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  1. #31
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    So much to learn.. So little time..

    Oy vhey !!..

    Thank you all for your input..

  2. #32
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    Snoopy - you probably also heard the ads on the radio as well --- all day long -- and playing the 'we invest in Wellington' card as well ... actually stressing that as well

    The marketing machine ramping up .... haven't seen on TV yet ... an old wise guy once told me he never invested with any finance company that had to to resort to TV .... and cited all those that had been on TV and then gone bust

    And yes I do find that statement from the head finance honcho a bit strange and a bit of worry

  3. #33
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    Every second car yard in NZ most probably uses Marac to finance their car,truck sales.If you look at any Marac/Heartland you will see their lending is spread through out NZ.Largest is offcourse Auckland area.
    Most banks have at one time or other advertised on TV.Heartland is a "new" brand, so expect a lot of advertising.
    Deposit rates vary with any organisation.Heartland is no different. They will just be trying to keep their book in order.
    What is interesting is Lizard's earlier posts as to how Heartland deposits are stacking up for when government guarantee expires.Maybe all will be OK,but looks as though banking licence is going to be a must to get them through.
    I will not be ading to my holding until I have seen result,although they have achieved everything they said they would do,and on time.!!!
    Last edited by percy; 21-07-2011 at 05:53 AM.

  4. #34
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    http://www.stuff.co.nz/business/5317...and-share-plan

    A bit more infor on Greg Tomlinson, the underwriter to Heartland's capital raising.

    He is certainly going to do a lot better than George Kerr in terms of his entry price.

    As one star brightens, the other dims.

  5. #35
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    Re Snoopy's comments, I checked the BSH merger presentation and that gave the combined geographical breakdown, with 7% of receivables and 8% of deposits coming from Wellington.

    The rate on offer seems quite high at 7.5% - considerably higher than the 6.75% for a similar deposit on their web-site (annual interest payment). But the timeline for becoming non-guaranteed should be the same whether the deposit remains with PWF or moves to Heartland (i.e. all lose the guarantee at 31 Dec when it expires).

    I have been following the Heartland interest rates, expecting them to move up to attract sufficient investors to remain with them. However, there have been only very subtle moves of around 0.25% increase in 9-18 month rates to attract investors beyond the end of the guarantee period. They have probably been fortunate in that bank rates have been falling and gifting them a wider spread over bank rates (which are generally below the recent CPI rate for now). The most recent moves at Heartland have been a reduction in the short term interest rates, further pushing investors towards "beyond the guarantee". Also of interest is that the MAR010 (2 yrs till maturity) are trading at around 8%, which suggests the market is reasonably comfortable with Heartland - it's a similar rate to the GFN030 (Guinness Peat) or the IFT150 (Infratil), although those both run until 2015.

    While I think it is right to be cautious over their advertising, the crucial difference over GFC advertisers is that it seems many of them were seeking deposits to paper over impairments or capitalisation of interest. In Heartland's case, they have the challenge of re-building investor confidence heading beyond a period where investors can see their deposits as safely backed by the government.

    The recent announcement of a June renewal rate of 82% intrigued me, as I wondered how it was achieved, but perhaps advertising is involved. Certainly they will need to stabilise deposits before they can start to go forward, so this is a critical phase for them. PWF actually appears to bring a less risk-averse depositor base, though possibly along with more scope for future impairments. If they are racking up the interest rates at PWF now rather than tarnish the Heartland rates to attract deposits, then that is an interesting marketing move too. Will have to see if I can find that ad...

  6. #36
    percy
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    Quote Originally Posted by Lizard View Post
    Small investors can buy a few now and take part in the spp at a price which will either be better than (possibly much better than) or the same as other institutional investors.

    They can also wait until after the results are out to make a decision on making an investment of up to $15,000 - these results are going to be fairly critical in giving some insight as to how HNZ might perform in the future, so that is a considerable amount of de-risking around their purchase.

    However, the only thing not clear to me is what the cut-off date for owning shares in the spp is. The details are due to be announced by tomorrow - given the spp is going to open on 8 August, it is possible there may not be much time/too late to get on?

    (bought a few anyway at 62cps - am assuming there is a reasonable chance of getting access to the spp still)
    Record date is 1st August.5pm.

  7. #37
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    The SPP discount is going to be "at least 3%" or around 2cps to the average price in late August - not exactly the most attractive SPP IMO.

  8. #38
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    Quote Originally Posted by Catalyst View Post
    The SPP discount is going to be "at least 3%" or around 2cps to the average price in late August - not exactly the most attractive SPP IMO.
    It is not intended to be an attractive SPP. Some parties seem to want the capital raising to fali so they can end up with all the shares at 65 cents?

  9. #39
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    Quote Originally Posted by Balance View Post
    It is not intended to be an attractive SPP. Some parties seem to want the capital raising to fali so they can end up with all the shares at 65 cents?
    So in that case, we can presume they will also want the VWAP to be at about 67cps during the price-set period to avoid giving anything extra away to retail investors? If that's the case, it might also be better to just buy on market now at 63cps, instead of gambling on the spp price being lower than 65cps. Although achieving 67cps VWAP might not be simple with the set period occurring post-result.

    I'm still not clear what day the result is actually released, but presumably prior to open of trading on 19 August. Also note this is one of those spp's where investors won't be sure what price they're getting until after the spp closes, so will probably want to hold off committing funds until the last few days of the offer.

  10. #40
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    As shakespeare once said... "To buy or not to buy: that is the question". :-)

  11. #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.

  12. #42
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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.

  13. #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.

  14. #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).

  15. #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.

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