Listed Property Trusts

[nelehdine]

APT trading at 126 !! APTGB's at 133 ...

[nelehdine]

Just sold some APT's at 129 ... the same price as I hoovered up 10k APTBG's this morning. Considering the conversion price is 92c I can't quite believe my luck !! Sometimes it feels like taking candy off a baby !!

[nelehdine]

PS : should read 10k APTGB's .... not BG's !!

[nelehdine]

Huge buying going on in KIP and APT ( esp KIP ) ... looks like overseas investors or institutions trying to get more exposure to NZ Office space ... we are still cheap compared to Aust,UK or US ...

[777]

I see one of the KIP directors sold over 50,000 units today at 1.47. He should have waited until this afternoon when he could have got 1.54. One would assume he is not aware of anything that would push the price up today.

[nelehdine]

130 close on APT's ... those institutions that bgt 40m between them at 111 last week won't quite believe their luck !! Got to do my buy the APTGB's at 129 and sell the Ords at 129 again this arvo ... x 5000 ... easiest money I'll ever make !!!

[nelehdine]

136 close for APT's , 154 fpr PFI ... new closing highs for both. APT up almost 25% since early December ... who needs Uranium stocks !! ( me !!! )

[Romer]

Nelehdine said:

Got to do my buy the APTGB's at 129 and sell the Ords at 129 again this arvo ... x 5000 ... easiest money I'll ever make !!!

Would you like to elaborate for us slow pokes???

[8)]

[nelehdine]

The APTGB's convert to Ords on the 30/06/07 ... compulsory conversion to Ords.

The conversion price is 92c ... so for every APTGB you own ( remember the APTGB's are effectively a bond with a $1 face value and 8.50% coupon on that face value ) you get to swap it to APT ords at 92c. So another way of putting it is that for my $1 APTGB I get the following equation.

1 / 0.92 = 1.087

So, I bought 5000 APTGB's at $1.29 , I then sold 5000 APT's which I own at the same $1.29 price.

On the 30th June my 5000 APTGB's will convert to 5,434 Ords and for the cost of the brokerage hey presto I have 434 "free" APT's. At today's price of $1.36 that is $590.

I have done this on a total of 25,000 APTGB's so far so will receive 2,170 free APT's in June ... all risk free !!!! )

[Romer]

Gotcha N, thanks for that. It's along the same lines as my taking up MGP rights recently, but in hindsight I should have kept my original shares as well.