NZF Group (NZF and NZF010)

[Alan3285]

I tried to place an oder to buy NZF010 notes, but was rejected with a message "This instrument is currently in halt and orders are not being accepted".

The notes seem not allowed to trade on NZDX.

I can't see any announcement to that effect on NZX.com.

ASB doesn't show any announcement for NZF010 either.

However, ASB does have a general message up saying that they are, 'experiencing technical difficulties with NZX orders'. Perhaps it is the stock exchange itself that has a problem?

Alan.

[Newman]

I tried placing an order to buy NZF010 notes again and it was delined. This time the feedback message is more informative: "This instrument is currently in Halt and orders are not being accepted. Market will reopen for this security once election process has been completed."

This proved that the Managing Director of NZF lied to the market by saying that noteholders can cash their notes on the NZDX maket. How can you sell your notes if nobody is allowed to buy?

[Alan3285]

I tried placing an order to buy NZF010 notes again and it was delined. This time the feedback message is more informative: "This instrument is currently in Halt and orders are not being accepted. Market will reopen for this security once election process has been completed."

This proved that the Managing Director of NZF lied to the market by saying that noteholders can cash their notes on the NZDX maket. How can you sell your notes if nobody is allowed to buy?

Okay - that's odd.

Am I mistaken that I would expect to see a trading halt announced here?

http://www.nzx.com/markets/NZDX/NZF0...nts?fpage=all&

What is the 'election proces'? Surely they woudn't halt the security for a week or more?

:Confused:


Alan.

[minimoke]

A back of the matchbox assessment would have to rate ALF better - at least they communicated with their shareholders.

Surely NZF would notify the market of the trading halt? Perhaps we should move this conversation to "NZX is a Joke " thread.
Edit: My Direct Broking account will let me process a buy up to the "confirm" button stage. Obviously I don't want to buy so can't test any further

[Enumerate]

NZF010 not tradeable until election

Why was this not announced? This entire exercise is turning out be a shabby manipulation of people to convert to the new notes.

The process is deeply flawed if it is not transparent.

You would expect that the Trustee would be across is ....

[invessi]

"Lied" is a fairly strong word, they may well have had no say in the suspension on trading, the fact is that over the next 5 years, they will be tradeable!

[minimoke]

"Lied" is a fairly strong word, they may well have had no say in the suspension on trading, the fact is that over the next 5 years, they will be tradeable!

"Lied' infers an intent to deceive. If trading was suspended today and there was no mention or hint of this in the various releases from NZF then this isn't something I'd expect from someone honest.

[Tony Two Gloves]

I have read this thread and can't seem to agree with the general positivity around NZF and tend to agree with Mini that they are being a little less than honest. I think the major issue is their management team. John Callaghan who is on sick leave was the driving force there I don't think he has been there for over a year now and from what I hear will not return - no market announcement. Richard Waddel their chairman is also very unwell after suffering a stroke and I wonder how long until he is replaced. He has been replaced on the Finance Direct board already as has Callaghan. Finance Direct lost $160K in their accounts to Septemeber and I believe NZF has been trying to sell their stake for some time as they have a less than acrimonious relationship with the minor shareholder. The Pero business is only just profitable after banks reduced commissions and a stagnant property market makes the model difficult. I would suggest the written down brand value based on earnings has more impairment potential. It seems to me all of their business models are broken and reliant on positive sentiment in the financial markets which there is not, they have a lot of issues to resolve and the question is do they have the team to do it?

[minimoke]

they have a lot of issues to resolve and the question is do they have the team to do it?

Seems the market shares your sentiment. All buyers and sellers in the 010's have dried up. - not a single one on wither side of the trade. So much for holders getting cash by selling. New seller in the heads at 0.09. We know its game on - are these the players lining up their pieces?
Edit - and one less buyer. Seems the market is getting wind of something.

[Tony Two Gloves]

Not sure, the 0.09 seller is only for a 1,000 so I think the real action is a way off. Will be interesting watching what takes place but am sure the major shareholders will have an agenda....