WBC - Westpac

[Scrunch]

I have been accumulating WBC shares through the NZX and with NZ$. It looks if I take up my entitlement in the offer then I must buy on the ASX register with AU$. Maybe I have to buy on the NZX for the NZ listing. Anyone else with a similar dilemma?

While I haven't done it, I believe you can shunt shareholding between the nz and oz registers. You will still need to pay AUD for the shares but after shunting them could sell in the NZX with NZD settlement.

[Joshuatree]

FWIW my broker is reccoing not taking up the offer, outlook and margins for the big banks coming under pressure.

[airedale]

Hi Josh, I am reminded of a quote from Jesse livermore "if you buy on Smith,s tip, then you should sell on Smith,s tip.
My Mr Smith has buy tip on WBC . But thanks for your tip.😊

[Jim]

I have been accumulating WBC shares through the NZX and with NZ$. It looks if I take up my entitlement in the offer then I must buy on the ASX register with AU$. Maybe I have to buy on the NZX for the NZ listing. Anyone else with a similar dilemma?

Direct broking will do it for you by BPay if you have an account with them but make sure you have enough funds in your account. I had the same problem last time when AMP offered me to subscribe for extra shares few months ago by BPay

[airedale]

While I haven't done it, I believe you can shunt shareholding between the nz and oz registers. You will still need to pay AUD for the shares but after shunting them could sell in the NZX with NZD settlement.

Looks like your right Scrunch, I rang the SPP help line and using the personalised SPP application form, send that to your broker and he takes the money from your OZ$ trading account.

[airedale]

Further thoughts: Colin Twiggs estimates that the major Australian banks are over on average over valued by 16.5%. Taking Friday's closing SP of Au $26.63 minus 16.5% =Au $ 26.19. That indicates that the SPP price of Au$ 25.32 is at $0.87 discount to fair value.

[macduffy]

Not sure of your maths there, airedale. 16.5% of $26.63 equals $22.23.

[ratkin]

What are the best solutions NZ based traders have found to making AUD BPAY based payments?

Westpac's SSP at A$25.32 looks like paying by BPAY will be the most effective, and also the lowest chance of something going missing - I don't like posting, or even using a courier for large cheques hoping they get there!!

I've recently shifted to banking with HSBC and am considering opening an AUD account with them. I'm however unsure if an AUD account through the multi-currency element of the NZ platform of HSBC will enable BPAY payments. Do I need to go one step further and open a HSBC account through the Australian element of HSBC that would then obviously have BPAY enabled?

Anyone else been through this loop to know what works?

do not know about HSBC but it is very easy with ASB securities, just have to email throug any documents you want paying by bpay and the ASB broker puts it through from your cash management account

[airedale]

You are correct mac. I must change the battery in my slide rule.

[Bobdn]

https://www.smh.com.au/business/comp...20-p53c8o.html

Share price rapidly heading closer to $25.32 AUD. At least people don't have to fret if they miss out on their allocation from the share purchase plan - might end up cheaper buying off market.

This happened with the ANZ capital raise a few years back. I missed on my allocation of shares because I wrote a NZ cheque for what I thought was NZ shares. I think the price on offer was round $29? Can't recall. Next minute, the share price was down to $24. Being a bit slow definitely has its advantages. Sometimes the best course of action is to stand still and do nothing.

I use to feel envious about the smart money getting first dibs on this sort of stuff but not anymore.