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  1. #41
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    https://www.nzx.com/companies/HNZ/announcements/211912

    "Heartland to offer staff an employee share plan
    Heartland is pleased to announce that it is establishing an employee share plan (“Plan”) for employees of Heartland and its subsidiary companies. Directors and senior executives of the
    Heartland Group will not be participants in the Plan.

    The purpose of the Plan is to further the success of Heartland by aligning the interests of the employees in the Plan with those of Heartland’s shareholders, and to encourage participating employees to exercise long-term thinking to contribute to the long-term success of Heartland.
    "

    And here I was naive enough to think the payment of a salary was to reward employees ... before the Company starts giving away money it'd be nice to see a return to shareholders first either by way of an increased share price or dividend.
    Sorta reminiscent of PGC ... as to participate in any future share offering, what does this move tell you about the Company culture.

  2. #42
    Senior Member kizame's Avatar
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    Quote Originally Posted by Grantas View Post
    https://www.nzx.com/companies/HNZ/announcements/211912

    "Heartland to offer staff an employee share plan
    Heartland is pleased to announce that it is establishing an employee share plan (“Plan”) for employees of Heartland and its subsidiary companies. Directors and senior executives of the
    Heartland Group will not be participants in the Plan.

    The purpose of the Plan is to further the success of Heartland by aligning the interests of the employees in the Plan with those of Heartland’s shareholders, and to encourage participating employees to exercise long-term thinking to contribute to the long-term success of Heartland.
    "

    And here I was naive enough to think the payment of a salary was to reward employees ... before the Company starts giving away money it'd be nice to see a return to shareholders first either by way of an increased share price or dividend.
    Sorta reminiscent of PGC ... as to participate in any future share offering, what does this move tell you about the Company culture.
    I think it is a good idea. They are doing the decent thing and purchasing them on market,if I read right,which is way better than issueing new shares in my opinion.

    I am more concerned with Pyne Gould C.

  3. #43
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    Today's release
    GENERAL: HNZ: Heartland New Zealand Share Purchase Plan Opens

    NZX Release
    Heartland New Zealand Share Purchase Plan Opens
    8 August 2011

    Heartland New Zealand Limited ("Heartland") (NZX: HNZ) is pleased to announce
    its $35 million fully underwritten Share Purchase Plan ("SPP") opens today.

    SPP documentation has been dispatched to all persons who held Heartland
    shares at 5pm on 1 August 2011 and had a New Zealand address recorded in the
    share register. A copy of the SPP
    documentation is attached to this announcement.

    The board of Heartland has determined that the pricing under the SPP will be
    a discount of 5% to the average end of day market price of Heartland shares
    over the 5 day trading period from 19 to 25 August 2011 (but in any case no
    higher than 75 cents per share).

    Eligible shareholders can each apply for up to $15,000 in value of new
    shares. Scaling applies if the SPP is oversubscribed.

    Eligible shareholders should complete and return their personalised
    application form together with payment so as to be received by Link Market
    Services Limited by 5pm on 24 August 2011.

    The allotment date of the Heartland shares to be issued under the SPP is
    expected to be 31 August 2011.

    No brokerage or other transaction costs will be payable by shareholders. A
    broker stamping fee of 0.5% of application monies will be payable to NZX
    firms by Heartland on all valid applications bearing a broker stamp that are
    received and accepted by the SPP closing date.

  4. #44
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    This is going to be interesting.

    HNZ shareholders are looking like they might get offered at well below PGC's 75cps and the underwriters 65cps minimum. There is no mention in the booklet of any conditions on the underwriting (e.g. get-out clause triggered by a market fall).

  5. #45
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    Liquidity and funding update out.

    Looks like HNZ has managed to maintain sufficient investor confidence to ensure they are well-positioned for the expiry of the government guarantee. I don't doubt they are keen to keep that confidence (and the confidence of shareholders who will have just received the spp papers at a time when investor confidence is struggling). Personally, I will still be waiting until the FY result is out before signing any cheques, but am cautiously positive.

  6. #46
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    http://www.sharechat.co.nz/article/1...bond-sale.html

    Heartland considers bond sale

    NZPA

    Tuesday 9th August 2011 1 Comment
    Text too small?

    Heartland New Zealand is considering a retail bond sale.

    The financial services firm said that if the proposed acquisition of PGG Wrightson Finance (PWF) proceeds Heartland will become responsible for $92 million of outstanding PWF bonds which mature in October 2011.

    "Heartland has sufficient cash on hand to repay the maturing PWF bonds in full. However, given current demand for corporate bonds and the desire to retain the PWF deposit base, the board is considering a bond issue in the near future as part of a broader wholesale funding strategy," the company said.

    Heartland has mandated Westpac and Bank of New Zealand regarding the potential retail bond issue.

    PWF held three special meetings for bondholders, secured depositors and unsecured depositors today to vote on the proposed transfer of debt securities to Heartland.

    The meetings were adjourned until August 15 as the required quorums were not present. An average 96.5 percent of those voting to date support the resolutions.
    Comments from our readers
    On 9 August 2011 at 8:38 am Arty said:
    So on one hand, Heartland is giving 1m of shareholder funds to a staff share purchasing schemme, but on the other they are short of cash, seemingly. If this company wants to be a bank, it better start acting like one, tighten the ship up, start making a profit, then shareholders will give support. Until then Heartland just looks like another another finance house stumbling around looking for funding.

  7. #47
    Senior Member Marilyn Munroe's Avatar
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    Standard and Poor's changes outlook of Heartland to negative from previously stable.

    BBB- rating retained

    https://www.nzx.com/companies/HNZ/announcements/212344


    Boop boop de do

    Marilyn

  8. #48
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    Maybe .. For what reason though ?? No skin off their nose if they give a bad report.

    Disc. Holding.

  9. #49
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    Janner, Belg is inferring spin by Heartland, not S&P.....Allow me to put my spin on the statement

    The confirmation by Standard and Poors of the investment grade underpins the strength of Heartland
    The rating is confirmed as close to junk, non investment grade

    The change in outlook does not imply any deterioration in underlying risk
    Their margins do not reflect the risk profile of their assets, and they are probably sitting on too much cash hoping for the banking license. In the meantime they are being killed by the negative cost of carrying all this idle liquidity

    S and P are concerned with the exposure to the property development sector and would like to see them out now, take the hit and move on before the situation deteriorates further

    This stock has been in a downward trend for some time and shows no reason for encouragement going forward.

    The underwriters (a $100 company formed in July) must be getting nervous, as who in their right mind would tip good money after bad into what is still effectively a finance company with ambitions that look more distant by the day.

  10. #50
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    Thank you Xerof.

    Guilty as charged..

    Just goes to show that one must analyse all statements..

    Sorry Belg there was no ref:. apart from the " ...... " ..

    My mistake..

    Will continue to hold.. there has to be some excitment in one's life ;-))

  11. #51
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    Quote Originally Posted by Xerof View Post
    Janner, Belg is inferring spin by Heartland, not S&P.....Allow me to put my spin on the statement



    The rating is confirmed as close to junk, non investment grade



    Their margins do not reflect the risk profile of their assets, and they are probably sitting on too much cash hoping for the banking license. In the meantime they are being killed by the negative cost of carrying all this idle liquidity

    S and P are concerned with the exposure to the property development sector and would like to see them out now, take the hit and move on before the situation deteriorates further

    This stock has been in a downward trend for some time and shows no reason for encouragement going forward.

    The underwriters (a $100 company formed in July) must be getting nervous, as who in their right mind would tip good money after bad into what is still effectively a finance company with ambitions that look more distant by the day.
    What i'm confused about and would be interested in anyones thoughts......but i thought Heartland had exited their property development rollercoaster.....and these were now held by PGC. Also, the deal for PGWF is their good stuff and not at the risky high end side. In summary, is not Heartland a clean entity, with a lot less risk than what has been previously held.

  12. #52
    Guru Xerof's Avatar
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    "clean" is a relative state - the world moves on and the robustness of the book most likely has deteriorated since that activity took place - at least that appears to be the perspective from S and P

  13. #53
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    Quote Originally Posted by Xerof View Post
    "clean" is a relative state - the world moves on and the robustness of the book most likely has deteriorated since that activity took place - at least that appears to be the perspective from S and P
    If the worlds economies are not improving,then a certain amount of stagnation,if not deterioration affects every loan as I'm sure you will appreciate,even your mortgage looks riskier.But you have to keep it in perspective,some on here are a wee bit negative,but when things turn,so does sentiment.

  14. #54
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    The sensitivity analysis shows how vulnerable that $24m forecast is though.

    Also, still think they are optimistic re liquidity profile and impairments, but still looks as though it should all hold together. Another year and things might be coming together for them. Looks like spp will go through at a good price for small investors.

  15. #55
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    Quote Originally Posted by Lizard View Post
    The sensitivity analysis shows how vulnerable that $24m forecast is though.

    Also, still think they are optimistic re liquidity profile and impairments, but still looks as though it should all hold together. Another year and things might be coming together for them. Looks like spp will go through at a good price for small investors.
    That is a very interesting slide eh Lizard - some might say huge upsides as well

    Looks like we need to keep an eye on those interest margins eh - 1% either way has a $14m impact

  16. #56
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    Quote Originally Posted by winner69 View Post
    That is a very interesting slide eh Lizard - some might say huge upsides as well

    Looks like we need to keep an eye on those interest margins eh - 1% either way has a $14m impact
    Does anyone have any thoughts on whether it's good idea to upsize their holding in HNZ in respect of the SPP at a 5% discount, based on trading for today and next 4 days ? Naturally nobody has a crystal ball, though you could argue that todays price of $0.56 on open market may fair better than average weighted price less 5%, come next week.

    If anybody has any thoughts, I would welcome them, that said will small shareholders take up the SPP, given todays results ??

  17. #57
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    Hi Corlemar,

    If HNZ survives, then a 5% discount to todays price will probably be a very good deal and spp holders should opt for whatever they can afford. There's a strong chance they'll survive, but until the rate of overdues and impairments shows more signs of slowing and the liquidity constraints around the govt guarantee and the general attitude of investors in the new age of deleveraging-by-default-inflation-restructuring-etc-etc has been negotiated, then it is still going to be a bit tense.

    Not an answer really, but I've opted to take up some of the spp, having bought a few to have access to it.

  18. #58
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    Quote Originally Posted by Lizard View Post
    Hi Corlemar,

    If HNZ survives, then a 5% discount to todays price will probably be a very good deal and spp holders should opt for whatever they can afford. There's a strong chance they'll survive, but until the rate of overdues and impairments shows more signs of slowing and the liquidity constraints around the govt guarantee and the general attitude of investors in the new age of deleveraging-by-default-inflation-restructuring-etc-etc has been negotiated, then it is still going to be a bit tense.

    Not an answer really, but I've opted to take up some of the spp, having bought a few to have access to it.
    Thanks for the informative advice.....will most likely take up some !

  19. #59
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    Quote Originally Posted by corlemar View Post
    Thanks for the informative advice.....will most likely take up some !
    hey liz, following on from the info you previously gave, and after looking at the prospectus for the SPP, it looks as though HNZ could influence, ultimately the offer price of the SPP, by simply extending the closing date. For example if they felt the average closing price was going to be too low, say $0.55 or lower (this as we know is substantially lower than what the institutions are paying $0.75) why not extend the closing date to bring them more in line ??

    I guess what i'm getting at is, why in the offer document is there an option to extend the closing date, if as we know it is fully underwritten by an institution (should small investors not snap up the $35m SPP)....Perhaps I'm over complicating matters though would be interested in anyone's comments !!

  20. #60
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    As I read it, the extension date exists mostly in order to tie the allotment of the spp in with the purchase of PWF becoming unconditional. The spp documentation was issued before the approval meetings of the PGW stakeholders and remains dependent on the timing of the NZ Treasury issuing the revisions to guarantee documents. Provided the Treasury side completes this week, I can't see them needing to extend.

    I doubt very much that they would try to extend to get a higher share price, as it is more likely that any delays/extension would result in the share price falling rather than rising.

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