Agreed,but as I pointed out before, ANZ usually sell off what they now consider to be non-core assets, with trade sales.
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Chris Lee also seems to take a swipe at share forums like this one...he's referring to sharechat.co.nz, although that doesn't seem to have a forum attached to it...is sharetrader run by IRG?
(Anyway, I still value the insight I get on sharetrader, but obviously interesting to see his views).
"It runs one of the dreadful internet chat forums, where anonymous idiots mingle with sharemarket traders, debating matters of the market, with or without knowledge, but certainly without constraint."
Lee has his very own forum - only problem is there's just one member, who debates matters of the market, with or without knowledge, and certainly without constraint. Powerhouse anyone?
Not just a matter of retaining the bond lenders though, if, as suggested, ANZ has also funded UDC to the tune of $2b. Unless, of course, ANZ could be persuaded/induced to continue. But that would appear to be contrary to their original intention to quit finance companies and other "fringe" activities.
Exactly.This is the "catch 22 " ANZ have found themselves in.
Quitting UDC has had the reverse effect.ANZ have had to replace the fleeing bond holders.So more money in.No money out.
I can't see HBL agreeing to buying UDC, without some arrangement over the $2 b plus ANZ have had to support UDC borrowings.
How long that support would be required my take someone of Chris Lee's calibre to tell us..lol.
Then on the other hand we could just guess at two years.
Current market cap of HBL is $1158m. One of the biggest issues I foresee is attracting debenture holders from a company that has enjoyed the guarantee from the ANZ Bank with a substantially higher credit rating. We have already witnessed what's happened to debenture holder support in regard to the proposed acquisition by HNA, admittedly they had a proposed credit rating lower than HBL but the decimation of support has been quite dramatic to say the least. Is it prudent banking practice to simply assume HBL can attract new debenture funding of $2b just because its now a bigger N.Z. owned company and if so how can one be reasonably assured a two year transitional timeframe is enough ?
Hopefully he's not referring to Sharetrader, where there is value in informed and uninformed debate and discussion. Anonymity, however thin, creates a collaborative environment for sharing views and ideas, asking questions and getting a variety of answers, and synthesising those or not into ones own decisions.
The value of Sharetrader is evident in its longevity and frequent contributors going back many years and for some time running in parallel to the Sharechat discussion forum which was made defunct. It's not perfect, but then neither is the market, or the brokers, or the advisors, or the media. It's a perspective and a useful one at that. IMHO.
I wonder how many customers Chris (or whomever of his team wrote the article) just offended by calling them idiots for the simple sake of them frequenting an internet chat forum. Unintended consequences lurk beneath ill considered opinion. They should stick to their knitting.
BAA
Totally agree Baa Baa.
I'm amazed he'd use perjorative language about individuals who could be his customers and use sharetrader as a vehicle for checking the "pulse" of their investments.
Besides that, I'm not an idiot - I am a very special cat, since I have opposable thumbs.
The collaboration you talk about in your post is important here - I respect what Chris Lee has to say, but there's a myriad more opinions or discussions on this forum that also adds value. What I choose to accept or discard as advice is up to me.
Perhaps that's the rub for Mr Lee - forums like this could be regarded as competition for brokers, the choice between 'DYOR' or pay someone else to do it for you.
Cats do tend to be solitary creatures - but they also respect the other animals (eg, sheep, tigers, beagles) around them. Long may free animal noises reign.