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  1. #2871
    percy
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    Quote Originally Posted by Xerof View Post
    You mean Arbitrage, performed by Arbitraguers

    Mathematically it is defined as follows:
    where and denotes the portfolio value at time t.

    I think the arbitrageurs will be left holding the refunds, and might scurry back into the spot market in a couple of weeks....Hmmmm, I might try and arbitrage them
    Yes well...?????????
    Think I may have to keep selling books to school libraries a little longer!!!!! lol.

  2. #2872
    Senior Member
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    Heartland New Zealand SPP Issue Price Fixed
    20 March 2014
    Heartland New Zealand Limited (“Heartland”) (NZX: HNZ) advises that the price at which shares will be
    issued under its $5,000,000 Share Purchase Plan (“SPP”) has been fixed by the board at $0.8541 per share
    which represents the lesser of:
    (a) a 2.5% discount to the average end of day market price of shares over the 5 day trading period
    from 13 March to 19 March 2014; and
    (b) $0.855 per share (being the price paid by investors in the equity placement, reduced by the
    amount per share of the cash dividend declared by Heartland on 25 February 2014).
    The SPP offer received strong shareholder support with Heartland receiving applications totalling
    $20,475,000 which exceeded the offer maximum of $5,000,000 by $15,475,000 or 309.5%. In accordance
    with the terms and conditions of the SPP, Heartland will scale back all applications on a proportionate
    basis, based on the total amount of application moneys received from all applicants (and any rounding of
    the number of shares to be allotted will be up to the nearest share).
    Shares to be issued under the SPP offer are expected to be allotted on 25 March 2014, with refunds direct
    credited or mailed by cheque to shareholders within 5 business days of the allotment date. No interest will
    be paid on any application monies returned to shareholders.
    - Ends -
    For further information please contact:
    Jeff Greenslade Geoff Ricketts
    Managing Director Chairman
    Heartland New Zealand Limited Heartland New Zealand Limited
    DDI 09 927 9149 DDI 09 377 7503

  3. #2873
    Dilettante
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    Mar 2010
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    Quote Originally Posted by rocketship View Post
    Unsure why they would limit it to a total of $5M though??
    And that's exactly the point rocketship. They did not have to limit the shareholders pool to $5M and as it turned out, limiting the highest allocation to each shareholder to a lousy $ 3,663.
    I am disappointed and hope the message Belgie suggested we sent, has been received and acknowledged by the Board.
    Thanks to the posters on here that suggested the scaling would be very big as it made me increase my application significantly.

  4. #2874
    Guru
    Join Date
    Nov 2013
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    Hopefully they have learnt that next purchase, they dont need to get institutional investors if the amount is small or that (and I am not sure if this is practical), that the institutional placement should be after the SPP. I am sure a few funds would have effectively underwritten it at no fee other than the discount given.

  5. #2875
    Reincarnated Panthera Snow Leopard's Avatar
    Join Date
    Jul 2004
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    Private Universe
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    5,853

    Exclamation Made a little profit for a little effort

    Ok, so the name of the game is not to make a profit as such but to support the company in it's noble quest to allow old people to stay in their own homes instead of them signing up with the likes of MET, RYM & SUM (Wait - hang on a minute - that can not be right ).

    So having applied for the full whack it seems I will get 4,289 new shares and a bonus $11,337 rebate.

    Lost interest @ 3% on the $11k over two weeks is about $13.10 and the total price difference between the $0.8541 and the market price is $68.20 @ $0.87 or $111.09 @ $0.88.

    So overall nearly a worthwhile exercise.

    Best Wishes
    Paper Tiger
    om mani peme hum

  6. #2876
    Guru
    Join Date
    Aug 2012
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    Quote Originally Posted by Paper Tiger View Post
    So having applied for the full whack it seems I will get 4,289 new shares and a bonus $11,337 rebate.

    Lost interest @ 3% on the $11k over two weeks is about $13.10 and the total price difference between the $0.8541 and the market price is $68.20 @ $0.87 or $111.09 @ $0.88.

    So overall nearly a worthwhile exercise.

    Best Wishes
    Paper Tiger
    So all our excess application funds are sitting in the Link bank account..which I imagine is earning some interest (at on call rates) at perhaps 1% pa. Will that be credited to Heartland or Link. Anybody know what happens?

  7. #2877
    Dilettante
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    Quote Originally Posted by Bjauck View Post
    So all our excess application funds are sitting in the Link bank account..which I imagine is earning some interest (at on call rates) at perhaps 1% pa. Will that be credited to Heartland or Link. Anybody know what happens?
    Yes this is something I never understand. I posted my application on a Monday and the money came out of my account on Tuesday. Yet we have to wait a couple of weeks for return of our cash that they don't now want, despite them knowing already exactly how much each of us will/should get back. It could be returned at the press of a button ! I understand why HNZs biggest supporter Percy can't be bothered taking part in the SPP

  8. #2878
    Member
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    Feb 2013
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    The interest would either stay with Link or Link would be paid a fee for service provided.

  9. #2879
    Pirate K1W1G0LD's Avatar
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    Mar 2009
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    Great to see that HNZ is still well positioned and should be for some time to come?!!

  10. #2880
    Member
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    Sep 2009
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    Just logged in and surprised to pick up my SPP scaleback on market at 0.86c considering there was $15m oversubscriptions at 85.5c

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