CBL Insurance IPO

[winner69]

Harbour Asset Management ‘valuing’ CBL at 88 cents for the purpose of valuing their funds.

[Brain]

Harbour Asset Management ‘valuing’ CBL at 88 cents for the purpose of valuing their funds.

Every other punter that reads this thread and the business news has already and quite rightly written off the value of the CBL shares. This Says a lot about Harbour.

[winner69]

Every other punter that reads this thread and the business news has already and quite rightly written off the value of the CBL shares. This Says a lot about Harbour.

There rationale
https://www.harbourasset.co.nz/wp-co...te-1-March.pdf

[Brain]

There rationale
https://www.harbourasset.co.nz/wp-co...te-1-March.pdf

two words come to mind

a) blinkered
b) dishonest

[Balance]

There rationale
https://www.harbourasset.co.nz/wp-co...te-1-March.pdf

Reading through the update, I must be missing or misreading something :

"The investment in CBL has been a relatively small part of our equity funds (not in the top 10 holdings)."

https://www.nzx.com/announcements/312804

According to the last SPH, Harbour owned 16.966m shares in CBL.

Using sp of $3.04 as at 31 Dec 2017, valuation = $51.58m

Their Australasian Equity Fund had $230m, NZ Equity Fund had $140m and other equity related funds (Income & Beta) ahd $110m = $480m in total.

$51.58m on $480m > 10%

Something smells.

[minimoke]

Reading through the update, I must be missing or misreading something :

"The investment in CBL has been a relatively small part of our equity funds (not in the top 10 holdings)."

https://www.nzx.com/announcements/312804

According to the last SPH, Harbour owned 16.966m shares in CBL.

Using sp of $3.04 as at 31 Dec 2017, valuation = $51.58m

Their Australasian Equity Fund had $230m, NZ Equity Fund had $140m and other equity related funds (Income & Beta) ahd $110m = $480m in total.

$51.58m on $480m > 10%

Something smells.

What happens if you use $0.88 as the SP, or even $0.00?

[RGR367]

What happens if you use $0.88 as the SP, or even $0.00?

@0.00? Becoming like unwanted cryto coin, you mean.

[minimoke]

@0.00? Becoming like unwanted cryto coin, you mean.

I thought it went without saying that had CBL utilised blockchain technology they would not be in the position they are in today.

[D. Fender]

Reading through the update, I must be missing or misreading something :

"The investment in CBL has been a relatively small part of our equity funds (not in the top 10 holdings)."

https://www.nzx.com/announcements/312804

According to the last SPH, Harbour owned 16.966m shares in CBL.

Using sp of $3.04 as at 31 Dec 2017, valuation = $51.58m

Their Australasian Equity Fund had $230m, NZ Equity Fund had $140m and other equity related funds (Income & Beta) ahd $110m = $480m in total.

$51.58m on $480m > 10%

Something smells.

I think Harbour actually manages well over $2bn - the retail funds are not the whole story, they manage lots of wholesale money too. But the update they gave is a little vague. Why not just tell clients exactly what percentage of each fund CBL is/was? Of more concern is the fact that they are obviously letting investors buy and sell units in the funds based on their 'estimated' price of 88 cents for CBL. If CBL's equity turns out to be worthless, then investors buying into Harbour's funds are paying too much for each unit. Investors selling units are also receiving too much, to the detriment of investors staying in the fund.

[BlackPeter]

Reading through the update, I must be missing or misreading something :

"The investment in CBL has been a relatively small part of our equity funds (not in the top 10 holdings)."

https://www.nzx.com/announcements/312804

According to the last SPH, Harbour owned 16.966m shares in CBL.

Using sp of $3.04 as at 31 Dec 2017, valuation = $51.58m

Their Australasian Equity Fund had $230m, NZ Equity Fund had $140m and other equity related funds (Income & Beta) ahd $110m = $480m in total.

$51.58m on $480m > 10%

Something smells.

They probably applied already the new valuation