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26-02-2018, 03:25 PM
#441
Originally Posted by Balance
And similar to Pike River.
Indeed...how curious!
"A series of capital raisings, including a float on the New Zealand and Australian stock exchanges in July 2007, raised the $246 million capital to develop the resource".
Actually, the source for this quote is quite interesting...a construction company talking about the "award winning access tunnel". Hmmmm...
https://www.tunneltalk.com/MacDow-Fe...Pike-River.php
And now, back on topic....
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26-02-2018, 07:35 PM
#442
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26-02-2018, 08:29 PM
#443
Results out tomorrow... let us see some numbers for eff sake
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26-02-2018, 08:55 PM
#444
Originally Posted by hardt
Results out tomorrow... let us see some numbers for eff sake
Normalised NPAT about $49m .... that's if they bother to make an announcement (i reckon unlikely)
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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27-02-2018, 07:47 AM
#445
So how does this gel with the interim liquidator appointment in NZ?
Irish Central Bank moves to prevent 'disorderly failure' of CBL Insurance Europe
Reuters Staff
DUBLIN, Feb 26 (Reuters) - An Irish court has appointed an administrator to CBL Insurance Europe (CBLIE), a wholly owned subsidiary of New Zealand’s CBL Corp Ltd, to avoid the risk of a “disorderly failure”, the Irish Central Bank announced on Monday.
The Irish Central Bank last week ordered CBLIE to cease writing new business with immediate effect and on Monday said that it was in a distressed financial position and had failed to address issues brought up by the bank in recent months.
CBL Insurance Europe, which underwrites construction-related insurance, is registered in Ireland and authorised to write business in Ireland and on a freedom of services basis in Belgium, Denmark, France, Italy, Norway, Romania, Spain, Sweden and Britain. (Reporting by Conor Humphries, editing by Louise Heavens)
Some good news for those who bought insurance off CBL in Europe though :
https://www.insurancetimes.co.uk/zur...426472.article
Last edited by Balance; 27-02-2018 at 08:04 AM.
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27-02-2018, 08:14 AM
#446
Keep an eye on this - looking unlikely that there's any gold left in the muck but who knows?
CBL really needs a proper 'good bank bad bank' restructure if there are any good bits indeed which could be recapitalised.
https://www.fool.com.au/2018/02/26/w...ors-appointed/
Grim reading.
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27-02-2018, 08:28 AM
#447
Assuming they report their result, shouldn't there be the option of trading again, even if the buyers are speculators at penny prices. Or do nzx want to avoid trading so that the last traded price remains over $3 and there is no negative hit on indexes?
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27-02-2018, 08:37 AM
#448
Originally Posted by Balance
Keep an eye on this - looking unlikely that there's any gold left in the muck but who knows?
CBL really needs a proper 'good bank bad bank' restructure if there are any good bits indeed which could be recapitalised.
https://www.fool.com.au/2018/02/26/w...ors-appointed/
Grim reading.
Interesting that a company can be in discussions with a third party (RBNZ since july 2017) and on the grounds of commercial sensitivity not keep the market informed.
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27-02-2018, 08:38 AM
#449
Originally Posted by Scrunch
Assuming they report their result, shouldn't there be the option of trading again, even if the buyers are speculators at penny prices. Or do nzx want to avoid trading so that the last traded price remains over $3 and there is no negative hit on indexes?
Trading should be suspended through the entire process...
Whether they find capital to plug the hole, sell down the business into something manageable or liquidated entirely...
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27-02-2018, 08:40 AM
#450
Originally Posted by minimoke
Interesting that a company can be in discussions with a third party (RBNZ since july 2017) and on the grounds of commercial sensitivity not keep the market informed.
Exactly, that is what irked me about this whole thing... here the market is thinking this thing is chugging along well enough, pretty presentations and tooting about all the big growth opportunities...
For almost 8 months things have been fundamentally wrong, but in no way reflected to the market.
EDIT: first lot of reserve strengthening should have been a red flag
Last edited by hardt; 27-02-2018 at 08:56 AM.
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