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Originally Posted by David B
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.
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Member
Originally Posted by Balance
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.
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Member
Originally Posted by Everwood
I just called ASB Securities, and I was told they are only available to institutions.
Same with direct broking and forsyth barr
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Did they give you a descent sized allocation of ATM?
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Member
Originally Posted by SparkyTheClown
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.
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Originally Posted by Everwood
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.
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Originally Posted by David B
Craigs are only offering them to its wealthy clients (>$2M).
That's a bit sad for their smaller clients?
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Originally Posted by belgarion
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?
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Originally Posted by Balance
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.
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Originally Posted by CJ
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.
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