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Yossarian
07-08-2007, 04:11 PM
Is any one investing in this??

See link at top left of screen or http://www.tasmancapital.co.nz/?referer=sharetrader

I think this is quite an intriguing and novel concept though it could be like flushing $500 down the proverbial.

They are only raising $300k - not sure how long that will sustain the founders/CEO etc!! But I guess it's a very simple business so costs should be low.

Seems to have been "conceptualised" by Widespread.

Hoop
07-08-2007, 06:12 PM
3 individuals in an investment playground wanting to play with other peoples toys. no thanks!!

Yossarian
07-08-2007, 06:16 PM
yes... also:
1. i'm not sure a shell co is worth $400k as guessed at in their prospectus! Seems very ambitious.
2. can there really be that much demand for "clean shells"?

Think I'll keep my $500 for now...

Still, an interesting idea.

Albert
07-08-2007, 06:50 PM
I've had a good look at that too! I give it thumbs up for a couple of reasons.
1. I've always tried keeping away from any newbie listing the has come on the nzx through a backdoor listing.
2. I like the idea of having dibs on the first options of a new listing this way.
3. Widespread is also involved on the SH list. Which is a good sign in my JMO.
4. $500 is not much to have a punt on IMO. The wife last pair of shoes cost $600
5. Think it's worth a look at, clever idea IMHO.

Lizard
07-08-2007, 08:21 PM
I thought it looked quite clever - more of a "shareholder raising" than a "capital raising". Of course there is a big risk they fail to get any takers, or fail to get them at the right price. Selecting only for "profitable" companies would seem to limit things a bit, even if I do applaud the sentiment.

The pay-off seems to be in terms of free shares issued with each listing. My question would be what value parcel would be issued? Is it correct to assume that they would have to issue a marketable parcel (is that $500 worth?). The example is given of a $20m company, with $200k shares issued to shareholders. Since there would be 5,000,000 shares on issue, proportional allocation would only give each shareholder shares worth 4cents per head share in Tas Cap, or $200 worth for those with the standard 5000 share parcel.

Might be a good return on $500 at the targetted two issues per year, but a little fiddly to hold all those tiny parcels.

On the positive side, it looked pretty upfront and honest, with nothing unbecoming in the small print that I could see.

croesus
07-08-2007, 08:31 PM
Well I have sent my checque away, I can certainly think of a couple of local companys ( Hawkes Bay) That would be looking to list in the next few years........ if Tasman can organise a " clean walk up drive away everything sorted listing process" then I am sure there is a profitable niche for this....
Sure in monetary terms it is a small listing, but the aim is to get a spread of Shareholders... when companys list thru Tasman the original shareholders ( in Tasman) will get the right to uplift shares at the pre IPO value.....

Its easy to make cheap shots.. Yossarian... but then from my recollection of Joseph Hellers writing... his Yossarian which is where I presume you have gleaned your sharetrader name.. was also wracked with the fear the people were out to get him..

Hopefully you will take that as a friendly jibe, as no offense intended.... and as for Tasman, lets see how they go.... hopefully there is a healthy number of midsized companys looking to list.

I agree with Albert,... re Widespread... excellant that they are involved.... over the last couple of years WID have been my best performing stock by many Country miles.. to the extent I am now on any conservative measure, way overweighted.... and happy to be so.
Cheers Croesus
.....

Snow Leopard
07-08-2007, 08:36 PM
This thread (http://www.sharetrader.co.nz/showthread.php?t=3732) from last year is relevent to your discussion. Two shell companies that were listed last year.
VIS is now MFN - MFS New Zealand Limited a company which as far as I am aware as never been mentioned on ShareTrader before :( and
HSI which is now (drumroll).... HSI Holly Springs Investments Limited :p

If you have $500 to give away either
a) spend it on a nice weekend away with your partner :)
b) write a cheque payable to Paper Tiger and send it to..... :D

Note: all smilies used in this post came from sustainable resources.

zyreon
07-08-2007, 10:01 PM
I think this is a great idea, basically you're paying a small fee to participate in bringing new companies to the market; while at the same time, as a shareholder, participating in the growth of Tasman.

If the NZX needs anything it's more companies, and I think this follows an interesting trend... a lot of the high quality larger end companies are disapearing thanks to private equity. The PE players tend to stick to the higher end of the market in terms of market cap so what's left is the smaller companies. And of course the smaller companies are the ones who over time tend to yield the higher returns. I think this IPO follows and accentuates that trend, and playing on the law of large numbers, the more small companies that get listed, the greater the chances one of them will be the next big company...

In any case I'm in, I'll pay $500 for a chance to get in on some interesting listings.

Also they mentioned in the prospectus that Tasman holders would get a chance to get in on any backdoor listing deal related rights issues/share purchase plans/option issuance etc. So that may solve the piddly holdings issue.

But yeah Thumbs up from me:
-interesting concept
-potential for growth of investment
-free shares in new listings
-investment opportunities
-low exposure

EDIT:
Disc: smallcaps.co.nz is involved in promotion of the IPO

Yossarian
08-08-2007, 08:53 AM
hey croesus, i haven't even made my mind up yet! I do think it's a very interesting concept.

But I'm still struggling with the idea that a clean shell could be worth $400k or anything near that. Also not that keen on very small holdings in small (possibly illiquid) companies.

777
08-08-2007, 08:55 AM
I notice that the IPO is advertised at the top of these pages.

Tasman Capital
08-08-2007, 01:10 PM
Thanks Yossarian for starting this thread and to those who have taken the time to check out the offer document.

When we wrote the offer document and had all the various regulatory bodies check it out and fiddle with the wording, I wasn't sure if it still made any sense! But clearly from these posts people are getting it 100% and also seeing the wider opportunites that being a Tasman shareholder presents.

Even Hoop is right in a way, though at first I thought being called an individual who wanted to play with other peoples toys was a bit tough. But in a way that's what the sharemarket is all about, isn't it? By participating in the NZ sharemarket we all get to own a piece of something that someone else has created - a piece of NZ Inc.

I just wanted to join the thread and answer some of the questions raised.

What is a reasonable value we can expect to be placed on our shells? This really depends on how big the company is that wants to list and how much we do for them in terms of placing additional shares and how much of the compliance listing costs Tasman agrees to pay. Doing a listing in the normal way is very expensive and probably prohibitive for the companies the size we are targeting. By using one of our shells it may not cost them any cash at all, just a relatively small dilution in their shares. The number on page 7 of the offer document is not a guess, in fact it may be pretty conservative. Check out Lombard's annoucement to the NZX on 24 August 2005 which details their back-door listing. You'll see that the insolvent Pure NZ shell was valued at several million, a whole lot higher than the several hundred thousand we use on page 7. Added to that, our shells will be cleaner, have stronger shareholders and have a better spread of shareholders.

How much demand is there for listable shells? You should assume that we would not have gone ahead with Tasman unless we had some serious interest from suitable candidates. Added to that, there are always some good private companies or businesses that come up for sale, typically for sale at around 4 times profit.

Some of you have noticed one really interesting feature of Tasman. The reason Tasman thinks that it has the most exciting IPO of 2007 is not so much that Tasman's shares should have some pretty healthy capital gain every time we help list a company, or even that Tasman shareholders will get some free shares in those companies just before they list, but its the fact that we will want to give our shareholders the opportunity to pick up substantially more shares in these companies at pre-listing prices.

For example, take a company that is making a profit of say $2 million. As an unlisted company it might be for sale at say 4 times profit, that is $8 million. Provided these profits proved to be sustainable, it could have a market cap as a listed entity of perhaps say 8 times profit. If profit were expected to grow that multiple could be even higher. In the listing process, Tasman would want to give its shareholders the chance to buy additional shares in a company like this at a price based on the unlisted multiple of 4 times profit.

There are quite a few ways we could do this. For example, we could grant free options along with the free shares at the time the shell is created with an exercise price based on pre-listing pricing and exercisable one year after the company in question has listed. We like the idea of options because this will give time for the market to establish a price for the shares and at that point it would be a no-brainer as to whether to exercise the options. We could also use a rights issue. The interesting thing about a rights issue is that we would want to give all shareholders the opportunity to apply for extra shares, over and above the rights alloted to them, from the rights issue short-fall pool. It's important that our shareholders be given the chance to pick up extra shares besides the ones they got for free because that will really improve the spread and liquidity of the shares once listed.

Lizard, you've made a good observation, this is not so much a capital raising as a shareholder raising. The $500 is almost like joining a giant shareclub that has the unique abiltiy to leverage off the sheer number that belong to it. You are right, we will be wanting to give our shareholders at least a minimum holding in the newly listed companies. That's why our shareholder base is so flat. A minimum holding according to NZX listing rules depends on the actual share price and is not a flat dollar amount, and in the example on page 7 with an assumed share price on $1 the NZX defines a minimum holding at 200 shares which is what you correctly calculate the average Tasman shareholder with 5,000 shares would get this the example.

Paper Tiger, fair comments but our model is not totally like the examples you give. The big difference is that your examples are pure back-door listings. Even though our process has the powerful potential to create value for shareholders in the same way as a back-door listing, it is not actually a back-door listing, it is a compliance listing. It's our job to get companies compliant to list, with a good spread and the requisite number of shareholders. The regulators are not particularly enthusiastic about pure back-door listings but they are more comfortable with compliance listings.

How long will our money last? Remember that we will not only have the $300K from the IPO but the original shareholders also paid 10 cents per share so we will have raised $500K total. Ironically, the more successful we are - with lots of companies to list - the quicker the money will run out - but then our investment portfolio would be looking pretty healthy. If we don't have any listings, then our money will stay in the bank. Director's fees are currently set at $20K per annum and I don't expect that to change for some time. There a not many other fixed costs as Yossarian assumes. We do not employ anybody and we have no leased property. We just use the existing offices of the directors at no cost to Tasman.

Thank you to those who have sent in their applications, good to have you on board.

Joseph van Wijk
Director
Tasman Capital

Yossarian
08-08-2007, 02:04 PM
very useful response... you've just about convinced me!;)

Thanks for taking the time.

etrader
08-08-2007, 04:48 PM
Joseph thanks for your informed update downloaded the documents and read through it, i also think it's a good way to get into a pre listing. Have sent cheque, i could blow that on cloths that are worth nothing after 5 minutes so it's an easy entry level. I think as you stated if you keep your overheads low for head office costs and prove to the market after your first clean listing and have 500 happy investors i think you will put to rest sceptics on this compliance listing.


Look foward to hearing how it all goes.

Parky
08-08-2007, 11:25 PM
I just dont get this notion of listable shell; creation of a new entity for purpose of listing for a "compliance listing" instead of a pure "back-door" listing.
The prosectus does not state as how it achieves the costs savings, as if this is as stated a "compliance listing" surely the costs involved would not differ greatly from the vendor company's IPO to that of using the Tasman listing transaction.

Why would compliance costs from one IPO differ from another IPO? Is the cost savings coming from Tasman's expertise in listing? (as for the argument of having a clean "shell", given the transaction is purely hiding the mess of the vendor's companies facts into Tasman's derived clean entity would require just as much transparency and other related costs involved as if it was to list on its own?).

I might be going round in circle but my point is usually for back-door listing the documentation required to effect the transaction is more complex than that required for an IPO. How is this any different.

Hoop
08-08-2007, 11:57 PM
Joseph, a pleasant surprise post from you. Good on you.
I hope you have started a trend for other companies to follow. Us investors get nervous when we feel ignored.

Sorry if my post came over sounding too tough, I'll balance it up by saying, I wish you and TC the best of luck and opportunities. :)

Tasman Capital
09-08-2007, 01:03 PM
Hello Parky. Thanks for your questions and I'm sorry the offer document is not clearer. It might help if I use some background information as follows. There are 3 ways of listing an existing company that I know of:

1. The conventional method where a company has a prospectus made up and offers new or existing shares to the public with the help of brokers and investment banks to get the required number of shareholders with suitable spread and then lists when the offer closes. There are a lot of costs involved in this with lawyers, accountants and auditors preparing the prospectus plus fees paid to brokers and investment banks as well as the listing fees - perhaps $500k in total even for a small listing. These costs make listing pretty prohibitive for a small-cap company which is sad if it's at a stage where listing could benefit both the company and potential investors. Most of these costs would not be incurred using the Tasman method.

2. The traditional back-door listing method where a company wants to avoid method 1 above and finds a ready-made empty shell that is already listed (usually a failed company) to take over. The listed shell takes over the company wanting to list by granting it shares in itself as payment. This is a reverse takeover. Lombard's back-door listing via Pure NZ is the most recent example that I can think of. There are often problems associated with a traditional back-door listing that may come with the historical baggage of the shell as well as poor spread and liquidity of the shares themselves. The Tasman method borrows one key aspect from this process - the reverse takeover bit - and avoids the bad stuff.

3. A compliance listing where the company in question already has all of the requirements it needs to list, like the number of shareholders, spread of shareholders and size etc and simply applies to the NZX to list. As you can imagine, this is a pretty simple and cost effective way to list for those companies lucky enough to have all the requirements to do it.

Now let's take a company that wants to list that has the size to list but only has 10 shareholders - it can only list by using options 1 or 2 above. But, the Tasman method basically gives the company the option to list using number 3 above. Tasman's job is to get the company compliant for listing. Tasman does this by creating a shell by granting all its own shareholders shares in the shell at no cost. A reverse takeover then occurs. The company is now ready to compliance list. (There may be further work to be done to create good spread by using a rights issue or options for example, this could be done just prior to or after the compliance listing. Tasman would want the price of the shares subject to the rights issue valued at pre-listing pricing - great value in other words - as part of the whole deal. This last aspect in particular is why Tasman says it has the most exciting IPO of 2007.)

Hope that helps Parky, and hope the Prospectus makes more sense now.

Joseph van Wijk
Director
Tasman Capital

Halebop
09-08-2007, 04:58 PM
I wouldn't fit the profile of a potential investor although it is a cute idea. My concerns would be...

Investing in new companies at 4x to hopefully gain 8x still requires me to front up with extra readies at 4x. The model is presupposing I can benefit by having that cash available at short notice. Investing in a new float is hardly a sure thing and recent experience has probably clouded peoples’ memories on how much of a lottery a new company float is. The easy gains will be made in optimistic financial market conditions. But then, the easy gains can be made elsewhere at these times too.

Shareholder bases have demographic profiles. People who are happy to own shares in oil and mining specs don't necessarily fit the profile of someone who owns say banks, insurance companies and supermarkets. The speculative nature of the Tasman float will bias the demographic. In turn, the companies that list via Tasman's shareholder base will more easily succeed in their objectives if they match that bias. Which leads me back to the first sentence...

Parky
09-08-2007, 10:39 PM
Many thanks for further clarification Joseph.
The prospectus goes well to explain the concepts behind this, but I havnt seen any application of such concepts used in the market (which I guess Tasman will be the pioneers).
I guess it will become more transaparent as to the actual transactions when it lists; I guess then the risk would be the changes in the listing regulatory to strenghen processes behind this, perhaps the requirement for greater transparency of the vendor company would therefore possibly negate this effect (need for audited accounts etc as if it was an IPO).
I just dont see how listing regulations would allow for this type of listing to pan ahead as it is suggest by the way of simply having a clean shell and hiding much of the material facts of the vendor company through this process.

I might be on a completely wrong track but I do appreciate your time and I do understand the concepts and the benefits but little unsure as to the application in practicality.
Again appreciate your feedback.

minimoke
10-08-2007, 08:21 AM
[QUOTE=zyreon;158174]...
In any case I'm in, I'll pay $500 for a chance to get in on some interesting listings....

But yeah Thumbs up from me:
-interesting concept
-potential for growth of investment
-free shares in new listings
-investment opportunities
-low exposure

[size=-2]EDIT:
Not sure I should admit this but I did the same once with Newcall. Had $500 kicking around and biffed it in without much thought. I should have known better but it was a great buy if for no other reason you need to be reminded of lessons learnt ealier in life.

This buy reminded me that any purchase needs to be made for good reasons – not because there was a spare few bucks kicking around; Its always useful to look at the pedigree of the Directors and Bracknell, Stubbs and Irvine could probably be used in the same conversations around Rocom, Retail x and Plus SMS.

This was such a small purchase it wasn’t worth my while tracking so I didn’t. I should have tracked and looked for the sale indicators – I didn’t. So rather than having one company I couldn’t be bother doing anything about I am now left with three - Blue Chip, Holly Springs and MFS.

Looking back NGL makes great reading – much like a good Mills and Boon with its twists and turns and inevitable ending. And like M&B the NZX has lots of other great tales listed.

Tasman Capital
10-08-2007, 04:14 PM
I just wanted to make some comments about some recent posts.

Halebop, I think all investors, be they Tasman shareholders or not, as part of their normal portfolio management face the decision of how much cash to have available for opportunities should they come up. And if they choose at any one time to be fully invested, as you imply you do, then the decision becomes - is the new opportunity better than any investment currently held? If the answer is yes, then clearly another holding should be sold to take up the new opportunity. You almost appear to be saying the Tasman model will not fit you because you do not like to be presented with any new opportunities because you'll need cash to participate in them.

Halebop, you also assume you need cash at short notice to participate in Tasman opportunities. A rights issue typically has the documents in the hands of shareholders for about 4 weeks. I don't think that's short notice. And as for options and warrants, they are typically timed to expire at least a year into the future at a minimum - plenty of time to get your cash sorted. You may be thinking of the free shares, they probably will come at short notice, but they're free.

Also, I think the distinction needs to be made between 'new floats' and 'new companies'. Tasman looks for existing companies that are ready for the next step in their growth that could benefit from listing. Some may be many decades old. We are not looking for start-ups.

There seems to be the implication that floating a company makes the company riskier. If anything, listing a company can reduce risk because it gives the company a larger, stronger shareholder base and is often a catalyst for governance to improve.

I do not think it would be correct to assume the Tasman shareholder demographic is one of a risky investor. But Halebop is right in assuming the demographic is not typical because we want shareholders who are savvy, DIY investors who like to be given plenty of opportunities to invest in good companies at good prices. I know professionally and personally about 70 of those who have applied for shares under the IPO and they like to determine for themselves if an opportunity is good and if the price is right based on fundamentals. That is also why we are marketing our IPO on websites were savvy investors look for information and why Direct Broking is involved because many of the DIY investors use them.

Also, the offer document makes clear what sort of companies we are looking for. You can see the detail on page 8 but basically we are looking for established companies with sustainable profits, run by smart people, and if possible, with the potential to grow.

I don't think a mining company that is at a drilling stage would fit the criteria Halebop. And unfortunately there are no banks around for Tasman to list - but I wish there were - the NZ market could do with a few!

Parky, yes Tasman is the first to do this in the exact and specialised way proposed. However, our model is not designed to hide anything, it is designed to provide small/medium cap companies the best, simplest and most cost effective method of listing available in NZ with a ready made, strong shareholder base - companies that may otherwise have found it too difficult to list and perhaps be lost to private equity.

Also Parky, as we present our shareholders with opportunities to buy additional shares in companies, there will certainly be a need for investment statements, not a full blown registered prospectus, but certainly enough so that our shareholders can make an informed decision. Parky if you, or anyone, have questions for me directly, feel free to email me at Tasman at mail@tasmancapital.co.nz

Joseph van Wijk

Steve
11-08-2007, 03:05 PM
I like the concept and are considering a contribution to the cause, but am not a great fan of promoters spinning on the boards.

Who remembers back to Derek and the Feverpitch shambles hare on ST?

Tasman Capital
11-08-2007, 07:00 PM
Fair enough Steve, I'll try to restrain.

Cheers

Lizard
11-08-2007, 08:04 PM
Tascap,

I don't remember the "feverpitch" days.

However, I think coming on the forums is a brave and upfront move. Dealing with a huge variety of investors in an anonymous, open forum is an order of magnitude more challenging than "Dragon's Den"! I think you have made a good case for what you are doing. Convincing even a few on a forum of your viewpoint is a challenge. Convincing 500 might be a minor miracle! But I hope you make it.

My cheque is in the mail. Despite the fact I would stretch it to 20 pairs of shoes. ;)

Liz

Grimy
11-08-2007, 08:51 PM
I see the closing date was the 6th of July, but may be extended if not enough applications had been received.
I guess TCL probably don't want to say how many investors they have, but can they give us a ball park figure?
I am planning to post my cheque tomorrow.

Grimy
12-08-2007, 04:53 PM
Okay, I've opened my eyes and see the closing date has been extended to the 31st of August, or when they've got their 500 shareholders.

Stranger_Danger
12-08-2007, 04:58 PM
I like the concept and are considering a contribution to the cause, but am not a great fan of promoters spinning on the boards.

Who remembers back to Derek and the Feverpitch shambles hare on ST?

Chris from Widespread comes and "spins" on the boards all the time and his shares are doing great. I'm quite sure his (presumably very happy) shareholders appreciate the concern and candour shown by him doing so.

I think the concept of a CEO being willing to actually talk to the poor slobs (ie shareholders) who help to make a company exist by virtue of their contributed equity is a great one.

Whether a company ultimately prospers or fails depends on a lot of things, but I don't think you can look at one failed company (Feverpitch) and conclude that by association if a CEO talks to his shareholders then that is a bad thing.

All I'm saying is the willingness to talk and answer questions says something to me. To put it another way, what do you think the odds are that Rod P from Bridgecorp would be here answering questions rather than in Valencia a couple weeks out from D-Day?

Steve
12-08-2007, 05:13 PM
Whether a company ultimately prospers or fails depends on a lot of things, but I don't think you can look at one failed company (Feverpitch) and conclude that by association if a CEO talks to his shareholders then that is a bad thing.

All I'm saying is the willingness to talk and answer questions says something to me. To put it another way, what do you think the odds are that Rod P from Bridgecorp would be here answering questions rather than in Valencia a couple weeks out from D-Day?

S_D, not quite sure how you got to that conclusion as Derek was very willing to talk and answer questions, but no matter.

The whole Feverpitch thing was a couple of years before you hit the ST boards. I have just tried a search, but it has gone from the archives...

Onthemoney
12-08-2007, 06:28 PM
Feverpitch I am sure was to do with offering odds to other punters. Derek Handley was his name I think?

Tasman Capital
14-08-2007, 12:14 PM
Just wanted to post this interview which was granted to both Sharechat and SmallCapResearch and can be found on their websites.....


ShareChat Investor Interview: Tasman Capital: Innovative listing idea

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

Tasman is an investment company that will grow by using its large shareholder base to create clean, listable shells to be used to provide a listing for companies on the NZSX or NZAX. In this interview we talk to one of the directors, Joe van Wijk.

What does Tasman Capital do? Tasman is an investment company that will grow by using its large shareholder base to create clean, listable shells to be used to provide a listing for companies on the NZSX or NZAX. In the process of these listing transactions, Tasman will gain shares in the newly listed companies for itself and also directly for its shareholders at no cost to them.

Tasman also intends to provide its shareholders with many exciting opportunities to purchase additional shares in the companies that use Tasman to list based on pre-listing pricing. The initial investment in Tasman is the 'foot-in-the-door' to these opportunities.

Why does Tasman think this is the most exciting IPO of 2007? Tasman's objective is to list two companies per year over a ten year period. Each listing transaction has the potential to create significant value for Tasman and its shareholders. Therefore, if Tasman can achieve its objective, it will grow into a diversified investment company of real value having begun with a relatively small pot of cash.

Added to that, Tasman presents a unique opportunity for its shareholders to build their own portfolio of shares in New Zealand listed companies directly. In the listing process that Tasman will use, each Tasman shareholder will receive a free parcel of shares in the companies that use Tasman to list.

But we think the most exciting feature of Tasman is the opportunity we want to give our shareholders to purchase additional shares in the newly listed companies based on pre-listing pricing.

What do you mean by 'pre-listing pricing'? Let's take an example of an unlisted company that is making a profit of say, $2 million. As an unlisted company, it would probably be for sale for about 4 times its profit, that is, $8 million in this case. If this same company were listed it could have a market-cap for example of perhaps 8 times profit, particularly if its profits were sustainable and the business had strong growth prospects. In other words, listed companies have a tendency to be valued at higher multiples.


If the company in this example were listed using Tasman's method, we would want to give our shareholders the chance to buy additional shares based on the unlisted multiple of only 4 times profit.

How will Tasman arrange for shareholders to buy extra shares in the newly listed companies? There are quite a few ways we could do this. For example, we could grant options to our shareholders with an exercise price based on pre-listing pricing and exercisable one year after the company in question has listed.We like the idea of using options because this will give time for the market to establish a price for the shares and shareholders would only exercise their options if they were in-the-money.

We could also use a rights issue. The interesting thing about a rights issue is that we would want to give all shareholders the opportunity to apply for extra shares, over and above the rights allotted to them, from the rights issue short-fall pool. How Tasman can or will do this will always depends on the circumstances of the transaction and particularly how the listing is structured.


Tasman's IPO is so small. Couldn't you have raised the money some other way? I agree an IPO is a pretty inefficient way to raise only $300,000. But the capital raising is not actually the point of this IPO. What we are doing is creating a very large, strong and evenly spread shareholder base so that we can create shells that are ideal to help companies list.

It's such a small amount per person? Some people may not want to bother? Agreed. But it's really important to remember that the small investment of $500 is the 'foot-in-the-door' to many exciting opportunities we want to provide our shareholders. Tasman will endeavor to provide the opportunity to pick up additional parcels of shares in a newly listed company, and shareholders may have the chance to apply for a considerable size parcel of shares in circumstances where there is a short-fall pool from a rights issue.

How exactly does Tasman get companies listed? The process is explained in more detail in our prospectus and can be approached in different ways, but essentially Tasman creates a shell by allotting to itself and all of its shareholders free shares in the shell. The shell then takes over a company that wants to list by issuing shares in the shell to the vendors of that company (a reverse takeover) as consideration for that company's business. The newly combined company is then compliance listed onto the NZAX or NZSX.

We think it's the best and most cost effective way for a small-cap company to list that is currently available in New Zealand.

This is a back-door listing right? Don't they have a bad name? Even though our process has many similarities to a back-door listing and has the powerful potential to create value for shareholders in the same way as a back-door listing, it is not actually a back-door listing.

The actual listing method we will use is a compliance listing, not a back-door listing. We get companies compliant to list, with a good spread and the requisite number of shareholders. We get them into shape ready to list without the need for an IPO. Our shells will be very clean and specifically designed for each company to get them listed. Our shells will not have the baggage and undesirable history often associated with shells used for a back-door listing. Unlike a back-door listed company that often has problems with spread and liquidity; we intend to structure our transactions so that our shareholders get an opportunity to purchase additional shares in the companies that we list, enabling spread and liquidity to be significantly improved.

What does the New Zealand Stock Exchange think about your plans? Actually, Tasman's objectives are similar to the NZX. As Tasman's Chairman said in the prospectus; Tasman is an advocate for New Zealanders to invest in the New Zealand sharemarket, for New Zealanders to directly own part of New Zealand Inc. Tasman is also an advocate for great New Zealand companies to list on our sharemarket. We want to encourage suitable companies to list, companies that may otherwise have found it too difficult or costly to list. We want to bring these companies to the market so that New Zealanders will have the opportunity to be shareholders in them.


These are aspirations that are closely aligned to NZX's ambitions.


What criteria will you use when looking for companies to list? We will look for companies that have sustainable profits, companies that Tasman will want to be a very long term shareholder in, companies that are run by smart people who will retain considerable ownership in the listed entity and companies that have good prospects to grow profits. More details on the companies we will target can be found in our prospectus.

Have you already talked to companies that want to list? Yes, we have found a lot of initial interest from companies which is why we decided to go ahead with Tasman's IPO to raise the shareholder base we need.

When does Tasman Capital itself plan to list? We would like to get at least one client company listed first. We would hope to list ourselves on the NZAX, via a compliance listing, some time in 2008.

How do people participate in Tasman IPO? You can download the investment statement and registered prospectus directly from our website at www.tasmancapital.co.nz or you can email the company at mail@tasmancapital.co.nz to have the investment statement and registered prospectus sent out to you. But please note that the offer has been extended to 31 August 2007 from the date contained in the prospectus.

Tasman Capital
16-08-2007, 12:22 PM
Sharetrader has just been mentioned in connection with this Tasman Capital thread in an article in The Indepenent Financial Review by Jenny Ruth "Chalkie". I only have the hardcopy newspaper and cannot find a web-based version to provide a link but if anybody else can find it on the web then perhaps they could provide a link.

The article does not quote any posters directly but she does pick up on Lizard's point, that it's more of a "shareholder raising" than a "capital raising". Her article also notes that some on the thread had questioned the $400,000 value of the shell in the example in the prospectus - then she goes on to say you do not have to look too far to discover they can be worth a whole lot more. She then gives MFS as an example of a shell that created $1.35 million value for its shareholders and now those shell shareholders have shares worth $1.8 million.

ratkin
18-08-2007, 04:44 AM
The last company i remember coming on here to talk to forumites was Feverpitch , the would be betting exchange , that ended up going nowhere .

Im not saying you dont have a great idea but im rather troubled as to why the offer has had to be extended , if it is so great why has it not been snapped up ? The fact you are on here suggests you are having trouble finding people to part with their 500 dollars.

The chance to buy shares etc in these listing companies could also be a double edged sword. The more reputable companies are likely to go the full IPO route and be oversubscribed.
The type of company you are likely to attract would be the ones which would struggle to attract support. We could be asked to support a succesion of burgerfuel type listings, that sink straight below their listing prices. Costing your shareholders more than their original outlay.

zyreon
18-08-2007, 06:51 AM
...First of all do you know how much and IPO costs? generally speaking it's around 7% but there are fixed cost components of the process that make IPO's an extremely inefficient method of raising capital at the smaller end of the scale. Sure you can argue that there's marketing advantages - but back door listings also provide opportunities for marketing and publicity (as do, funnily enough, focused marketing campaigns).

Also if you note in the investment statement the type of companies they will be looking to list are not start-ups or dogs, but established profitable companies because at the end of the day Tasman is going to end up as an investment company (after a series of listings - if they happen), so it would behoove them to choose sound investments.

Just thought I'd point it out...

Tasman Capital
18-08-2007, 11:37 AM
Thanks Ratkin and Zyreon for your comments.

It's true Ratkin, we were a bit slow in getting the IPO out there. Our main focus early on was to get some key strong shareholders on board first to help with deals later on, we've got them now. It's really only in the last two weeks with website advertising that we have got the IPO in front of the targeted audience of keen investors to fill the remaining slots. We also have not been prepared to spend too much on marketing which has slowed things down a bit.

As for me posting on this thread, it's more a matter of having my say on any misconceptions about Tasman before they get too far out of hand.

We need about another 100 applications to be able to go ahead with the first deal we have. With two weeks to go before closing on 31 August that should not be too difficult.

Ratkin, if I could pick up on your points.

The companies we will attract will typically be small-cap, and as Zyreon points out, listing in the normal way is often just too expensive for small companies. But just because they are small does not make them any less reputable. In fact, there are some great small companies out there that could be listed and it's often the small-cap companies that can really do well for investors because they are in high growth mode.

I think your Burgerfuel example is interesting. I think the problem there was that the IPO was so fully-priced to begin with. Burgerfuel itself may be a pretty good company but the poor punters were paying high multiples based on a listed-company assumption with growth factored in. Tasman's model only wants to give it's shareholders opportunities based on pre-listing valuations. In other words Ratkin, it may not be bad having a string of companies like Burgerfuel if they are profitable and we get some shares at no cost plus get some more at a really good price - agreed? Then the price should head north rather than south.

In The Independent article that I referred in my last post, Burgerfuel was actually used as an example. The article quoted Brett Wilkinson as saying if Burgerfuel had raised the $15 million it sought, (the IPO) would have cost $1.8 million but with a reverse listing the company would not even have needed to write a cheque. He also said that with a normal IPO it's not just more expensive, but a lot more executive time is required.

Ratkin, that's why with the Tasman model a company is prepared to give away a few free shares and let investors come in at a really disounted price. And that's what we want to offer our shareholders.

And remember, you will take your free shares but there will be no compulsion to take up the chance to buy more shares. Just look at each on a case-by-case basis, it's totally fair enough if you don't like some of them and you decide to let them pass. That's why we want savvy shareholders on board who enjoy looking at each of the deals and decide for themselves if they want any more shares (besides the free ones) at the price offered.

ratkin
18-08-2007, 12:16 PM
Thx for the reply , sounds interesting , good idea by the way. You seem genuine enough, im just very sceptical by nature !!

You may well be recieving my 500 shortly.

The unlisted market will be good competition for you though , lower costs and less regulations. Kaimai and other good small companies have taken that route and it appears to have worked very well for them and their shareholders

Tasman Capital
18-08-2007, 12:49 PM
Ratkin,
I hope we do receive your application shortly - I would be delighted to have you on board - it's good to be sceptical by-the-way, but thanks also for being open minded.
Yes, Unlisted is an alternative to the NZSX and NZAX. But I would suspect that some of those companies would have ambitions to get onto the recognised boards in the fullness of time.

Tasman Capital
20-08-2007, 06:42 AM
FiVe STaR,
Clearly Tasman has not yet helped any companies to list, the purpose of the IPO is to get the shareholder base to be able to do this. However, as I have said in previous posts, and as The Independent article said, it's not too hard to find examples of these types of listings.
Also, when we close on 31 August and issue shares to those who have applied, they will receive details of our first deal.

FTG
20-08-2007, 10:08 AM
TC

A couple quick questions. How are applications going now. What % of $300K have you had taken up?

"In most cases, it is intended that the value attributed to the Shell will be split equally between Tasman and its shareholders as in the example above where Tasman received 200,000 shares and Tasman shareholders collectively received 200,000 shares.
However, in some cases it may be desirable to allocate an unequal share of the value of the Shell between Tasman and Tasman
shareholders depending on the agreed value of the Shell, the costs incurred by Tasman and the desire to allocate at least a minimum parcel to all of Tasman’s shareholders."

Can you elaborate more on where unequal allocations may happen?

Thanks in advance

croesus
20-08-2007, 10:10 AM
5 Star ... you flatter yourself... more like 1 Star, If you have nothing cogent to add to this thread...

Tasman Capital
20-08-2007, 11:29 AM
5 Star - I assume you are referring to Widespread Portfolios. I agree with you, it's a great company, I've certainly given it my vote of confidence too, I'm the 3rd largest shareholder in it.

If you do buy shares in Widespread, congratulations, you will indirectly hold shares in Tasman, as they are one of our largest shareholders. If you had read The Independent article I have been referring to, you would have read that Chris Castle of Widespread said that "he's too busy to follow through on his concept of creating clean shell companies for the purposes of facilitating reverse takeovers" so Tasman are running with it with Widespread's blessing.

Yes, the NZ sharemarket is small, but Tasman would like to play a small part to make it a whole lot bigger. I for one am tired of seeing our good companies list elsewhere or go to private equity. Our objective is very demanding yes, but it remains our objective. Even if Tasman only achieves a fraction of the listings it hopes to, it will do pretty nicely.

FTG - good questions - all I can say at this stage is that we want another 100 applications by 31 August - there are a number of investors who would like to take up larger parcels, but that's not the point, we want numbers rather than cash.

The allocation of the value of the shell? That's a good question too. Can I say to start off with that no matter what the split is, all shareholders benefit in the same proportion because we all own Tasman. As a general guide I would say that the larger the value placed on the shell Tasman would get slightly more (for example, a shell value of $1 million might be split $600K to Tasman and $400K to shareholders). Also, the higher the costs Tasman faces in getting the company listed (this will vary depending on what is negotiated with each deal) Tasman would want a little more to compensate for that. But in all cases we will want to allocate a minimum holding to Tasman's shareholders, which in practical terms will mean that the minimum we will want to give to our shareholders in every case will be $200,000 worth of shares.

FTG
20-08-2007, 11:56 AM
TC

In regards to the split, other than costs, what if any, are the factors that would be taken into consideration to determine how much is allocated to the s/holders?

What comfort do the s/holders have to how the split would work - on a fair & consistent basis? Otherwise a finger in the wind approach probably won't suffice. If the split is perceived to be done in a arbituary fashion then I'm sure you would appreciate that s/holders may "perceive" that the playing field is not "level".

Tasman Capital
20-08-2007, 12:53 PM
Other than cost, there are 2 other factors determining the split as far as I am concerned: 1. the total value placed on the shell (the higher it is the chances are that Tasman might get slightly more than half) and 2. the desire to get the shareholders at least a minimum parcel (Therefore, if the shell had a value of less than $400,000 the shareholders would get more than half of the shell's value.)

Ultimately, the comfort that the shareholders have is as follows:
1. We need to get a good portion of the shares into the shareholders hands to get the required spread to help the liquidity of the shares. This is a listing requirement.
2. The companies that we list want Tasman to give a large portion of the shell's value to the shareholders. That's essentially what the client companies want from Tasman.
3. We want to get our shareholders at least a minimum parcel. To do this, we will need to allocate them at least $200,000 worth of the shell.
4. We have stated in the prospectus that in most cases the split will be 50/50. As directors we will be expected to keep to that as closely as possible.
5. Two of the three directors (including myself) are also the two largest shareholders in Tasman. Therefore, there is a built-in incentive to have a good portion of the shell's value given to shareholders. Having said that though, my main job as a director is the long-term success of Tasman itself.
6. Most importantly, please remember that the shares in the shell allocated to Tasman are not lost to you, as a shareholder in Tasman you will benefit too because you own part of Tasman. In other words, no matter what the split is, you will benefit 100% from the value of the shell, either directly with the free shares you get or indirectly by the increased value of your shares in Tasman.

FTG
20-08-2007, 01:07 PM
Cheers Joseph.

Crypto Crude
20-08-2007, 04:24 PM
I have started looking at Tasman capital since I saw it on smallcaps.co.nz from zyreons site...
....
tasman capital dude,
I think by coming here and posting you have shown us at least you are capable of PR... forwhich so many other companys struggle to grasp...this would give people here confidence, and we all appreciate it aswell...

do you think that markets could have a big part to play in the Tasman IPO...?

this company has potential, but I dont want to end up holding a portfolio of Shell companys, these shell, micro, small companys usually have pour disclosure, and I hope that Tasman would only ever put forward a company to shareholders that had their best interests at hear, as there are incentives to push bad companys if theres $$$ to be made....
you see what happens if a company whats to be listed and the company doesnot stack up? do you list it anyway?

I wish you guys all the best...

bohdan
20-08-2007, 04:56 PM
6. Most importantly, please remember that the shares in the shell allocated to Tasman are not lost to you, as a shareholder in Tasman you will benefit too because you own part of Tasman. In other words, no matter what the split is, you will benefit 100% from the value of the shell, either directly with the free shares you get or indirectly by the increased value of your shares in Tasman.

Hi Joseph, I'm one of those who have taken a punt on this IPO - it looks interesting and I couldn't resist, but regarding the above statement I wonder how that increased value ( in the indirect sense from your quote) will become available to the shareholders given that the shares will not really be tradeable.

Thanks, Kevin.

winner69
20-08-2007, 06:03 PM
5 Star - I assume you are referring to Widespread Portfolios. I agree with you, it's a great company, I've certainly given it my vote of confidence too, I'm the 3rd largest shareholder in it.



Quick question Tasman Capital ..... have 'votes of confidence' always paid off in other companies you have had a significant shareholdings in?

Yossarian
20-08-2007, 07:21 PM
ah hell, i'm in - sending the cheque tomorrow...

Tasman Capital
21-08-2007, 08:21 AM
One of my posts, along with one by croesus, now look a little out of place. Those posts responded to a post by 5Star that subsequently has been removed, I think because he started to go off the rails. But he did make two comments in his post that I responded to above. He said after his research he was going to invest $500 in Widespread rather than Tasman which I think is a totally valid opinion and I wanted to let him know that I also was a shareholder in Widespread. He also stated that the NZ market was too small to be able to meet our objective so I responded to that comment also. Hopefully that explains the loss of continuity on this thread.

Shrewd Crude, thanks for your good wishes. Our shareholders should not end up with a portfolio of shell companies because we will only create a shell when we have a deal on the table. Yes, we only plan to put good companies forward. Tasman does not earn cash for listing companies; it earns shares in them in the listing process. Tasman is an investment company at the end of the day; it just has a unique way of acquiring its investments. So if a company does not stack up there is no incentive for Tasman to get involved. We only want companies that we are prepared to hold for a long time. Having said that, if we end up holding 20 stocks it is pretty likely that there will be one or two that will be poor performers.

Bohdan, thanks for investing and welcome aboard. Each time we do a deal the shares that Tasman receives in the listing process will increase the net asset backing of Tasman and as with any investment company that will be reflected in the market value of your shares in Tasman. Tasman does not plan to list itself until it has done at least one deal to give a good boost to our net assets and to prove Tasman's model. However, before we list ourselves the trading of our own shares will be facilitated via our own website. The market value of those trades should reflect net assets. But why would anyone want to sell their shares in Tasman?!

Winner69, I've been investing in the NZ market since I was a young teen and have made my share of mistakes. No doubt your post is referring to my investment in TRS Investments which has been a very poor performer. But taken as a whole, I've certainly backed many more winners than losers and my portfolio has exceeded all my expectations, but I'm not about to start boasting on this forum. So if you are genuinely interested Winner69, you're welcome to give me a call at Tasman's number in the prospectus and I'll be more than happy to talk to you about my personal investments. But even if I have been prepared to take some risks with my own money, I certainly do not intend to take the same level of risk with other peoples’ money.

Yossarian, you started this thread and I had been wondering if you were still undecided. I'm very pleased you’re going to be a shareholder. You have made my day.

Albert
21-08-2007, 08:48 AM
Thanks Joseph for providing some more insight into Tasman and answering most of the stuff in a straight up way.

I actually like the idea of being first in, on a new listing. Whenever I've looked at back door listings off other companys they all seem quite messy and don't turn out the way you think.
With other back door jobs over the past couple of years, which don't really deserve comment, but retail x has to be bought up. Look how that turned out for example! I like the clean aspect of this.

Anyway cutting a long story short, I hid the wifes credit card in the weekend which has put a spare $500 aside savings from new clothes, so I'll get on board also with the ipo. Think its worth a punt, so why not!!!

Lizard
21-08-2007, 08:51 AM
Anyway cutting a long story short, I hid the wifes credit card in the weekend which has put a spare $500 aside savings from new clothes, so I'll get on board also with the ipo.

Cost of shares in Tasman = $500. Cost of messy divorce = priceless! :D

lissica
21-08-2007, 05:29 PM
Thanks Joseph for answering the questions on this forum. I think more company directors should do the same....it's good form being able to relate to your shareholders.

Anyway, I'm convinced. If nothing else, it's only $500 and I can see much more upside to the concept. It will also help get more companies listed in future, which I think we need more of in NZ. Good luck.

Cheques in the mail.

Lissica

bear
21-08-2007, 07:02 PM
i sent my cheque off several weeks ago prior to this thread starting.... pleased to see interest and debate in this unique opportunity is alive .... Look forward to seeing details of the first "offer"... great comments and info TC.... pity only $500 though ... still can get reasonable parcels i hope through the listing process

bear

johndeyell
25-08-2007, 10:26 AM
This isn't really an IPO - Tasman Capital Ltd itself will not be listing on the market.
It's more of a "share issue" than an IPO.......

steve fleming
25-08-2007, 10:55 AM
Joseph,

I see that the following entities are disclosed in the PDS as being associated with directors of TasCap:


Cotterill and Rouse Ltd
Sahara Foods Ltd,
Murdoch Foods Ltd,
Dairy Farm Investments Ltd,
Adaptable Solutions Ltd
Sportstec Ltd.
Innovair Group Ltd (Robocan),
IDP (Mainland) Ltd (Cow & Gate)
Unique Food Group Ltd.
Sastek Pty Ltd
Waikato DHB,
How far off would an assumption be that one or more of these director-related entities are being lined up by TasCap to list?

If so, and i am sorry, i do not have a complete handle on the relevant NZSE/NZAX listing rules, but I take it that Independent experts would be required to ensure relevant transactions/valuations are fair?

Cheers

Tasman Capital
25-08-2007, 09:13 PM
Hi johndeyell - I can assure you it is an IPO. Whenever a company offers shares for the first time to members of the public with all the relevant documents registered with the Companies Office it's called an IPO - even if the company plans to delay its own listing for a while. Otherwise I think it would just be called a private placement.

Good thinking steve fleming, but I'm not allowed to comment on that just yet. Yes, there will be circumstances when valuations may be required. My understanding is that the report will need to show that the valuation is fair to the shell shareholders - that is - us.

I would also point out that our model is pretty flexible and some of the deals we do could back more than one company into one of our shells, provided they were all a good fit.

Thanks for becoming shareholders Albert, Lizard, lissica and bear. Enjoyed your posts.

bohdan
27-08-2007, 04:51 PM
Hi Joseph,
Nearly the end of the month, are you able to comment about numbers in terms of achieving the minimum shareholder base of 300?

Thanks
Kevin.

Oiler
27-08-2007, 05:05 PM
Joe

I am in, my cheque is in the mail....

Definitely worth the punt !

:D

mccollr
27-08-2007, 06:13 PM
Joe
I'm in. Likewise cheque is i the mail.

Tasman Capital
27-08-2007, 08:01 PM
Fair question bohdan, and I'd like to tell you about our numbers but I'm not sure if I'm allowed. Not long to wait though. I am allowed to say we have not made 500 yet so keep sending in those applications.
Thanks for your investment oiler2 and mccollr.

tobo
27-08-2007, 08:26 PM
and another one in!

Heke
27-08-2007, 09:20 PM
Thanks to the informative discussion on this thread. Definitely worth a punt.

Mind you, had to layby the kiddie's shoes at the Warehouse and delay the rego on the Ford Cortina to get here.

My cheque is in the mail. Long may we prosper!

minimoke
28-08-2007, 12:50 PM
I’m not sure who is doing what?
Joseph – you are a Director, one of three and entitled to a share of $30,000 (plus travel etc) in directors fees. The Directors aren’t employees. So it seems that there are a number of Contractors and advisors involved in this company. I can’t see any employees so who will do the work and what costs are associated with this work?

Tasman appears to have no cash and no assets except for this “concept” plan. So out of the $300,000 raised $30,000 plus expenses has to go to Directors plus expenses associated with this cash/shareholder raising.

Joseph own Tasman Portfolio; Keith Jackson (who is presumably Graeme Keith Jackson), owns pretty much all of Katie Investments and Graeme Rothwell owns Backbone investments. So the existing Directors own Tasman Capital.

How much attention can Graeme Jackson give to this company as he is already a Director of 22 other companies? And are any of these companies Tasman targets?

I’m not sure there is $200,000 cash yet which has apparently been raised from existing shareholders. Widespreads shareholding for example seems to be a “in kind” holding in exchange for services offered. The offer doc says Tasman has not commenced business and has no debts or assets. But surely it has commenced business and it must have $200,000 in cash assets – according to Josephs info on this thread.

I also look for consistency in message. Joseph – you mention in an earlier post that Widespread is one the largest shareholders. This doesn’t actually appear to be the case. Widespread is certainly one of 5 shareholders but only has a 10% holding and they haven’t put cash in – just kind.

Lets say after this offering Tasman has $200,000 left over in cash. With a target of two listings a year this means there is $100,000 for each listing this year. It seems one is on the boil now but no indication of the cost of getting the deal to where it is at.

Average Alternative market capitalisation is around $17m so to give away a couple of % (or around $400,000) to get a listing seems like good value had any of these companies used Tasman.

If its so easy to set up a shell company why does Tasman not do this and list on one of the main boards?

This is an interesting concept but I am not sure I can see quite how it will work to the benefit of new shareholders. Of concern now are investors willing to throw $500 in the ring without much apparent analysis. It seems people are happy to throw in $500 now and to probably put their hands in their pocket again in the future. And I’m not sure holders will get a big enough stake in the newly listed companies to make it worthwhile for the new company to retain them as shareholders.

Hmm – I’m not convinced yet.

Tasman Capital
28-08-2007, 03:24 PM
Hi minimoke - good questions and research, thanks for the chance to clarify a few things.

Tasman raised $200,000 cash from its original 4 shareholders (2 million shares to 3 directors plus Widespread at 10 cents per share, the same price as the IPO). The prospectus says Tasman has no fixed assets in note 7 on page 16 and again says no assets in note 22-38 on page 17 but that's referring to fixed assets, Tasman certainly got the $200,000 cash.

Add to that the cash from the IPO of $300,000, Tasman will have raised a total of $500,000. Tasman has paid Widespread $20,000 for the concept. This IPO is being done on a shoe-string (just ask the guy who runs this site how tight I was in negotiating the cost of having the banner up on his site!) All up we have budgeted $40,000 for this IPO (note 19 page 17) and I expect to come in under that at this stage. So, Tasman will start with a pot of cash of $440,000.

As has already been stated, Tasman's fixed costs are pretty small. Directors share a total fee of $20,000 for all 3 directors per year in total and I don't see that changing for a long time.

Variable costs will come with each listing. Each listing will be different, sometimes we will negotiate the client company to pay some/most of the costs. The costs comprise the NZX listing fee, the legal fees associated with the compliance listing plus a fee to those who put the deal together. All up these costs are probably not as much as you might think. If Tasman pays most of these costs then that must be reflected in a higher negotiated shell value.

Why doesn't Tasman use a shell to list itself? Tasman will certainly be listed in due time. However, Tasman's competitive advantage is its ability to create clean shells with good spread because of the way we have engineered the shareholder base, very flat and even. That way we will be able to get at least a minimum parcel in the hands of each shareholder after each reverse takeover. Once we list ourselves we risk our ability to create good shells with good even spread with lots of shareholders - because someone will try to buy up all our shares and disturb the way we've engineered it. That's the problem with the shells out there at the moment, most of the shareholders in them have worthless holdings so the spread is no good, especially once you back a company into them and dilute further.

Think of Tasman as a large exclusive share club that can bring exclusive deals to its shareholders before anyone else can get their hands on them. Plus the entry fee to the club, the $500, should be a pretty good investment in itself. I don't see listing Tasman itself as a priority just yet, who will want to sell their shares in Tasman anyway?

As for Keith's time I cannot comment on that. I also cannot comment on Tasman's targets just yet.

Widespread is Tasman's 3rd largest shareholder and will remain so after the IPO. The shareholder base is very flat as discussed and therefore it does not take much to be in the top 20. By the way, we have got some strong shareholders in the top 20, this will be attractive to target companies as it's mainly the shareholder base we are selling and they will be good to have around when we put some of these deals together.

Thanks for coming aboard tobo and Heke, though I must say Heke, I'm feeling a bit guilty so let me know who you are at the first AGM and I'll slip you a few dollars for your kid's shoes!

Placebo
28-08-2007, 03:47 PM
I am scratching my head about why numbers of shareholders are more important than the amount of money being raised. This seems counter-intuitive. Surely the amount of capital is the key issue in an IPO, rather than the size of the shareholder base :?: Apols if you have already answered this -- I have only read back 4 pages! ;)

I find IPOs harder to pick than a broken nose. Got lucky with FTB (thanks Mr Bacardi :)), and was a latecomer to both Pumpkin Patch and Rakon (though I should have read the tea-leaves -- their listing date was my birthday). At least I didn't get into Feltex...

So I won't be subscribing. Yet. I do, though, find it an interesting concept and will be watching with interest. And I agree with the sentiments about Joe's comments on the Board, great for you to front up and good luck with the venture.

minimoke
28-08-2007, 04:48 PM
Joseph
It seems to me that in Tasman is trying to gain a broad spread of shareholders to get through NZX listing rules around minimum shareholding. In exchange for a shareholder being part of this base the Tasman shareholder receives free shares in the new company as well as any potential capital gain / dividend yield of Tasman.

Is there any risk of “the shares that Tasman shareholders receive directly at no cost in the listing process” being seen as a gift and subject to gift duty – or any other tax issues. I can’t quite get my head around getting something for essentially nothing.

Yossarian
28-08-2007, 05:27 PM
gift duty shouldn't apply as this is a commercial deal (not e.g a gift between an individual and a family trust)

Tasman Capital
28-08-2007, 07:58 PM
Yes Yossarian, you're onto it. Minimoke, we have advice that there will be no tax implications because at the time the free shares are allocated they have no value. The value is created later at the time the reverse takeover occurs. More value is created later again at the time of listing.

minimoke
29-08-2007, 08:53 AM
Hi Yossarian. The reason I asked is that under the Estates and Gift Duties Act gifts relate to property and can be owned by a body corporate and a gift can include shares in a company incorporated in NZ. Cunning plans can work but I am not sure investors in Trinity (a fantastic and exclusive forest growing club) would agree. I’m just a bit nervous about a plan which increases a person’s wealth with no apparent tax implications.

Joseph. Cleverer and cleverer. Well done.

FTG
29-08-2007, 12:29 PM
TC

Tax law is a funny thing. It's Big, Grey & very blurry. Often the various parties, if it be the taxpayer, Tax lawyers or the IRD themselves, cannot agree on the "interpretation" of the various Tax acts despite them often being seemingly clear cut. However one underlying thread that I feel shows through is "intention". In otherwords, regardless of all the other inputs, if a taxpayer sets out with the intention of making a profit and achieves this then someone in the Ivory Towers is going to determine that tax is payable!
Hence, regardless of getting shares for "$0", I would think the intention is rather clear in this case.
Just remember to, in the event of dispute, often everything that has been written, said or done is looked at closely to "determine" intent. Who knows that could even include what you write here at ST!

Tasman Capital
29-08-2007, 01:33 PM
FTG - according to your version of the "intention" test every investor in NZ would be subject to tax on their capital gains. That is not correct. There is no capital gains tax in NZ for the average investor. The intention test is "what was your intention when you purchased the shares?" If it was to trade them, then you're a trader and the profit is subject to tax. However, in Tasman's case, when you get the free shares in the shell did you ask for them? Did you even make a decision to acquire them? No - you just got them. If there was no decision to acquire them how can there be any intention at all? - let alone the intention to trade them?

minimoke - sounds like you're not going to invest - that's a bit sad because you put a lot of research into it - even beyond the Offer Document. But I accept Tasman is not for everyone. You've said a few things that I just want to comment on.

You said the idea that increases in one's wealth without tax implications makes you nervous - remember that most people who invest in shares or property in NZ and increase their wealth are not subject to tax on their capital gains - so the idea is not unheard of.

You also said that you can't quite get your head around getting something for nothing. Look at it this way, by saving the "listee" company money when we list it, Tasman and its shareholders essentially get some of the profit that would have gone to merchant banks, brokers, lawyers and accountants.

Also, I'm not sure Tasman can ever be compared to Trinity. Remember that Tasman is an offer to the public, with a registered propectus that has been looked at by the Companies Office, Securities Commission and the NZX, if there was something unseemly in the concept they would have told us.

mibo
29-08-2007, 01:53 PM
TC, I am keen on this. Is Friday the deadline? Or can we send in next week.

minimoke
29-08-2007, 02:05 PM
Hi Joseph
I do try to learn from my previous experiences and my dabbles in NGL and the likes of RYM have taught me a few lessons. I like your creativity and approach but this is a highly speculative punt. I can’t call it an investment because there are no known numbers on which to do an analysis of ROI relative to risk. I’m not risk adverse – its just that I like the odds a bit more in my favour. And so for this reason “I’m out” but wish you and the other punters luck. I hope you can come back on the boards in a years time and show us how the gamble paid off.

FTG
29-08-2007, 02:14 PM
TC,

For purposes of clarification I'm not critcising the IPO opportunity - the cheque is already in the mail :-) Despite a couple little minor points, in general terms I quite like the novel concept that is on offer.
I certainly don't want to be getting into a tit for tat on this matter. However, in your position as a Director of company seeking funds from the public, I would suggest caution on making defining statements on the tax treatment of the investment with TC, and the subsequent shell companies. Each investor's tax situation will be different, as will the treatment of any profits (capital & revenue). I'm sure you would agree that there isn't a "one rule covers all" in regards to tax!

You write: "However, in Tasman's case, when you get the free shares in the shell did you ask for them? Did you even make a decision to acquire them? No - you just got them. If there was no decision to acquire them how can there be any intention at all?"

Semantics maybe, but I don't think any investor will be "suprised" to get free shares in a Shell! I would think 99% of the investors are getting into TC for that exact opportunity. Not to mention seeing their value go from $0 to $X

Tasman Capital
29-08-2007, 02:44 PM
Sorry FTG, you're right of course, each taxpayer's situation is different. I may have misunderstood you - I thought you implied that the free shares would be taxable in all cases because of the "intention" test and I wanted to clarify for those who had invested that that was not the case. Good call, let's stop talking tax - I don't like the subject anyway. And thank you for your investment.

Mibo - yes the closing date is Friday 31 August. But we are not at 500 yet so if some applications drift in on Monday next week I'm sure there is a good chance they will be accepted. Thanks.

Tasman Capital
31-08-2007, 12:46 PM
Thank you to all those who have invested in the Tasman Capital IPO. I'd also like to thank all those who took the time to consider the IPO even if you did not invest.

We have easily exceeded our required minimum imposed on ourselves in the prospectus, we have applications for well over 2 million shares out of a maximum total of 3 million shares.

We also have more than enough shareholders to create our first shell in preparation for an nzax listing. A letter will be going out next week to shareholders with some details of the first listing that we are working on. As soon as that letter is issued by Link I will also post it here so that shareholders will not have to wait for the letter in the mail.

In many ways, Sharetrader helped create Tasman Capital because a large proportion of our shareholder base learned of Tasman from this site. In fact, I would say that Tasman, as a percentage of total capital, is collectively owned more by users of this site than any other company in New Zealand. So I think Sharetrader will be a logical place to keep shareholders informed of what we are doing as soon as it is publicly available.

There are shares still available in the offer and we do not need to create our first shell for another month or so, so I'm sure if you had intended to send in an application and have not you could still do so at this point.

Oh, by the way, you will not have to look at that banner up there much longer, I think it comes off soon.

Yossarian
31-08-2007, 02:24 PM
yay! Well done TC! Looking forward to my first free shares...

Lizard
31-08-2007, 07:13 PM
Congratulations Joseph! Seems a unique beginning, fitting to a unique business. Look forward to watching your plans unfold. :)

kura
31-08-2007, 07:56 PM
I sent my cheque off yesterday, must admit I'm not totally convinced by the idea, but I figured "what the hell" it looked like a bit of fun.

While I can understand the general idea, once someone has backed their bizz into a shell, wouldn't they still have to provide some financial info before they list ? and if this is so, where is the savings in accountants, lawyers, and other leeches ?

Oiler
01-09-2007, 06:25 AM
TC

I got in a couple of weeks ago. Any chance of backing my cart up for another block?

:D

mibo
01-09-2007, 08:49 AM
Sent my cheque off yesterday. Hopefully it is not too late ;). It should be interesting to see what happens in the next few months :D.

kiwiwim
01-09-2007, 02:06 PM
Ditto sent my cheque off yesterday. Ditto "what the heck". Ditto will watch with great "expectations". "D.
My wife is already looking at CRUISES.

kiwiwim
01-09-2007, 02:09 PM
So much for my knowledge of smilies. :D.

Serpie
05-09-2007, 03:01 PM
I can't let you guys have all of the fun.

And besides - what's $500. Oiler would've spent that (including towing charges) at last Saturday's sharetrader meeting.

mccollr
05-09-2007, 06:25 PM
Any ideas how close to the 500 investors they are.:confused:

Serpie
05-09-2007, 07:58 PM
I contacted them last night, and they said that they had their minimum, and were now shooting for maximum.
Apparently there's a letter coming out to shareholders soon letting everyone know where they're at.
Tasman have been pretty open throughout this process, so I'm sure they won't mind me sharing this info.

Oiler
06-09-2007, 06:25 AM
I can't let you guys have all of the fun.

And besides - what's $500. Oiler would've spent that (including towing charges) at last Saturday's sharetrader meeting.

You are right about the "spending $500" last Sat night :mad:

Welcome to the 500 dollar club, it will be an interesting ride and I agree with you that TC has been very open and willing to answer questions. Pity some other companies dont take a leaf out there book as to how to communicate with share holders.

Sir Pee ...is it time to make the date for the next National Convention ? Free Saturdays will be hard to find as Xmas comes with a rush.

Tasman Capital
06-09-2007, 07:25 AM
I'm about to post up the letter that was sent out last night by Link to all Tasman investors. We also have made it available on Tasman's own site.

You will see applications have gone very well and we think with one final push we may be able to be fully subscribed. We have easily made all the minimum requirements we set but if we can get to our maximum target our shells will be stronger and more valuable. Also, we do not actually need our first shell until October so there is no harm in extending one last time to 2 October 2007. This will be the final extension as we will create our first shell after that.

Tasman Capital
06-09-2007, 07:31 AM
5 September 2007

Dear Tasman Capital Investor,

Tasman Share Offer Update
Thank you for your investment in Tasman Capital. The Board believes that you will find it to be a very worthwhile investment. The Tasman share offer has been successful and we are pleased to announce that we have easily surpassed the minimum target we set for ourselves in the prospectus and investment statement. We currently have received applications well in excess of 2 million shares out of a possible maximum of 3 million shares.

The First Tasman Shell and Potential Transaction
Tasman now has the ability to create a strong shell for a listing transaction on the NZAX market. We are currently in discussions with several companies regarding the possibility of using a Tasman shell. A particularly exciting prospect involves 3 companies that are in a related industry with potential synergies as a combined entity that is listed using a Tasman shell. The Board believes that this transaction, if it proceeds, has exciting prospects, both as a consequence of listing and also because of the opportunities that combining the 3 entities will bring.
As described in our offer document, in a listing transaction Tasman shareholders receive shares in a newly listed entity at no cost. In addition, when we negotiate a listing transaction, we will endeavor to provide Tasman shareholders with an opportunity to purchase additional securities in the newly listed entity at a discount to market price.
However, Tasman’s focus at this point is to complete its own share offer and Tasman does not intend to enter into any formal arrangements with any party to list a company until after its own share offer has closed.

Closing of Tasman Share Offer
Tasman intends to create its first shell company in October 2007 and use this for Tasman’s first listing transaction. Therefore, the Board has decided to close the offer on 2 October 2007 and proceed with allotting shares at that time. All applicants that are allotted shares at that time will receive shares in the first Tasman shell. There will be no further extension of the offer beyond 2 October 2007. However, please note that the offer will be closed prior to 2 October 2007 if it is fully subscribed before that date.

You are welcome to invite anyone else who may be interested in investing in Tasman to apply for shares by 2 October 2007 by viewing the investment statement at www.tasmancapital.co.nz

minimoke
06-09-2007, 11:43 AM
I’m not sure why a TC shell needs to be stronger – you only need 50 shareholders to list on NZAX. So we know TC have gained at least another 46 shareholders if not the full complement of 500. Apparently the top 20 are pretty strong holders so it will be interesting to see who they are once records are released.

Is TC an Accredited NZX Sponsor – if not will this create a problem for listing shells.

If I was a $20m company and had a $1.4m listing budget; looking to save a few bucks on the fringe would TC fill me with confidence now that they are into their third extension to close off their IPO when they were only looking to get $300k. I’d want to be pretty confident as I wouldn’t want to be a party facing things like those who involved in the FTX float are now.

To list it looks like TC will need enough cash to pay for legal, financial, marketing and communication advisors. These along with the NZ Sponsor are where the big costs are going to go. A few grand in listing, exchange and registry costs is probably neither here nor there. These costs can’t be saved or scrimped on because the float needs to be successful heading into the future – not just to get a listing on an exchange. If TC need to go to their vendor for cash is this not eroding some of the perceived value in using TC’s model.

So the $440,000 TC raise won’t cover half the costs of listing one company. If it takes five to six months to list TC won’t have enough cash to see them complete one listing let alone a second in a year. If they have one on the radar now set for October they won’t want to be trying to list during the quiet xmas period so they either have to get this run on the board now or leave it to till early 2008. This then means they are running close to their Securities Act exemption which expires 31 May 08 – after which time they may find it harder to list more companies.

It all looks like an uphill battle and I can’t point to anything now that gives me more of an incentive to invest by 2 October than it did by 31 August.

Tasman Capital
06-09-2007, 01:04 PM
Hi Minimoke, I'm a bit confused by most of what you say in your post but let me at least clarify a few things.

If you wanted to list a company on the nzax would you want to do it with a shell with 50 shareholders or 500 shareholders? A shell with 500 shareholders is stronger because it has better spread, liquidity and so much more support when raising funds. A step up to the nzsx will also be so much easier when the time is right. I've talked to people who want to list companies, I can assure you they see the benefit of having more shareholders in the shell.

If you are implying that we only have 50 applications then that is not correct. We have well in excess of 300 but not yet 500. If in the next 4 weeks we get as many as we have in the last few weeks we will be full. Don't worry about the confidence the listee companies have in us. They know exactly what is going on. Tasman is less worried about the perception of extending one last time then you might be. We don't need a shell until October so there is no harm in extending to see if we can full it.

You do not appear to know how much a compliance listing costs. Your numbers look way out to me. I'm not sure what you think makes a successful float but in my book it's not about spending a whole lot on marketing to flog off an overpriced stock but it's about making profits once listed and growing those profits. There is no "Securites Act exemption" that we are running up against and I don't see the uphill battle that you speak of. Don't you think our lawyers, or the NZX, or the Securities Commision or the Companies Office would have told us if there was a problem with what we are doing? The way forward is pretty simple. We close the offer on 2 October, we easily have the cash and numbers already to do several listings on the nzax. Even if we don't get 500 by 2 October we can do a few private placements after closing to get there. Our first few nzax listings will generate enough interest to make those private placements. At that point we can do nzsx listings.

minimoke
06-09-2007, 01:42 PM
Hi Joseph
As you know 50 shareholders is the minimum required to list. Any point from there on be it 100, 500 or 100,000 shareholders has to improve spread, liquidity and so much more support when raising funds. However surely it is, at the end of it, the quality of the company that will secure a successful listing - not an arbitrary number of shareholders.

I'm very pleased for your confidence, that of your listees and ST posters. Good luck!

With respect to listing costs the NZX suggest that:"The costs of raising equity (on the NZAX) should be no more than 6-8% of the money raised, depending on circumstances. Exchange listing fees are a small part of this cost.". Presumably the larger the company the greater the economies come to play. So a $20m company could be up for no more than $1.2m to $1.8m

Frankly, and this isn't a reflection on TC, I don't think lawyers, or the NZX, or the Securities Commission or the Companies Office would have necessarily told you or potential investors if there was a problem with what you are doing. You only have to open today’s paper to see the continued drama around FTX, tomorrows paper will talk about Finance and Investments. Burgher Fuel and their problems are well documented and we can all read about SMS - and the list goes on.

Investors need to make an informed choice on the information available and the parties you have listed don't, in my opinion have the investors interests at heart.

minimoke
06-09-2007, 01:54 PM
The exemption I’m referring to is the Securities Act (Tasman Capital Limited) Exemption Notice 2007 which exempts Tasman Capital from 10(1)(c)of Schedule 1 of the Securities Regulations and it relates to statements of cash flows. And the notice expires 31 May 2008. There is nothing sinister in this exemption as its current policy – but it is in itself something that may make investment decisions harder to make.

TerryA
06-09-2007, 02:33 PM
TC,

Are allowing those that have already subscribed the opportunity to increase their holding by another tranche ?

Thanks,

TerryA

Tasman Capital
06-09-2007, 03:12 PM
Hi Minimoke, I agree with some of the things you are saying but sometimes I'm not sure of the point. A lot of what you say make good arguments for Tasman rather than against it.

I think spending $1.2 mil to $1.8 mil on an nzax listing is a lot for a company worth $20 million. Some companies would rather come to Tasman who can give them a ready made shell for a whole lot less.

I agree, the quality of the company that is going to list is absolutely the most important thing. But we were talking about the shell, not the company that is backing into it. In the case of the shell it is important that it has a good number of shareholder in it, but not too many, otherwise everyone will not get a large enough free parcel.

All your examples, FTX, Burgerfuel etc are good examples of what Tasman is trying to avoid. Overpricing an IPO to pay for the huge costs of the IPO or to allow some private equity firm to flog off an over priced, over indebted company. Tasman is here to get good companies listed, not overpricing them, companies that the owners are going to stick with and keep a whole lot of their own skin in the game.

I'm not sure what you think the Securities Act Exemption is all about. It exempts Tasman from putting an estimated cashflow statement into its own IPO prospectus. In Tasman's case the directors thought it would be meaningless or even misleading to put in an estimated cashflow statement because we will actually run out of cash faster the more successful we are with more listings (but as we list companies our growth in net assets will more than compensate for that). Your first post implied we needed to list something before that exemption ran out. That is not correct. The expiry date just meant we needed to get our prospectus registered by 31 May 2008. I'm sure you will agree by registering our propectus on 5 June 2007 we made that deadline.

Minimoke - I know I will never convince you to invest in Tasman, I'm not actually trying to. It's OK not to invest in Tasman, Tasman is not for everyone.

minimoke
06-09-2007, 04:13 PM
Joseph.

I enjoy IPO’s and normally invest in them providing they stack up. You’ve got some great points of difference and others, for me, that are a bit more negative. You’ll see from my earlier posts I’m not one to just biff money at something, but that’s not to say the opportunity isn’t worth investing / gambling on. Regardless, any opportunity is worth investigating (for now and the future) be it information provided by the company or other information that has to be trawled for, all in the hope of making an informed decision. I could yet be persuaded, but not at the moment, and by then it may be too late anyway. No drama; if so my loss – your backers gain!

whirly
07-09-2007, 09:31 AM
Hi All

This is my maiden post. Yay me! I have also invested/gambled on TCL largely because of the unique nature of the listing and because of Josephs willingness to front up and communicate with their backers. Long may it last.

Following on from Steve Flemings post could we now place bets on the three synergistic companies being # Cotterill and Rouse Ltd, # Sahara Foods Ltd and # Murdoch Foods Ltd.

I hope so. These coy's have good products.

Anyway hi to all. Enjoy reading your discussions.

Dave

croesus
07-09-2007, 09:43 AM
Welcome to the Clan.. Dave

mccollr
07-09-2007, 10:15 AM
Welcome Dave. Great to see you on board..

Yossarian
07-09-2007, 10:20 AM
yum, i hope you are right whirly - hope we get free shareholder samples too.... ratkin should get into this fast!

mccollr
07-09-2007, 10:32 AM
This offer is closing on the 2 October.

Tasman Capital
15-09-2007, 04:13 PM
Thank you to those who have invested - with just over two weeks to go before closing I'm pretty happy with the way it's going.

Some people have asked me if they can invest a little more in Tasman seeing we are not fully subscribed yet. If there was a 'catch' with Tasman I would say that this is it - that the investment is limited to $500. For a lot of investors that's a very small amount of money. The limit is there so that the shells we create will have very good spread and to make it easier to get everyone a decent size free parcel of shares in the shell.

I have noticed that there are a few who have purchased two parcels in Tasman by buying one under their own name and one under a company, or for their wife, husband etc. and I think this is acceptable.

We hope to still make it worthwhile for the larger investor as there will usually be the opportunity to invest large amounts into the companies that get listed for those who choose to.

Welcome whirly (Dave) and a good piece of detective work, but obviously I cannot comment on that right now.

mccollr
16-09-2007, 05:49 AM
I have put her indoors in. I see this as a great way to get her interested in the market and have a variety of new offerings to follow.;)

Steve
23-09-2007, 06:18 PM
Any progress on being fully subscribed?

Disc: have thrown $500 in the hat...

Oiler
23-09-2007, 06:50 PM
Any progress on being fully subscribed?

Disc: have thrown $500 in the hat...

Steve

I believe it is very close....certainly enough subscribers to move ahead.

Oct 2nd is the cutoff date.

Already have there first listing to go... for October!

Will be an interesting ride.

Crypto Crude
27-09-2007, 11:11 PM
tasman capital poster,
I commend you for posting here and I wouldnot have taken this investment decision as serious had you not been here...
I think its worth $500 for that alone...
.....
...can you please send me a Personal message with a phone number so I can contact you tomorrow, I have a question...
cheers,
shrewdy....
:cool:
.^sc

Tasman Capital
28-09-2007, 12:36 PM
Hi Shrewd Crude - thanks for your comments and I have sent you a message as requested.

Just a reminder to all that we are closing Tuesday (2 October) so this weekend is the last chance to fill in the application form and get it in. There will be no extension beyond that date, we need to get on to issuing the shares and creating the first shell.

Thanks to all those who have invested and we plan to send you a letter with your holding statement with more details of what Tasman is working on.

johndeyell
29-09-2007, 02:55 PM
I had my application in on Friday. Looking forward to being involved with this company.

Cheers :-)

Serpie
03-10-2007, 11:55 AM
Offer closed yesterday. Big annoucement soon?

Oiler
03-10-2007, 12:12 PM
Offer closed yesterday. Big annoucement soon?

Yep it did close yesterday.Watch this space and your mailbox for news in the next few days.

I understand they got more than the minimum number of people needed to get the company off the ground.

Will be an interesting ride.

Tasman Capital
03-10-2007, 12:39 PM
Serpie & Oiler2 - yes we are very pleased with the uptake - Link are still finalising the applications and they will be issuing shares soon. Link will send out holding statements in the next 10 days. Along with the holding statements Tasman will include a letter to shareholders with details of what is happening with our first shell company and how many shares we will all receive in it. I'll post that letter up here as soon as it's sent. It's looking good so congratulations to all those who applied.

bear
11-10-2007, 02:32 PM
Tasman Capital own a shell company called Tasman Electricity Shell Limited incorporated on the 9th October 2007. This is likely to be one of the first clean shell companies we will be involved with.

Look foward to the details

bear

Oiler
11-10-2007, 05:02 PM
Tasman Capital own a shell company called Tasman Electricity Shell Limited incorporated on the 9th October 2007. This is likely to be one of the first clean shell companies we will be involved with.

Look foward to the details

bear

Bear dont steal there thunder :D

lets "watch this space" good things come to those who wait ??? :p

Tasman Capital
12-10-2007, 08:42 AM
bear - very well spotted - not too much longer to wait and you will hear the details

Cheers
Joe

Rif-Raf
12-10-2007, 09:21 PM
bear - very well spotted - not too much longer to wait and you will hear the details

Cheers
Joe

Must say, enjoying the s/holder communications from TC and the little tid-bits. Great to see someone embracing the modern age of digital communications and communities. Perhaps when the time comes could be the first listed company in NZ to have a virtual AGM held in a chat room hosted by ST.
Will be intrigued to see what value our $500 investment brings...
Wouldn't mind betting that a large percentage of the holders are ST readers.
Hope you can keep up the standards you set.

whirly
13-10-2007, 11:05 AM
So did you all get your letter today?

Several interesting bits of information. I will be interested to hear your views on the first shell listing and also the idea of listing Tasman itself.

Pulse has a website. http://www.pulseutilities.com

All looks positive so far. Well done Tasman Capital. I agree with rif-rafs comments. Keep up the good work.

Tasman Capital
13-10-2007, 12:28 PM
Thanks Rif-Raf and whirly for your positive comments.

Link sent out the Tasman shareholder letters along with shareholder statements late last night so only some of you will get them today. I will post up the details of the letter as soon as I can when I get to the office on Monday morning.

strayda
14-10-2007, 06:42 AM
I'm currently overseas... can someone please give a summary of this letter?

Thanks in advance... =)

johndeyell
15-10-2007, 07:58 AM
I'm currently overseas... can someone please give a summary of this letter?

Thanks in advance... =)

First listing is a company called Pulse Utilities (www.pulseutilities.com) who have developed a smart electricity metering system. Anyway, to the numbers: TasCap shareholders will receive one share in Pulse for every 40 they hold in TasCap, therefore a 5000 ($500) share investment will get you 125 free shares in Pulse. TasCap itself will receive approx 146,000 shares in Pulse. Pulse have had an independent valuation on their shares and they are estimated to be trading between $2.50 and $2.90 - so an average of $2.70 gives 125 shares an approx value of $337.50.

That's pretty much it. The letter we received should be posted on the TasCap website today so you can have a proper read of it.

Cheers.

strayda
15-10-2007, 08:16 AM
Thanks... sounds like its shaping up to be a good start.

Tasman Capital
15-10-2007, 09:16 AM
Thanks johndeyell for that very good summary. The Tasman Capital website is now updated with the Pulse news at www.tasmancapital.co.nz.

Besides the shares the Tasman shareholders receive in Pulse, probably the most interesting part of this deal is the rights issue that the Tasman shareholders will be able to participate in - the Investment Statement for the rights issue will be sent out to you soon after the Pulse listing.

Yossarian
15-10-2007, 02:01 PM
got to say if this is correct "so an average of $2.70 gives 125 shares an approx value of $337.50" this is a stellar return on one investment! Plus the shares held indirectly through TasCap itself, plus the rights issues, lovely!

minimoke
16-10-2007, 02:09 PM
With Centameter, PowerMate, Power Wizard, Pre Pay meters and Sparmometer do we need a new entrant to this market. Without looking at a detailed analysis of Pulse Utilities would I firstly buy one of their meters and would I buy into their company.


Firstly I wouldn’t buy one of their meters. I have just had a new Day/Night meter installed for $70. Purchase / install of these flash modern Smart meters has probably got to be getting around the $500 mark. Will I save money using it. No – indeed by loosing ripple control and paying higher power prices then my bill will go up. Do I really want to know what my half hourly usage is. No, not really. So what if my power goes up when the plasma gets turned on – I won’t be turning it off. And if PU are going to be an extra link in the chain between retailer and consumer there has to be extra costs paid by the end consumer, so no savings to me on that front. Am I really going to get access to “Cheap“ electricity – of course not. The retailer has already bought it by the truck load and they won’t be in a hurry to send me a SMS at 11.30pm to let me know they have some power going cheap – and even if they do am I going to get up and turn all the lights on?

If I was a power retailer then I might be interested but I would still want to retain the ability to throttle back power in high demand periods. Would I pass the savings from not having meter readers onto the consumer – probably not.

Would I want to buy into Pulse Utilities. Well their offering would have to stack up against the other power stocks already listed. As a gamble I might just wait till national sells off Meridian or Solid Energy.

Congratulations Tasman on achieving your first goal. I’m hoping holders will do well.

Tasman Capital
17-10-2007, 12:11 PM
Hi Minimoke,
Pulse will not be trying to convince consumers to spend large amounts of money to buy a smart meter which offers benefits which most consumers do not value – half hour meter reads. We agree with you that that would not make sense. Pulse will be retailing electricity ( just like Genesis, Mighty River Power etc) and as part of signing up with Pulse this meter will be attached as the measurement/communication device, and Pulse will receive a rental on the meter. To entice consumers to sign up with Pulse, they will be offered lower cost power. Pulse will retail under a different brand. The Pulse story is not one that has been told yet, it’s been under wraps, pending a managed PR/media campaign but Tasman shareholders will get to hear that story soon when the rights issue documents come. Hope this helps clarify a few things.

minimoke
17-10-2007, 06:12 PM
Hi Joseph
Their web site shows them down steam of the retailer so this proposition makes much more sense.



It will take more than “low cost” power to win the customers though and the low cost game will come with risks: guarantee of supply, particularly during peak periods, and the undercutting by competitors are just two that come to mind. Then again the average Jo can cut their power bill heaps by sticking in a thermal wrap over their hot water cylinder. No doubt they have followed Empowers progress (the highs and the lows over the last few years). There’s about a 10% difference, or around $100 a year, between retailers high /low costs so undercutting the lowest, while paying for the flash meter, will be an interesting challenge. How they can do a better deal at buying energy, line service and cheaper transmission charges will be interesting.


I’ll await expectantly on the sidelines as an outsider looking for the information come float time.

mibo
30-10-2007, 07:40 AM
This is in today's Herald. Vector appears to have a head start, certainly on the PR campaign.

Smarter power meters form Vector and Siemens

New 6:30AM Tuesday October 30, 2007


Electricity lines company Vector has entered a joint venture with Siemens to offer Vector customers smarter electricity meters. The venture combines Vector's metering business, NGC Metering, and Siemen's metering expertise.
Vector will own the metering assets and the joint venture will offer bundled value-added services ranging from meter provision to collecting and managing energy consumption data.
Vector's acting chief executive Simon Mackenzie said the company was "strongly positioned" to extend smart metering solutions to other utility services such as water. Siemens said the technology would allow users to monitor and manage their energy use more effectively.

Tasman Capital
30-10-2007, 04:12 PM
Thanks Mibo - Yes this was a partnership reported on in December 2006 so there may be some other reason for putting this out – perhaps to gain some profile in smart meters for Vector? Not sure. Pulse told me that any deal with Siemens does not exclude Pulse or any other meter provider because a meter owner always wants a range of meter types to mitigate risk – if one meter type fails they are less exposed. Pulse was not able to confirm for commercial reasons if they were in discussions with NGC.

However, there is still a lot more to be said about the Pulse story - it's a lot more than just smart meters. There should be some interesting media coverage around the week of the 12th of November just prior to listing so watch this space. Pulse is also currently updating its website to reflect more clearly its business model – essentially – retailing cheaper electricity as a strategy to get a smart meter asset on the wall. Check the Pulse website out early next week.

Cheers all Tasman shareholders.

bear
08-11-2007, 06:56 PM
Smart electricity meter co plans listing soon

NZPA | Thursday, 8 November 2007


A company planning to roll out a network of smart electricity meters is hoping to list on the stock exchange's alternative market, the NZAX, this month.

Executive chairman Don Purdon said Pulse Utilities NZ had sent its disclosure document to the NZX and was waiting for a listing date.


full article

http://www.stuff.co.nz/4266439a13.html

getting closer!!

bear

kura
08-11-2007, 07:17 PM
Please excuse my ignorance, but what is NZAX ?

I've only ever traded on NZX, can someone point me in the direction of an "idiot proof" summary of diferences, and weather you can trade on NZAX through online brokers, the same as for normal NZX shares ?

bear
08-11-2007, 07:25 PM
Please excuse my ignorance, but what is NZAX ?

I've only ever traded on NZX, can someone point me in the direction of an "idiot proof" summary of diferences, and weather you can trade on NZAX through online brokers, the same as for normal NZX shares ?

here is the web link of use

http://www.nzx.com/nzxmarket/nzax/nzxmarket/nzax/faqs

you can use your online broker and is seemless

bear:)

Tasman Capital
09-11-2007, 08:34 AM
Well spotted bear. Yes you will see various news media picking up the story as we get closer to the Pulse listing – I’m told it’s in the NBR today too.

Because all Tasman shareholders will be Pulse shareholders prior to the Pulse listing, and because many 'Sharetraders' are Tasman shareholders, I think Pulse should have its own thread. I will start a thread for Pulse right now and post the original press release that started the recent media coverage on that thread.

bohdan
29-12-2007, 11:35 AM
Hello Joseph,
Nearly the new year, whats the program for Tasman Capital in 2008? Pulse is underway although obviously we're now waiting for the results of the rights issue and the subsequent marketing campaign to start doing the business.

What else has Tasman Capital got lined up for us, hmmm?

Also, the listing mechansm facilitated by Tasman appears to have worked, are there any problems with this or has it now effectively been proven and can be used again.

Thanks
Kevin.

Tasman Capital
04-01-2008, 06:19 AM
Hi Kevin(bohdan),

Sorry for the delay in responding - I am currently in the USA and have not been able to check this site often.

Also, I'm sorry that I did not get down as far south to see you during the Pulse presentations - Tasman/Pulse have few shareholders where you are. Thanks to those who came - I really enjoyed meeting the Tasman shareholders that came to the presentations in Christchurch, Wellington, Auckland and Hamilton.

Yes, the Tasman model has proved itself and has created a lot of interest with companies wanting to list - I cannot say too much right now but 2008 should be a very interesting year for Tasman and its shareholders. Before the end of January Tasman shareholders will receive a letter with details of what's up next.

Steve
04-01-2008, 04:55 PM
I look forward to your visit to Dunedin, perhaps next time around?

pietrade
08-01-2008, 09:46 AM
I'm very impressed with the prompt response, by Tasman management, to questions on this site. I'm also impressed with how well the whole concept has developed and is progressing. As Tasman is not listed (?) how can one increase one's holdings in it? Or am I missing something ? Best of everything, to all, for '08'

Steve
08-01-2008, 06:34 PM
Pretty much every shareholder has $500 worth of shares, which you are unlikely to be able to increase the holding of.

Try taking a read from the start of this thread...

Tasman Capital
28-01-2008, 10:46 AM
Greetings all Tasman Capital shareholders,

I attach below a letter that is being sent to all Tasman Capital shareholders containing details of our second deal.

I'd like to say well done whirly, who with a maiden post, was able to predict this exact transaction way back on 7 September 2007 (with the help of a previous post from steve fleming). Amazing whirly!

Thanks for your comments pietrade. Current shareholders cannot get more Tasman shares right now but you will see in the letter that there will be a chance in the future to get some more Tasman shares once we list.

Cheers all,
Joe

Here is the letter:


Dear Tasman Capital Shareholder,
On behalf of the board, I hope you had an enjoyable Christmas and I wish you a happy new year. We expect 2008 to be a very successful year for Tasman Capital and the year is already off to a great start with Tasman entering into an agreement to list another company.

Murdoch Foods Limited
We are delighted to inform you that Tasman has entered into an agreement with 3 food companies that will combine and then seek a listing on the NZAX using a Tasman shell. The 3 companies are Murdoch Foods Limited, Sahara Foods Limited and Cotterill & Rouse Limited. These companies have long established businesses and have great products and brands. For example, the original Murdoch Foods company began in 1886. The combined listed entity will be called Murdoch Foods Limited but all products will continue to be marketed under their existing brand names. Once listed, Murdoch intends to roll-up and acquire further food companies to become a significant food group with an extensive portfolio of food brands. The listing of Murdoch is expected to occur in March or April 2008.

In the listing process of Murdoch, Tasman shareholders will receive 1 Murdoch share for every 5 shares they hold in Tasman at no cost. The typical Tasman shareholder with 5,000 shares in Tasman will receive 1,000 Murdoch shares. For the purposes of the amalgamation of the 3 companies and the Tasman shell, the combined entity is valued at approximately $5.5 million and will have a total of approximately 22 million shares on issue (therefore having an implied value of 25 cents per share). In addition to the shares that Tasman shareholders will receive, Tasman itself will receive around 1 million shares in Murdoch in the listing process. Tasman will share the costs of the compliance listing with Murdoch. (The 22 million shares that Murdoch will have on issue on listing will include all shares issued to Tasman and its shareholders.)

In addition, Tasman and its shareholders will have the chance to participate in a rights issue soon after Murdoch is listed on what should be very favourable terms. The price of the rights issue will be determined after Murdoch has been listed. The rights issue will not be on a pro-rata basis and will have a simple maximum of $5,000 per shareholder. Also, all shareholders will be given the opportunity to apply for additional shares from any rights issue shortfall at the rights issue price.

Pulse Utilities Limited
The Tasman method of listing has proved itself with the listing of Pulse. We were delighted with how quickly and cost effectively Tasman could facilitate the listing of Pulse. As a result, Tasman has had a very high level of interest from other companies wanting to list using Tasman. The share price of Pulse has been mixed but despite this we were pleased that many Tasman shareholders obviously saw the long-term potential of Pulse and took the chance to top-up their holding. Tasman itself intends to hold its Pulse shares for the long-term and is represented with a seat on the board. We believe Pulse has great potential.

Outlook for Tasman
We are in discussions with several very exciting companies that are interested in listing via Tasman. The Tasman board hopes that we will facilitate the listing of at least 4 companies in 2008. If these transactions are completed as hoped the net asset backing of your Tasman shares should increase significantly. At that point, it is intended that Tasman itself will list by issuing a new class of share to shareholders. It is intended the new class of Tasman share be listed and freely traded. The original class of shares would not be listed but would be the only class of share used for the purposes of creating Tasman shells.

whirly
28-01-2008, 05:06 PM
yay me! I feel special - thanks Joseph.

This is the listing I hoped would happen. Excellent products and we all have to eat don't we?

Keep up the good work TCL. Four listings in 2008 sounds very promising.

Though what a hell of a year to list in!!

Serpie
28-01-2008, 07:57 PM
Great news Joseph!
It was a pleasure to meet you during the Pulse roadshow, and the latest listing, and the prospect of another 4 in 2008, is excellent news for Tasman and we Tasman shareholders.

Steve
01-02-2008, 02:51 PM
What are the brands under the 3 companies?

Mark1
01-02-2008, 04:41 PM
Don't know about the others but Cotterill & Rouse make some nice sauces and chutneys under their own name. I think a shareholders sample pack or regular mail order (with discount of course) would be a good idea.

M1

bohdan
01-02-2008, 05:53 PM
What are the brands under the 3 companies?

http://www.cotterillandrouse.co.nz/

http://www.dips.co.nz/

Ahh the power of google.

Yossarian
08-02-2008, 11:09 AM
well done Joe and TC.

This is by far my best investment at the moment!!! pity we can't hold a few more.

and 4 deals sounds a cracker!!

Steve
08-02-2008, 05:15 PM
This is by far my best investment at the moment!!!

Oh dear! :eek:

Tasman Capital
11-02-2008, 09:33 AM
Steve - I'm not really sure what you mean by your post - I know your investment in Tasman is pretty small - and Tasman itself is currently a pretty small company - but surely you will agree that the percentage return on your investment has been very good - and that looks likely to continue. I'm sure that is what Yossarian was getting at.

johndeyell
11-02-2008, 06:51 PM
I agree - Tasman has performed very well thus far. Well enough to practically earn back the original investment in a few months...

Serpie
11-02-2008, 08:21 PM
Joseph,

I was discussing Tasman's progress with other investors / traders at the ChCh meeting on Saturday, and we were very happy with how things are going. It could well turn out to be the best $500 I ever spent - who knows. It's certainly one of the more interesting investment options out there.

Murdoch looks to be a very different animal to Pulse. Hopefully the fact that these are established businesses with earnings in place will allow the market to value the shares more readily, and the shares will be more liquid than the Pulse ones.

Also, the current climate and market sentiment may make the Tasman route to an IPO even more attractive than traditional methods. I have every confidence that 2008 will be a good year for Tasman.

kura
13-02-2008, 05:22 PM
I was just wondering, as Tasman is not listed itself, do shareholders still get financial reports etc ?

Curious to see what has happened to my $500

Steve
13-02-2008, 06:38 PM
Curious to see what has happened to my $500

For a start you got some PLU... :)

whirly
20-02-2008, 06:51 PM
Have just read the following.

"NZX products manager Geoff Brown said the exchange was launching a review of backdoor listings, which he described as "uninspiring'', and would publish recommendations next month.

The exchange might follow other jurisdictions and forbid backdoor listings."

http://www.stuff.co.nz/4408560a13.html

How is TCL positioned to handle such a regulation change? Any thoughts?

Tasman Capital
20-02-2008, 07:55 PM
whirly - thanks for your post - Tasman has a different model to RLV - Tasman does not do 'back-door listings' (where a shell is listed onto the exchange and is subsequently taken over by the company getting listed). We do 'compliance listings' (where we get a company compliant - with all of the requirements to list as is - and then list it). That way the NZX knows exactly what it's getting from day one. We have been keeping the NZX fully informed of what we are doing before we do it and they have been very satisfied with our model. Even if back door listings are banned I do not think that will impact on what Tasman is doing.

Crypto Crude
20-02-2008, 08:02 PM
Hey Tasman Capital...
I didnot come here to shoot you down or anything...
You are doing great work....
One of the concerns that I did raise with you many months ago was listing other companies that were not going to turn into shells....
Pulse was Listed all wrong...
The SP was way to high, and I believe for the type of investment that it is, shoud have an attached Share Price of 50c or lower with more shares on issue.... who wants to pay Dollars for a spec company?
alot of potential with Pulse, I will continue to watch it...
:cool:
.^sc

whirly
20-02-2008, 08:13 PM
Thanks very much for your reply TCL.

What are your thoughts on Pulse's falling share price?

mibo
08-04-2008, 12:12 PM
... The listing of Murdoch is expected to occur in March or April 2008...

Any further update on this listing? We are into April and I am keen to see this one list :)

COLIN
08-04-2008, 04:41 PM
Any further update on this listing? We are into April and I am keen to see this one list :)
Doubt whether anyone would want to float even an empty bottle on this market.

tobo
08-04-2008, 06:18 PM
Doubt whether anyone would want to float even an empty bottle on this market.

Terrific shortage of corks ATM

or is that no-one's got the bottle to do anything

Tasman Capital
08-04-2008, 07:35 PM
Hi Mibo

By way of update - the Murdoch listing is now expected around the end of May or early June - it's taken a little longer than expected to amalgamate the 3 companies but all is on track.

Cheers

Steve
08-04-2008, 07:39 PM
Terrific shortage of corks ATM

or is that no-one's got the bottle to do anything

Perhaps they are all trying to find the value in having their pulse?!

mibo
09-04-2008, 07:45 AM
Thanks TC, looking forward to it.

Tobo, I realise you have cornered the cork futures market but you have forgotten that they all use screw caps now... :D

Yossarian
05-06-2008, 10:31 AM
Hi Mibo

By way of update - the Murdoch listing is now expected around the end of May or early June - it's taken a little longer than expected to amalgamate the 3 companies but all is on track.

Cheers


It being early June I am anticipatory!

COLIN
05-06-2008, 10:49 AM
It being early June I am anticipatory!
I'm afraid you'll be "anticipating" for a long time yet.
No-one in their right mind is going to try and float a non-energy company on the NZX in the current climate.
Have you read and digested the RBNZ statement today?

Yossarian
05-06-2008, 10:57 AM
well i am anticipatory of an update anyway....

Steve
05-06-2008, 03:33 PM
well i am anticipatory of an update anyway....

I'm afraid that you could be "anticipating" for a long time yet.

No-one in their right mind is going to try and provide a 'negative' update for a non-energy company on the NZX in the current climate.

:D

Tasman Capital
17-06-2008, 03:21 PM
Yossarian - I'm sorry I have only just caught up with the recent posts on this site. The food company listing is not too far away now. Some of you may have seen the amalgamation noitce in the Gazette and Herald lately. But there are still a few more steps to complete before we list. The ETA of the listing is now around the end of July. We plan a shareholder update letter soon with news on the food company listing plus other updates.

Perhaps energy companies are the most popular right now but some food companies are also doing pretty well in the current climate with the way bio-fuel has pushed up the demand for food crops.

Serpie
17-06-2008, 04:47 PM
Tasman,

You chose Sharetrader as a platform to launch from, and recruited actively from among our ranks. Are we to believe that you are now too busy to maintain the relationship by calling on us from time to time?

We're still here. Please make time for us and keep us in the loop.

Tasman Capital
17-06-2008, 06:20 PM
Fair call Serpie, I'll say what I can when I can. Not all of our shareholders visit this site however so when something significant happens all shareholders will be informed and I will post that info on this site at the same time.

Serpie
17-06-2008, 07:18 PM
Thanks Joseph,
That's all we ask. Early days for Tasman, and a tough environment at the moment. Looking forward to the next release.

Tasman Capital
04-07-2008, 01:18 PM
Hello all Tasman shareholders - by way of update, here are the highlights of a letter that is going out to shareholders today:

Heads of Agreement Signed
The directors are delighted to inform shareholders that Tasman Capital has entered into an exclusive Heads of Agreement to purchase a substantial New Zealand business. The business is profitable and we believe it is a very suitable candidate for a NZAX listing. The agreement is non-binding and will only go ahead on the completion of satisfactory due diligence. The name of the business cannot be disclosed until later in the year if the deal is confirmed. If it proceeds, we plan to list the business and all shareholders will receive a parcel of shares in the listing process and will be given the opportunity to buy more shares after the listing through an entitlement offer. If the deal proceeds, we expect the deal will significantly increase the net assets of Tasman Capital.


Cooks Food Group Limited Listing
The amalgamation of the three food companies is almost complete and we expect to list the combined entity in about one month. The three companies are Murdoch Foods Limited, Sahara Foods Limited and Cotterill & Rouse Limited. In our last letter to shareholders, we said that the listed entity would be called Murdoch Foods Limited but it will now be called Cooks Food Group Limited but all products will continue to be marketed under their existing brand names including the brand of Olive Grove owned by Cotterill. As previously advised, Tasman shareholders will receive 1 Cooks Food Group share for every 5 shares held in Tasman Capital at no cost. The typical Tasman shareholder with 5,000 shares in Tasman Capital will receive 1,000 Cooks Food Group shares. For the purposes of the amalgamation, the combined entity was internally valued at $5.5 million on a pre-listing basis and will have a total of 22 million shares on issue and therefore having an implied value of 25 cents per share.

Steve
05-07-2008, 01:55 PM
Heads of Agreement Signed
The directors are delighted to inform shareholders that Tasman Capital has entered into an exclusive Heads of Agreement to purchase a substantial New Zealand business. The business is profitable and we believe it is a very suitable candidate for a NZAX listing. The agreement is non-binding and will only go ahead on the completion of satisfactory due diligence. The name of the business cannot be disclosed until later in the year if the deal is confirmed. If it proceeds, we plan to list the business and all shareholders will receive a parcel of shares in the listing process and will be given the opportunity to buy more shares after the listing through an entitlement offer. If the deal proceeds, we expect the deal will significantly increase the net assets of Tasman Capital.

Cooks Food Group Limited Listing
The amalgamation of the three food companies is almost complete and we expect to list the combined entity in about one month. The three companies are Murdoch Foods Limited, Sahara Foods Limited and Cotterill & Rouse Limited. In our last letter to shareholders, we said that the listed entity would be called Murdoch Foods Limited but it will now be called Cooks Food Group Limited but all products will continue to be marketed under their existing brand names including the brand of Olive Grove owned by Cotterill. As previously advised, Tasman shareholders will receive 1 Cooks Food Group share for every 5 shares held in Tasman Capital at no cost. The typical Tasman shareholder with 5,000 shares in Tasman Capital will receive 1,000 Cooks Food Group shares. For the purposes of the amalgamation, the combined entity was internally valued at $5.5 million on a pre-listing basis and will have a total of 22 million shares on issue and therefore having an implied value of 25 cents per share.

Will the Cooks listing be followed by a rights issue as per Pulse and also indicated for the 3rd listing hinted at?

Tasman Capital
06-07-2008, 08:02 AM
Steve - yes - a rights issue is planned for Cooks after the listing occurs. We said in the letter to shareholders dated 28 January 2008 that the price of the Cooks' rights issue will be determined after the listing and that it would not be on a pro-rata basis but would have a simple $5000 maximum per shareholder.

mibo
12-08-2008, 12:56 PM
...Cooks Food Group Limited Listing
The amalgamation of the three food companies is almost complete and we expect to list the combined entity in about one month. The three companies are Murdoch Foods Limited, Sahara Foods Limited and Cotterill & Rouse Limited...

Hi, is there any update on the listing date yet? :)

Tasman Capital
12-08-2008, 02:00 PM
Hi Mibo - we now have an expected listing date that we are working to of 8 September 2008.

Tasman Capital
08-09-2008, 08:02 AM
Hello Tasman Capital shareholders - there have been some further delays in the Cooks listing but we are now pretty close and I would expect it to occur before the end of September. I'll keep you posted.

Tasman Capital
09-10-2008, 10:10 AM
Just by way of shareholder update:

The Tasman Capital annual report pack was sent out yesterday - included in the pack is a news alert informing shareholders that we have agreed to facilitate the listing of another company - WSD - an international broking house - it is a good company to list even in these troubled economic times because it does more business and makes more profit when markets are at their most volatile. Here are some of the details in the news alert:

"WSD is an international broking house specialising in foreign exchange, precious metals, futures and options. WSD is headquartered, registered and regulated in New Zealand and also has branches in Bangkok, Dubai, Johannesburg, Los Angeles, Mumbai and Nairobi. WSD is an NZX Futures and Options participant firm, is a member of the New Zealand Financial Markets Association, is registered as a derivatives dealer with the Securities and Exchange Commission in the USA, is licensed by the Dubai Gold and Commodities Exchange and is the only non-bank institution to be accorded a derivatives dealer license in Thailand. You can find out more about WSD at www.wsd-nz.com. We are very excited by this company’s prospects and believe it is an excellent candidate for listing. It will be the only company of its kind listed in New Zealand. We expect to have WSD listed on the NZAX before the end of the year and you will become shareholders in the listing process along with Tasman Capital."

Also, an update on the listing of Cooks, we are very close - I expected it to list this week but it now looks like it will occur next week.

macduffy
09-10-2008, 10:20 AM
Hi TC.

Who are the WSD principals/executives?

Tasman Capital
09-10-2008, 10:36 AM
Macduffy - The CEO of WSD is Riaz Patel, the Chairman is Matthew Robson and the other directors are Richard Worth and myself.

Yossarian
09-10-2008, 11:08 AM
Thanks for the update TC. Good on you for forging ahead despite market conditions.

macduffy
09-10-2008, 11:36 AM
Macduffy - The CEO of WSD is Riaz Patel, the Chairman is Matthew Robson and the other directors are Richard Worth and myself.

Thanks, TC.

I note that Riaz Patel is also involved with IFCL - " Contact - Riaz Patel".

What is the relationship between WSD and IFCL ?

Tasman Capital
09-10-2008, 01:09 PM
Hi Macduffy - there are 2 connections:
1. WSD owns about 17% of IFSCL
2. Riaz Patel is a non-exec director of IFSCL

Tasman Capital
17-10-2008, 08:10 AM
We finally have a listing date for Cooks - Monday 20 October 2008 - shareholders should be receiving a Holding Statement today or tomorrow if you have not already received it - including a voucher for some of Cooks product.
More about your company at www.cooksfoodgroup.co.nz

biker
17-10-2008, 11:48 AM
We finally have a listing date for Cooks - Monday 20 October 2008 - shareholders should be receiving a Holding Statement today or tomorrow if you have not already received it - including a voucher for some of Cooks product.
More about your company at www.cooksfoodgroup.co.nz


Got it yesterday thanks. Interested in trying the products.

Rif-Raf
19-10-2008, 08:03 PM
Well done on Cooks. Let's hope they can do a bit better than Pulse who have been a dissappointment so far.
Tasman is a fascinating little penny investment play - lots of fun.

Yossarian
20-10-2008, 10:54 AM
Indeed.

One comment on this listing - it would be good to see some transparency around valuations and the backdoor listing process as a whole.

e.g. the 'standard' Tasman holder has received 1000 shares out of Cook's market cap of 22m shares. where do these numbers come from? How has Cooks been valued for the purposes of this transaction?

cheers

Rif-Raf
20-10-2008, 12:16 PM
Also it's disappointing that the annual report did not explain a couple of key numbers i.e funds out in the cash flow financing section and the big downward movement in reserves both of which presume is purchase and write down of the PLU.
Apart from the listing/establishment process is the key event in the year the report which should be explaines.

Yossarian
22-10-2008, 11:27 AM
Indeed.

One comment on this listing - it would be good to see some transparency around valuations and the backdoor listing process as a whole.

e.g. the 'standard' Tasman holder has received 1000 shares out of Cook's market cap of 22m shares. where do these numbers come from? How has Cooks been valued for the purposes of this transaction?

cheers

So I read in the paper that the business has been valued at $5.5m, i.e. 25c/share with 22m shares.

How was this valuation arrived at?

And why not send out some basic financials to shareholders?

Tasman Capital
19-11-2008, 10:51 AM
Greetings Tasman Capital shareholders

The WSD listing is going well and will occur in the next couple of weeks. Please note that its name has changed to WSD Global Markets Limited to better reflect what it does.

Yossarian - the valuation for the purposes of the amalgamation of the 3 food companies forming Cooks Food Group was based on their relative revenues. Some basic financial info will be coming out pretty soon and then some more detailed info will come out mid-Dec when the prelim half year results are due. In the case of WSD we will be able to put some financial info to the market on the day that it lists or soon after.

Rif-Raf - I agree the annual report was pretty basic but we did only have one investment at balance date so there was not too much more that could be said about that. Your assumptions about the accounts and PUL are correct. In future years I plan to have an extra section in the annual report reviewing our investments - by year end this year we will have at least 3 and then we will have something to talk about because our investments will start to look more like a portfolio.

Mark1
26-11-2008, 10:53 AM
Did anyone here attend the AGM.

I was hoping to, but could not at the last minute so an update would be welcome.

Rgds Mark1

tobo
31-12-2008, 07:29 PM
Just got update in the mail - that Cooks have agreed to purchase Diamond & DYC businesses off Goodman Fielder, that most of the SPP proceeds will be applied to that purchase, and that the SPP is extended to 17 Jan 08.
:)
Then there is something that I struggle to understand. :confused:
It says a subsidiariary of Cooks will acquire the business. OK so far, assuming it is a 100%-owned subsidiary.
Then it says that shares in the subsidiary will be placed to habitual investors (to further assist with funding the purchase).

This suggests to me that I am buying shares in Cooks; Cooks will end up owning some-unknown percent of the subsidiary that will aquire Diamond/DYC.
Potentially my interest through Cooks will be diluted who-knows-how-much...
So where is the logic in me participating in the Cook's SPP when they are not going to own any particular proportion of the acquisition.

Why do Cooks introduce this double-handling that takes away any ability to quantify my risk/reward? This double-handling causes me to change from "keen to participate in SPP" to "won't do it.. too much unknown quantity"

Can anyone confirm or clarify my interpretation?

ps. could not see a separate Cooks thread, or did I just not find it?
ToBo

kura
01-01-2009, 04:38 PM
Tobo, your reading of the letter seems a fair interpretation to me, I deceided not to participate in the SPP due to the lack of historical numbers, neither does the recent acquisition offer any numbers

(What sort of PE are we paying for acquisition ? What is impact on EPS ? ) Without this basic info, my chequebook will stay untouched.

kiwiwim
03-01-2009, 04:55 PM
Tobo and kura, totally agree with your comments.
I like the principal of a food company and especially in basic lines, like vinegar and pastas.
However they seem not to be interested in further subscription.
The Share purchase plan is for 6.6million shares @24 cents, about $1.5 mil.
The new subsidiary at $12million will certainly require substantial other sources of finances.
The special shareholders meeting to approve this purchase will be at an undated day in January, presume on or after the closing of share purchase plan.
Unless full financial figures are produced and the intended other share holders in the "subsidiary" are unnounced I'll keep my cash in the bank for a better deal!

bohdan
17-01-2009, 11:52 AM
16 January 2009

NZX MARKET ANNOUNCEMENT

COOKS FOOD GROUP LIMITED - CONDITIONAL AGREEMENT TO ACQUIRE DIAMOND AND DYC BRANDS AND
EXTENSION OF SHARE PURCHASE PLAN

Further to the announcement of 15 December 2008 Cooks wishes to update the market with
respect to:

The proposed acquisition of the Diamond and DYC brands from Goodman Fielder New Zealand
Limited (Goodman Fielder); and
A further extension of the Share Purchase Plan dated 18 November 2008.

Diamond and DYC Acquisition

The original acquisition agreement provided for a completion date of 30 January 2009.
Cooks and Goodman Fielder have agreed a variation to the acquisition agreement which
extends the completion date to a date no later than 30 April 2009.

Cooks is using this additional time to secure new equity funding for the acquisition.
Cooks is in discussions with a number of potential investors and will keep the market
informed on progress with these discussions. As set out in the announcement of 15
December 2008, Cooks will be calling a special meeting for shareholders to consider and,
if thought fit, approve the acquisition. A notice of meeting giving full particulars of
the proposed acquisition and its funding will be available in the next few weeks.

Share Purchase Plan

In light of the extended completion date for the acquisition, the Board has resolved to
extend the closing date for the Share Purchase Plan by a further five weeks. The amended
timetable for the plan is now:

Closing Date for SPP: 20 February 2009
Allotment of SPP Shares: 24 February 2009
Expected quotation date: 24 December 2008
Despatch of statement of holdings: 24 December 2008

For and on behalf of the Board

Keith Jackson
Chairman


So the SPP has been extended again. As Tobo posted above, I also was quite keen on this (at face value) until the pesky little details about who owns how much surfaced. I'm somewhat surprised that Joseph hasn't made a comment about this here either...

Mark1
17-02-2009, 02:30 PM
Todays meeting notice and associated notes make no mention of the 'subsidiary' company but implies the acquisition willl be by Cooks. Might need to go to the meeting to find out exactly what is proposed.

M1

p2r
05-03-2009, 07:55 AM
I see WSD, and Tasman and Matt Robson mentioned in Feb investigate mag as the new winebox.
WSD and the Patels linked with money laundering from asia. The cook islands trying to shut down the WSD bank which must not be good.

Yossarian
08-04-2009, 10:07 AM
hmmmm, so I'm guessing the WSD float is off then ??!!!

Any other plans in the pipeline or is Tasman lying low for the time being?

Tasman Capital
08-04-2009, 11:26 AM
Hi Shareholders,

A few matters to update:

1. Yossarian - the WSD Global Markets listing is still on but is on hold while there is still some misinformation out there at present about WSD .

2. The conclusion that p2r came to on the March Investigate article, while perfectly understandable, is a good example of how easy it is to suddenly be "linked" to money laundering. The April issue of Investigate states by way of clarification that it was not accusing WSD Global Markets, its directors and staff of any wrongdoing.

3. bohdan - I am not a director in Cooks so I do not have any more information than you do so cannot comment - but as a shareholder in Cooks I agree with tabo, kuru and kiwiwim that the structure should not be complicated with a sub holding the acquisitions. But my understanding from the Notice of Meeting and the discussion at the EGM was that they were now looking at a structure where Cooks owned 100% of the acquisitions.

4. Yossarian - there are some plans in the pipeline but they are not close - it would be safe to say that 2009 will be a quite year. The Tasman Capital Annual Report will be early this year and will contain more of an update.

Yossarian
08-04-2009, 01:37 PM
thanks for the update.
cheers

Yossarian
17-04-2009, 09:48 AM
so Cooks is selling the lot for $4m? Is that correct? Or was extra cash received for the Sahara brand?

Seems a pretty disappointing result given that it was listed at a value of $5.5m just 6 months ago.

How many shares have traded for Cooks since it was listed? This must be one of the thinnest traded shares ever!

Announcement follows:

NZAX Announcement and Media Statement
17 April 2009
Cooks Food Group Limited (CFG)

Cooks Food Group Limited (Cooks) wishes to advise that it has today reached a binding but
conditional agreement for the sale of Cooks business assets to a leading Australasian
based food group.

The acquiring party is Hutchinsons Limited a subsidiary of Food Holdings Pty Limited.
Hutchinsons Limited is a significant supplier of quality food products to the New Zealand
grocery industry, whose brands include Trident, Ryvita, Lurpak,
Castello, Carrs and Bel Cheeses.

The Chairman of Cooks, Mr Keith Jackson, described the transaction as a positive
development for shareholders. Cooks listed on the NZAX in October 2008 and has planned a
growth strategy based on the acquisition of iconic household brands.

Cooks amalgamated three businesses in its initial portfolio: Cotterill and Rouse, Sahara
and Murdochs. The Sahara and the Olive Grove chilled brands were recently divested, with
that sale effective 30 April 2009.

Cooks earlier announced its agreement to acquire the Diamond and DYC brands from Goodman
Fielder from mid 2009, having successfully tendered for those assets, with the objective
of scaling up its food activities.

The sale to Hutchinsons Limited includes:

- The trading assets and intellectual property rights associated with the existing
ambient brands of Cooks.

- The right to complete the purchase of the Diamond and DYC brands from Goodman Fielder
New Zealand Limited.

It is proposed that Cooks will novate the acquisition agreement for the Diamond and DYC
brands to Hutchinsons and Cooks will receive approximately $4 million as the purchase
price for the trading assets and intellectual property rights associated with
the existing brands of Cooks. The purchase price is proposed to be paid in cash with
approximately half paid on a proposed completion date of mid-May and the balance payable
in July which is subject to adjustment based on business performance for
the year ended 30 June 2009.

The trading activities of Cooks will continue as usual during a transition period of
several weeks. Mr Jackson said the cash nature of the settlement will enable Cooks to
eliminate most of the debt related to its initial acquisitions and recover recent costs
associated with its expansion plan.

“We expect this outcome to be well received by shareholders to whom we shall be
communicating details of a special meeting to be held in May where, by way of special
resolution, they will be asked to approve this transaction” said Mr Jackson

Shareholders will also be asked to approve a further resolution enabling Cooks to offer
those shareholders who participated in the recent share purchase plan the right to have
the shares that they subscribed for under the plan bought back by Cooks at
the effective issue price of 16 cents per share.

The Cooks directors regard this as an expression of good faith to holders of shares
issued under the SPP as they were providing tangible support of a growth step that
another party will now complete. This proposed buy back will be non-mandatory.

Cooks will maintain its NZAX listing as a platform for assessment of potential
opportunities compatible with its initial objectives of owning assets in defensive
segments of the domestic economy.

The sale to Hutchinsons is conditional on a number of matters including Cooks
shareholders approving the proposed sale, a final sale and purchase agreement being
entered into and Goodman Fielder formally agreeing to the novation of the Diamond and DYC
acquisition agreements. The exact dates for these conditions to
be met and for the purchase price payments to be made are yet to be finally agreed. Full
particulars of the proposed transaction will be contained in a notice of meeting which is
anticipated to be released in the next two weeks.

Keith Jackson
Chairman
Cooks Food Group Ltd

Mobile: 021702509
Email: keithj@cooksfoodgroup.com

Snapper
17-04-2009, 12:27 PM
Yes it might be at a reduced price but since I got my shares for free I'm quite happy to take the $$. One of the few wins I've had this year.

Oiler
17-04-2009, 06:11 PM
Yes it might be at a reduced price but since I got my shares for free I'm quite happy to take the $$. One of the few wins I've had this year.

Me to Snapper. Happy to take the dollars for my free shares plus the few extra I bought.

kiwiwim
17-04-2009, 06:50 PM
I do not see any return of cash to shareholders in the announcement posted above.
1- Return of payment for SPP @ issue price - you get your mobey back - you are lucky!
2 - Balance off funds to pay debt and cost in running company and dealing with the Diamond unsucsesful purchase.
3 - Company will stay listed and any remaining funds will be used "for assessment of potentia lopportunities compatible with its initial objectives of owning assets in defensive segments of the domestic economy".
However don't worry you got your shares for free!

Snapper
17-04-2009, 07:06 PM
"Shareholders will also be asked to approve a further resolution enabling Cooks to offer
those shareholders who participated in the recent share purchase plan the right to have
the shares that they subscribed for under the plan bought back by Cooks at
the effective issue price of 16 cents per share.

The Cooks directors regard this as an expression of good faith to holders of shares
issued under the SPP as they were providing tangible support of a growth step that
another party will now complete. This proposed buy back will be non-mandatory. "

Hmm...does this mean that only those shareholders who bought more shares will be offered cash for their shares??

Yossarian
17-04-2009, 09:46 PM
I'm not impressed - I don't see these shares as 'free', rather a type of dividend paid by holding Tasman shares.

I didn't buy any more under the SPP (documentation was sub par which put me off straight away), but didn't buyers under that pay 24c?... so they are only getting back 2/3rds of what they put in?? Whoopee.

Correct me if I've got this wrong.

And what did they receive for the Sahara brand sale? I missed this at the time.

Grimy
19-04-2009, 12:54 PM
Yes it all sounds a bit messy. As mentioned, the shares we are getting in these companies are not free as such, but our distribution for investing in Tasman Capital. However, if the "distribution" ends up worthless, then there has effectively been no distribution.
But remember the investment in Tasman Capital was taken by all (I would assume) as a straight out punt. Play money. So enjoy the game!
Companies starting out through these listings and then not playing fair is however something people can rightly get steamed about.

morv
19-04-2009, 05:01 PM
agree with you

Oiler
19-04-2009, 05:43 PM
Yes it all sounds a bit messy. As mentioned, the shares we are getting in these companies are not free as such, but our distribution for investing in Tasman Capital. However, if the "distribution" ends up worthless, then there has effectively been no distribution.
But remember the investment in Tasman Capital was taken by all (I would assume) as a straight out punt. Play money. So enjoy the game!
Companies starting out through these listings and then not playing fair is however something people can rightly get steamed about.

I totally agree Grimy.........it was a punt with play money. We all knew from day one that there were risks. All is not lost :D

tobo
07-05-2009, 04:03 PM
I do not understand
This is not a straight takeover (where (a) I would choose if I want to sell my shares and then (b) we vote to see if the whole thing proceeds and (c) I might have to compulsorily sell as a result). Is it?

Is this what is happening?
1. the company is selling all of it's assets (including some still in the process of settlement), but the business will continue as the same legal entity it was before, just as a shell ready to do something.
They talk about being left with a "less encumbered balance sheet" so they are talking about remaining in existance.
2. Because the business is so massively changed by this, they are offering a way out for recent new shareholders no longer excited by the changed business (now completely open-ended).
3. Some shareholders could choose to stay and see what comes of the new Cooks Group direction. (Is this right?)
4. Shareholders that obtained their shares by means other than the SPP cannot get out? (Is this right?)

ToBo

tobo
07-05-2009, 04:05 PM
oh,
I am a Tasman holder, though did not purchase any additional

ToBo

Yossarian
08-05-2009, 08:36 AM
I do not understand
This is not a straight takeover (where (a) I would choose if I want to sell my shares and then (b) we vote to see if the whole thing proceeds and (c) I might have to compulsorily sell as a result). Is it?

Is this what is happening?
1. the company is selling all of it's assets (including some still in the process of settlement), but the business will continue as the same legal entity it was before, just as a shell ready to do something.
They talk about being left with a "less encumbered balance sheet" so they are talking about remaining in existance.
2. Because the business is so massively changed by this, they are offering a way out for recent new shareholders no longer excited by the changed business (now completely open-ended).
3. Some shareholders could choose to stay and see what comes of the new Cooks Group direction. (Is this right?)
4. Shareholders that obtained their shares by means other than the SPP cannot get out? (Is this right?)

ToBo

Yes, this is an asset sale, not a takeover, so there is no direct route to exit your shareholding. You are of course free to sell your shares on the open market whenever you like.

So you are right on 1,2,3 but wrong on 4.

"Less encumbered" as in no assets and no liabilities I guess ??!

Yossarian
16-06-2009, 08:46 AM
I'm glad liability is limited...

the 7 month results disclose an "operating loss of
$1,092,300,000 before tax" !!!!!

what have they been doing over there...??!!

PS this is Cooks I'm talking about.

winner69
16-06-2009, 09:59 AM
I'm glad liability is limited...

the 7 month results disclose an "operating loss of
$1,092,300,000 before tax" !!!!!

what have they been doing over there...??!!

PS this is Cooks I'm talking about.

Total loss was $2.5m

Balance
17-06-2009, 08:01 PM
This thread (http://www.sharetrader.co.nz/showthread.php?t=3732) from last year is relevent to your discussion. Two shell companies that were listed last year.
VIS is now MFN - MFS New Zealand Limited a company which as far as I am aware as never been mentioned on ShareTrader before :( and
HSI which is now (drumroll).... HSI Holly Springs Investments Limited :p

If you have $500 to give away either
a) spend it on a nice weekend away with your partner :)
b) write a cheque payable to Paper Tiger and send it to..... :D

Note: all smilies used in this post came from sustainable resources.

Well stated, Tiger!

Grimy
01-08-2009, 08:54 AM
I've received my application form and blurb today, so guess all other shareholders have too?
Who's joining up? Any reason not to?

johndeyell
03-08-2009, 06:11 PM
What letter? I received nothing today. Another listing??

Grimy
03-08-2009, 06:37 PM
An invitation to become a Pulse customer, along with application form (and some spares for family/friends).

minimoke
04-08-2009, 09:11 AM
An invitation to become a Pulse customer, along with application form (and some spares for family/friends).It woudl help Pulse if they could get their annual report out in time - unless they are still trying to get the figures to look right.

minimoke
09-07-2010, 12:02 PM
The talk on the SCF thread got me thinking about taking gambling punts on companies. Tasman Capital appeared to get $500 from Sharetraders with relative ease. Any traders out there who bought? How is your punt working out now?

stanace
09-07-2010, 01:15 PM
The talk on the SCF thread got me thinking about taking gambling punts on companies. Tasman Capital appeared to get $500 from Sharetraders with relative ease. Any traders out there who bought? How is your punt working out now?
Yes its gone without a trace, and they never told us a thing.

lissica
09-07-2010, 03:15 PM
Yes its gone without a trace, and they never told us a thing.

They haven't done what they set out to do, and they haven't communicated with shareholders in a while.

What do you mean gone without a trace?

A quick search on the NZ Companies website shows they are still incorporated and they filed their return last year.

yabster
09-07-2010, 03:35 PM
not to mention free Pulse and cook group shares.

minimoke
09-07-2010, 03:55 PM
not to mention free Pulse and cook group shares.
Tasman have 400,000 shates in PLU. So just how many shares in PLU did punters get. PLU is trading at $0.45 if there were any buyers
Isn't Cooks essentially now a shell company with Tasman being an owner of not very much

stanace
09-07-2010, 04:47 PM
They haven't done what they set out to do, and they haven't communicated with shareholders in a while.

What do you mean gone without a trace?

A quick search on the NZ Companies website shows they are still incorporated and they filed their return last year.

Glad to see they filed a return. What was in it? I contacted them months ago, it is or was no longer TASU but now APX. And APX is long gone.
Now CFG 1000 @ 11c = $110, PLU 125 @ 45c = $56, take away brokerage gets you about $100, 80% loss on $500. Ok its still a trace, but not much bang for your buck.

minimoke
09-07-2010, 04:55 PM
Now theres a coincidence. 1000 CFG sold today after months of inactivity!

stanace
09-07-2010, 05:04 PM
Now theres a coincidence. 1000 CFG sold today after months of inactivity!

It wasn't me, mine are still in the bottom drawer, along with Fortex, LOL

minimoke
09-07-2010, 05:29 PM
It wasn't me, mine are still in the bottom drawer, along with Fortex, LOL
Its a bit spooky. I post on an illiquid stock and what happens - hey presto instant activity. Lets see if PLU moves now. (And why would anyone spend $110 plus brokerage on CFG?. Its a strange world we live in.

lissica
10-07-2010, 12:01 AM
Glad to see they filed a return. What was in it? I contacted them months ago, it is or was no longer TASU but now APX. And APX is long gone.
Now CFG 1000 @ 11c = $110, PLU 125 @ 45c = $56, take away brokerage gets you about $100, 80% loss on $500. Ok its still a trace, but not much bang for your buck.

Are you saying TASU changed to APX? That doesn't make sense.

As far as I know TASU was never listed. It's about time we heard from the company though. I haven't seen them do anything resembling the two listings per year they promised. In fact, I haven't seen any activity from them in over a year. What is the money being used for?

stanace
10-07-2010, 12:42 AM
Are you saying TASU changed to APX? That doesn't make sense.

As far as I know TASU was never listed. It's about time we heard from the company though. I haven't seen them do anything resembling the two listings per year they promised. In fact, I haven't seen any activity from them in over a year. What is the money being used for?
That is my understanding, TASU changed to APX. And its gone. If my memory serves me right I spoke to Paul Sargison of Gerry Rea partners, and that is what I was told.

lissica
10-07-2010, 01:11 AM
APX is Austral Pacific when I plug it into the NZX website. I don't think that company has traded for a while.

Lizard
10-07-2010, 09:32 AM
Not sure where this APX red-herring originates from.

Tasman Capital still has a web-site (http://www.tasmancapital.co.nz/tasmanshares.html). You may even be able to sell your shares through them - it appears that a few shareholdings changed hands last October.

The last Annual Report was filed in September 2009 and shareholders should have received it (I'm pretty sure I did). If not, you can download it from the companies office. They were still planning for a float of WSD (http://www.wsd-nz.com/wsdproj1/wsd_new/company_profile.php) to add to the stable - hoping to list by Mar 2010, so may still be on the cards... though has been promised since end of 2008.

They are still shown as shareholders in Cooks Food Group (1,461,712 shares or 5.9%), Pulse Utilities New Zealand Limited (400,000 shares or 1.46%), WSD Global Markets Limited (1,766,900 shares or 1.62%), plus fully owned subsidiary, Tasman Capital Nominees, have a further 967,000 shares in WSD.

Lizard
10-07-2010, 09:41 AM
Based on the last traded prices of PLU (45cps) and CFG (11cps), it is possible to make a case that they represent about 3.6c and 3.2c per Tasman share respectively. Given the Tasman Shares were sold at 10cps and have since distributed PLU and CFG shares directly to holders, this does not look like a complete disaster for shareholders.

Admittedly though, the odds of being able to extract this value from Tasman shares do not look high at this point.

stanace
10-07-2010, 01:11 PM
I can only repeat what the receivers told me. Maybe they got it wrong, but I wrote it down at the time.

lissica
10-07-2010, 08:42 PM
Based on the last traded prices of PLU (45cps) and CFG (11cps), it is possible to make a case that they represent about 3.6c and 3.2c per Tasman share respectively. Given the Tasman Shares were sold at 10cps and have since distributed PLU and CFG shares directly to holders, this does not look like a complete disaster for shareholders.

Admittedly though, the odds of being able to extract this value from Tasman shares do not look high at this point.

Those CFG and PLU shares are so illiquid I could bid them up 50% with the money I have in my piggybank ^_^

As far as i'm aware, TASU are still a registered company. The website is still up and running, I've checked the companies.gov.nz website, and I even had Pulse try to convert us the other day. And I think I have last years annual report somewhere under my bed.

Having said that, I'm a bit disappointed with what they have achieved so far.

COLIN
11-07-2010, 08:15 PM
APX is Austral Pacific when I plug it into the NZX website. I don't think that company has traded for a while.

APX went "belly-up" 2/3 years ago.
Nothing to do with Tasman.
IFT held a block of shares in APX at one time, but sold before the Receivers moved in.

LATER: I have got my hands on a copy of the Tasman 2009 Annual Report. I see they were involved with the attempted float of WSD Global Markets - I recall some adverse press about alleged dodginess around this entity. The name Matt Robson (former Alliance MP) was associated.

Stated equity is $576,000 and total assets $754,000, consisting mainly of investments in Pulse, Cooks Food and WSD; I would imagine that most of this "value" has since evaporated.

The names of the top-20 shareholders don't mean much to me, apart from that of Chris Castle and his Widespread interests. There is also a Paul Crafar, for what its worth to mention that name.

whirly
01-10-2010, 10:52 PM
Interesting...Tasmans report due next week. Their website has been updated and contains news of new possible listings (a peat mine and acai berries) and an update on WSD, CFG and Pulse.

http://www.tasmancapital.co.nz/investments.html

bohdan
11-08-2013, 11:34 AM
Has anyone heard any info from these guys in the past 24 months? The www site is now thoroughly out of date. Looks like the company is still incorporated on the companies register. I'm going to flick some emails into the directors and try and prompt a response. Has anyone else had any information forthcoming from them?

Thanks

Felonius
13-08-2013, 11:24 AM
No I haven't heard from them either.

But have a look at Cooks Food Group (CFG) in which Tasman has a holding. A tie-up with the people who developed the Esquires franchise is proposed.

Lizard
13-08-2013, 12:30 PM
They usually send out their annual report - I'm pretty sure I got one. You can download and read it here if you would like (dated 1 Oct 2012):
http://www.business.govt.nz/companies/app/ui/pages/companies/1918857/documents

Interestingly, you can also download the names and addresses of ALL shareholders - which I had not seen available before. Oh and cheeringly (!) Brent King is now a director. Plus they've issued another 1m shares (20% of capital) at 10cps. 800k of these were options granted in August and converted in December, presumably to the same qualified investors who received the first 200k - Snowdon Peak Investments (Brent King) and Tasman Portfolio Ltd (Joseph van Wijk). Recently restored company "Yee Industries Ltd" has picked up 100k shares which may or may not mean anything.

Felonius
31-08-2020, 04:38 PM
I thought it looked quite clever - more of a "shareholder raising" than a "capital raising". Of course there is a big risk they fail to get any takers, or fail to get them at the right price. Selecting only for "profitable" companies would seem to limit things a bit, even if I do applaud the sentiment.

The pay-off seems to be in terms of free shares issued with each listing. My question would be what value parcel would be issued? Is it correct to assume that they would have to issue a marketable parcel (is that $500 worth?). The example is given of a $20m company, with $200k shares issued to shareholders. Since there would be 5,000,000 shares on issue, proportional allocation would only give each shareholder shares worth 4cents per head share in Tas Cap, or $200 worth for those with the standard 5000 share parcel.

Might be a good return on $500 at the targetted two issues per year, but a little fiddly to hold all those tiny parcels.


Hi Lizard & other shareholders of this exceedingly slow burn.

Here we are 13 years later and your prediction re tiny parcels has come to pass. A perusal of my Transaction Statement from Link shows we now own shares in Cooks Global Foods, Lateral Profiles, Southern Charter, and Tasman Capital.

The Lateral and Southern Charter holdings are effectively worthless.
Try selling Cooks on the NZX - there will be nothing left after brokerage.
I believe an avenue for selling Tasman Capital shares exists through the website. Who do you think might be picking those shares up and at what price ? The absence of transparency is a concern.

In the latest Annual Report (2019) under the heading "Future Outlook" the MD made the following statement : "Tasman is currently working on several projects to assist companies to complete a transaction .... It is Tasman's objective that it's portfolio of investments will grow over time".

$0.00 multiplied by (whatever number you might choose to enter) still = $0.00

Good luck to all holders.

Grimy
31-08-2020, 08:30 PM
I did sell my Cook's holding ages ago. Can't remember what I got for it, but yeah, not much.
Having said that, I've made worse investments!

Felonius
03-09-2020, 09:01 AM
Hi Grimy,
I have just sent you a personal message.
Cheers,
Felonius

Grimy
03-09-2020, 06:20 PM
Hi Felonius,
Have replied by PM.
Regards,
Grimy

thebusinessman
04-09-2020, 09:31 AM
Hi Felonius, Grimy,

Any relevant news for the rest of us?

Warmly,
TheBusinessman

Grimy
04-09-2020, 07:55 PM
There really hasn't been any news on Tasman that I can recall lately.
Other than Lateral offering the chance to purchase more shares.
Which I'm not......

whatsup
04-09-2020, 09:00 PM
There really hasn't been any news on Tasman that I can recall lately.
Other than Lateral offering the chance to purchase more shares.
Which I'm not......

dog of all dogs !!

nztx
04-09-2020, 10:00 PM
For some reason this one & a few others with common similar directorships appear to be on
a small list which have so far managed to mainly avoid. Can't begin to imagine why ;)

Felonius
07-09-2020, 09:33 AM
For some reason this one & a few others with common similar directorships appear to be on
a small list which have so far managed to mainly avoid. Can't begin to imagine why ;)

Well said. I am eager to avoid them too.
For this reason I have decided to extract myself and our 3 children from this (in my opinion) self-serving structure.

For those who are interested, here is the procedure.

We each acquired 5,000 shares in Tasman Capital in the original 2007 capital raising.
We have subsequently acquired largely worthless holdings in Cooks Global, Lateral Profiles and Southern Charter.
ie. 4 shareholders each with investments in 4 entities.

First step was to buy out the kids. Mmm .. I returned $500 to each of them.
I then downloaded and completed Off-Market Transfer Forms from Link Market Services for each of their holdings, so that their shares could be transferred to me. Link has recently confirmed that the transfers have gone through.

I have subsequently offered the combined holdings in the 4 entities to another shareholder in Tasman Capital for free. That will make each of their holdings a little more meaningful and avoids brokerage.

From my point of view this process clears the decks.
It also curtails the predictable flow of cash raisings and new listings which can be anticipated to continue into the future.

I am providing these details to members of Sharetrader lest others may also be wondering how to extract themselves.

Good luck to existing (small) shareholders .

tobo
31-12-2021, 08:44 AM
on 22 October 2021

nztx
31-12-2021, 12:09 PM
March 2021 Audited Financial Statements:

https://app.companiesoffice.govt.nz/companies/app/service/services/documents/9D5B4F1C0B4B723D8400F4BE95338168

Clearly a very impressive report ;)

Shareholders Funds $74 K

NAV 1.054 cps (down from 1.949 cps)

2021 Loss $25 K (2020 Loss $24k)

2021 Operating Revenue NIL (2020 a mere 600 Bucks)


Obviously more than just a name change needed to renew things

if it doesn't make itself extinct before then or run out Loan Sources

to stump up the $16 K or so audit fees each year ;)