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  1. #51
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    Quote Originally Posted by invessi View Post
    News!

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    We are pleased to announce that NZF is in the final stages of negotiation with a new business partner which was a strategy announced late last year. Since then we have looked at a number of options and narrowed these to one party which we believe offers the most effective solution for NZF.
    We are currently involved in the final stages of the due diligence process and as a consequence we must suspend all new originations from NZF HomeLoans until these negotiations and the necessary due diligence is complete.
    This means that we will not be writing any new business for the next few weeks, while this process is being undertaken. All existing loans will continue to be serviced in the usual manner, and for those loans where full solicitor documentation has been completed but have yet to settle, these commitments will be honored.
    We will keep you informed once origination can recommence.
    This is a very exciting step for NZF, and one that will enable us to grow the business to a scale that under existing structures would not have been possible.
    As always, if you have any questions, please give us a ring – otherwise, stand by for further news as it comes to hand.

    To contact Scot Bailey -
    0800 80 40 70 or e-mail at bdm@nzf.co.nz



    As a result of the Unsolicited Electronics Message Act 2007 which came into effect on September 5, 2007, we are required to have your consent to send promotional electronic messages. As you have been receiving information from us in the past, on a regular basis, and have not requested to be removed from our membership database, we infer that you consent to receive similar emails from us in the future. However, if you do not wish to receive future emails from us, please let us know by replying to this message including ‘Unsubscribe’ in the subject line and you will be removed from our database immediately.
    This email was sent by: NZF BDM Team, NZF Money Limited, Level 2, 88 Broadway P O Box 1195, Shortland Street, Auckland. Toll Free: 0800 80 40 70 Fax Free: 0800 379 9080 E-mail: homeloans@nzf.co.nz or bdm@nzf.co.nz
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    This communication contains information that would seem to be of a market sensitive nature - why then was it not simultaneously released to the NZX?

  2. #52
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    Awww, come on, don't be harsh.

    We're all mates inside-ere.

    :-)

  3. #53
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    Clearly NZF is being "invested in" or "taken over". (Why else would you suspend writing new loans during a due diligence).

    Any ideas who the new partner is?

    As an exercise - I compared the latest numbers from Dorchester (DPC) to NZF. NZF is in infinitely better shape and yet in normalised share price terms - NZF is a bargain. NZF is also multiple brands - Mike Pero mortgages is such a dominant brand and NZF owns 50% - yet there is not much market consciousness about the significance of MPM.

    A new equity partner and a restructure would be a great development.
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

  4. #54
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    Yes, they are a bargain, I think "invested in" is the likely scenario, looks like it might be a new line of bank funding for home loans and the finance company arm, once they get the liquidity ratios right for the finance company, expect to see a investment grade S&P rating! And yes, MPM has been underrated by the market, they are profitable and a great distribution chain, distribution is key!!

  5. #55
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    Hi Guys,

    I have been the NZF010s for some time.

    Your comments above are not specific about NZF v NZF010.

    Do you see this as positive for both the shares and bonds, or are there negatives for the bonds? I can't see how, but you seem more up with the play on these than I am.

    Thanks,

    Alan.

  6. #56
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    Quote Originally Posted by Alan3285
    Your comments above are not specific about NZF v NZF010.

    Do you see this as positive for both the shares and bonds, or are there negatives for the bonds? I can't see how, but you seem more up with the play on these than I am.
    It will be positive for both.

    NZF shares are under pressure because of the percieved lack of capital adequacy. The basic businesses are under pressure - but are intact and recovering. (This is a near miraculous track record given what has happened to other businesses in the sector).

    NZF010 are under pressure because people are fearful they will convert to shares because of the point above. These were selling in volume at 75cents per dollar face - insane (low of 50cents or so). The margin has narrowed, recently. I would love mine to convert to shares at 14.5cents per share - the noteholders would end up controlling the company. However, for this reason, I do not believe that they will convert to shares.
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

  7. #57
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    Quote Originally Posted by Enumerate View Post
    Clearly NZF is being "invested in" or "taken over". (Why else would you suspend writing new loans during a due diligence).
    I'm wondering if its actually a takeover. I can't figure out why you would suspend new loans if you are the one doing due diligence. It makes sense if your the one subject to due diligence. I'd have thought that a new investor would be encouraged by a growing loan book. And why would you make this statement to people on your email list and not to the market at large - unless you just want to spin a positive yarn to depositors.

    Perhaps the share price is depressed because they aren't making a profit. Perhaps its because one of their Directors is up on charges. Perhaps its because their Kiwi saver fund is showing negative returns when pretty much every on else is positive: (their diversified plan is down 5.28% when the average is up 6.36%) Perhaps punters see highs of $1.60 and the are now trending consistently down to $0.14 and wondering if the bottom has indeed been reached - especially now there is no Govt Guarantee golden parachute. Perhaps its because the property market is looking pretty rocky at the moment - reduced lending on falling values)

  8. #58
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    Minimoke Prospectous would be Invalid in my opinion If it did not detail possible changes in ownership.
    Possum The Cat

  9. #59
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    Trust Mini to make sure every silver lining has its cloud ...

    BTW the final year loss is due to a write down in intangibles - MPM is not making as much money as it used to. Operations is profitable.

    Huljich and HWM are probably part of the solution rather than part of the problem.

    The punters don't seem keen to sell any - the liquidity over the past year has been minimal. There does not seem to be any evidence for a rush to the door.

    The government guarantee never applied to the ordinary shares.
    Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.

  10. #60
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    Quote Originally Posted by Enumerate View Post
    Trust Mini to make sure every silver lining has its cloud ...
    Apologies for that - I guess I tend to see the cloud when thats self obvious. Distinguishing diminishing storm clouds from a smoke screen is often the challenge.

    BTW the final year loss is due to a write down in intangibles - MPM is not making as much money as it used to. Operations is profitable.
    ?? Finance Div -= $1.7m loss, Home Loans 1.7m profit, Finance $0.18 profit, Consumer finance $0.16m loss, management 1.1m loss. Operations actually made a $818,000 interim loss compared with a $2m profit for the previous period.

    The punters don't seem keen to sell any - the liquidity over the past year has been minimal. There does not seem to be any evidence for a rush to the door.
    There have never been too many punters wanting to buy either. Its a good day if there are more than a couple of buy bids.

    The government guarantee never applied to the ordinary shares.
    Thats a given. But during the guarantee depositors could support the share price knowing they would get their cash back. We only need to look at SCF to see how a company was artificially propped up. All credit to NZF - at least they are standing on their own two feet.

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