NZF Group (NZF and NZF010)

[blackcap]

So does anyone know if the rolled over notes begin trading today or tomorrow? And the new shares.... are they issued immediately? Will be interesting to see if this improves liquidity and at what price they are issued and new shareholders are willing to sell at.

[minimoke]

Looks like the last trade before the numbers are struck was at 5.5c.

Alan.

Interesting how a $381 trade can drop an SP, and consequently the market cap, 8.3%! This final trade had a minor effect on the VWAP - dropping it just $0.0003


I ended up with a VWAP of $0.06366, 95% being $0.06048.

Current market cap = $4.2m

New shares to be issued = 33.339m
Total shares that will be on issue = 110m

[Tony Two Gloves]

Concur Mini it looks like approx 0.06 will be the price. I think this has been a good result for the company and the major shareholders who will still maintain a majority of approximately 55%. Would be interested to see what other members did? I'll go first......

I converted to shares as I think the bond price will be savaged more than the share price and the interest rate offered relative to risk was disgraceful. The downgrading was the last straw for me and I think exiting asap is the right move. I will be looking to sell out as soon as possible, just hope there are some buyers around current levels 0.06 would be nice but I don't hold out much hope.......

[Enumerate]

I converted to shares. I too think the bond price will be savaged - I will be looking for signs that the business has a clear growth strategy and will be looking to participate, long term, if I see that they have a clear vision of what they want to achieve and have the appropriate means to achieving it. Understanding the scope and intent of this new "partner" is key ... I will be reading the tea leaves carefully when these details emerge.

[blackcap]

I too think the bond price will be savaged but will be looking to buy these once I see that the company looks "safe". Will be looking at between 25-50 cents for $1 face.

[blackcap]

Hard luck TTG... looks like the shares are offered at 4.5 cents for plenty. This means that the bonds are going to be very very heavily discounted as well. maybe even 10-20 cents but that will depend on the going concern assumptions for the company as well.... hard times ahead methinks

[Tony Two Gloves]

Bugger! I agree Blackcap, best buyer is now at 0.01 so what will this do the bond price - maybe that death spiral is starting to unfold?? Looks like i'm going to need another plan, in reality Debentures would have been a better bet than these bonds......

[minimoke]

New shares to be issued = 33.339m

I wasn't too far out: 33,290,954 actual new shares to be issued

Edit Didn't realise there were 20,050,000 notes - thought there were 20m. Also I make 10.1% to be a bit different from NZF. Oh well close enough for the exercise.

[Tony Two Gloves]

I see there major shareholder John Callaghan has just resigned from all directorships in the NZF group.....it's all happening today !!

[minimoke]

Bugger! I agree Blackcap, best buyer is now at 0.01 so what will this do the bond price - maybe that death spiral is starting to unfold?? Looks like i'm going to need another plan, in reality Debentures would have been a better bet than these bonds......

First NZF020 bid is for 5,000 at 100. Someones having a go!