PGC - Licenced to Bank

[MANDRAKE]

SP dropping even further. Two relatively large off market tranactions today and yesterday. Smart money bailing out due to the PGW deal not progressing well??

[corlemar]

I'm still at a loss as to why the SP is underperforming so badly and portraying so much weakness, in comparison to NZX....even if you take the PGW situation out of play, it surely has a good fundamental business, particularly with "Heartland" on the horizon !

[ETC]

Maybe it has something to do with the potential lawsuit against Perpetual Trusts: http://www.stuff.co.nz/business/indu...pany-investors

I'm annoyed at the fact that Agria have extened their bid for PGW, we now have to wait until the 23rd to get our BSH shares and find out what PGC are going to do with the cash from the sale.

[Newman]

I'm still at a loss as to why the SP is underperforming so badly and portraying so much weakness, in comparison to NZX....even if you take the PGW situation out of play, it surely has a good fundamental business, particularly with "Heartland" on the horizon !

Largely because PGC is not able to give the market an update about the effect of earthquakes on its business after more than 5 weeks of the earthquakes. This is an indication that its CEO and senior managers are propably not as capable as many expected. I would not be surprised if the share price keeps going down because market hates uncertainty.

[corlemar]

Largely because PGC is not able to give the market an update about the effect of earthquakes on its business after more than 5 weeks of the earthquakes. This is an indication that its CEO and senior managers are propably not as capable as many expected. I would not be surprised if the share price keeps going down because market hates uncertainty.

Didn't they announce to market that business unaffected sometime shortly after earthquake....

[corlemar]

Does anyone know what the timeframe is for when shareholders will receive their shares in BSH ? Also, does anyone know what the likely breakdown will be, given current sp of PGC ?

[Balance]

Does anyone know what the timeframe is for when shareholders will receive their shares in BSH ? Also, does anyone know what the likely breakdown will be, given current sp of PGC ?

Distribution of BSHL has nothing to do with sp of PGC.

I work out ratio at round about 1 BSHL share to 3.8 PGC shares.

[corlemar]

thanks balance.....i assume therefore that apportionment will represent circa 70% thereafter reducing pgc say at todays sp to around $0.08c (30%) per share.

[corlemar]

REL: 0912 HRS Pyne Gould Corporation Limited

GENERAL: PGC: Opening Financial Statements

Building Society Holdings Limited and Combined Building Society's
opening financial statements

11 April 2011

Building Society Holdings Limited (BSH) as at 7 January 2011 and Combined
Building Society's opening financial statements as at 5 January 2011 have
been released today, which confirms opening Net Tangible Assets (NTA) of 88c
per share. Further detail is provided in the attached presentation.

BSH's financial year end is 30 June 2011; annual results are expected to be
released in August 2011.

If other financial inst are anything to go by - BSH should be trading way beyond NTA - 2-3 times at least. (caveat: But thats just one measure of many.)

I imagine at present the stock is quite illiquid and probably will continue to be so, until the PGC/PGW situation is resolved.....this may perhaps explain why the price is quite depressed

[percy]

Todays announcement together with timetable should see a bit more interest in PGC.What is positive is that BSH should be included in NZX 50 Index.
belgarion's comment about BSH trading at 2 to 3 times the NTA would appear to be right on the money.Just not sure how long it will take to get there.But for those of us who have patience, the wait should be supplemented by nice dividends.