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  1. 17-09-2021, 10:05 PM #1
    nztx
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    Default Fabric property - ipo

    NZX Ticker not yet available

    An interesting float out of Stride (SPG) of an Office Space Portfolio (10 Properties)

    Office Fund Demerger & IPO - as described on SPG NZX filed Documents

    Companies Office - Offer Section with Docs

    https://app.companiesoffice.govt.nz/...32665776389800

    Docs on NZX - SPG Listing:

    http://nzx-prod-s7fsd7f98s.s3-websit...014/354562.pdf

    http://nzx-prod-s7fsd7f98s.s3-websit...973/354550.pdf


    Share distribution to SPG Holders (1 for 4 held)


    Then Institutions / Book Build - Broker Allocations - No Public Pool

    Indicative Price looks around Indicative $1.20 - $1.30 range

    Managed Portfolio

    PIE Structured

    Returns look a little on light side compared with other established similar listings
    without digging to much - as a gut feeling

    Any thoughts ?
    Last edited by nztx; 17-09-2021 at 10:13 PM.
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  2. 17-09-2021, 10:10 PM #2
    Snoopy
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    Quote Originally Posted by nztx View Post
    Returns look a little on light side compared with other established similar listings
    without digging to much - as a gut feeling

    Any thoughts ?
    The Fabric float is a stitch up? ;-) Sorry couldn't resist.....

    SNOOPY
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
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  3. 17-09-2021, 10:21 PM #3
    nztx
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    Quote Originally Posted by Snoopy View Post
    The Fabric float is a stitch up? ;-) Sorry couldn't resist.....

    SNOOPY

    Hahaha .. now I didn't say anything of the sort .. did I ?
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  4. 20-09-2021, 10:59 AM #4
    Soolaimon
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    Are Stride just unloading less profitable office buildings here ??
    Soolaimon
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  5. 20-09-2021, 12:05 PM #5
    Sideshow Bob
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    Quote Originally Posted by Soolaimon View Post
    Are Stride just unloading less profitable office buildings here ??
    Or buildings they struggle to re-lease, as companies look at the whole WFH thing longer term.
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  6. 20-09-2021, 06:34 PM #6
    Benny1
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    Quote Originally Posted by Sideshow Bob View Post
    Or buildings they struggle to re-lease, as companies look at the whole WFH thing longer term.
    No not really...it's just what they do...get a portfolio of properties together put them in a separate entity and float them on the market...
    Much the same as IPL...
    They keep a cornerstone shareholding and management of it through SIML..
    They have another product called Industre they are developing at the moment with listing in the future...
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  7. 20-09-2021, 06:41 PM #7
    Beagle
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    One thing is they are giving people a clear choice here. Do you want to own shares in a company with office buildings as the only asset type owned ? (Not for me). Price appears in line with NTA and cash yield about 4%, which as a PIE so for many people with a 33% tax rate that's 6% gross yield.
    Last edited by Beagle; 20-09-2021 at 06:42 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
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  8. 20-09-2021, 08:17 PM #8
    fungus pudding
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    Quote Originally Posted by Beagle View Post
    One thing is they are giving people a clear choice here. Do you want to own shares in a company with office buildings as the only asset type owned ? (Not for me). Price appears in line with NTA and cash yield about 4%, which as a PIE so for many people with a 33% tax rate that's 6% gross yield.
    Better than that with top rate now 39%
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  9. 20-09-2021, 08:40 PM #9
    Beagle
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    Quote Originally Posted by fungus pudding View Post
    Better than that with top rate now 39%
    I would argue that too much is made of the 39% top rate. Most people earning that kind of money form trusts or companies so their investment income is taxed at a lower rate.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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  10. 20-09-2021, 09:57 PM #10
    Benny1
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    I bought a little under 2.5 k of SPG shares not too long ago as a small foray into Stride, so will end up with just under 500 shares in fabric...which is abit of an annoyance really...
    Am more interested in their Industre product in the future.
    Last edited by Benny1; 20-09-2021 at 09:59 PM.
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