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Member
so w69, Sovereign is the answer?
makes good sense.---
1.Tower needs a bank alliance after failed forays with ANZ and Nat, decimated general insurance book
2.ASB get Twrs new insurance software
3. standard back office function deduplication, a gpg speciality
maybe 4 ASB could use some cash to appease parent as times are (relatively) hard for poor banks, no visa ipo this year
i think that would turn twr into a buy. what do you think rights will trade at?
Last edited by shawsie; 26-08-2009 at 10:06 AM.
Reason: typo
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That all makes sense, shawsie. If TWR aren't looking at Sovereign then they should be!
Theoretical rights price is 28-29c based on today's cum rights price so far but as for where they might trade........?
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Originally Posted by belgarion
IAG might flick State ... Or even exit NZ completely?
Maybe, but I doubt it.
A lot of Australian companies get a bit vocal about their NZ business when NZ has a downturn. Then they realise that it's a very safe, if unspectacular place to earn steady profits compared to some of the alternative ways of spending their capital.
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I think it might be Jacques Martin ASB are selling off Not Sovereign
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Member
probably no survivors in mgmt of the last foray, with large consequential write offs.
do you have a target in mind? (an Aussie target not a price target)
the 2 plays that would make me sit up and take notice are merge 2 books, keep 1 back office; and public-private-partnership of ACC business.
Last edited by shawsie; 28-08-2009 at 01:29 PM.
Reason: clarification
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Junior Member
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Love headlines like "GPG's Tower fee psrt of 'insidious' practice'[/B] by Jenny Ruth which appears today in the SST
Apparently GPG get $577.750 for making an early commitment to participating in the raising - Goldman Sachs pay it out of their (outrageous) 2% underwriting fee
Even better Bruce Sheppard dscribes it as 'repugnant' - mainly because Tower isn't in any real strive etc and goes on to ask 'is GPG really that hard up? Because it does look rather silly and self-serving'
Jenny's conclusion is she sees this as an a fantastic opportunity for GPG to average down the cost of its Tower stake (didn't it pay $2.30 a share last year) and the $1,34 for the new shares is a lot less than that
With GPG essentially running this outfit who will be the winners out of this raising? Generally not the small shareholders
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On the ASX a buy order for 8 cents
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You didn't count the ones in Aust Belg
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I not received any offer documents yet , should they of arrived by now?
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