For interest, I've just received my allocation from yesterday's placement and I've been allocated 32.7% of my requested shares.
So I guess the placement was > 3 times over-subscribed?
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For interest, I've just received my allocation from yesterday's placement and I've been allocated 32.7% of my requested shares.
So I guess the placement was > 3 times over-subscribed?
Yea its not the greatest, however given their headroom and the need for future funding... they have already expressed their intention to divest either Eastgate and or Stoddard to fund future development cost. Not sure how much I like the idea of restructuring their portfolio to become much more or entirely exposed to Auckland office sector.
Announcement from Westpac this morning, that they've increased their holding in APL from 18,832,528 shares (11.63%) to 41,105,763 shares (15.96%).
http://nzx-prod-s7fsd7f98s.s3-websit...873/330862.pdf
And an update from Salt Funds Management Ltd, increasing their holding from 23,812,330 (14.7%) to 51,341,976 (19.9%).
The release also notes: "In addition Salt were allocated (but not yet settled or allotted) 2,000,000shares under the retail offer, with settlement and allotment expected to occur on 02/10/10. Assuch these are not included in this notice".
http://nzx-prod-s7fsd7f98s.s3-websit...950/330968.pdf
And from ACC, increasing their holding from 13,877,373 (8.57%) to 31,086,689(12.07%).
http://nzx-prod-s7fsd7f98s.s3-websit...949/330967.pdf
Encouraging news, like the fact that the council are anchor tenant in new development. Expect price to firm post issue - disc holder.
So the latest update on substantial shareholders after the initial placement seems to be:
Augusta Capital: 20% *
Salt Funds Management: 20% *
Westpac: 16%
ACC: 12%
* Allotment of additional shares is calculated to maintain a less than 20% shareholding in order to preserve APL’s PIE status.
The Retail Offer closes on 29 Sep with settlement on 2 Oct 20.