Very sadly, have called quite a few brokers and none of them can offer me to subscribe. Joint managers - FNZ & Goldman Sachs told me the offer is heavily oversubscribed.
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Very sadly, have called quite a few brokers and none of them can offer me to subscribe. Joint managers - FNZ & Goldman Sachs told me the offer is heavily oversubscribed.
I have just spoken with my broker at Craigs,who advised me Craigs received 20% of what they applied for.
Looks as though you had to be with the lead brokers to get a decent allocation.
My broker was very surprised at the price.He expected over $2.50.
He felt MRP disaster meant they wanted it to stag well.
I don't get it... if it is heavily oversubscribed why is the issue price not higher than it is set at?
I would not have thought the purpose of a book build was to get a new share to stag well although it might suit brokers. If it was,farmers were ill advised to sell in. Next intrique will be to see how many will sell out their $300,000 worth allowed by escrow if it does indeed stag well.
Scaled to 30% of original request.
NZ Herald this morning :A large European dairy cooperative has gazumped the Synlait Milk capital raising to emerge with a strategic stake in the Canterbury-based processor before its sharemarket listing on July 23, sources say.......
While Synlait Milk is understood to be happy with the addition, the emergence of a major new participant in the initial public offer (IPO) process has left potential investors high and dry.
And this is why... only 30%
http://www.nzherald.co.nz/business/n...ectid=10896452
http://www.nzherald.co.nz/business/n...ectid=10896452
It will be interesting to see what stake they managed to secure. The article suggests over 5% but you have to wonder if it is worthwhile for them to hold less than 10%.
Having said that, with two other major holders already on the register, they clearly are interested in a minority stake, as a takeover would be impossible.
Gutteed I missed out as with the low IPO price and the high level of scaling (heard 20% and NZSilver states 30% above), this is going to go off like a frog in a sock. I will wait to see where it settles once the stags have had their fun but I think my exposure to the dairy industry will remain at zero.