CDL & CDI ... Another Great Result
CDI
CDI
05/08/2004
HALFYR
REL: 1149 HRS CDL Investments New Zealand Limited
HALFYR: CDI: HY to 30/06/2004 $4.734m ($3.686m) +28.4% No Div
CDL
CDL
05/08/2004
HALFYR
REL: 1149 HRS CDL Hotels New Zealand Limited
HALFYR: CDL: HY to 30/06/2004 $9.352m ($8.166m) +14.5% No Div
Disc: holds cdl & cdi
Bit of news and healthy crossing of shares today at good price.
CDI: Stonebrook & Prestons Road Development Update
9:06am, 26 Sep 2013 | GENERAL
CDL INVESTMENTS COMPLETES FIRST TWO STAGES OF STONEBROOK AND STARTS WORKS ON PRESTONS ROAD
Residential property developer CDL Investments New Zealand Limited (NZX: CDI) recently achieved two important milestones at its Canterbury subdivisions - the completion of all works as well as the settlement of the majority of sections at Stages 1 and 2 of its Stonebrook subdivision located at Rolleston and the commencement of work at its Prestons Road site.
The result of several years’ planning and extensive work, Stonebrook Stages 1 and 2 comprise 90 sections of a total of over 400 sections across the 42 hectare site.
Stonebrook has been designed to offer a range of section sizes and housing densities which will appeal to a wide range of buyers. Every section also has access to fibre broadband services over Enable’s new network. Details of available sections and pricing can be found at the dedicated website http://www.stonebrook.co.nz/.
CDI Managing Director Mr. B K Chiu said that completion of the first two stages was a significant milestone.
“The demand for Stonebrook has been strong and we are delighted that we have been able to mark the completion of the first two stages of Stonebrook. This has been a major project for us this year and will ensure that CDI betters its 2012 results” he said.
Mr. Chiu noted that Stage 3 has practically been sold out with settlements to occur in 2014 and that Stage 4 was due to be released very shortly.
“The need for high quality sections in Rolleston remains and we are confident that Stage 4 will also sell out in the near future”, he said.
CDI also owns 75 hectares of residential-zoned land located between Mairehau and Prestons Roads, 6.5 kilometres from the Christchurch CBD. It is part of Prestons, a dynamic new residential subdivision located in the north east of Christchurch. Prestons is ideally located to connect to public transport, is close to Christchurch city yet is also adjacent to the recreational area of Bottle Lake Forest.
Prestons is designed to be a sustainable urban village, is 203-hectares in total size and will become a residential precinct for over 2,500 houses and 8,000 residents. It is a joint venture development between Ngāi Tahu Property, CDL Land New Zealand Ltd. and Foodstuffs South Island Ltd.
Mr. Chiu confirmed that CDI had obtained planning consents and earthworks would start by the end of 2013.
“Much like our Stonebrook subdivision, we believe sections at Prestons will strongly appeal to a wide range of buyers seeking high quality residential sections within easy reach of Christchurch” he said.
ENDS
Issued by CDL Investments New Zealand Ltd
Any inquiries please contact:
B K Chiu
Managing Director
CDL Investments New Zealand Ltd
(09) 913 8077
Attachments
Interesting set of circumstances.
I have never quite seen this before.
A member of the the public (Adrian Ho) has acquired enough CDI shares to cross the 10% threshold of CDI ownership.
By NZX definition, this means he is suddenly no longer allowed to be considered a member of the public regarding CDI ownership.
This in turn means CDI's public ownership has dropped below 25%, the minimum limit to allow CDI to continue trading under the NZX rules. Public ownership is now only 23.1%
CDI, as a result has been granted a 12 month waiver from the rule(s), and must report shareholder spread quarterly.
Total shares issued is 276.1 million as at 1-March-2016
23.1% = 63.68 million shares.
25% = 69 million shares.
Amount required to be made public to satisfy the NZX rules is 5.3 million shares.
Looking at the top 20 shareholders, the only entity in reality with sufficient volume to sell to fix this is MCK
Attachment 7950
Questions (kind of rhetorical).
If this doesn't correct over time, will MCK be forced to sell some of it's CDI holding?
Given the poor trading liquidity of the stock, would this cause a significant market overhang?
What happens if Adrian Ho (or other non-public entity, if any, by NZXR definition) scoops up whatever MCK might have to sell, thus continuing the rule breach (but fixes the potential overhang I suppose)?
Does this then mean that MCK can be forced by the NZXR into taking the dividend instead of opting for shares under the DRP scheme timed around the end of May this year?
Could this, in turn, effectively force CDI into not retaining sufficient enough earnings it's Board may have desired?
There are more questions that lead on from these I am sure.
Reference: https://www.nzx.com/companies/CDI/announcements/279703
Thread title needs changing
Prior to 27-Jan-2006 (ie after this thread was born) what is currently
Millennium & Copthorne Hotels New Zealand Limited which has the code MCK
was called
CDL Hotels New Zealand Limited and had the code CDL
This owns about two thirds of the shares in
CDL Investments New Zealand Limited which has the code CDI.
Best Wishes
Paper Tiger
PS: Both CDI & CDL have 'prior history' but that is hopefully not relevant.