Barramundi ( BRM )

[shasta]

Thought i might see you in here Treetops!

Agree, BRM needs some "runs on the board" before seriously looking at, the free warrants would have made it worthwhile to have from the start, but like KFL you will be able to buy the heads cheaper down the track IMO.

Warrants would still offer good exposure, but for now i'm only watching BRM & will be for a while.

Disc: Hold KFL

[ratkin]

Dont know why i bothered

Apparantly i dont have any shares, even though share registry told me friday that i did.
They now say my money will be refunded, when i asked when, she was very vague and said "in a few days"

Disgraceful, it not good enough in my opinion

[Lawso]

quote: posted by me
Posted - 26/10/2006 : 09:14:20 AM
------------------------------------------------------------------------
I'm told the share registry is sending out statements of holdings by today at the latest.

I'm still waiting. Phoned Registry again today. They said the statements were being mailed today!
Pretty slack IMO.

[Scrunch]

I find it interesting that this one has followed a similar listing trend to KIN. By the end of April04 KIN was at 93, with the warrents at 16c creating a total price of 109, against a NTA of 98.

For the first year the combined KIN price stayed above NTA. The scarcely believable peak was in Jan05 when the raw NTA was 126 and diluted NTA was 113. Shares at 122 and warrents at 35 created a combined price of 157 or 24% over NTA.

Since this point NTA has risen significantly but the premium to diluted NTA has disappeared (by one year after listing). It will be interesting to see if the combined BRM value stays above NTA for the next year.

After the first year of KIN having been listed, the novelty appears to have disappeared and the combined value remained under NTA usually in the mid - high 80% area, similar to a lot of listed trusts.

Unlike normal warrents, these ones have a material dilution effect therefore they influence the returns on the head shares. If underlying NTA increases from $1 to $1.30 the warrents are in the money. When exercised the number of shares increased by 50% so the 30c gain is now split among a more shares reducing NTA to 1.20

As they start reporting the diluted NTA and the warrents get closer to expiry I believe that investors become familiar with this effect hence the premium disappearing. So much for the efficient markets hypothesis

Anyway after all the rambling above, if BRM follows the trends of KIN then it might take 6mths+ before the good buying opportunities appear.

[tigger]

I think this whole allocation of shares has been an absolute shambles. No communication from either ASB or Computer Share registry. On phoning ASB again they are now able to tell me that no I did not get shares even tho cheque banked ages ago still waiting for cheque back. I am told the cheques are in the mail. Surely there must be a better system than this - is it ASB that are at fault or are others having problems who went through another party to purchase. Which would indicate that the problem is with the share registry.

[ratkin]

I was told my cheque was sent on tuesday. Im still waiting.

The woman at the share registry was rude last time i phoned.

Last week i was told i had the shares, then that i didnt and the money would be returned to my cash management account.
When it wasnt i rang back and was told they ha sent a cheque.

Last time i bother with this sort of crap

[ratkin]

I dont know who to blame, but i thought i ha a firm allocation from ASB apparantly i didnt. Im leaning towards blaming the share registry for being terribly slow, depriving me of interest and not keeping informed

[mrbunnynz]

I went through ASB and had similar problems. After 4 phone calls to both ASB and Computershare, I have finally got a cheque today with my money back, but I'm pretty pissed that it took so long.
They took the money from my account with a direct debit about two weeks ago and to not even bother to credit it directly back to my account, but instead just return a cheque with no interest or apology seems very poor practice to me

[tigger]

Its interesting that the problems have been with ASB and computer share. I am still curious if any one else has had a problem using another broker. It does put you off doing this process again. Surely there is a better system. I feel that ASB could have sent a letter out to those that missed out on the first allocation and told them that they were now in the public float allocation through computer share. Communciation would be the key to customer service or is that a thing of the past!

[ratkin]

Same mrbunnyman, it eventually arrived today after supposedly being posted on tuesday morning.
I had assumed they would of just transfered money back to cash managment account.

Is it an organised attempt to gain as much interest as possible from us suckers?