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  1. #46
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    capital raising and sell down at 50c. Looks like existing shareholders are being screwed. That is a massive discount. No SPP or rights issue to avoid dilution. This is a pity.

    I have no position, but am disappointed for retail investors.
    Last edited by noodles; 05-12-2012 at 02:31 PM.

  2. #47
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    I have recently bought some shares after selling my FPA Shares. At the same time I increased my holdings in DIL & BFW. I would have liked to taken part in SPP because it screws existing shareholders with dilution.

  3. #48
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    Quote Originally Posted by noodles View Post
    capital raising and sell down at 50c. Looks like existing shareholders are being screwed. That is a massive discount. No SPP or rights issue to avoid dilution. This is a pity.

    I have no position, but am disappointed for retail investors.
    This is the problem with investing in shares not listed on the main board. There isn't the same protection for small investors. This would never happen if A2 was listed on the NZX already.

    SNOOPY
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  4. #49
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    Quote Originally Posted by Snoopy View Post
    This is the problem with investing in shares not listed on the main board. There isn't the same protection for small investors. This would never happen if A2 was listed on the NZX already.
    You mean how XRO major shareholders sold out and a placement done at $6 when the shareprice was 6.40 with no placement for small shareholders.
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  5. #50
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    The minimum subscription to buy at 50c is $500K . I'm not that rich.

  6. #51
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    Quote Originally Posted by David B View Post
    It's events like this that make me long for the better investing days back in the late 70s early 80s (before the hairdressing taxi driver investor madness took hold) when Sir Pat and Peter Goodman used to undertake equity raising for Goodmans by issuing 1:4 cash issues followed by a 1:5 bonus issue. All shareholders whether small or large were treated on an equal basis and had an equal chance to profit from the equity raising if that was their choice (and maintain their equity position in the company by doing so). If they didn't want to take up their offer they could profit from that too by selling their rights to the cash issue. Everybody benefited equally. Now its Wall Street looking after Wall Street and screw the little shareholder. Has the penny not dropped for these guys that that is one of the reasons why we don't have enough retail investors investing in New Zealand equities, because Main street doesn't trust these guys or have a lot of respect for them?
    Plenty of shares around at 50 cents. Just give your broker a call.

  7. #52
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    Quote Originally Posted by Balance View Post
    Plenty of shares around at 50 cents. Just give your broker a call.

    I just called ASB Securities, and I was told they are only available to institutions.

  8. #53
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    Quote Originally Posted by Everwood View Post
    I just called ASB Securities, and I was told they are only available to institutions.
    Same with direct broking and forsyth barr

  9. #54
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    Did they give you a descent sized allocation of ATM?

  10. #55
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    Quote Originally Posted by SparkyTheClown View Post
    Mmm. You might need to work on your broker relationship so they take you a bit more seriously. Sucks to buy on market and miss out on these kinds of placements.

    I know a lot of people have disdain for broker advice, and that they are self-interested, that their research can't be trusted and that they are happy to use discount online brokerage services instead of pricier broker houses, but this is why I like to have a 20 year relationship with one firm who respects my business.
    If you rang your broker right now, could he purchase some shares for you at 50c? If so, could you please tell me which broking company you use? It will be handy to know in the future. I have only been investing for 5 years.

  11. #56
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    Quote Originally Posted by Everwood View Post
    I just called ASB Securities, and I was told they are only available to institutions.
    No point trying the discount brokers.

    Try UBS, Forsyth Barr, FNZ Capital, Craigs or Macquarie.

    Close off at 12 pm today so you have 5 mins.

  12. #57
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    Quote Originally Posted by David B View Post
    Craigs are only offering them to its wealthy clients (>$2M).
    That's a bit sad for their smaller clients?

  13. #58
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    Quote Originally Posted by belgarion View Post
    The real issues here is the Securities Act which clearly favours the wealthy getting wealthier.
    I don't get it.

    ATM is already listed and at anytime of any trading day, any investor is free to buy or sell ATM shares.

    Why should it be any difference because a few big shareholders are selling down? Especially as the reason for selling down seems reasonable - i.e.. to facilitate relist onto NZX main board?

  14. #59
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    Quote Originally Posted by Balance View Post
    I don't get it.

    ATM is already listed and at anytime of any trading day, any investor is free to buy or sell ATM shares.

    Why should it be any difference because a few big shareholders are selling down? Especially as the reason for selling down seems reasonable - i.e.. to facilitate relist onto NZX main board?
    There is also a capital raising. Not just a sell down. This means dilution for shareholders. This should be brought up at the AGM.

  15. #60
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    Quote Originally Posted by CJ View Post
    You mean how XRO major shareholders sold out and a placement done at $6 when the shareprice was 6.40 with no placement for small shareholders.
    What size was the XRO placement in relation to the capital already on issue? How does that compare with the ATM placement? I know such placements do happen but generally the dilution should not be that bad. I remember when PGW did their initial placement of new shares to Agria, it was at a premium to market price. Mind you PGW does make real money (as does ATM), and XRO does not.

    SNOOPY
    To be free or not to be free. That is the cash-flow question....

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