I took up my allotment but I'm more miffed at the fact that my bank (Kiwibank) charged me $5 for a new Direct Debit authority when Linkmarket Services took the money out.
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I took up my allotment but I'm more miffed at the fact that my bank (Kiwibank) charged me $5 for a new Direct Debit authority when Linkmarket Services took the money out.
I will be joining you today, putting a few shekels in the Heartland kitty, as we 'get one back on the Aussies' by taking over one of their banks. I am actually feeling surprisingly good about it. It is something to do with the share price discounting down to a buck, I think, and the realisation that I am now underwater with my investment in Heartland. So rather than bolstering my investment , it feels more like giving to a charity to help out the poor - in this case me!
I am also feeling a bit of nostalgia, thinking back to the day that when you applied for shares in a cash issue, you actually got a shiny new share certificate in the mail. These days, you just log into your share registry account and see a whole lot of numbers, with one of the entries showing an uptick in shares held, being representative of the cash issue you have just supported. Nice, but it just isn't the same :(.
So I got to thinking. With Jeff having announced his retirement, and this cash issue act being the final piece in the Aussie expansion project, I think we shareholders that are supporting this cash issue deserve a badge. Nothing too flashy mind you, Just something we could pin to the lapel of our jacket. The face of the badge would contain a simple slogan:
" 'On ya Jeff"
Short for: "Good on you Jeff". It would be a fitting send off for the man who stewarded through the process of combining the rag tag of finance companies, building societies and money clubs, into the Heartland bank we know today. And then as we shareholders walked around the town we could give each other a nod and a wink, knowing that we were part of the 'team Heartland' that has "done good."
Of course, I realise that not all shareholders have been happy about the way this capital raising has been carried out in particular, and the way small shareholders are being diluted at a discounted price in favour of the big institutions. So here is where the cleverness of my proposed slogan comes in.
" 'On ya Jeff" could also stand for "It's all on you Jeff". You were the one who discounted our share equity away, while giving that discounted deal to the big boys. So it is your fault: "It is all on you Jeff, you ratbag."
So you see the slogan " 'On ya Jeff" satisfies both camps. Those who are happy with Jeff getting one back for the kiwis taking over an Australian bank. And those that are angry about the financial shenanigans and hoops the small shareholders had to jump through to get there. But in the end, we could all unite together under a single slogan and be happy! What do you think? Anyone game to put this 'badge idea' forward as a special resolution to the board ;)?
SNOOPY
On Ya Jeff could also, decades from now, be slang for epic failure equal to homelessness?
Should be
kei runga koe jeff
One of the sheet shares of the year... anyone wants my allotment?
Or it can be 'oh ya Jeff, fuk U..thanks for destroying the Sp'
Give Jeff his due - he realises he has taken Heartland as far as his skill set, experience and energy level can take the group to.
It takes a big & courageous person with strong inner self-confidence and deep conviction to hand the reins of a company he has largely built to another person.
Another person who he hopes can now take HGH to the next decade of growth and increased profitability. I suspect an Australian will take up that role given that Australia is where HGH sees its best growth potential at this stage.
I have my reservations about any NZ company going over to Australia as far too many good NZ companies went over and got their backsides kicked all the way back to NZ, requiring their NZ shareholders to suffer horrendous losses. Unfortunately the NZ companies without proper appreciations of what they face in Australia (big fish from small pond becomes small fish in big pond) and how rough the Aussie companies play.
There are success stories too for sure - Nufarm, A2M, Serko, Hallensteins, Michael Hill, Xero, Smart Pay to name a few but far too many (Telecom, Air NZ, Warehouse, FBU and SKC - which have lost billions of dollars for shareholders, but of greater concern to HGH, financial players like Tower, BNZ, NZI, Equiticorp, Chase which went over and went broke.
So here’s hoping that HGH has done its homework and assessment well and will have a new CEO who will execute its Australian strategy well while keeping NZ safe and profitable.
Balance, hope you're joking about an Aussie leading the group?? Kiwis end up leading the big aussie banks often enough. Perhaps because kiwi banks are more profitable. Maybe kiwis are just better bankers than the aussies? Chris Flood would be the obvious choice. Looks like a well orchestrated succession plan to me. Chris leading NZ, then leading Aus & now will lead the group.
I dont really see the risk in moving into aussie. They are already there and making truck loads of money. Now they are there with a bank license and will make even more money through great NIM. No doubt they will soon be offering asset finance to completement the reverse mortgages and livestock stuff. This is what they know well and do better than everyone else.
Im not a holder but hope to be around $1 (or under :ohmy:)
Mena ka iti ake te wa mo te Maori me te kanorau me te nui ake o te whakahaere i te pakihi katahi ka pai ake te mahi kararehe. mahi kararehe ****
Only Ralph Norris (ASB to NAB) comes to mind? Shayne Elliot (ANZ) has been out of NZ for the last 30 years after he finished his cadetship at Citibank NZ.
As for HGH making truck loads of money in Australia, how did you quantify that vs its use of capital?
We all want HGH to do well in Australia (be bloody nice for a change) but let's not understate the risks in going there.
Lucky I didn't post this earlier today, when I would have said $1.06 was improbable, and under $1.00 impossible. But surely it must have a floor just now pending the retail entitlement offer closing on Monday?
It doesn't make sense to me to sell at these prices. I have subscribed this week under two hats, including for around 20%+ additional shares if these do become available, as some % inevitably will and perhaps more so since the head shares have drifted so low just now.
Patience is what is needed. In 6 months it will almost certainly look different.
Given the price action after the last raise I will be dissapointed if it stays over a dollar.
Anyone used Judo Bank in Aus, is this what HGH want to turn Challenger Bank into?
Participated and opted for more. That's it. That's the post/reply.
Lot's of passion around Jeff , both positive and negative. When we get our ' 'On ya Jeff' badges, could I make a suggestion? Those who are happy with Jeff's stewardship, please wear them on the right side of your lapel. But if you think Jeff is a share price destroying rogue, wear your badge on your left lapel. That way, when the team shareholder photograph is taken, we can count up the badges on the right side, compare that total to the number of badges on the left side, and get a 'shareholder vote' on Jeff's time at the top. It will be our little shareholder secret of course. Jeff will never know the result. But it will be a good indication of shareholder mood nevertheless.
I have had a really fraught time completing my capital raising application form on line today. I ended up cursing the fintech foibles of a demonstratively inadequate and demonically coded on line application process. Firstly there were not enough boxes in the bank account name field to hold my bank account name. Then there was some kind of problem right at the end when the form seemingly would not accept my e-mail address.
I rang up Link securities, and they told me to 'fudge my name' by writing it in a shortened form. It will be interesting to see if that gets through the bank payment process. Then the problem at the end where I had to check the highlighted box (the asterisk was alongside the e-mail address box which is why I thought it was the problem) was actually an invisible white box on a white background at the bottom of this last page of the application that I could not see! What a numbskull piece of design, which ended up making me go through the application process four times before I got it right!
Late this afternoon I transferred my ' 'On ya Jeff' badge from my right lapel to my left side.......
SNOOPY
Heartland needs fresh blood as an CEO ….whether Kiwi or Aussie
That Chris Flood would be bad choice …he’s been around too long and as such unlikely to change
Fresh blood, fresh views and maybe even a fresh culture
The best companies promote within. Shows long term strategic thinking.
In something of a curious move, ASB has trimmed two key term deposit rates Thursday
why
if loan demand is weak, they don't need to grow that deposit base, so they need to dial back on the incoming household deposits, 53% of which are in the form of term deposits
In February 2024, new mortgage loan demand was 4% lower than the average for a February month over the past decade
https://www.interest.co.nz/personal-...inflation-push
I think $1.06 will be and remain the floor price currently. As at today you can no longer sell on-market and receive proceeds under T+2 settlement before the retail entitlement offer closes, which will take one depressive factor off the table.
My guess is we will see very briefly for a day or two 98 cents.. before it pops back over $1 and then it will never see $1 again. never ever
I don't remember the last cash issue being this fraught. Jeff was all into 'fintech'. But I am calling this whole process out as 'flabtech'. To save you reaching for your business directory to see what that means I have done it for you:
'flabtech': The art of overly complicating a process via automation, such that the result is more confusing, cumbersome and slower than if that same task was carried out entirely manually.
I got an e-mail saying Heartland, via Link securities had received my application and that it would be processed the next banking day. I did not want to know that. What I wanted to know was that my application had been processed, and indeed it would have been processed yesterday if Heartland just given me the bank account number to which I needed to send the cash issue funds in the first place. Yes I would have had to go into a bank branch myself to do this. But it would have been worth this pain to save the anxiety. I checked my bank balance this morning and saw my funds were still in my account. So now I will have to wait for Saturday to know if my funds have really gone through. And if they haven't, because there are no more full banking days before application close off time, it will all be too late.
I am now frankly over this flabtech filibustering. The first bank that reintroduces cheque books, that provide a secure traceable paper trail with which to control the movement of funds with far less bother than the tech of today, I will move all of my business over to them.
SNOOPY
Placement came at a good discount. Those insto managers want to build up the profits to get a good bonus. They can “do” Heartland before retail shareholders even get their rights shares. Why should they have more than Zero commitment to Heartland. All this is for them courtesy of existing shareholders.
Don't see the point to participate....buy at the market now is only 5c cheaper....
One of the sheet shares of the year...
Fuk U Jeff!!!
Worked in the old days when shares were placed with very selected institutions who would not only take the shares & keep them long term, they would also buy more on market as well.
Unfortunately, those days are long gone and the underwriters/brokers these days simply want to earn their fat fees (3%+) by placing the shares to whoever.
I’m happy. Got my full allocation + 100% which increased my holding by 29.2% @ only $1.00ps. :)
Sorry Snoopy but found the online application simple and easy to do.
I don’t think the name is automatically cross-checked to the number. I read that they were working on introducing an automatic verification process to do that as an extra security check! I was flabbergasted as I thought that it would already have been the first security check to do - to make sure the name matched the account number. So perhaps you could have typed Donald Trump as your name…
That’s the great thing with the share market, no one is forcing anyone to invest. If you don’t like it, don’t take up the new shares. If you don’t like the company, or it changes, then sell out when opportune. It’s not been a secret that they would need to raise money for their Aussie acquisition. I’ve taken up my allocation and are hoping they do well. But there is certainly some risk that they don’t succeed. Plenty of NZ companies have failed in OZ as others have pointed out. Personally I think they have been doing business long enough there to know what they are doing. Time will tell.
This dog will be 50c by next capital raise
So many companies raised n now in sheet...SML, Skc ....
Happy for you Scotty but this is disgraceful. How do Heartland know how much they can scale their 'over and above entitlement' application pool by (for in your case no scaling at all), when the application time period has not yet closed and they don't know how many applications for shares in that 'over and above entitlement' pool they are getting yet? Something highly irregular has happened here. This is moving moving my ' 'On ya Jeff' badge which is already on my left lapel, to 'left of the left lapel' stuff.
SNOOPY
They may know from the take up already about what's available to the 'over and above' pool.
I think you will find that Scotty has interpreted his/her ability to apply for excess entitlement (and pay for it upon application, as you are required to do) as being an actual allotment, which of course it is not.
Like the rest of us he/she will be refunded all or part of that application cost in good time after the offer closes and the necessary calculations are done to underpin the true number of shares to be allocated.
AFAIK they can close the offer at any time. Maybe they decided to just allocate to the bulls who got in early and wanted more size?
NVM Snoopy, you can buy on market at $1 and maybe under next week.
I think Ronaldson’s post
https://www.sharetrader.co.nz/showth...=1#post1048828
, will be on the money. If not, then yes….it stinks ! But I doubt it.
The response from Heartland/Link confirms receipt of "your acceptance" of the offer not allocation.
1 taara kei konei tatou
Agree ... share price will likely go below $1 after entitlements are processed. I have applied for 100% over subscription but don't expect to get anything like that amount. Hoping for on market purchase after issue at a sharp price to bolster my stake.
Here's hoping the Australian dream comes to fruition.
Surely if for every 6.85 shares you get 1 share for 1 dollar then total shares on issue you get a finite amount of new shares and ability to get 100% gives 2 new shares per 6.85 shares on issue and if everybody takes up entitlement plus 100% then underighters get none left over
That's not how I read it. The 1:6.85 entitlement covers the whole $105m being raised from existing shareholders. If you bid for more shares than that, then your bonus shares requested will come from the pool of shares allocated to existing shareholders like X-men, who do not take up their rights. If there aren't enough overbids to take the shareholder applied for shares up to $105m, then and only then, will the underwriters come in to soak up the balance for which there are no existing shareholder buyers.
SNOOPY
I am leaving my final decision until Monday. At this stage I will let them go. Shelling out a pile of money for little short term gain isn't worth the bother. I have enough without them anyway.
I think you are too late now. When James Bond applied for some shares yesterday (Thursday), he got the following response from Link/Heartland.
Direct Debit details
"Your bank account 00-0000-0000007-00" will be direct debited by the end of the next business day. Please ensure sufficient funds are available."
The offer ends at 3pm on Monday 22nd April. So by the time you give the instruction on Monday, the money won't come out of your account until Tuesday evening, by which time the offer will have closed. In fact even if you completed your order form today (Friday) that wouldn't be processed until after 5pm on Monday, which is after the 3pm closing deadline. So the cut off date for applications seems to have been the close of business on Thursday, despite the banks crowing about their new digital clearance system that can transfer money between accounts between NZ banks in just a few hours.
Of course if Link/Heartand gave you the number of the bank account into which they wanted your cash issue money deposited to, then you could do it yourself on Monday. But Link/Heartland have not given you that.
SNOOPY
P.S. Just checked my own account tonight (Friday) after filling out my application form on line on Thursday. The money has been taken.
Offer closes 5pm nzt Monday. I’m sure if they get the paperwork they will stay late to run the direct debits.
SP so close to $1 now I reckon why bother as well. Now highly likely it will go under $1. Just my opinion, often am wrong
Rawz you are correct and I was wrong. The closing time for cash issue applications is indeed 5pm on Monday 22nd April. The 3pm figure that I had remembered from the document is the local closing time in Australia. (AEST). I guess they are currently two hours behind us on the East Coast?
I see on page 8 of the offer document under note 1
"Heartland reserves the right to amend the timetables (including by extending the closing dates for the Offer or accepting late Applications, either generally or in particular cases) subject to the NZX Listing Rules."
So they may indeed stay late to work through those direct debits if they get the paperwork. But as you said it does depend on them getting the paperwork. But the receipt form I received said the paperwork would not be processed until the close of business on the following day (which from personal experience is what happened to me). That means Tuesday if you put your form in on Monday. This suggests to me that e-forms filled out on Monday will not 'get through' until Tuesday and won't be processed.
SNOOPY
The closing time for applications is 5pm Monday.
If anyone has an application with them by then - even sent electronically at the speed of light a nanosecond before 5pm - they’re in.
Doesn’t matter when it’s processed. They can take as long as they like -within the published dates - but the application was in, on time.
Snoopy you got a receipt on application. Doesn't matter that they processed it the next day.
One day, well into Jeff’s long and illustrious career, a journalist asked the banker why he wasn’t driving great Heartland performance like he used to.
“When Heartland was growing profits I was cold and hungry,” said Jeff. “I’m not cold and hungry anymore.”
Let’s call this “The Jeff Greenslade Problem”. How does a person or an organization keep its creative vitality once they have already become successful, already become comfortable?
This, we think, is one of the cardinal problems of any type of successful business that has seen a lot of growth.
Good that Jeff is ‘retiring’ and definitelybtime for new blood and renewed dynamism in Heartland ….from outside the organisation …beca bad move if they take the easy route and ‘promote’ Chris Flood
Think of this another way, W69 - Jeff made a lot of money for shareholders who got in when he helmed the transformation of Marac into Heartland. He is now making way to enable new shareholders to get in at a great price to go for the next ride to transform Heartland into an Australasian bank!
There is the three generation aphorism for family businesses - first generation establishes the business, second generation builds it up, third generation loses it. Hopefully Jeff has not gone through all three stages, and that we are actually still in the first generation. Of course Heartland isn’t a family business, although Marac was an off-shoot from Fletcher’s I think.
I think nothing to do with Fletcher's. Picked up by NZI in the 90s, somewhere along the line became part of Pyne Gould, Geoff and Chris Flood came together there, ie as MARAC.
From Fletcher archives
History
The Manufacturers and Retailers Acceptance Co Ltd was a new company set up by Fletcher Trust & Investment Co Ltd, CAGA (Australia) and Philips Electrical Industries. [1] In 1968 arrangements were made for this company to buy the whole of the issued share capital of Fletcher Holdings' company Pacific Factors Ltd, thus increasing Fletcher Holdings' interest in the company to 38%.[2]
In October 1972 Marac Finance Ltd and its subsidiaries were reorganised into a new holding company, Marac Holdings Ltd. A new wholly-owned merchant bank subsidiary, Marac Corporation Ltd, was also set up. The introduction of a new shareholder, Security Pacific National Bank, also led to a decrease in Fletcher Trust's equity in the company from 38% to 30%. [3]
In 1985 Fletcher Challenge Ltd sold its 60% shareholding to NZI Ltd. [4]
Hey Rawz - I said $1.06 was bottom and it reached $1.03 so I think we split the difference!
Tomorrow or Wednesday we will all know how much excess entitlment has been allocated to those who applied for more. Since shares were well bid today I don't think selling after the retail allotment to take profits will have much effect on the near term price as it is obvious folk are still willing to hoover them up even now.
So roll on settlement of the acquisition of Challenger!
Ive been told Challenger bank has lent some serious coin to local property developers who no one else locally would touch ..... imagine some of the property debt written by Challenger won't be looking that flash at the moment hope heartland is all over this exposure though I'm not sure they have a specific property division
Just received a link market services email acknowledgement of my payment for my entitlement plus 100% also stating shares expected to be allotted on the 26 April .
Correct, and they are available to be traded on the NZX on 26 April but on the ASX only from Monday 29 April.
But the timetable also states that the announcement of the results of the Retail Entitlement Offer will be made on Wednesday 24 April, meaning, I anticipate, that holders who applied for more than their base entitlement will learn then what additional amount/proportion of shares they can expect to be alloted. And in turn that calculation should inform as to the amount of refund of surplus application monies that will be returned to that particular applicant in due course.
Submitted my allocation at 1445 and money went out of account at 2214.
Trading range today $1.09 to $1.04, with VWAP at $1.055 on still quite significant volume, so market flailing away at where to settle after the capital raise.
Tomorrow will tell us more. I wonder if we will get some SPH Notices? Does anyone think it is curious that the only disclosure so far (apart from a couple from Directors) is from Jarden/Harbour indicating they are now sub 5%?
SP dont look too flash ATM - does it .. that's what happens when an outfit displays an ongoing habit of wanting to have it's cake & eat it too - without leaving too much accrued value in the stakeholder's shares ;)
Let's hope the future results are every bit as rosy as the $200m 2 year out dream otherwise the pieces of the cake among the enlarged issued capital may not deliver up the expected smiles on the faces of the boys & girls ;)
I was listening to one of those radio business broadcasts today. The presenter was mentioning seven companies that had announced a change in CEO in the past few weeks. There was Ross Taylor from Fletchers, Umbers from Ryman, Brent from Oceania and in the midst of it all was 'Our Jeff'. The way the spiel was grouped made me sit up and take notice as it didn't put Jeff in very good company. I couldn't help feeling Jeff deserved better than being mentioned with that motley lot, even if the Heartland share price trajectory might suggest otherwise.
I think a lot of the Heartland share price slump is macro environment related, rather than Heartland specific. Unlike those other departing CEOs, Jeff is at least doing what he said he would do. Sure recapitalising Challenger is costing a pile of money. But this was very well signalled at the AGM and nothing has really changed company wise since then. It is just that high interest rates are bringing all spending under scrutiny. It is simply unfashionable to 'spend up big' right now. And whatever company does it gets punished, regardless of the business case behind the spend.
OK Jeff may yet earn comparison with those other departing CEOs, if the provisions cupboard is found bare after he leaves, and he has been found to be massaging some frumpy old loans that should have been cauterized. But right now I am prepared to give Jeff the benefit of the doubt. ' 'On ya Jeff. '
SNOOPY
Jeff was pretty good Snoops but things started going down hill when he started using the adjusting/normalising trick to smooth profits and then went down the ‘legacy issues’ path
Adjusting/normalising to make profits look good ….legacy issues were stuff ups he didn’t get around to fixing.
Echos of Ross Taylor at Fletchers eh
Might look back to remind myself what happened to GE when the master of profit smoothing Jack Welch left and they reverted to proper reporting.
Got to get through year ending June 24 first …no doubt a few/lot more ‘one offs’ will be forthcoming
And F25 will disappoint as Challenger integration will be much more difficult than first thought
Actual Reported NPAT in F22 was &95.1 and then $95.9 in F23 and Jeff says about $95m this year F24 but I betcha it will be <$90m and F25 won’t be nuch better and that’s before any big clean out you suggested might happen.
Pretty gloomy outlet eh
But keep on reporting normaised /adjusted npat we’ll be OK and share price will creep up
No announcement yet re the outcome of the retail component of the capital raise. The Timetable accompanying the documentation scheduled that for today so Link/HGH are cutting it fine.
HGH
24/04/2024 16:12
OFFER
PRICE SENSITIVE
REL: 1612 HRS Heartland Group Holdings Limited
OFFER: HGH: Heartland completes Retail Entitlement Offer (81% take up)
NZX/ASX release
24 April 2024
Heartland completes Retail Entitlement Offer (81% take up) and NZ$210m equity
raise
Heartland Group Holdings Limited (NZX/ASX: HGH) (Heartland) is pleased to
announce that it has successfully completed the retail entitlement offer
component (Retail Entitlement Offer) of its NZ$105 million underwritten 1 for
6.85 pro-rata accelerated non-renounceable entitlement offer (Entitlement
Offer).
Heartland is pleased to confirm it has raised a total of NZ$210 million under
the Placement and Entitlement Offer announced on 8 April 2024. This includes
gross proceeds of approximately NZ$131 million received under the
institutional component of the Entitlement Offer and Placement.
Heartland received strong support from its Eligible Retail Shareholders for
the Retail Entitlement Offer, in line with Heartland's expectations. The
Retail Entitlement Offer raised gross proceeds of approximately NZ$79
million. Heartland's Eligible Retail Shareholders subscribed for
approximately 64 million new fully paid ordinary shares in Heartland (New
Shares) (including approximately $14 million of oversubscriptions).
Eligible Retail Shareholders who took up their entitlements in full and
applied for New Shares in excess of their entitlements received all of the
New Shares for which they applied. The effective take up rate by Eligible
Retail Shareholders was therefore approximately 81%.
The approximately 15 million New Shares not taken up under the Retail
Entitlement Offer have been allocated to the underwriter and/or to
sub-underwriters procured by the underwriter, including institutional
investors who participated in the Placement and wished to purchase more
shares.
The Placement and Entitlement Offer structure utilised by Heartland has met
Heartland's key objectives, including:
1. ensuring all Eligible Retail Shareholders were treated fairly - all
applications for shares by Eligible Retail Shareholders were accepted,
meaning they could maintain their existing percentage shareholding through
the offer; and
2. introducing and encouraging institutional participation (including in
particular by investors in Australia) - institutional demand through the
equity raise exceeded the total NZ$210 million raised.
The New Shares to be issued under the Retail Entitlement Offer are expected
to commence trading on the NZX Main Board on Friday 26 April 2024 and on the
ASX on Monday 29 April 2024 and will rank equally with existing Heartland
shares.
Heartland wishes to thank all existing and new shareholders who participated
in the equity raise for their continued support.
- ENDS -
The person(s) who authorised this announcement:
Jeff Greenslade, Chief Executive Officer
Andrew Dixson, Chief Financial Officer
For further information, please contact:
Nicola Foley
Group Head of Communications
+64 27 345 6809
nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand
Wow not good. Very likely SP goes under $1 now
Not sure why you think that. Even today after the announcement the close price was $1.06 and the VWAP was $1.0684.
I applied, under two hats, for the full entitlement plus about 20% extra in each case, albeit the sums were small, less than $5k in aggregate meaning I will still have less than 30k in all. My conclusion about the roughly $15m shortfall overall is that, firstly, it reflects that many folk do not have surplus monies lying around currently, and secondly and most importantly the share price following the institutional allocation take up was consistently sub $1.10 so not indicative of windfall gain by participating. Add in the risk factor and more retail holders than usual have flagged their involvement away.
Jarden/Harbour can easily absorb the sum involved and rather than flood the market in the near term will hold until the dust has well and truly settled on the transaction. In summary the capital raise was well priced to achieve the desired outcome, and underwriters are paid for a reason, which is certainty.
My thinking is that these cap raises sap demand, and since it wasn’t oversubscribed ALL demand is sapped. So sellers will have to find buyers and I presume it will be at or below $1.
No doubt a few traders in to make a quick 5-7% gain asap. So will look to exit those, thus sell side pressure.
Lastly it was what happened in the past (SP goes to cap raise price). The past is often a good predictor of the future.
I’m just having a guess. I think current levels are very attractive so if I was a holder I wouldn’t be fussed. Basically can take comfort that HGH will one day trade again in the 1.2-1.5x book value range, especially as rates cycle back down.
I assume everyone elses new shares are now issued? SP hanging in there at 1.06 - 1.07 and not a huge amount of volume so far...
I see the current pricing as stable/at a level where it will remain, at least until after the Challenger transaction completes shortly.
The Capital Change Notice has been published, but as a holder I am still awaiting the updated holder statement from Link. Maybe later today or Monday.
The ASX trading in the new issue doesn't commence until Monday. The insto take up seems to have been strong and they have less incentive to take a quick profit at current levels anyway.
My new ones are showing on link site.
Mine too. Oddly, ticked up to 1.07
I've just received my entitlement confirmation from Heartland.
I had to manually alter my holding in Jarden Direct to show the new shares.
Share price under pressure today with ASX trading available for the retail issue. AU$0.95 and NZ$1.03.
Never mind. I believe the Challenger acquisition is scheduled to settle on Wednesday. Lawyers on both sides of the Tasman doubtless burning the midnight oil tonight and tomorrow evening. However it is this will be an unprecedented event for New Zealand. Let's hope it is/turns out to be a red letter day, rather than a red number occasion!
What is book value after this cap raise?