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  1. #1871
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    Quote Originally Posted by Scrunch View Post
    You sometimes get extra borrowing held as cash when companies have doubt about the ability to access the headroom in their borrowing facilities. Sometimes companies believe or have been advised their borrowing limit is a sinking lid. You therefore don't pay down debt as you won't be able to redraw. Sometimes you borrow more of the facility and hold it as cash so as to ensure that operationally it remains available. No idea whether this is the case at NZR.
    You've hit the nail on the head I think Scrunch. I was thinking the same thing. In order for them to be able to do their shutdown next year...

  2. #1872
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    From the NZX

    S&P/NZX 50 & S&P/NZX 50 Portfolio Index – Effective at the Open on September 21, 2020
    Action Code Company
    Addition SKO Serko Limited
    Removal NZR The New Zealand Refining Company Limited

  3. #1873
    ShareTrader Legend bull....'s Avatar
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    huge buyer for 6 million shares at half a cent
    one step ahead of the herd

  4. #1874
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    Hopefull at best. Saw that and thought ohhhh the cheek

  5. #1875
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    Hmmmm 8 million shares through on Friday at the close for 61c. That's a biggie

  6. #1876
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    Quote Originally Posted by Sharp737 View Post
    Hmmmm 8 million shares through on Friday at the close for 61c. That's a biggie
    Related to removal from the NZX, as per Waikare's post above I would guess.

    Also talk of a "quarterly rebalance" on other threads, explaining the big volume in some of the large caps on close. (In truth, I don't really know what that is!)
    Last edited by cyclist; 19-09-2020 at 04:29 PM.

  7. #1877
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    hilarious that the oil majors are getting upset that they have to give money to NZR because of the processing agreement , they were not complaining about the cap they put in the agreement for when margins were good lol

    https://www.nzx.com/announcements/360219
    one step ahead of the herd

  8. #1878
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    Have just struggled through this entire thread. Very interesting. Seems to me that the low 60c sp is not due to the oil and gas industry being at death's door. The producers may have to write off some reserves that will never be needed but there will be a role for refineries for decades to come. Marsden Point is at a disadvantage to the asian mega refineries particularly in an oversupply situation but there must be a good chance that overcapacity will be absorbed as things return to normal.
    It's very clear from the thread that this is a cyclical industry. SP at 60c equates to as little as 5 years dividends in average years.
    I think non oil company shareholders would be best off by far by continuing to run the refinery at fee floor until times improve. Which going on past history could be very soon. Continuing to run the refinery would make most sense if capital expenditure is kept to a minimum as value is extracted from it.
    Probably in the oil companies best interests to keep it going too.

  9. #1879
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    I think you can be sure that the refinery will be run in the oil companies' best interests. They are the majority shareholders.

  10. #1880
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    ~42% owned by mobil, z and bp, combined.

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