HGH - Heartland Group Holdings

[Snoopy]

The shares are already "ex-SPP", so the market should have taken a rough approximation of the extra shares to be issued into account. At lest $20m of the $50m worth of the shares will be issued at higher prices (75cps to PGC/PGW) and possibly the underwriter will be paying 65cps as well.

No, no no say it ain't so!

As a PGW shareholder I am feeling doubly shafted at selling the PGG Finance loans to Heartland at book value, then having to buy at 10% stake in Heartland at a big premium to market value.

You guys can speculate all you like about fair value for the Heartland-Not-Bank. PGW Chairman Sir John Anderson told we PGW shareholders that 'fair value' is 'book value' for non-bank financiers these days, if you are lucky. And the more cheap Heartland shares are sold, the lower the overall per share book value for PGW shareholders. Overall I have a schizoid reaction to what is going on.

From an industry observer perspective, we need Heartland to succeed. I wish all shareholders good luck.. You Heartland investors are heros, pushing back from the financial sector collapse to create a base for a new golden dawn of finance funding. This will see the true heartland of New Zealand captaining the economic recovery going forwards.

From a PGW shareholder perspective, I hope Heartland goes down. If that were to happen, PGW could unload $50m in loans for the Heartland receivers to deal with, the contractual defacto fall back position of the debt sales agreement. You existing Heartland shareholders are leeches on the financial fabric of New Zealand, frightening sound businesses to sell their loan books to you, even as you cream the stolen profits. I would like nothing better for today to be seen as a false dawn in the finance sector, with the heavy trampling boot of back banking debt facilities weighing on you before crushing you into the ground. You parasites! I hope you all do your dough.

SNOOPY

[corlemar]

Announcement out on NZX

This may seem a bit of a trivial point.....but the announcment states three big institutional shareholders will be PGC, Impact Capital and ACC. It does acknowledge that PGW will also be a shareholder, also noting the deal between the two entities. Yet I thought in accordance with the perspectus under the SPP both PGC and PGW will take $10m each, assuming this is still the case, are PGC taking more than $10m in HNZ?

[Snoopy]

This may seem a bit of a trivial point.....but the announcment states three big institutional shareholders will be PGC, Impact Capital and ACC. It does acknowledge that PGW will also be a shareholder, also noting the deal between the two entities. Yet I thought in accordance with the perspectus under the SPP both PGC and PGW will take $10m each, assuming this is still the case, are PGC taking more than $10m in HNZ?

Perhaps the 10% subscription from PGW is not a commitment until all the 'i's are dotted and 't's crossed?

SNOOPY

[Xerof]

three big institutional shareholders will be PGC, Impact Capital and ACC

Really? Impact Capital is a $100 company formed in July 2011, specifically for this deal, I would surmise

Lets wait for the SSH notices before we say that it has three 'big' institutional shareholders. I'd put money on it that a lot of these shares end up in one of PGC's downstream entities, possibly that sinkhole for 'good' deals, Torchlight.

[Lizard]

This may seem a bit of a trivial point.....but the announcment states three big institutional shareholders will be PGC, Impact Capital and ACC. It does acknowledge that PGW will also be a shareholder, also noting the deal between the two entities. Yet I thought in accordance with the perspectus under the SPP both PGC and PGW will take $10m each, assuming this is still the case, are PGC taking more than $10m in HNZ?

PGC also had an underwriting commitment of up to $10m - of which it looks like they've ended up providing $6.53m.

[Lizard]

Really? Impact Capital is a $100 company formed in July 2011, specifically for this deal, I would surmise.

I'm kind of hoping that isn't linked to HNZ's liquidity update today where they say that liquidity has fallen due to increased lending activity...

[Xerof]

Liz,

Mogridge states the underwritten shortfall and the committed $10mill are to be funded with 'bank' debt

Shareholders of PGC should ask him to be more specific.......

[Grantas]

SSH Notice - (Harrogate Trustee Ltd)
4:16pm, 31 Aug 2011 | SSH

Disclosure of beginning to have substantial holding
Section 22, Securities Markets Act 1988

To: NZX
And: Heartland NZ Ltd
Date this disclosure made: 31 August 2011

Substantial security holder(s) giving disclosure

Name(s): Harrogate Trustee Ltd
Contact details: Graham Paull
(03) 377 0466
graham@alexanderpaull.co.nz
Date on which substantial security holder(s) began to have substantial holding: 31 August 2011

Summary of substantial holding to which disclosure relates

Class of listed voting securities: Ordinary shares
Summary for: Harrogate Trustee Ltd

For this disclosure,—

(a) total number held in class: 30,281,275
(b) total in class: 388,703,975
(c) total percentage held in class: 7.78%

[Grantas]

SSH (Pyne Gould Corporation Limited)
3:22pm, 31 Aug 2011 | SSH

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both
Sections 23 and 24, Securities Markets Act 1988
Relevant event being disclosed: Change in nature of relevant interest
Date of relevant event: 31 August 2011
To NZX Limited
And Heartland New Zealand Limited
Date this disclosure made: 31 August 2011
Date last disclosure made: N/A
Substantial security holder(s) giving disclosure
Name(s): Pyne Gould Corporation Limited
Contact details: Colin Hair, 027 877 188 colin.hair@pgc.co.nz
Summary of substantial holding to which disclosure relates
Class of listed voting securities: Ordinary Shares
Summary for Pyne Gould Corporation Limited
For this disclosure,—
(a) total number held in class: 23,381,685
(b) total in class: 388,703,975
(c) total percentage held in class: 6.02%

[janner]

Ware Cassius ??..