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  1. #16
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    seems like it's worth a closer look, but we're all going to have to be very careful over the next couple of years as private equity starts selling out to the public. It's a cycle, and now that interest rates are on the rise the private equity boom will probably start to wane a little, thus having seen companies disapear we're likely to see companies return. Private equity is a good thing in general as it cuts out the fat, uses more efficient capital structures and in general adds value... but questions must be asked when the time comes to flick it off to joe-mom&pop-investor.

    don't think it will offer much chance to make a quick buck on debut though.... *searches for a prospectus*

  2. #17
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    I'm a little sceptical on this one.
    I think AMP are selling at the top , They have the research teams etc.. They are only keeping 20%, why not keep a controlling interest?
    Why would you sell a good earner if in fact it is/gonna be ??
    Summerset is established sure but it's a small boy up against two bigger boy's. Takeover target maybe !!
    We are in the dark at the moment, lets have a good look when all the splurb is out.
    Cheers BB

  3. #18
    Member Yossarian's Avatar
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    takeover target? I think unlikely. Probably Metlife and ryman have already run their rulers over it and decided not at that price!

  4. #19
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    quote:Originally posted by Yossarian

    takeover target? I think unlikely. Probably Metlife and ryman have already run their rulers over it and decided not at that price!

    I agree. If it is a T/O target they wouldnt need to do a IPO. Not at these price.
    This stock shines so bright that it \"Bling Blings\"

  5. #20
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    Quest for gold in golden years

    Two financial giants are going head-to-head for $400 million of investors' cash in two retirement village floats.

    Dutch finance group ING yesterday said it would float its villages in Epsom and Remuera, pitching itself against Australian heavyweight AMP to be first to the market with a share offer.

    The floats will double the number of listed retirement village operators on the NZX. Ryman Healthcare and Metlifecare are the only current listed eldercare specialists, with a combined market capitalisation of $1.7 billion.

    ING wants to raise $100 million from shares in its retirement business which will be called ING Real Living. The float will be managed by Forsyth Barr.

    Last month, AMP NZ Capital Investors said it would float 80 per cent of its Summerset retirement village business, which was established in 1994 and owns a string of villages throughout New Zealand.

    This float is expected to seek about $300 million, and is likely to be the year's largest.

    AMP spokeswoman Jane Anderson could not give any further details on the Summerset float or say when the prospectus would be issued.

    But it is understood AMP is aiming to have Summerset listed by September, and Real Living is scheduled to float in late September or early October.

    ING, which is floating Real Living with Symphony Investments, said yesterday it was considering developing a further property in Remuera. The company's float would offer up to $100 million of stapled shares.

    ING and Symphony are already in partnership, jointly controlling the manager of listed ING Property Trust.

    Real Living will be chaired by former Metlifecare chairman Peter Fitzsimmons.

    Ricky Ward of Tyndall Investment Management said the two new floats would provide alternatives for investors who could now only get exposure to the sector from two companies.

    But some investment analysts said the ING float was far too small to attract interest from big institutions.


    ING Real Living

    * Raising $100 million.

    * Villages in Epsom, Remuera.

    * Another village planned.

    Summerset

    *Aiming to raise $350 million.

    * 11 villages, 1600 retirees, 400 staff.


  6. #21
    An Awesome Cool Cat winner69's Avatar
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    Shoeshine in the NBR gave his thoughts about this the other day ..... very interesting

    You can get the independent advisors report when AMP took over Summerset in 2006 off the Companies Office website .... and even though a year or so old Shoeshine says probably hasn't changed much ..... and says that report is a precursor as to what the new IPO might look like.

    One quote from that report was 'a potential list price (in an IPO) for Summerset shares would, in our opinion, inevitably trade at a discount to the PE multiplies currently being achieved by Ryman and Metlifecare' .... and so an IPO wasn't considered a good idea then etc

    So what is AMPs $125M now worth?
    Last edited by winner69; 06-08-2007 at 08:31 PM.

  7. #22
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    From today's herald:

    "On the local scene, AMP Capital pulled its proposed float of rest home operator Summerset in response to the market turmoil. In what would have been only the second IPO of the year, the float was expected to raise around $350 million."
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  8. #23
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    AMP pulls Summerset float
    AMP Capital Investors has cancelled plans to float retirement village business Summerset on the sharemarket, blaming turbulence in global financial markets.

    AMP had planned to sell 80 per cent of Summerset and hoped to raise up to $304 million. However, market testing of an indicative price range of $1.70 to $1.90 a share

    failed to win enough support from share brokers.

    AMP managing director Murray Gribben said this morning the float had been deferred after the NZX50 index fell 1.5 per cent yesterday and the Australian S&P200 dropped 3 per cent, mirroring recent international falls.

    "Summerset is a quality business which AMP Capital Investors is very pleased to own," Mr Gribben said. "We believe that its inherent value exceeds what the market would be prepared to pay in the current volatile conditions. We are not willing to accept a lower price for the asset and are under no pressure to sell."

    Existing shareholders would retain ownership and fund Summerset's development plans. Mr Gribben said AMP could reconsider floating Summerset in the future.

    Yesterday the lead brokers of Summerset's float, First NZ Capital and ABN Amro Rothschild, delayed the book build by 24 hours. They said they were reassessing the pricing of the shares in light of "recent uncertainties in global financial markets." The delay would also allow more time to assess Summerset's ability to elect into the Government's new portfolio investment entities (PIE) tax regime, which comes into effect on October 1.

    AMP bought Summerset for about $125 million in November 2005.

    The promoters of a rival initial public offering by ING and Symphony Investments, of two Auckland retirement villages, are due to start talks with brokers on indicative interest over the next few days. Being managed by Forsyth Barr, the ING and Symphony float is looking to raise about $100 million.
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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    The information you want is not the information you need.
    The information you need is not the information you can obtain.
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  9. #24
    Reincarnated Panthera Snow Leopard's Avatar
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    Smile Seems like only yesterday

    Well it would appear to be back on again and with the current owners keeping a majority stake (insert your take on that here ).

    I am going a wandering for a while so it can happen without me, but you may (or may not) want to [invest/ignore/make some comment] on this.

    regards
    Paper Tiger
    "I was born under a wandering star"
    om mani peme hum

  10. #25
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    Quote Originally Posted by Paper Tiger View Post
    Well it would appear to be back on again and with the current owners keeping a majority stake (insert your take on that here ).

    I am going a wandering for a while so it can happen without me, but you may (or may not) want to [invest/ignore/make some comment] on this.
    is any once getting in on this. NO public pool from the looks of things and haven't seen it come through from ASB (haven't been looking though).

    http://www.sharechat.co.nz/article/d...t-at-1-40.html
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  11. #26
    percy
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    I have asked my broker for a prospectus.This sector has been very kind to me.I hold RYM in NZ and ILF in Aussie.I did hold AVE in Aussie,and did well with MET [NZ]a good while ago. Reirement villages and medical supply businesses will keep doing well with the ageing population.l

  12. #27
    Kanga ru Xerof's Avatar
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    RYM are the rolls royce of this sector, Somerset's model is somewhat inferior. (I can't give you full details, but I was at an institutional presentation for the first attempted float a few years ago, and interest was only luke warm then, and consequently deferred) With the price being set at the lower end of the spectrum this time around, don't expect to stag it, but they will probably get this away OK

    I'd be really interested to hear SAUCE's opinion on this one, as he knows the sector well by all accounts
    Last edited by Xerof; 07-10-2011 at 12:32 PM.

  13. #28
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    my concern is that a PE fund is retaining a 50% stake. PE funds aren't long term holders so that is a huge overhang on the market.

    they are probably maintaining 50% to ensure continuity of ownership required to carry forward tax losses - losses are of large value.
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  14. #29
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    Any consensus on this float now ? Anyone interested, for some reason it doesn't inspire me to buy into it.

  15. #30
    percy
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    Quote Originally Posted by CJ View Post
    my concern is that a PE fund is retaining a 50% stake. PE funds aren't long term holders so that is a huge overhang on the market.

    they are probably maintaining 50% to ensure continuity of ownership required to carry forward tax losses - losses are of large value.
    This was one of the reasons I decided not to take up any.I will hold all my Ryman.

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