the prospectus would be out in another month, PRC company secretary Brian Roulston said yesterday: "I'd have to say almost certainly."

NZOG issued a notice to the NZX this week clarifying that the qualifying date for NZOG shareholders to buy shares in PRC was not April 2, as previously notified, but a later date to be set once the PRC prospectus was registered. The change was required by ASX listing rules.

PRC will list on both the NZX and ASX.

With the adjustment of shareholdings before the PRC share issue based on the $1 price for PRC shares, NZOG's holding will fall to 54.2 per cent.

Last week NZX ruled that PRC would be a listed entity and the actions of PRC would not be construed as the actions of NZOG.

ENDS

What exactly does the bit about the "adjustment of shareholdings before the PRC share issue" mean...??

warthog
04-04-2007, 08:54 AM
"I'd have to say almost certainly"

So why not just say "yes"?

Bilo
04-04-2007, 09:07 AM
A possible explanation of the adjusted holding of PRCC is that the PRCC shares have an agreed value (much) greater than $1. NZO in passing on these shares to their shareholders at $1 have taken an adjustment to their share of PRCC. Someone with the time might be able to work out the algebra to determine what the agreed value is.

Bilo
04-04-2007, 09:26 AM
I did it over coffee.
If the agreed share price is Y.
NZO values its holding at 61Y.
Which equals 54Y+32(Y-1)
Therefore Y=~$1.28 as the agreed share price for PRC.

Unicorn
04-04-2007, 11:46 AM
IIRC, the shares held by the Indian partners have been calculated at an assumed price. Those holdings were subject to adjustment to meet the price of the IPO. With the project now presumably worth less due to time and cost overruns, the shares held by the Indians will probably need to increase - the reduction in NZO (and other private shareholders) share presumably reflects that adjustment.

Steve
04-04-2007, 12:07 PM
So the record date for NZO shareholders entitlement has not happened on April 2 as intended?

johndeyell
11-04-2007, 09:44 AM
As a NZO investor I was interested in PRC however due to all these delays and excuses I am beginning to wonder whether this would actually make for a good investment - do the staff and/or board seem incompetent? Just wondering if anybody else who was initially interested is beginning to doubt their initial thoughts like myself?

bermuda
11-04-2007, 10:01 AM
The Mine Manager, Peter Whittall is most able and extremely experienced. He worked for BHP for 25 years and during BHP's copper crisis was able to reduce his coal operation's costs by 40%. He was the first Manager to meet this budget. At the time all BHP's Managers were given this task.

At BHP he dveloped an underground coal mine from scratch right through to production.Very similar to Pike. NZO management did brilliantly in securing him.

He will successfully bring Pike to production.

johndeyell
11-04-2007, 10:05 AM
Yes good point - so will you be investing in this operation bermuda? Actually everybody reading - what are your intentions at present? I'll most definately be reading the documentation with interest when it comes out...eventually!

shasta
11-04-2007, 10:17 AM
I will look at the prospectus very closely & look at the figures, my NZO entitlement is rather modest compared to my other holdings, so i may be prepared to hold til production starts ...

Disc: NZO

duncan macgregor
11-04-2007, 10:21 AM
quote:Originally posted by johndeyell

Yes good point - so will you be investing in this operation bermuda? Actually everybody reading - what are your intentions at present? I'll most definately be reading the documentation with interest when it comes out...eventually!
MY intentions are i wouldnt touch it with your barge pole.
Getting the stuff out is to complicated that is the one big reason for me to avoid this share. Macdunk

zorba
11-04-2007, 10:41 AM
.
JD,

I can vouch that Bermuda is a substantial long term holder .....

We both do our research and attended together the biennial NZ Petroleum Exploration Conference in Auckland last year. The conference is the industry meeting every two years. We met the senior management of all the JV companies operating in the Taranaki. We came away confident that Tui and Kupe would deliver. We spoke to Schlumberger re the Tui production drilling and were advised that the proposed horizontal production holes were straightfoward industry standard drilling technology. And so far Schlumberger have delivered on Tui drilling.

We have also had several meetings with Peter Whittal who is an excellent choice for the Pike project.

johndeyell
11-04-2007, 10:47 AM
Well I'm very pleased with the information I have received today - it seems Pike River (although apparently tricky to extract) is a promising project and the coal is of incredibly high quality so as we all know there is a definate demand for the stuff. I've had NZO shares for a few years now and what you just told me about their projects has restored some faith in the whole affair.

Now we just have to wait for the Pike documentation to come through - play the waiting game. Seems to be the story of my life sometimes!!

bermuda
11-04-2007, 05:31 PM
Johndeyell,
Of course I will be taking up my full entitlement.
Bearing in mind the bad publicity this project has generated, I would be a fool not to.Expect a good premium on listing.Believe me Peter Whittall will deliver the goods.

And there is good reason to believe the coal reserves will be a lot higher.

A very good long term cashflow as long as the world needs steel.As you say the coking coal is of premium quality and is keenly sought from as far away as South Africa.It has special qualities that not only enhance the furnace heat but contribute to improving the bottom line.

manxman
11-04-2007, 06:31 PM
To say nothing of the greenhouse gas effects. A premium high strength coking coal such as Pike allows the production of steel with less CO2 than lesser ranked coals. That is why our Indian friends are so interested. You actually have to design the blast furnaces around the strength of the coke you can procure. The higher the compressive strength of the coal, the taller you can make your blast furnace and the better your heat recovery becomes. Some of the Brunner coals have swelling properties so strong that they can split the brickwork in a conventional coking plant, so they are blended with cheaper coals to acheive a workable blend. So Pike River Coal is a lower total CO2 answer to steel production. Make no apologies for owning a bit of coalmine.
There is also the point that PRCC is intending to mine coal in a most unusual manner by digging it down rather than digging it up. Most of the underground conveyance of coal will be by gravity (fluming) rather than by mechanical means. This is not only energy efficient, but it takes a large proportion of power consumption and maintenance back to the mine head rather than underground. PRCC aims to set completely new ratios for coal produced per man shift underground. If they can achieve this, well and good.
Of course PRCC will, a year or so after first coal, become a completely predictable cash cow, and will drop below the radar of all share traders to become a safe superannuitant investment. I was researching west coast coals in the mid 1960's and only hitched up to NZO to get a slice of Pike. That is to say I bought into NZO when the PRCC float was only a couple of weeks away. I don't remember how long ago that was, a couple of years or so of very interesting company, - but PRCC is a twenty year investment and short term traders can suck the hind tit on this one.

MPC
11-04-2007, 06:50 PM
agree Manxman but I never turn my back on a good stag. Nice to take a profit and hope that it retreats a little before jumping back in with more shares for the same price for the longterm. I know there is the risk of missing out but a lot more fun.
Either way I am hopeful that this will eventually be a great success


Cheers,
MPC

Sideshow Bob
15-04-2007, 08:56 PM
OK, are we all ready for Pike THIS week........

digger
16-04-2007, 06:30 AM
quote:Originally posted by Sideshow Bob

OK, are we all ready for Pike THIS week........


Sideshow Bob,speak for yourself. While ready we may be i hope it does not happen. If you know anything about finance,or the first thing you discover is that if you have no income no-one really wants to know you.As soon as you become reasonally well off money comes out of the woodworks to support whatever you want.[this is from personal experience]. So my greatest hope is that NZO will go on taking another two weeks to deliver the IPO. That if we are smart enough will bring us to sept or oct which by then we will be well in the money from TUI. This being in the money will bring a big attitude change towards NZO and make whatever we do somewhat more successful even if it was the same idea being put forward when we had no money.
So I continue to hope the IPO can be two weeks away and be no sooner than end sept 07 for best results.

Rabbi
16-04-2007, 04:27 PM
How's this for a classic quote:

Tony Radford NOG AGM 24.11.99

"Pike River - At last year's AGM it was advised that the Board would consider a distribution of NZOG's shareholding in Pike River coal, pro rate to all shareholders. A tax ruling has been obtained whereby these shares can be distributed as a non-taxable dividend. Pike River is rapidly becoming a quality asset. A development decision early next year will trigger the Pike River shares distribution and separate listing of that company in the March -
June period next year. At this stage the distribution worth is about 5cps. This is, in effect, a dividend for shareholders. A cash sale facility will be made available to small shareholders."

Snow Leopard
17-04-2007, 07:08 PM
Taking a ten week average then the tunnel is progressing at 28.4m per week. If the tunnel is 2300m long and so far they have hit the 600m mark then we have another 59 weeks to go.
Anybody want to reassure me that tunnel progress is going to speed up, significantly.

BTW when is the prospectus really coming out?

shasta
17-04-2007, 07:13 PM
quote:Originally posted by Paper Tiger

Taking a ten week average then the tunnel is progressing at 28.4m per week. If the tunnel is 2300m long and so far they have hit the 600m mark then we have another 59 weeks to go.
Anybody want to reassure me that tunnel progress is going to speed up, significantly.

BTW when is the prospectus really coming out?




The Pike Tunnel should be finished in either Q4 2007, or more likely Q1 2008. Bilo can you post the update please?

The announcement below basically says it can't state a date on the NZX, as it has to align with the ASX, & they don't know that either...

I'm picking two more weeks... :D

2 April 2007

PIKE RIVER RECORD DATE


The record date for calculating NZOG shareholder entitlements to shares in the Pike River Coal Limited (PRCL) IPO is being amended to bring it in line with Australian Stock Exchange (ASX) requirements.

ASX requirements are for NZOG shares to be quoted on an "ex" basis for a defined period of time after the PRCL offering document has been registered. As it is not possible to set the exact date on which the PRCL offering document will be registered, having previously announced that the NZOG shareholder record date would be 2 April 2007, it will now be a later date to be advised with 10 business days notice.

Revised Notice of Event Affecting Securities (NZX) and Appendix 3B (ASX) forms will be filed when the dates are set.

Snow Leopard
17-04-2007, 07:22 PM
quote:Originally posted by shasta

The Pike Tunnel should be finished in either Q4 2007, or more likely Q1 2008. Bilo can you post the update please?...

Tunnel progress on NZOG site (http://www.nzog.net/images/Tunnel_Advance.jpg)
regards
Paper Tiger

Snow Leopard
17-04-2007, 07:26 PM
PS:
Should the current best of 44.5m/w become the norm then we have 38 weeks to go. which would be New Year (i.e Jan 2008).

shasta
17-04-2007, 08:10 PM
quote:Originally posted by Paper Tiger


quote:Originally posted by shasta

The Pike Tunnel should be finished in either Q4 2007, or more likely Q1 2008. Bilo can you post the update please?...

Tunnel progress on NZOG site (http://www.nzog.net/images/Tunnel_Advance.jpg)
regards
Paper Tiger


Thanks PT

Should have looked at the NZO site, am amazed they have the updates posted so quickly!

biker
20-04-2007, 08:29 AM
Coking coal boost as China imports
Kevin Andrusiak
April 20, 2007

ANALYSTS are predicting a rebound for coking coal prices as China becomes a net importer of coal for the first time in its history.
Recent data shows the resource-hungry nation imported 14.3 million tonnes of coal in the first quarter of 2007, a 60.4 per cent rise over the three months ending March 31, 2006.
That compares with a fall of 32 per cent for coal exports to 11.4 million tonnes over the same period.

China consumed about 2.36 billion tonnes of coal in 2006. The country was once the second-biggest exporter of coal in the world behind Australia.

The recent turnaround in China's attitude to domestic coal production is behind the change in direction and is good news for Australian miners.

Chinese authorities have claimed to have cracked down on the domestic small-scale coal producing industry - notorious for many of the estimated 6000 deaths of miners every year - by closing thousands of mines.

Analysts suggest that might cost 380 million tonnes of production to the end of the decade.

The Chinese Government has also levied coal export duties on miners, further discouraging outward-bound movement of resources and protecting domestic reserves.

It is good news for Australian producers which are going through a consolidation phase for mid-tier miners.

Many miners already have close ties to Chinese players.

Beijing's investment arm, Citic, has a 12 per cent stake in Macarthur Coal. Yanzhou Coal, China's biggest listed player, recently revived the Southland Mine in the NSW Hunter Valley.

MinMetals and China Coal are also looking for assets while China Coke & Coal bought out junior explorer Rocklands Richfield in a reverse takeover.

According to reports from the China Daily, 84.1 per cent of Chinese coal imports come from Association of South East Asian Nations members and Australia.

Citigroup analysts have predicted that the spot benchmark price for hard coking coal will be $US95 a tonne in 2008 before rising to $US110 a tonne the following year.

Bilo
20-04-2007, 10:15 AM
Hi Shasta
http://h1.ripway.com/Bilo/Tunnelprogress070420.gif
No cause for worry yet (with a team having a better performance history).

But runs not on the board....Hopefully the black caps will do better.

Good news on the coking coal price front. China closing down little unsafe coal mines and becoming a net importer of coal for the first time is very positive. The USD is probably not too much of a worry - it should come right as soon as they pull out of Iraq. Bush has to go this time. This is a 20+ year investment.

shasta
20-04-2007, 02:26 PM
Thanks Bilo

The coal prices banded around for hard coking coal are very attractive for Pike River, though i will still await the prospectus before making a decision either way.

the machine
20-04-2007, 09:58 PM
delay with ipo is now probably due to asx compliance.

another ipo we are involved in was due to list yesterday - all the paperwork lodged in required time frame etc, but not processed by asx due to heavy workload. hopefully ill list early next week.

thus with prcc not complying from outset, having to redo applications, Easter and peple taking holidays, it all adds up to delays.

would be surprised if any ipo is ready now before end of April, inturn asx requires 10 days? for nzo shares to trade before going ex, thus we probably do have to part with any $ for prcc for quite a while.

M

Lion
21-04-2007, 06:31 PM
Surprised there's no comment here yet about Liam Dann's article in yesterday's Herald.

http://www.nzherald.co.nz/author/story.cfm?a_id=106&objectid=10435108

No sources mentioned (of course) but he says

"Meanwhile, it seems Pike River's owners appear to be investigating other forms of capital raising for the $174 million development of a coal mine northeast of Greymouth.

Some "high net worth" investors have been approached to gauge interest for an issue of some form of capital."

Hmmm, now who could those high net worth investors be? The local council seemed interested (with government money) The Indians? The same guys who got NZO shares last year? It's not you Joe King, or Macdunk??!

My opinion is that NZO should get out of Pike altogether if there's an opportunity - coal isn't in the company name. Concentrate on the oil and gas.

Wonder if Dann has any solid basis for his speculation. He did get Thursday's closing price wrong.

According to Bilo's graph, the tunnel is pretty well on target.

P.S. - Machine, did you miss out a vital "not" in your last sentence above?

duncan macgregor
21-04-2007, 06:49 PM
It might be my old mate MICK 100. JOE and I wouldnt touch it with your barge pole. Good luck to them who ever it is hope it goes well. macdunk

the machine
21-04-2007, 11:14 PM
lion, yes missed out the vital "not"

M

johndeyell
02-05-2007, 02:39 PM
How hard do you think it will be to get more shares than what is your NZOG entitlement? I want LOTS.....

JoeKing
02-05-2007, 03:05 PM
quote:Originally posted by johndeyell

How hard do you think it will be to get more shares than what is your NZOG entitlement? I want LOTS.....

SIMPLE!
Just wait a few weeks after IPO. (I assume you would be mid 20's or may not live long enough to see IPO that was promised "in 2 weeks" 18 months ago), once "new" investors realise what kind of Company they are dealing with there will be truckloads available and cheap! IMHO.
Don't forget it will be over a year before PRCC produces any income, and NOG, who will still own a hunk of PRCC, is primarily an exploration Co. whose new CEO is already talking about new exploration permits.... THAT'S where the profits that you expect in your hot li'l pocket will end up.
Cheers and good luck
JK

johndeyell
02-05-2007, 03:10 PM
As a matter of fact I'm ALOT younger than what you think. And PRC is going to be a great investment over the long term, for sure.

digger
02-05-2007, 07:54 PM
quote:Originally posted by johndeyell

As a matter of fact I'm ALOT younger than what you think. And PRC is going to be a great investment over the long term, for sure.


johndeyell i am older than your probably think and even for me i can say PIKE will be a great investment,about 40 years of it.It is just that for now we have nothing but teething problems,but in a year these will be all forgotten and if i were to ask anyone to remember back to now and these current problems i would be accused of living in a bygone age even though now they are everything. By sept most of these problems will be starting to get smaller as income from TUI will be easying the way.
Many say we should in time sell put of PIKE but i think we should hang on to just above 10% and go no lower without a golden glove.But for now that would be well down the track.
It is good to see NZO now coming closer to my first coal in JUNE 08.It is a more realistic time frame.

arjay
03-05-2007, 09:24 AM
I agree with the posters who comment that the IPO delay will not harm things long term - in fact, might place the Co in a better position. However, NOG should be embarrassed at their bad handling of the process, especially their apalling public relations. Because of this we get headlines such as in the mornings Herald Business - and that's not good for business.

JoeKing
03-05-2007, 09:41 AM
http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10437291
Too true RJ bad press is bad at any time.
This is not going to do any PRCC IPO marketing any good (assuming there actually is one??), but IMHO the bulk of damage has been done progressively over past 2 years.

"But one NZOG shareholder, who asked not to be named, said yesterday he would rather the float did not go ahead until closer to when the mine started producing and things were more settled.
"Then you can say, the exchange rate is this, the company's making that - it would be easier for the market."

Sounds kinda familiar... a ST poster??
Cheers
JK

johndeyell
03-05-2007, 11:48 AM
Who cares when it lists - it doesn't alter the potential of the company and the project. The coal will still be there whether they list tomorrow or next month. Obviously the sooner the better, but it really wouldn't matter that much.

Billy Boy
03-05-2007, 01:32 PM
Yes Johndeyell I feel you are thinking in the right direction.
I'm probably as old as Digger and Blockhead.
I can say too you :- whenever I have lost money on the
share market, it's usually because of impatience.
Cheers and Beers
BB

Chippie
27-05-2007, 09:28 AM
An extract from Page D8 of the Sunday Star Times

Product: Shares in Pike River Coal

What we Like: World demand for steel is huge and likely to stay so……… The firm appears to be putting in place credible infrastructure.

What we don’t like: Green field project so the prospectus does not contain profit projections. The project could be adversely affected by a high NZ dollar, though the firm says it is still “financially robust” at US73c. Plus the delays ..….Is it really a case that all good things come to those who wait?

Conclusion: Don’t bet your shirt on it. But a unique, home-grown resource- focused investment.

shasta
28-05-2007, 05:38 PM
Good article on TV3 News re Pike, & some words from Peter Whittal.

Hopefully this will assist the IPO process.

Noodle
28-05-2007, 05:43 PM
quote:Originally posted by shasta

Good article on TV3 News re Pike, & some words from Peter Whittal.

Hopefully this will assist the IPO process.


Yes I watched the article with interest!
It was certainly positive and will help the IPO and hopefully the NZO shareprice tomorrow!

Paddie
28-05-2007, 05:47 PM
quote:Originally posted by shasta

Good article on TV3 News re Pike, & some words from Peter Whittal.

Hopefully this will assist the IPO process.


Great to see the above.

Still don't know what Helen Mackay is employed to do?

Paddie

Unicorn
28-05-2007, 06:04 PM
quote:Originally posted by Paddie

Still don't know what Helen Mackay is employed to do?



She is the NZO General Counsel, which means the in-house legal advisor. She is supposedly also responsible for Investor Relations, but this appears to be a secondary role.

With all the legal work associated with NZO over the last 6 months including the the legal side of the Pike IPO itself, it looks like there has been no time for Investor Relations. If you look at the contracts section of the Pike IPO, you will get some idea of the scope of the legal work involved - and this is only part of one of the projects. It is a pity that such little resource has been directed to Investor Relations, as the last year has been a period when it would have done the most good.

Paddie
28-05-2007, 06:59 PM
quote:Originally posted by Unicorn


quote:Originally posted by Paddie

Still don't know what Helen Mackay is employed to do?



She is the NZO General Counsel, which means the in-house legal advisor. She is supposedly also responsible for Investor Relations, but this appears to be a secondary role.

With all the legal work associated with NZO over the last 6 months including the the legal side of the Pike IPO itself, it looks like there has been no time for Investor Relations. If you look at the contracts section of the Pike IPO, you will get some idea of the scope of the legal work involved - and this is only part of one of the projects. It is a pity that such little resource has been directed to Investor Relations, as the last year has been a period when it would have done the most good.


Good points Unicorn,

NZO touted her as the PR guru to improve investor relationships.
NZO should not make statements if they can't deliver.

Paddie

bermuda
28-05-2007, 07:09 PM
NZO are not silly enough not to appoint a specialist PR / Investor relations Manager.An appointment will be made soon.
Helen was employed as Legal Counsel and is doing that job very well.

Paddie
28-05-2007, 07:43 PM
quote:Originally posted by bermuda

NZO are not silly enough not to appoint a specialist PR / Investor relations Manager.An appointment will be made soon.
Helen was employed as Legal Counsel and is doing that job very well.


I could be totally wrong Bermuda, but I thought that part of her original portfolio was to improve investor relationships.

Will have a look over the next few days!

Paddie

I can also recall Unicorn in one of his posts critising her in her investor relationship/PR role.

bermuda
29-05-2007, 12:40 AM
Paddie,
That is my whole point Mon,
The job is too big for her. She is far better off looking after her legal matters about which she is amply qualified..... and doing a good job..
The new person will be aptly qualified and zooom!!!!. we will all see the huge turnaround coming from having a new CEO.

Mr Tommy
29-05-2007, 07:43 AM
quote:Originally posted by Noodle


quote:Originally posted by shasta

Good article on TV3 News re Pike, & some words from Peter Whittal.

Hopefully this will assist the IPO process.


Yes I watched the article with interest!
It was certainly positive and will help the IPO and hopefully the NZO shareprice tomorrow!


Yep I saw the Pike article as well on TV3 last night, just a pity that one of the lead stories was also about coal, that naughty Solid Energy hiring a student at $100 a week to spy on the greenies protesting against them.
Im not sure what all the fuss is about, after all the police regularly do this sort of thing, and we also have this department called the SIS, so why cant Solid Energy try to protect their interests. Sorry, getting a bit off topic here.

Back to the IPO, there are about 12,000 NOG shareholders, the IPO document is 200 pages, so 100 sheets of paper each, that is over 1.2 million sheets of paper, how many trees is that!

BWR
29-05-2007, 08:22 AM
TV3 article at;

http://www.tv3.co.nz/VideoBrowseAll/BusinessVideo/tabid/369/articleID/27864/Default.aspx#video

Dazza
29-05-2007, 04:56 PM
any nog holders buying into the ipo.....

Unicorn
29-05-2007, 05:06 PM
quote:Originally posted by Dazza

any nog holders buying into the ipo.....




If the WCCC finance does not come through, then I am a non-starter.

If the WCCC finance does come through, then I am likely to be in (unless something unexpected comes to light).

I expect the WCCC finance to be approved.

johndeyell
29-05-2007, 05:08 PM
Most definately

Sideshow Bob
29-05-2007, 05:08 PM
Geologist has advice for Pike River Coal investors
By ALAN WOOD - The Press | Tuesday, 29 May 2007

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Advertisement

AdvertisementA West Coast geologist is warning mum-and-dad investors not to get excited about the Pike River Coal (PRC) share float, given the mine's potential for production delays.


Murry Cave, a geologist with Western Exploration, said mining investments on the West Coast were generally risky, as experienced by state-owned coalminer Solid Energy.

However, PRC was an exciting new venture with a highly experienced management team, as well as good partners in terms of financial backing, Cave said yesterday.

"They've got a fairly professional team. I hope they get it all up and running, but I just think it's a bit of a big ask," he said.

"(One risk) is to do with over-ambitious mining targets ... nobody in New Zealand has yet managed to mine in underground the type of tonnages of coal Pike River is anticipating," he said.

Investors should pause and consider the overall situation carefully before participating in the upcoming PRC float. But people with knowledge of the risk could "go for it".

PRC has already had several delays to a planned initial public offering (IPO) of shares. Its executive team has registered a prospectus, and has a listing timetable that aims to have shares trading from July 20.

Cave said some of the geological risks included:

A 2km-plus drive through hard rock "which is already proving to be slower going than anticipated".

The presence of an active fault that needed to be crossed underground, presenting a zone of considerable and sustained ground stresses.

A pit bottom with deep highly gassy coals and the associated risk of "outburst". Gas pressure-forced explosive events at the coal face.

A degree of uncertainty about the difficulties in accessing the resource because of the geological structure, plus the risk of environmental damage from subsidence and "acid mine drainage".

These risks did not necessarily mean the mine would not be a success, he said.

From 2000-04 Cave was an adviser on the Pike River mine to land owner the Department of Conservation as part of resource consent and access issues.

PRC chairman John Dow said as a trained geologist he disagreed with some of Cave's assumptions, notably that there was an active fault through the mine. The fault was not active, and in very old rock, he said.

Dow said Pike River was a different proposition from some of Solid Energy's mines on the West Coast. It was shallower and without some of the other potential problems like "outburst" that Cave had presented.

"The concerns he has are generic concerns ... he's abstracted circumstances from other operations and used them as they'd be directly relevant to Pike, but the reality is they aren't directly relevant to Pike," Dow said. "The tunnel that we are drilling at the moment up to the coal seam is in hard rock, but we all know it is in hard rock ... we've budgeted and the timing is based on that knowledge."

http://www.stuff.co.nz/4076117a6430.html

Scuffer
29-05-2007, 05:19 PM
Having said all that Bob I would expect the anticipated costs to go way over budget ie.wages and the threat of an earthquake I know I wouldn't want to be underground

zorba
29-05-2007, 11:37 PM
SideshowBob,

The geologist in question is well known for a negative and pessimistic attitude to Pike.

He devoted considerable effort to knocking the project when he was working for and consulting for DoC when the latter organization was desperate to stop the project from advancing towards consent.

Apparently he was very miffed when the project was given the go ahead by the Minister for the Environment who over-ruled the recommendations of DoC that the project be turned down.

This is the classic Kiwi story of knocking a “tall poppy” project simply because its going to be a success ...... he has an emotional investment in the project not succeeding.
.

lambton
30-05-2007, 08:00 AM
quote:Originally posted by zorba


SideshowBob,

The geologist in question is well known for a negative and pessimistic attitude to Pike.

He devoted considerable effort to knocking the project when he was working for and consulting for DoC when the latter organization was desperate to stop the project from advancing towards consent.

Apparently he was very miffed when the project was given the go ahead by the Minister for the Environment who over-ruled the recommendations of DoC that the project be turned down.

This is the classic Kiwi story of knocking a "tall poppy" project simply because its going to be a success ...... he has an emotional investment in the project not succeeding.



Perhaps you are right on with the greenie thing (no probably), but you have to adnmit the project is geologically challenged and as just a dumb investor it makes me think there are better and less risky options to increase my pile of money.

BWR
30-05-2007, 08:35 AM
Letter to Editor - Greymouth Evening Star

Dear Sir

In yesterday’s Mail Box (22/5/07) Dr Murry Cave, under the guise of giving “advice” to potential investors in the Pike River Coal share float, made a number of inaccurate, inappropriate and ill informed statements. Dr Cave drew parallels between Pike River and a number of other mines operating in different areas, in different seams, at different depths and by different companies that bear little relevance to the Pike River mine development.

Pike River will extract coal from the Brunner Seam. The seam has approximately 6.5 kilometre of outcrop along the escarpment in the Paparoa ranges and the pit bottom will be at a depth of 80 to 100 metres with the majority of the mine is at a depth less than 200 metres. Dr Cave’s references to Mt Davy, operating in a very deep, low permeability, outburst prone seam and the tragic deaths at that mine are extremely inappropriate. Similarly Dr Cave’s vague references to the production life of Strongman 2, is as irrelevant as comparison to any other mine in NZ or overseas as the particular mining parameters and extent of mining area and resource are different.

Finally, Dr Cave’s description and assessment of conditions underground at Pike River, and in particular the pit bottom area, are inaccurate and ill informed. I am not aware of Dr Cave’s definition of an “active fault” or why it is applied here, and his description of deep, highly gassy coals and associated risk of outburst bears no relationship with the shallow, moderately gassy, non-outburst prone conditions at Pike River.

Pike River registered its prospectus on 22 May 2007 in both New Zealand and Australia. The prospectus sets out the benefits and risks associated with the mine development as well as reports from independent experts far better acquainted with the Pike River development than Dr Cave. Dr Cave is correct in one aspect however. That potential investors in any company need to consider all factors relevant to that investment decision.

Peter Whittall

General Manager, Mines

Pike River Coal Limited

shasta
30-05-2007, 08:44 AM
Thanks for posting that letter,BWR.

Good to see Pike River move quickly to disspell the inaccurate statements, when it could potentially impact on a successful IPO.

Poor journalism indeed!

BigBob
30-05-2007, 08:57 AM
BWR,

May I suggest you release this to the market too....!

COLIN
30-05-2007, 09:28 AM
quote:Originally posted by BigBob

BWR,

May I suggest you release this to the market too....!


Yes. And the NATIONAL MEDIA as well, seeing that they printed the original story.

zorba
30-05-2007, 09:32 AM
Lambton,

Could you turn on your "Allow Forum Members to Send you E-Mail" option on your profile, would like to send you a message, many thanks.

Zorba

waaihoek
30-05-2007, 10:21 AM
.
Pike website has some new features:

http://www.pike.co.nz/


Including web page for latest progress on tunnel -- tunnel advancement temporarily halted while a 650 metre conveyor belt system is being installed !!:

http://www.pike.co.nz/about-pike-river-coal/Tunnel-scaled.jpg/image_view_fullscreen

w

lambton
30-05-2007, 10:56 AM
quote:Originally posted by zorba


Lambton,

Could you turn on your "Allow Forum Members to Send you E-Mail" option on your profile, would like to send you a message, many thanks.

Zorba


Done

trackers
30-05-2007, 03:05 PM
Pike River Coal Limited PRC 30 May, 2007, 15:07 PRELIST TRUCKING ROUTE CONSENTS IN PLACE
Full Text of Announcement
30 May 2007

TRUCKING ROUTE CONSENTS IN PLACE

Pike River Coal Limited (Pike River) has received the Environment Court's final decision on resource consents for transport of coal on the "southern" route which runs directly from the Pike River mine's planned coal preparation plant to Greymouth.

Pike River has confirmed it will use the southern route for transport of coal and on 23 May 2007 the Environment Court confirmed the conditions of its 15 December 2006 interim decision which allows transport of 1.3 million tonnes of coal per year by road to Greymouth, between the hours of 6am and 10pm daily on a six days per week, 302 days per annum basis. Pike River views this decision positively.

First coal from the new mine being developed at Pike River is expected to be trucked in May 2008, following completion of the tunnel to access the coal seam, commissioning of the coal preparation plant and build of initial coal stockpiles. The tunnel is currently at 773 metres and the planned conveyor belt is now being installed by the contractor over the next 10 days to transport rock out of the tunnel. Pike River has agreed to fund certain road upgrades on the southern route in accordance with an agreement with the Grey District Council.

ENDS

Sideshow Bob
30-05-2007, 05:16 PM
quote:Originally posted by zorba

SideshowBob,

The geologist in question is well known for a negative and pessimistic attitude to Pike.

He devoted considerable effort to knocking the project when he was working for and consulting for DoC when the latter organization was desperate to stop the project from advancing towards consent.

Apparently he was very miffed when the project was given the go ahead by the Minister for the Environment who over-ruled the recommendations of DoC that the project be turned down.

This is the classic Kiwi story of knocking a “tall poppy” project simply because its going to be a success ...... he has an emotional investment in the project not succeeding.
.


I was just posting this for information of other readers, as a 'contrary' view. I wasn't saying it was right or wrong, but thanks for the futher comments.

Regardless, looking forward to the prospectus. Looks like I have lined up a few extra through a broker to supplement my meagre NZO holding allocation.

the machine
01-06-2007, 11:02 PM
we will be taking up our entitlement in prc - thats the code on asx.

we have 2 differet shareholdings in nzo, thus will have 2 entitlements in prc.

as have to pay by june 17 [and ppp by june 30] then will borrow a few $ and sell some other shares early july when the tax year ticks over.
that will equate to a 22 month interest free loan from the tax dept before have to pay tax on profits [may 2009] generated from sell early june.

M

winner69
02-06-2007, 06:17 AM
So Sniper was really Dr Cave - didn't Sniper warn of high gas counts and overhangs all that sort of stuff.

Never mind .... like Sniper this Dr Cave only talks bull****, because of our emotional involvement ..... but then again Sniper was quite often right

Noodle
06-06-2007, 07:42 AM
Saurashtra allows options to lapse on Pike River
By MARTA STEEMAN - The Press | Wednesday, 6 June 2007

Indian investor Saurashtra has not used its option to lift its stake in Pike River Coal Company to 25 per cent.

Pike River spokesman John Draper said yesterday the big Indian coke manufacturer had let an option in a 2005 equity subscription agreement and a shareholders agreement lapse.

Draper said Saurashtra had options to buy more shares.

Overseas Investment Office (OIO) documents show Saurashtra had the option to lift its stake to 25%.

Saurashtra will instead hold 9.5 % of Pike River after the completion of a $65 million offer of shares at 100c a share.

Pike is a large underground coal mine project 46km north-east of Greymouth, with projections to produce 17.6m tonnes of high-grade coking coal over an 18-year mine life. Production is scheduled to start in the first quarter of next year.

Saurashtra and another Indian coke manufacturer, Gujarat, are together buying about 55% of the coal for the life of the mine. Gujarat will have an 11% stake in Pike after the share offer.

slam
06-06-2007, 08:13 AM
Hi All
Was on the coast on the weekend and stayed with one of the drillers for this project.
Also flew over the area with his mate in a chopper.
All looks good and nice feedback from the 2 gents above;)

Sent off for my Investment Statement today

In with 2 shovels

Cheers
Slam

BigBob
06-06-2007, 09:37 AM
Interesting article by Bruce McKay in today's Dompost..

Under the headline "Pike River offers punt on exchange rate" it concludes...:

"...the risk is not really about the mining and transport. It isn't even about the market for coal or the price of the commodity. An investment in the company is really a play on the exchange rate right now. If you think the Kiwi dollar is going to fall against the US dollar, then Pike River looks a whole lot more appetising as an investment"

(Sorry can't find it on stuff.co.nz so can't link)...

the machine
07-06-2007, 12:26 AM
quote:Originally posted by BigBob

Interesting article by Bruce McKay in today's Dompost..

Under the headline "Pike River offers punt on exchange rate" it concludes...:

"...the risk is not really about the mining and transport. It isn't even about the market for coal or the price of the commodity. An investment in the company is really a play on the exchange rate right now. If you think the Kiwi dollar is going to fall against the US dollar, then Pike River looks a whole lot more appetising as an investment"

(Sorry can't find it on stuff.co.nz so can't link)...






full article
Pike River offers punt on exchange rate
THE OBSERVER - BRUCE MCKAY - The Dominion Post | Wednesday, 6 June 2007

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Advertisement

AdvertisementOne of the perennial problems with the New Zealand equity markets is the number of "one company" industries.


For example, we have one listed airline, one listed airport, one listed phone company, one listed mass retailer, one household appliance manufacturer and so on.

As a result, New Zealand investors have to keep track of a wide number of industries to know what is going on. When a new company comes to raise capital and list there is a high probability that investors will not only have to get to grips with the company but also a new industry.

There are of course cases where another listed company is not going to trouble the minds of investors too much. Property is at the top of that list, but also retailing, electricity and, at a pinch, building supplies.

The promoters of the Pike River Coal IPO have something of a challenge – educate the market about the company and about the global coal industry, and, while they are at it, the dynamics of the global steel industry.

New Zealand investors have had scant exposure to resource stocks on the local exchanges, so the challenge is to get at least some investors to wean themselves off property and yield and focus on a growth story.

West Coast coal is evidence that God does have a sense of humour. It is very high quality coal; in fact, some of the best coal in the world comes from the West Coast of the South Island. But getting at the coal and getting it on to ships to go to the world's steel mills is a big challenge.

Pike River is a project focused on the Brunner coal seam, the same one that Solid Energy is mining near Westport. Solid Energy's mine is opencast and well supplied with infrastructure, but Pike River's mine is up a narrow valley and then up a 2.3-kilometre underground tunnel.

Once the coal comes out of the mine it is trucked to Greymouth, then put on a barge to New Plymouth before finally being transferred on to ships going further afield.

It is by any stretch a high cost project; luckily Pike River is mining high quality coal. The company plans to mine its 55-million-tonne resource over the next 20 years, pulling out a little less than one million tonnes on average a year. The target is about one third of the total resource, though the target could rise once mining is properly under way.

The cost to mine a tonne of coal is estimated at $37, while the cost of transporting it to the port in Taranaki is put at $40 a tonne. The price the company can get for the coal is about US$100 (NZ$135) a tonne at the moment, leaving a gross margin of NZ$58 a tonne, or 43 per cent. It's a healthy margin, but investors won't be able to assess the financial impact of the margin or the limited production targets in the prospectus because there are no forecasts, apart from the very limited cash flow forecasts required by the Securities Act. Why?

The problem is that the Australian Securities and Investments Commission has ruled that greenfield projects, such as Pike River, should not put fin

Unicorn
07-06-2007, 11:45 AM
NZO heads dropped by 5 cents today, ex the 1-8 $1 Pike entitlement.

Which indicates PRC shares should list at over $1.40?

777
07-06-2007, 12:38 PM
Depends on the uptake. I only have 20,000 NZO so am entitled to 2,500 which I won't bother taking up. Would rather let things settle down then make a decision on whether it is worth the investment. If you get $1.40 then good luck to you.

tim23
07-06-2007, 04:53 PM
Won't you get the minimum 3000 share entitlement?

Bling_Bling
08-06-2007, 10:29 AM
When do we receive our Pike IPO entitlement as a NOG shareholder?

Steve
09-06-2007, 02:05 PM
quote:Originally posted by Bling_Bling

When do we receive our Pike IPO entitlement as a NOG shareholder?


Hopefully before the close date, with enough time to read it, attach a cheque and post it back!

Like 777, my entitlement is for less than 3,000 Pike - does this mean that I have to 'top' up to the minimum 3,000 shares?

BWR
09-06-2007, 02:38 PM
Bling Bling,

The record date was close of business last Wednesday. The entitlement letters and prospectus will be in Monday nights mail.

MPC
09-06-2007, 04:24 PM
And i will be in for 3000. These are for my daughter, fits the criteria for a good longterm hold in my books. Forget about the short term fluctuations and have a look again in about 5 years. thank you very much.

First beer opened,go the all blacks

Tok3n
09-06-2007, 05:58 PM
Coal companies have done well in Aussie.

Maybe its one fresh new KiwiSaver funds will sink into.

But these delays aren't good though :(

johndeyell
09-06-2007, 06:20 PM
Well the delays really are over now - the IPO is finally open...

port hills
10-06-2007, 07:40 AM
There is a rather positive article on the Pike IPO in this weeks 'Headliner' magazine.

20th July will be very interesting. :)

johndeyell
10-06-2007, 09:18 AM
Although slightly off-topic, still interesting I find nevertheless. I have had a look on a few maps and can't find any river by the name of Pike - is there such river called Pike or is it just too small to be represented on a map?

blockhead
10-06-2007, 10:38 AM
quote:Originally posted by johndeyell

Although slightly off-topic, still interesting I find nevertheless. I have had a look on a few maps and can't find any river by the name of Pike - is there such river called Pike or is it just too small to be represented on a map?


Go and have a look here, www.forestandbird.org.nz/conservation/mining/pikemediabackgrounder.pdf explains where Pike Stream is.

Ttops
10-06-2007, 12:33 PM
quote:Originally posted by Tok3n

Coal companies have done well in Aussie.

Maybe its one fresh new KiwiSaver funds will sink into.

But these delays aren't good though :(



Tok3n
I very much doubt it for two reasons.
Kiwisaver funds won't want the high risk entry point at this stage blotting their longer term prospects of raking in funds later on. Very public comparisons are sure to be made especially early on. Better to be in the middle than at the bottom of the heap.

Secondly it doesn't look very environmentally sound if a fire starts that can't be put out or the acid leachate ruins the streams or slumping/ landslides occur. Forest and Bird and the Greens would ensure they cleanup causing massive costs. I personally wouldn't want my money invested in it until it shows a profit and can operate safely. It's an ST punt only at this early stage imo.

bermuda
10-06-2007, 05:06 PM
Need to do some research on who supplies the China /india /Asia steel mines with coking coal.

Methinks that if Aussie/NZ are the major suppliers then we dont have to worry about US /NZ AU exchange risk becauses Aussie/NZ will always be similar.Think about it .

Bling_Bling
11-06-2007, 09:15 AM
quote:Originally posted by Steve


quote:Originally posted by Bling_Bling

When do we receive our Pike IPO entitlement as a NOG shareholder?


Hopefully before the close date, with enough time to read it, attach a cheque and post it back!

Like 777, my entitlement is for less than 3,000 Pike - does this mean that I have to 'top' up to the minimum 3,000 shares?



Hey Thanks. :)

Just spoke to my broker. They have some firm allocations they can give to clients. Give your broker a call if you want to buy more.

the machine
12-06-2007, 12:13 AM
Will be interesting how many shares one gets for aud$3,000.

With the push by nz reserve bank to devalue the nz/us exchange rate then if successful its not such a bad thing for prc - time will tell if the nz$ can be devalued.

M

Happy Camper
12-06-2007, 07:05 PM
This Happy Camper is looking forward to receiving my entitlement letter and prospectus.

Cheers

Steve
13-06-2007, 06:49 AM
quote:Originally posted by Bling_Bling


quote:Originally posted by Steve


Like 777, my entitlement is for less than 3,000 Pike - does this mean that I have to 'top' up to the minimum 3,000 shares?



Hey Thanks. :)

Just spoke to my broker. They have some firm allocations they can give to clients. Give your broker a call if you want to buy more.


Answering my own question, if you had NZO at the record date, then your entitlement is for 1:8 or 3,000 Pike, whichever is greater.

Have taken a firm allocation on top of my entitlement.

soltrader
13-06-2007, 07:59 AM
[/quote]

Answering my own question, if you had NZO at the record date, then your entitlement is for 1:8 or 3,000 Pike, whichever is greater.

Have taken a firm allocation on top of my entitlement.

[/quote]


How does one submit the application in this case?
Does one make 2 separate applications, one for the firm allocation, and the other one for the NZO entitlement?

trackers
13-06-2007, 08:11 AM
quote:Originally posted by soltrader



Answering my own question, if you had NZO at the record date, then your entitlement is for 1:8 or 3,000 Pike, whichever is greater.

Have taken a firm allocation on top of my entitlement.



quote:

How does one submit the application in this case?
Does one make 2 separate applications, one for the firm allocation, and the other one for the NZO entitlement?



Nah I reckon you apply for the full lot, and they either give you what you're asking for, or your entitlement.

BigBob
13-06-2007, 08:50 AM
quote:Originally posted by trackers
Answering my own question, if you had NZO at the record date, then your entitlement is for 1:8 or 3,000 Pike, whichever is greater.


trackers, I don't think that it is "whichever is greater", as the minimum application may be subject to scaling as per BWR's reply on page 862 on the NZO thread...:
http://www.sharetrader.co.nz/topic.asp?TOPIC_ID=18548&whichpage=862


quote:Originally posted by BWR

The 1:8 entitlement is fixed.

The difference between that figure and the minimum application of 3000 shares could possibly be subject to scaling.


The way I read it is that you need 24000 NZO heads to get your 3000 PRC's, anything over you get 1:8, but anything under you may get scaled down from 3000... I might be wrong tho...

Bling_Bling
13-06-2007, 11:42 AM
If you guys want more PIKE shares, just ring your nearest broker. I got all the shares I asked for... LOL.

Steve
13-06-2007, 06:01 PM
quote:Originally posted by soltrader


Answering my own question, if you had NZO at the record date, then your entitlement is for 1:8 or 3,000 Pike, whichever is greater.

Have taken a firm allocation on top of my entitlement.




quote:
How does one submit the application in this case?
Does one make 2 separate applications, one for the firm allocation, and the other one for the NZO entitlement?

My entitlement ex NZO is under my share-trading company, while my firm allocation has been made under a non-share-trading entity on behalf of my trading company.

Hope that helps...

Awamoa
13-06-2007, 06:28 PM
I have not received anything from the company yet for my entitlement.
Has everyone else had theirs?

Sideshow Bob
13-06-2007, 06:30 PM
No, not me.

But I'm like Bling and can get more out of my broker.

tsb
13-06-2007, 06:31 PM
nothing from the company and nothing from my request to ASB for an allocation

Steve
13-06-2007, 07:21 PM
Nothing received about my NZO entitlement as yet...

BigBob
13-06-2007, 07:40 PM
nowt here

seagull
13-06-2007, 08:24 PM
Anyone think there will be a premium on these. Am entitled to 5000

but am undecided at present ? Cheers

trackers
13-06-2007, 08:25 PM
quote:Originally posted by Seagull

Anyone think there will be a premium on these. Am entitled to 5000

but am undecided at present ? Cheers


Its an ipo in NZ (and even better than that, for a decent company!), so yes I would certainly expect so

Sideshow Bob
13-06-2007, 08:54 PM
Look at Xero Live. Listed at a premium of 10c, today 7c up on IPO price, and basically has a turnover of next to nothing. Long way to go before profitable.

Bling_Bling
14-06-2007, 09:17 AM
I heard the developing world cant get enough of these raw products. Energy prices are going throu the roof and not expected to come down. As for bio fuel, it takes a large amount of energy to farm the product and to make the bio fuel, which makes one wonders.

seagull
14-06-2007, 10:07 AM
Thanks Guys. Will probably take up my entitlement.
My broker says there has been a steady demand for
these shares. Cheers.

Tok3n
14-06-2007, 11:22 AM
Where we suppose to get our forms by today?

leecoker
14-06-2007, 03:27 PM
hey im a newbie to all this IPO stuff.
I currently hold 6200 NZO shares. so from my understanding i get 1 PRCC share per every 8 shares (6200/8). So i get an entitlement of $775 from my current NZO shares. However the minimum allotment is $3000.

What i want to know is that am i allowed to take my $775 of entitlement and pay the other $2225 cash to make up a total of $3000?

Tok3n
14-06-2007, 03:30 PM
So r there NZO holders here that have recieved their entitlement forms?

Unicorn
14-06-2007, 03:41 PM
quote:Originally posted by leecoker

hey im a newbie to all this IPO stuff.
I currently hold 6200 NZO shares. so from my understanding i get 1 PRCC share per every 8 shares (6200/8). So i get an entitlement of $775 from my current NZO shares. However the minimum allotment is $3000.

What i want to know is that am i allowed to take my $775 of entitlement and pay the other $2225 cash to make up a total of $3000?


If you apply, it must be for the minimum of 3,000 shares, which means sending off $3,000. Your application may be scaled back, and some of your money returned. But you will end up with at least the 775 shares that you are entitled to.

My own guess is that even in the most extreme case (i.e. the issue is very heavily over subscribed) it is unlikely that anybody would get scaled back below 2,000 shares.

Unicorn
14-06-2007, 03:46 PM
quote:Originally posted by Tok3n

So r there NZO holders here that have recieved their entitlement forms?


I haven't received them yet. But it is not an issue as the prospectus has been readily available for download since the IPO was announced. There is plenty of time to go, and all the details are available, so I see no need to have the documents until the WCCC funding is confirmed.

Chippie
14-06-2007, 07:09 PM
I got my prospectus today. Apparently they only arrived from the printers yesterday.
p.s. I am back in NZ so I should update my sharetrader profile.

trackers
15-06-2007, 02:22 PM
(lengthy) prospectus arrived today - would have to sell down other holdings to have a decent crack so unfortunately will be giving it the miss

lakeys
15-06-2007, 04:14 PM
TRF listed on ASX found loads of good coal and today closed there IPO 2 weeks early because it was overscrided

Theres hope for PIKE although what a mission to get it on to the PRC Brunner eh!

fish
15-06-2007, 08:19 PM
closing date for NZOG shareholders 26 june
Public closing date is 10 july
As a substantial nzog shareholder who wants to take up their full entitlement I am peeved and very inconvenienced that there is so little notice of this premature demand on funds .
I would imagine a lot of shareholders are having to sell nzo shares to meet this deadline-something i certainly dont want to do as i value them far higher .

danchop
15-06-2007, 08:49 PM
quote:Originally posted by fish

closing date for NZOG shareholders 26 june
Public closing date is 10 july
As a substantial nzog shareholder who wants to take up their full entitlement I am peeved and very inconvenienced that there is so little notice of this premature demand on funds .
I would imagine a lot of shareholders are having to sell nzo shares to meet this deadline-something i certainly dont want to do as i value them far higher .

dont worry about it fish,youll get an appreciation in nzo share price anyway if pike lists good so dont sell to buy

seagull
15-06-2007, 08:56 PM
With so many firm shares available some folk might pass up
their entitlements and go for the July 10 option. Cheers.

tim23
15-06-2007, 10:16 PM
Fish - its like any other IPO you get by and make it happen - NOG have firmed since they have gone ex issue anyway

oldowl
16-06-2007, 11:16 AM
A nice piece by Chris Lee


Market News 11 June 2007

After so many false starts that I have lost count, the prospectus for Pike River Coal's IPO has been published, preceded by a presentation in Wellington for analysts, brokers and other intermediaries.

The prospectus is an enormous document, meeting the stringent disclosure requirements of both Australia and New Zealand's securities regulators.

As such it is self-defeating, being so weighty that very few investors will have the confidence to try to read it.

So it is a pity the presentation was not on video as it was, in contrast to the prospectus, an excellent briefing on a project that will have West Coasters salivating, as they look on the birth of New Zealand's first listed coal company for 28 years.

Pike River has recruited genuinely experienced and expert staff, from Australia, South Africa, and Germany, as well as New Zealand, to manage an operation that expects to produce at least a million tons of high quality coking coal, for at least 18 years.

The cost of producing the coal will be somewhat less that NZ$90 per tonne, and coal is currently worth around $145 a tonne, a figure enlarged in recent years because of Chinese, Brazilian and Indian demand for steel, but diminished by the soaring value of the NZ Dollar.

If the dollar was back at 60c US, the value of the coal would be nearer $170 a tonne.

The gross margin for the first year's real production (2008 - 09) could therefore be around $50 - $60 million at current figures, and maybe, nearer $80 - $90 million if the coal price was steady but the exchange rate fell to US 60c to the NZ Dollar.

There are too many "ifs" already in this argument, a fact accepted by PRC and acknowledged by the absence of its forecasts.

What is undeniable, however, is that if all goes roughly to plan, there will be a real margin created by producing a uniquely high value coking coal with relatively low mining costs, thanks to the availability of water, rainfall in the area of the mine being measured in metres, and darned nearly kilometres.

The coal will be flushed out by high pressure hoses from a robot-operated space-age car, and will be carried by water and gravity to an area that allows it eventually to be carted off to Greymouth's port, barged to New Plymouth and then exported, mostly to India, where contracts already are in place.

The real margin, given all the unknowns, may vary greatly but by my calculations should enable a dividend of between five and fifteen cents per share, given the dividend policy discussed, which might be around 50 - 60% of the cash generated each year.

A five cent dividend would make the shares expensive at $1.00 (the offer price), a 15 cent dividend would make the share cheap at $1.50.

All of this is encouraging but the real excitement for investors should be in the quality and experience of the project managers.

There is genuine experience, knowledge and industry mana in their people, attributes PRC could not have attracted unless this project had the X-factor.

The issue will seek to raise a minimum of $65 million (maximum $85 million) which, combined with a roughly $80m bank loan, will give PRC the money to complete the tunnel (2.3 ks, so far 0.7 k reached) and mine coal, eventually generating cash and surpluses.

Tunneling progress has been slowed not by hard rock but by soft rock but sample drilling suggests conditions will improve, allowing the tunnel to be concluded by March next year.

The shares are now available, with a special pool for NZ Oil & Gas shareholders, NZOG arranging the issue of new shares for PRC.

NZOG holders can apply for 3,000 PRC shares, or a number equal to one eighth of their NZOG holding, whichever is the greater.

In my opinion, they should take up this right. We will want all NZOG holders to send their rights form and cheque to us, for batching and stamping.

We have an allocation and may get a further helping, depending on the residue, if any, from the pool offered to NZOG holders.

Coal min

Steve
16-06-2007, 11:37 AM
My 'book' has arrived ex the NZO entitlement, and I personally don't have the time to read it page by page before the close date.

If I can increase my firm allocation on Monday, I will not waste my time with an ex-NZO entitlement application which will most likely be scaled down.

Just my current thoughts...

tim23
16-06-2007, 11:40 AM
Why would the NOG allocation be scaled down - do I wrongly assume that you would get the minimum 3000?

leecoker
16-06-2007, 12:12 PM
Have people started recieving their entitlment letters yet? im still waiting for mine?

fish
16-06-2007, 12:49 PM
Got my prospectus and entitlement in yesterdays post
What a cheek chris lee has wanting nzog holders to send their entitlements to him so that he can stamp them and get a cut

Any holder that does that is giving him a lot of comission at the expense of NZO-of which the holder owns a share so it makes no sense unless you want to donate to his wealth !

Sideshow Bob
16-06-2007, 01:43 PM
I'm with you Lee, I've still got nothing.........

Steve
16-06-2007, 03:33 PM
quote:Originally posted by tim23

Why would the NOG allocation be scaled down - do I wrongly assume that you would get the minimum 3000?

From the middle of the Gold entitlement page distributed with the NZO entitlement documents:

"If the NZO Shareholder Pool is oversubscribed, your application may be subject to scaling. As a result of any such scaling, you may receive fewer shares than the minimum amount of NZ$3,000. However, if scaling is required, you will not receive fewer shares than your Minimum NZO Shareholder Entitlement"

baxter
16-06-2007, 04:00 PM
Chris Lee's bi weekly comments are meant for his clients many of whom are elderly. I find them helpful and as one of his clients of course I will send my application through him.

johndeyell
16-06-2007, 04:28 PM
quote:Originally posted by Sideshow Bob

I'm with you Lee, I've still got nothing.........


Me neither but I'm not too worried as I'm applying through a broker from the public pool.

tim23
17-06-2007, 11:29 AM
Thanks Steve the document is rather overwhelming!

Bling_Bling
18-06-2007, 07:51 AM
quote:Originally posted by Steve


quote:Originally posted by tim23

Why would the NOG allocation be scaled down - do I wrongly assume that you would get the minimum 3000?

From the middle of the Gold entitlement page distributed with the NZO entitlement documents:

"If the NZO Shareholder Pool is oversubscribed, your application may be subject to scaling. As a result of any such scaling, you may receive fewer shares than the minimum amount of NZ$3,000. However, if scaling is required, you will not receive fewer shares than your Minimum NZO Shareholder Entitlement"



If you are looking for more shares, just ring your broker and ask for some instead of going through the hassle of the entitlement. My broker gave me all the shares I asked for. :)

777
18-06-2007, 08:45 AM
To quote Bling Bling

"If you are looking for more shares, just ring your broker and ask for some instead of going through the hassle of the entitlement. My broker gave me all the shares I asked for."

Doesn't look good for an opening premium to issue price.

Threw my entitlement out with the recycling this morning.

Bling_Bling
18-06-2007, 09:27 AM
quote:Originally posted by 777

To quote Bling Bling

"If you are looking for more shares, just ring your broker and ask for some instead of going through the hassle of the entitlement. My broker gave me all the shares I asked for."

Doesn't look good for an opening premium to issue price.

Threw my entitlement out with the recycling this morning.


With energy prices at these levels I am happy putting some Pike Coal away in the draws. I recall Pumpkin Patch was similar in which I got all the shares I asked for and more.

leecoker
18-06-2007, 10:03 AM
Okay any idea who i can get hold off to get another entitlment form sent?

777
18-06-2007, 10:07 AM
Pike River offer freephone 0800 577 777

Mr Tommy
18-06-2007, 10:20 AM
I wonder why Pike ran investor presentations for "analysts, brokers and other intermediaries" as mentioned in the Chris Lee newletter, and yet this wasnt extended to NOG shareholders and Joe public.
Surely the cost of hiring a bigger hall would have been minimal ?
Another chance of creating some good PR lost, especially as the NOG shareholders are expected to front up with $32m and buy half the shares on offer.

Bling_Bling
18-06-2007, 12:46 PM
NOG shareholders should have given the Pike IPO shares at a discount. Dont know why they didnt do it. Looks abit of a messy IPO. Not getting very good advice.

bk
18-06-2007, 02:42 PM
When I went to the bank this morning to pick up my check for the IPO, the lady told me that already several others had been in for the same reason that morning - sounds like it is a go-er then. Not sure what to do next though - sell in the first week for an easy (??) profit, or hang on to the black gold and see it grow stronger.

The thick book has in the back a couple of green forms for extra allocations if you need them - I just put a higher number of $$$$ of the form.

One thing isn't 100% clear to me - it says 3000, and with increases of 500 thereafter. So if your entitlement through NZO is say 3100, do you have to apply for either 3000 or 3500 (or 4000, or 4500, etc), and not for 3100?

MPC
18-06-2007, 05:44 PM
BK, what do you mean, went to the bank to pick up your cheque? It doesn't have to be a bank cheque does it?

Cheers,
MPC

777
18-06-2007, 06:21 PM
Hopefully he realized they were NZ dollars.

The BOWMAN
18-06-2007, 09:56 PM
quote:Originally posted by bk


The thick book has in the back a couple of green forms for extra allocations if you need them - I just put a higher number of $$$$ of the form.

One thing isn't 100% clear to me - it says 3000, and with increases of 500 thereafter. So if your entitlement through NZO is say 3100, do you have to apply for either 3000 or 3500 (or 4000, or 4500, etc), and not for 3100?


BK, you don't need the green forms. They are there for those non-NOG share holders to use. You can just apply for whatever number you want using your yellow form. E.g. 100,000.

Same thing here for your second question. You can apply for 3000, 3500, 4000, 4500, 5000, 5500, etc.... The minimum entitlement of 3100 is if you application needs to be scaled down, it won't go lower than 3100. E.g. If you only applied for 3000, you will have 3000. If you applied for 3500, while others gets scaled down to 2500, you will get 3100. Something like that.

bk
18-06-2007, 10:25 PM
quote:Originally posted by MPC

BK, what do you mean, went to the bank to pick up your cheque? It doesn't have to be a bank cheque does it?

Cheers,
MPC

I know, but I had some money with a local building society (which I loosely referred to as bank), and the easiest way to get the money out was to get them to issue a cheque.

thanks

bk
18-06-2007, 10:40 PM
quote:Originally posted by The BOWMAN


quote:Originally posted by bk


The thick book has in the back a couple of green forms for extra allocations if you need them - I just put a higher number of $$$$ of the form.

One thing isn't 100% clear to me - it says 3000, and with increases of 500 thereafter. So if your entitlement through NZO is say 3100, do you have to apply for either 3000 or 3500 (or 4000, or 4500, etc), and not for 3100?


BK, you don't need the green forms. They are there for those non-NOG share holders to use. You can just apply for whatever number you want using your yellow form. E.g. 100,000.

Same thing here for your second question. You can apply for 3000, 3500, 4000, 4500, 5000, 5500, etc.... The minimum entitlement of 3100 is if you application needs to be scaled down, it won't go lower than 3100. E.g. If you only applied for 3000, you will have 3000. If you applied for 3500, while others gets scaled down to 2500, you will get 3100. Something like that.

Sorry, I did not make myself clear. Someone asked where to get another forms, which is why I suggested to get to the back of the offer. I myself used in the "golden" form.

As to the number of shares, I agree with you, but my point was, if you have an entitlement of 3100, can you then send a cheque for 3100, or does it have to be either 3000 or 3500. In which case the form is a bit confusing (well, to me at least) as by spelling out that you have 3100 shares it suggests that you can apply for 3100. Not that it matters to me, I have asked for more than my entitlement, and rounded it to a nice 500-fold.

blockhead
19-06-2007, 07:23 AM
The offer document is indeed a weighty tomb but well worth a close read, I'm pleased Sniper has vanished for the time being, the risk anaylisis area of the document raises any likely problem areas and rates them high/medium/low risk. This is good information and any venture would be expected to carry a degree of risk, an underground coalmine in a faulted National Park using new methods of coal transport does have its challenges but the identified problems appear to have been addressed. A better read than Mon night TV and hopefully much more profitable.
Well done PRCC

Doc
19-06-2007, 12:43 PM
Are any other Australian based NZO holders still waiting for their entitlement form? I haven't recieved mine yet, and the clock is ticking.

tsb
19-06-2007, 04:38 PM
I got a note from ASB that they are not doing allocations - but on a first come first served basis.(green form)
Intend to just show what I would like on the yellow form.
There are a few cracks starting to show!

Steve
19-06-2007, 05:44 PM
I increased my firm allocation this week, which means that I won't be using my NZO entitlement and avoid ant potential scaling...

PointyHat
19-06-2007, 05:46 PM
I got my green PRCC application form into ASB for Monday morning when they told me 1st come 1st served. No funds gone from my cash mgt a/c yet though. I also applied with my holding allocation on my gold /yellow form.

Does anyone know if this is eligal - to dual apply for an IPO, (it used to be in the UK, but it doesn't seem to be the case in NZ)

tim23
19-06-2007, 05:59 PM
I think its illegal to confuse us! Sounds like 2 separate application the gold priority one is just due alot sooner.

Sideshow Bob
19-06-2007, 06:03 PM
I've still got nothing............

shasta
19-06-2007, 06:07 PM
I just got mine ex ASB Securities today...

Not that i'll be investing.

MPC
19-06-2007, 06:33 PM
I am in. My minimum plus more. Start the game and lets see how we go. I love the buzz of IPO's.

Cheers,
MPC

Rabbi
19-06-2007, 07:38 PM
The way I see it a firm allocation gives you a minimun entitlement in the event of over subsciption.
What isn't obvious is whether or not this will occur. Brokers are saying there is significant interest from overseas, but who's to say this will eventuate.
With an extra $20million up for grabs will these get soaked up by institutions?
Better to be Gordon Ward and Peter Whittal and get 100.000 freebies plus a load of partly paid. Wonder how Radford missed the cut here? He must be losing his touch.[8D]

lakeys
19-06-2007, 08:20 PM
I am still not sure if I will take up mine, what if the dollar stays at at 75 and or goes to 80 this could happen although everyone sees it going the other way .
Have a look at there currency projections.
The same experts have been saying about the housing market is going to fall for the last 3 years and getting it so so wrong .

This stock is so much a US currency play and there are the mining risks and transport possible cost overruns and hickups to consider?

Then again our dollor could fall 10 cents and they could discover loads more coal.

Nothing is certain

and no I am not a reformed snipper .

the machine
19-06-2007, 08:37 PM
quote:Originally posted by Doc

Are any other Australian based NZO holders still waiting for their entitlement form? I haven't recieved mine yet, and the clock is ticking.



not received mine yet.

will be interesting to see how many shares one receives for their aud$3,000

Will be taking my 2 entitlements up as trade in 2 names

M

bermuda
20-06-2007, 10:30 AM
Australia supply a lot of hard coking coal into the Asian market and PRCC will add to that from NZ.

Whilst I would love to see a $NZ/$US exchange rate drop to enhance PRCC's prospects ( and NZO's for that matter ) I am not overly concerned as long as the NZ dollar doesnt outperform against the Aussie.

The reason...Australia sets the benchmark for the price of Hard Coking Coal. If the Aussie appreciates against the $US then the Aussies will increse the price of Hard Coking Coal.

ps The recent floods in Newcastle took 2 million tons out of the market...No wonder the Aussies are very interested in PRCC.Newcastle has been a shipping coal jam for years and getting worse.

Plenty of interest in PRCC I have been told.Sending my cheque in next Monday.

Sideshow Bob
20-06-2007, 03:43 PM
I heard the same today, that interest is pretty good. Scale backs likely.

Sideshow Bob
20-06-2007, 03:46 PM
quote:Originally posted by Sideshow Bob

I've still got nothing............


Found out that this is because <s></s>am<s></s> was a National Bank online customer, with shares held under custody.

Lion
20-06-2007, 05:44 PM
SSB, I have some of my NZO holding in custody with Nat Bank, and they told me yesterday what my entitlement is.

Personally, I'm not going for any PRC, no spare $, and I think NZO will do better than PRC in the next few months. But that's just me, I did consider it. There's tax implications too, don't want to be labelled a trader by stagging the PRC IPO.

Read most of the prospectus, and all that talk of the many risks put me off a bit too.

DYOR, as they say is Aus

Sideshow Bob
20-06-2007, 07:27 PM
quote:Originally posted by Lion

SSB, I have some of my NZO holding in custody with Nat Bank, and they told me yesterday what my entitlement is.

Personally, I'm not going for any PRC, no spare $, and I think NZO will do better than PRC in the next few months. But that's just me, I did consider it. There's tax implications too, don't want to be labelled a trader by stagging the PRC IPO.

Read most of the prospectus, and all that talk of the many risks put me off a bit too.

DYOR, as they say is Aus


I was expecting to get a copy of the prospectus, but didn't receive anything, as they don't send anything out. Lesson learnt, but expected to see something for the IPO. Additionally they only give you less than 3 days to come back. So is indeed DYOR.....

Will probably have a crack, but yet to read the prospectus. So this might keep me busy in the next few days.

Bling_Bling
20-06-2007, 08:10 PM
quote:Originally posted by Sideshow Bob

I heard the same today, that interest is pretty good. Scale backs likely.


Where did you hear this?

My broker gave me all the shares I asked for. Maybe I am favourite client. :D

Unicorn
20-06-2007, 08:13 PM
I have just about decided to not take up my entitlement.

I think the 18 months after the IPO will be largely a period of bad news for Pike. The one potential item of good news is the annual coal price setting round late this year. If the coal price firms then that will be a major positive, and possibly sufficient to offset the bad news. But if next year's price holds, or falls back towards the long term average, then I do not see a lot to counterbalance the likely bad news. It looks like any significant income from Pike is likely to be at least 18 months away, and that is a long time to wait (certainly in comparison with a company with a stake in the Tui project!).

With the balance of probability being heavily weighted to bad news for the next few months, if I was to buy then I would look to sell immediately - before the price drifted lower. But I suspect that a lot of buyers are looking for a quick buck from the IPO, so there may not be the premium that some are expecting. A dollar in NZO now looks a much better prospect than a dollar in PRC - especially as the dollar in PRC is tied up for a month (by which time Hector will be well under way).

The mine itself looks very good. I think Peter Whittall is doing a fantastic job, and it is probably more than a coincidence that some reality was injected into the project not long after he came on board. But neither the financing nor the transport arrangements are where they ought to be, given the time that has passed since the project began in mid 2004. With Gordon Ward at the helm, it looks like NOG time has been transferred across PRC.

Sideshow Bob
20-06-2007, 09:13 PM
quote:Originally posted by Bling_Bling


quote:Originally posted by Sideshow Bob

I heard the same today, that interest is pretty good. Scale backs likely.


Where did you hear this?

My broker gave me all the shares I asked for. Maybe I am favourite client. :D


Lead broker - so probably to be taken with a pinch of salt.......

shasta
20-06-2007, 09:36 PM
quote:Originally posted by Unicorn

I have just about decided to not take up my entitlement.

I think the 18 months after the IPO will be largely a period of bad news for Pike. The one potential item of good news is the annual coal price setting round late this year. If the coal price firms then that will be a major positive, and possibly sufficient to offset the bad news. But if next year's price holds, or falls back towards the long term average, then I do not see a lot to counterbalance the likely bad news. It looks like any significant income from Pike is likely to be at least 18 months away, and that is a long time to wait (certainly in comparison with a company with a stake in the Tui project!).

With the balance of probability being heavily weighted to bad news for the next few months, if I was to buy then I would look to sell immediately - before the price drifted lower. But I suspect that a lot of buyers are looking for a quick buck from the IPO, so there may not be the premium that some are expecting. A dollar in NZO now looks a much better prospect than a dollar in PRC - especially as the dollar in PRC is tied up for a month (by which time Hector will be well under way).

The mine itself looks very good. I think Peter Whittall is doing a fantastic job, and it is probably more than a coincidence that some reality was injected into the project not long after he came on board. But neither the financing nor the transport arrangements are where they ought to be, given the time that has passed since the project began in mid 2004. With Gordon Ward at the helm, it looks like NOG time has been transferred across PRC.


I'm with you Unicorn, the 34.6% NZO will initially hold is more than enough exposure to PRC for me. (Actually ends up being 36% fully dilluted if the options & convertible notes are counted)

One thing in the Pike River prospectus that stood out for me was that NZO have provided a "Non - binding letter of comfort" to there bankers over the funding requirements for Pike.

So between now & March 2008, PRC [u]may</u> hit up NZO for another loan/convertible notes?

I would have thought after the IPO Pike River would have sufficient cash! [xx(]

Unicorn
21-06-2007, 06:58 AM
quote:Originally posted by shasta
I would have thought after the IPO Pike River would have sufficient cash! [xx(]


No, the IPO does not provide sufficient funds. They also need the $65M that Westpac has been asked to find. And even if Westpac does come up with the $65M, it will not be until after March 2008. This leaves a period where a substantial amount of temporary debt will need to be raised.

manxman
21-06-2007, 07:08 AM
Pike River will still be raising $65 million in debt finance if the float goes as planned. Much of this is for working capital, carrying the show during development and the building of stockpiles.

I think Unicorn is right. Between the IPO and the first dividend there will be a load of little bad news items on a market which seems to spook very easily. Phaedrus will be busy working out whether the smart money is accumulating. There may be better times to top up, much closer to production.
One problem not mentioned in the prospectus is the Grey River bar. There is a huge northward drift of sediment across the Grey River mouth, and any dredging is quickly undone by the first storm. Normally the river cuts a new channel through the bar but if the flow in the Grey drops due to dry weather, then the river bar can stay shallow for a long time. With any sort of a swell, the underkeel clearance is reduced as well. My nautical advisor recalls banging on the bottom with a 3000 ton ship drawing 8 feet. Note that the prospectus refers to "self propelled vessels". Are these things too unusual to be called simply "ships"? It would be interesting to get a look at the details of a "vessel".
Disc: Will take up my allocation with an open mind about topping up later.

Crypto Crude
21-06-2007, 01:20 PM
Im slowly starting to come around to Pike river idea... this company is going to have large revenues over decades and will be highly profitable...
50% upside to coal reserves...
I willnot be investing in the IPO, theres plenty of risks especially around further delays, So I will watch until early next year and then plan a move...(off current info)
You see, Pike will come out trumps in the end but it is very unlikely IMO that Share Price will explode in the near term...
so far out to production is a big key here, and nothings really going to happen until production starts, and until they get much deeper into the tunnel...
On the other hand my dads broker reckons that theres strong support from Australia and foreign investors, Pike looks like it will float strong enough to make it well worth while...
entering around $1.3-1.4 just before production seems fine with all the risks attached now...
can anyone think of any possible positive announcements that could occur before production starts that would drive SP up apart from derisking of project by getting closer to production?
[8D]
.^sc

manxman
21-06-2007, 01:59 PM
Perhaps a major currency realignment.

Crypto Crude
21-06-2007, 02:06 PM
manxman,
well that wont be happening anytime soon with OCR so strong and not likely to fall off over the next 5 months...possibly one more OCR rise to come...
[8D]
.^sc

Scuffer
21-06-2007, 02:08 PM
I was given a snip of info, the tunnel is only a third of the way in,also got a flyer in my mailbox trying to get me to invest,it seems a bit of putting to me to be trying to recruit investors this way, what's wrong with this method is it appears desperate.

zigzag
21-06-2007, 02:24 PM
Agree with Manxman on this. The currency could quite possibly ease before production starts.

troyvdh
21-06-2007, 02:24 PM
Scuffer...dont you hate getting those snips of info...it happened to me to.....the reason this process has taken so long to get going is because.....the BIG money is very very concerned about how many time they touch the stuff before it gets to the market.....about 5 times ?....its my understanding that westpac are the ones left....

zigzag
21-06-2007, 02:26 PM
Scuffer - Who was it that sent you the flyer? Sounds a bit strange.

Scuffer
21-06-2007, 02:45 PM
It was just a circular that was put in the letterbox the company that distributed it was called Mcdouall Stuart Securities Ltd.Tel 0800577777. www.pike.co.nz.

manxman
21-06-2007, 03:01 PM
I now have three prospectusses (prospecti?). The last time I was so inundated I got scared off. So I missed out on Baramundi. Its quite a big offering and I'm not worried that there is a lot of paper flashing round.

Scuffer
21-06-2007, 03:14 PM
I'm not trying to sway anyones thoughts about this company but I think they have a few problems to overcome. The bar in the greymouth harbour is a major and the barges are not a viable option, barges were used out of Lyttelton but not anymore and lyttelton doesn't have the draught problems of Greymouth,also when the grey river is in flood there is a lot of shingle enters the harbour which causes problems as it deposits around the ships blocking their exit. A ship towing a barge in a rough sea may even have to let the barge go and the sea is not a mill pond off the west coast, I think their best option is to train the coal to Lyttelton. The tunnel to the coal probably won't be finished this time next year so I think the wait is far from over.

Wiremu
21-06-2007, 04:24 PM
Scuffer,

I'm also not trying to sway anyone's thoughts about this company, but the following is another problem to be overcome. This observation comes from the well respected Chris Lancaster, Analyst at the RBC Sydney Branch

Coal Mining & Processing
All Prices For All Products Changed Materially
Event
We have undertaken a thorough review of our metallurgical and steaming coal
supply and demand models. In addition, we have considered the impact of
much higher operating costs across the industry, many of which we now
believe are "baked in." Tight supply conditions have caused an upgrade to our
price forecast for next year's negotiations, for all products, by up to
approximately 40%. We have also upgraded our medium-term forecasts to
2011, again for all products, by up to approximately 40%. Our long-term price
forecast from 2012 onward for metallurgical coal has increased by 33%, from
US$75/t to US$100/t. For steaming coal it has increased by 25%, from
US$40/t to US$50/t. Intermediate products have been increased accordingly.
Summary
Our revised coal price forecasts are predicated on two broad sector trends:
1) In the longer term, we see much higher industry operating costs ultimately
impacting prices. Operating costs for the key coal producers have effectively
doubled during the past five years. In our opinion, these are likely to remain at
or above current levels in the longer term, as significant components of coal
industry costs are seen as "fixed."
2) In the nearer term, we believe the current tightness being experienced in all
seaborne markets is likely to prevail. This is principally due to the influence
of China. In metallurgical coal, sustained high levels of Chinese steel
production have created indirect tightness in coking coal markets. In steaming
coal, China has recently moved from a net exporter to a net importer. The
above tightness has been exacerbated by (well-documented) constraints to
Australian port capacity. More recently, severe weather conditions in
Australia have tightened markets even further.

June 2007.

bermuda
21-06-2007, 04:34 PM
Wiremu.
You are so right. The Aussies hold the cards and if their costs go up or their exchange rate worsens then the price of Hard Coking Coal will go up.

The higher price of oil is very inflationary and leads to most costs heading northward...and so they have to recover it through price increases.

And China must have it...so they must pay.

oldowl
22-06-2007, 08:21 AM
Offer brings interest from South Island

http://www.stuff.co.nz/4102373a6430.html

-------------

Gofish.
22-06-2007, 09:29 AM
quote:Originally posted by Scuffer

I'm not trying to sway anyones thoughts about this company but I think they have a few problems to overcome. The bar in the greymouth harbour is a major and the barges are not a viable option, barges were used out of Lyttelton but not anymore and lyttelton doesn't have the draught problems of Greymouth,also when the grey river is in flood there is a lot of shingle enters the harbour which causes problems as it deposits around the ships blocking their exit. A ship towing a barge in a rough sea may even have to let the barge go and the sea is not a mill pond off the west coast, I think their best option is to train the coal to Lyttelton. The tunnel to the coal probably won't be finished this time next year so I think the wait is far from over.


Where do you get the barge idea from - they aren't using barges.
They are using vessels as shown in the prospectus - Jebsens are well known in this field.

Bling_Bling
22-06-2007, 10:53 AM
It doesnt matter if kiwis dont like this float, cos the overseas institutions will be more than happy to take it off your hands like they are doing now by buying up all our other assets.

Scuffer
22-06-2007, 12:16 PM
More weight more draught more depth required example pacifica had a ship lose a rudder a few years ago they snapped the rudder stock on a sand bar, 60,000 -70,000 tons on a coal carrier.

Wiremu
22-06-2007, 12:37 PM
Scuffer,

Why don't you read the prospectus as Gofish has suggested?

Page 53 covers the intra-port shipping matter very well, and points out that to cope with the conditions the vessels are limited to 12,000 tonnes of coal.

Scuffer
22-06-2007, 01:14 PM
sorry hadn't read the prospectus but 12,000 tons hardly seems worth it most coal ships out of lyttelton carry 70,000 I can't see 12,000 being cost effective but then I havn't read the prospectus, but I'm not thinking of buying in until maybe next year when the picture is a little clearer too many variables for me at the moment.

zorba
22-06-2007, 04:04 PM
.
Scuffer,

Get a grip ... you are displaying your scuffaceous slack ignorance !

Read the prospectus or at least read the summary web pages on the NZOG web site:

"Coal will be trucked from the mine to Greymouth port and shipped by two purpose built coastal ships [about 12,000 tonnes] to Port Taranaki. From Port Taranaki coal will be shipped in Panamax size vessels carrying loads of up to 65,000 tonnes to export markets in Asia, India, South America and Europe."

http://www.nzog.net/pikeriver/

http://www.nzog.net/pikeriver/pikeSchematic.jpg/view

blockhead
22-06-2007, 04:10 PM
Sure there is risk, risk aside Blocky posted his chq this evening !
1st plan is to stag them, if that fails, into a lower drawer they go.

Scuffer
22-06-2007, 04:12 PM
Get ya head out of the clouds not everything is a bed of roses and that's it buddy, if ya think its such a good deal right now fill ya boots.

zorba
22-06-2007, 05:01 PM
.
Watawa.nk !!!

Scuffer
22-06-2007, 05:03 PM
I'm too good looking to have to resort to that and I don't get personal please refrain yourself and stick to the topic in hand pardon the pun.

zorba
22-06-2007, 05:18 PM
.
A modicum of effort will do you no harm.

tsb
22-06-2007, 05:47 PM
Chris Lee's opinion:-

The Pike River Coal issue looks likely to be a rare success, with media reports suggesting that both Australian and U.K. institutions like its prospects of exporting premium coking coal within a year.

New Zealanders are not generally lovers of mining stocks and this is unsurprising, given the poor performance of so many miners, often the result of the directors and executives not having their interest aligned with investors.

The memory of Sovereign Gold will still send a shudder down many a spine, and there have been a string of others who have sold their story with more gusto than they have wielded their picks and shovels.

So if PRC is a winner, it will be judged by profits and especially dividends, by most New Zealanders.

The overseas response indicates that PRC has access to a premium product, has people who should be able to manage the mining process, and has, by luck, arrived on the market at a good time, with other recent coal and mining company offers in Australia being highly bid.

Typically, when a potentially good float arrives, the shares are in short supply - the issue has been in such demand that brokers have been scaled down, and those with entitlements to 3000 are unlikely to be allocated a great deal more.

So I expect PRC to sell the whole 85 million shares, not just the 65 million initially offered.

To be really successful, PRC will need to do well in the secondary market, meaning investors will buy at a premium if they cannot get enough shares in the IPO. Confidence in PRC's future will be implied by the premium.

The issue closes in early July and will list around July 20.

My advice to all NZ Oil & Gas shareholders, who have rights to buy the PRC shares, is to take a deep breath, and buy them; as many as you can get. Do it now. Next week is too late.

I believe investors just might make a shilling in a few weeks' time, if not a florin

Footnote:

All those investors who record their interest in PRC with us should get access to our allocation.

blockhead
22-06-2007, 07:25 PM
quote:Originally posted by Scuffer

Get ya head out of the clouds not everything is a bed of roses and that's it buddy, if ya think its such a good deal right now fill ya boots.

As I said Scuff, I filled the boots and am happy to live with the result, you don't like it, then best you don't touch it, I didn't get the ability to be able to fill the boots from sitting on the sideline. Sometimes you win, sometimes you lose. Thats life !

Scuffer
22-06-2007, 07:44 PM
Well put my friend everyone is different it makes for a far more interesting world, and good on you for following what you believe.
Thank you for using a little ettiquette.

Sideshow Bob
22-06-2007, 08:16 PM
Blockie, with the size of your shareholding, I think that you'll be able to convince them to put in a mountain bike track at Pike!

the machine
22-06-2007, 08:47 PM
posted my 2 cheques today, total aud$6,000 which should see me with approx 6650 shares - half to keep and maybe half to stag - the details of the top 20 shareholders are upon listing will influence the maybe stag.

M

trackers
23-06-2007, 06:07 AM
After lengthy thought have decided I'm in - Like Blockhead says, you may win or lose, but will definitely lose sitting on the sidelines. Asking for 20 times my entitlement, will be interesting to see how much they hand over

BigBob
23-06-2007, 07:27 AM
Right! I'll join the "coming out" party.... ;)

I'm in too...!

Going for my entitlement + half again... Looking at selling some early on, but will probably hold the bulk for a few years (or at least until production has ramped up fully)....

Would have gone for more, but the timing is a bit of a killer as I've got a few HGD warrants that I'm gonna convert too so I'm a bit short of cash...

tim23
24-06-2007, 04:30 PM
Why would you convert Heritage warrants when its far cheaper to buy shares on market?

BigBob
24-06-2007, 05:46 PM
quote: Why would you convert Heritage warrants when its far cheaper to buy shares on market?

It's not cheaper.... My warrants are "freehold" and the current sp is 6.5 cents - I have a few 100k warrants and I don't think I could pick up that many at 6.3 or less....

temuk
25-06-2007, 11:06 AM
I'm taking my lot, and probably not short term

can see good div's once all the sharp corners
are rounded off.

QOH
25-06-2007, 12:34 PM
I'm in too, after changing my mind several times.

zacman
25-06-2007, 01:09 PM
I have sent off my cheque seeking my full entitlement via my NOG shares.

I now wish that I had asked for more!

Why? Because I believe that there are various positive things about their product. The quality is good and world demand is growing. Production targets seem realistic and there is hope for future expansion. The confidence of the Indian purchasers/shareholders is also positive.

In some ways I see it as a mix between an infrastrusture and a steel company. Although it is not either it is related to both and that of itself is good

As always there are risks.Enviromental as well as economic.

Overall though I should have sought more.

zacman

Bling_Bling
25-06-2007, 01:16 PM
quote:Originally posted by zacman


I now wish that I had asked for more!


Buy NZO. If Pike IPO is a good float, it will benefit NZO.

tim23
25-06-2007, 03:54 PM
Big Bob - it must be cheaper to buy 9decent volume try the ASX)? Even I passed SC Maths and can figure that out.

Sideshow Bob
25-06-2007, 06:30 PM
quote:Originally posted by Bling_Bling


quote:Originally posted by zacman


I now wish that I had asked for more!


Buy NZO. If Pike IPO is a good float, it will benefit NZO.


Also possible brokers might have more. I bought some through a broker I know because got more than entitlement, and was offered firm.

Unicorn
25-06-2007, 07:00 PM
52M of tunnel progress for the week. Looking much more promising.

trackers
25-06-2007, 07:19 PM
Wonder how long it'll take them to tell us how much we're getting....Would be pretty surprised if it wasn't scaled back tbh

temuk
25-06-2007, 07:27 PM
Maybe two weeks

danchop
25-06-2007, 07:40 PM
quote:Originally posted by Lion

OK, time for a grey market here, (sorry NZX). Anyone want to contract for rights to my PRC entitlement? $1.05, they're yours.

thats too rich lion,im not taking mine up and i asked for a dozen beer for my 21450 allotment and had no takers

troyvdh
25-06-2007, 07:40 PM
zacman.......word has it the banks were really really really loath to come aboard......suppose it could be a good thing.....

shasta
25-06-2007, 07:50 PM
quote:Originally posted by troyvdh

zacman.......word has it the banks were really really really loath to come aboard......suppose it could be a good thing.....


The Pike River prospectus mentions that NZO have provided Pike's bankers Westpac with a "letter of comfort", so you're right banks weren't exactly falling all over them. :D

Sideshow Bob
25-06-2007, 07:54 PM
quote:Originally posted by Lion

OK, time for a grey market here, (sorry NZX). Anyone want to contract for rights to my PRC entitlement? $1.05, they're yours.


Haven't got much time - entitlement applications close tomorrow....

Unicorn
25-06-2007, 07:59 PM
quote:Originally posted by trackers

Wonder how long it'll take them to tell us how much we're getting....Would be pretty surprised if it wasn't scaled back tbh


Notification Of Allotments is 18 July, according to the Prospectus

Noodle
26-06-2007, 07:21 AM
Pike River Coal Welcomes Funding of Greyport Terminal

Pike River Coal Limited today welcomed the funding of Greyport Terminal Company Limited, a joint venture between the Port of Westland and Port Taranaki.
Greyport Terminal will undertake the redevelopment of Greymouth port and the operation of the terminal being established to ship one million tonnes of Pike River hard coking coal a year to Port Taranaki for export. Port Taranaki is underwriting the development costs at Greymouth port expected to be in the range of $15-$18 million.
Pike River Chief Executive Gordon Ward says: “The funding of Greyport Terminal is another step towards making Pike River New Zealand’s second largest coal exporter.”

Noodle
26-06-2007, 07:22 AM
PRESS RELEASE

Press Release by Tony Kokshoorn Chairman of Port Westland Limited
re the proposed upgrade of Greymouth Port

Greymouth Port is poised to be developed extensively in order to fulfill the role of transfer port for Pike River coal en route to world markets via Port Taranaki as the export port. This arrangement also creates significant commercial opportunities for the Port of Greymouth other than coal. The past two years have seen intensive commercial negotiations to refine the co-operative agreement between the two ports, other providers in the transport route and, of course, Pike River Coal.
Port Westland Limited is poised to become a profitable venture for the Grey District Council. The contracted tonnages from Pike River Coal will enable Port Westland to pay a healthy dividend to its owner.
Concentrating on Greymouth Port alone, the following will take place :
-
The port will be developed jointly between Port Westland Limited (100% owned by Grey District Council) and Port Taranaki Limited, (100% owned by Taranaki Regional Council). A terminal company will be created to develop the cargo port in a $20 million venture.
-
The terminal company will lease the cargo port (predominantly the land between Gresson Street and the Grey River, together with wharves and berths), from Port Westland Limited for a period of 23 years (initially). Provision is made for further periods of lease totaling 50 years with such further leases being subject to a commercial annual rental.
-
Port Westland Limited will invest its rental income in the joint venture company which means that it secures a 49.9% shareholding (50% vote) without having to either borrow or rate for it.
-
Port Taranaki Limited, will also invest in the terminal company securing a 51.1% shareholding (50% vote).
-
The terminal company will develop the port for Pike River Coal and other cargo business at an estimated cost of $15 - $18 million. Port Taranaki Limited will underwrite this joint venture. Port Westland has no guarantees.
-
The first Pike River coal is expected to be transported through Greymouth Port in the second quarter 2008 onwards ramping up to an average 1 million tonnes per annum in the 2009 calendar year. This means that the actual port upgrade will start early in 2008 with existing facilities being used to handle initial tonnages.
The Grey District Council, as the only shareholder in Port Westland Limited will, no doubt, use such dividends to benefit the Grey District community as widely as possible. Just look at the councils on the East Coast of the South Island to see the immense value their shareholding in Christchurch Airport, Port Lyttelton etc. have to them.
Mr Kokshoorn, who is also the Mayor of the Grey District has lobbied and negotiated with a dedicated team, so is naturally extremely pleased with the final outcome. "This development is, without a doubt, the biggest, most significant development in the more recent history of our district. It will breathe new life into a port that over many years has been allowed to run down whilst, at the same time, will create a new and exciting source of income for the district. It is bound to further contribute to the rapid positive development growth our district has been experiencing over the past few years".
"Two 135 metre ships will transport coal on a new blue highway for the West Coast of New Zealand. Spare capacity will enable the shipment of many other cargoes including timber, logs, containers and fertilizer. Pike River Coal will set the stage for Greymouth to add a new dynamic transport mode for the West Coast, including potential regular stopovers at Port of Westport, taking coal to the North Island. The port development will have significant economic benefits for the entire West Coast region" Mr Kokshoorn said.
Any questions re this issue can be directed to Tony Kokshoorn or Paul Pretorius at (03) 768-1700 or by e-mail to francesh@greydc.govt.nz

trackers
26-06-2007, 07:47 AM
Its good to see how much Greymouth etc are loving PRCC - Its good to see such a good relationship between the council and the coy

Mr Tommy
26-06-2007, 08:45 AM
quote:Originally posted by Unicorn

52M of tunnel progress for the week. Looking much more promising.


The new conveyor belt system is obviously now working well. The previous best progress in a week was only 41m, and the further in you go, the further out to take the rubble.
Does anyone know if this conveyor was planned from the start, or was it put in just to speed things up?

Scuffer
26-06-2007, 04:01 PM
So the banks are not keen on pike wonder if they are waiting to see how things go before they give it the nod.
Where are you guys you are normally getting into me for pointing out the negatives.Zorba I hope your not abusing yourself.

digger
26-06-2007, 05:07 PM
Took up 3/4 of my rights this afternoon.Down to the wire sort of stuff. Could not afford to take them all as also had to have monies for PPP options. NZO should have found a better time to do this thing.PPP has been known about for a few years now so PIKE could have been a bit later.
PIKE will be a big winner once it gets going,but not for another year. It is risky to assume that PIKE will ever make another call before production for a cheaper entry. I think that if further funds are required it is more likely done by NZO other income or a placement. This was my thinking so am in---well 3/4 anyways.

tsb
26-06-2007, 05:08 PM
yeah Noodle - I read that there will be spare capacity on the coal barge system - which could lead to solid energy pumping a bit of their coal through as well. Apparently Toll Rail is about at capacity, even allowing for a good set of rails for the trains to drive/ride/go on

port hills
26-06-2007, 06:07 PM
[quote]Originally posted by tsb

yeah Noodle - I read that there will be spare capacity on the coal barge system -


No barges here mate, smaller ships from Greymouth to Taranaki then on to bigger ships.

Looks as though NOG and Pike investers ship is about to come in! :D

fish
26-06-2007, 07:07 PM
took up all my rights and more
Cheque was presented today-I had been busy and forgot today might be the day-my bank phoned to let me know i was overdrawn as it was a large cheque
It does seem unfair that we are paying sooner than the general public and i feel is representative of nzo treatment of loyal shareholders
However tomorrow i will be over it and looking forward to being a shareholder in what should be one of the Worlds best coal-mines .

Steve
26-06-2007, 07:21 PM
quote:Originally posted by fish

It does seem unfair that we are paying sooner than the general public and i feel is representative of nzo treatment of loyal shareholders

You could have always tossed your entitlement and got a firm allocation from your broker and cough up the cash at the later date?

fish
26-06-2007, 07:28 PM
steve-I have loyal principles and didnt want to cost the company the 1% stamping fee paid to brokers-its a pity the company doesnt repay the loyalty and benefit to them of having shareholders take up the issue