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  1. #1811
    The Good Banksie's Avatar
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    I guess it is hard to word the offer, without it being seen as investment advice. Hopefully one of the journo's picks this up and spins the appropriate slant on it.

  2. #1812
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    Quote Originally Posted by turmeric View Post
    Max of 10,000 not min though right? So those with small holdings will benefit.
    Yes.

    Minimum holding requirement is 500 per NZX rules (can be force to sell if under that) so that should clearly be covered.

    At current shareprice (86c) if they had set the maximum at 5000 shares, that would be $4,300. That is probably the right level.

    Setting it at 10,000 means those who hold upto $8,600 worth. That can be sold for less than $60 (ASB telephone rate) and even lower if they have an internet broking account.

    They have set the limit now so no point arguing where they should have set it (sorry for bringing up). Overall it is a positive thing and should clean up the bottom part of the register a bit.

    I wonder why they have done it though - they aren't the first company to be targeted and no other company that has been has offered a similar scheme.

    I also wonder since have obviously gone to some cost in doing this, whether they should have done a compulsory sale for those with less than 500 shares at the same time. (that would probably send the wrong message so can see why they didn't but from a practical perspective, is a missed opportunity).

    Disc: Holding (10,000 shares incidentally)
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  3. #1813
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    Possibly Heartland is taking advantage of an opportunity to reduce the number of small shareholders, which no doubt cost the company.

  4. #1814
    percy
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    Will hats off to HNZ,being proactive and doing the right thing to help small shareholders receive full value for their shares.
    Good on you HNZ.

  5. #1815
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    Quote Originally Posted by percy View Post
    Will hats off to HNZ,being proactive and doing the right thing to help small shareholders receive full value for their shares.
    Good on you HNZ.
    I thought full value was way north of 85 cents

    Oh bugger another 100 trees to plant as punishment for being cheeky

  6. #1816
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    Quote Originally Posted by percy View Post
    Will hats off to HNZ,being proactive and doing the right thing to help small shareholders receive full value for their shares.
    Good on you HNZ.
    Suppose they have quite a few small holders on the books from the PGC (wash your mouth out with soap) business where 2000 shares ended up 500 odd of two companies which added together ended up a lot less. Stuck with the Heartland though. Wrote the other one off.

  7. #1817
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    I commend Heartland for doing this. I think they are genuinely trying to protect smaller holders from these vultures. Unfortunately I think it will not work unless they send offers to the postal addresses of the affected shareholders as they are unlikely to be reading NZX announcements. If they were, they wouldn't be considering selling into the offers.
    But furthermore, I think Heartland is the first listed company subjected to these offers, that actually stands up and sends a signal to the vultures that they are not going to get away with it without a fight, something the FMA should be doing with much more vigour.

  8. #1818
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    It will be interesting to see how many accept. I assume they will be sold on-market so it could have an impact on the shareprice. Could be a bit of selling pressure:

    As at June 30, 2012, some 4,747 shareholders owning 4.2 percent of the company held parcels smaller than 10,000 shares, according to Heartland's annual report. At today's price of 86 cents, that's about
    $14.2 million of shares
    , and implies broking fees of some $140,000 at $30 per transaction.

    Head of treasury and strategy Craig Stephen said about 4.6 percent was held in the qualifying parcels.
    Average turnover is under $200k per day.
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  9. #1819
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    Quote Originally Posted by belgarion View Post
    Prelude to a capital raising via a nicely discounted rights issue? Here's hoping...
    Now you have me going around in circles. A share buyback as a prelude to capital raising? Isnt that just taking from peter etc. Dilution v undilution. One way of cleaning up the register I suppose and stopping shares being accumulated cheaply from the uninformed but a lot of paperwork one would have thought.

  10. #1820
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    Quote Originally Posted by majorbarejet View Post
    Now you have me going around in circles. A share buyback as a prelude to capital raising? Isnt that just taking from peter etc. Dilution v undilution. One way of cleaning up the register I suppose and stopping shares being accumulated cheaply from the uninformed but a lot of paperwork one would have thought.
    It is not a share buy back. As Banksie pointed earlier up the thread:
    Quote Originally Posted by Banksie View Post
    HNZ are not buying the shares. Rather they are pooling them and placing them on the market so the shareholder avoids brokerage fees.
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