PGC - Licenced to Bank

[percy]

More on PGC on stuff website this morning,article headed PGC to remain listed for now.

[SCOTTY]

More on PGC on stuff website this morning,article headed PGC to remain listed for now.

http://www.stuff.co.nz/the-press/bus...listed-for-now

[ETC]

An article on stuff yesterday quoted the value of the wealth management and trustee business at 60 to 65 million.

http://www.stuff.co.nz/business/indu...ning-says-Kerr

[percy]

An article on stuff yesterday quoted the value of the wealth management and trustee business at 60 to 65 million.

http://www.stuff.co.nz/business/indu...ning-says-Kerr

Thank you for the link.I saw the article in The Press and thought Vance had it wrong.

[percy]

The NTA of PGC is before the bank. percy approx 50cents.
NBR 60cents.
IRG 56cents.
Lets take IRG figure.We know there is 803.9 mil shares [according to NBR] so 56 times 803.9 is $450.184 mil. We also know slightly less than $200 mil of assets went into the bank,so we can work out there is/are approx $250 mil worth of assets left in PGC.OK adjust the PGW holding,deduct this, that and the other thing does not leave $60 to $65mil.Adjust $50mil ? still $200 mil of assets,or $135 to $140mil more than Mr.Vance thinks.Either he is wrong,or been miss quoted.
Lets wait for SCOTTY to give us the correct answer.!!!!

[SCOTTY]

Hi Percy

I,m sticking with my figures in post 544 except that I did not allow for the "P Note" I think the NTA of PGC after distributing the BSHL holding would be 30c plus. This includes the holding in PGW. At 30cps x 808m = $242mill, less the $27mill "P Note" to BSHL = $215 mill left in PGC. The NTA of PGC will then be at least 27cps.

Cheers

[percy]

Hi Percy

I,m sticking with my figures in post 544 except that I did not allow for the "P Note" I think the NTA of PGC after distributing the BSHL holding would be 30c plus. This includes the holding in PGW. At 30cps x 808m = $242mill, less the $27mill "P Note" to BSHL = $215 mill left in PGC. The NTA of PGC will then be at least 27cps.

Cheers

thanks SCOTTY.
As always I prefer your figures.I note your $215 mil left in PGC is a"little" higher than Mr.Vance's $60 to $65 mil.In fact $150mil higher.Mr.Vance 'must have been miss quoted". Yeah right.!!

[Xerof]

Perhaps Mr Vance inadvertantly quoted the real number, not the speel handed out in Broker presentations?

anything and everything is possible....

By the way, contrary to Balance's assertion that the institutions were scrambling over each other to get a hold of BSH shares no longer coming their way (no volume as far as I can see), could it actually be that institutions don't want a piece of the action, and so the P Note had to be repaid by using funds from acceptance of the "lowball' offer for PGGW?

spin doctors at work?

anything and everything is possible.....

[percy]

Perhaps Mr Vance inadvertantly quoted the real number, not the speel handed out in Broker presentations?

anything and everything is possible....

By the way, contrary to Balance's assertion that the institutions were scrambling over each other to get a hold of BSH shares no longer coming their way (no volume as far as I can see), could it actually be that institutions don't want a piece of the action, and so the P Note had to be repaid by using funds from acceptance of the "lowball' offer for PGGW?

spin doctors at work?

anything and everything is possible.....

I do not believe Mr.Vance's figures.I do beleive that Balance is correct,because the institutions will realise BSH will in a short period of time be included in the NZX 50 Index.I do believe Mr.Vance has been mis quoted.To be out $150mil ? I believe my figures,and I am very pleased to accept SCOTTY'S.What figure do you come up with?

[Xerof]

I await a correction in The Press then....

I have no numbers percy, nor has anyone provided me any information, nor do I have access to broker notes. I just raise some alternatives that might or might not be relevant.

things are never as they seem, thats all, especially when it comes to finance companies at the moment.