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  1. #61
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    Quote Originally Posted by Lizard View Post
    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.
    I agree with you Lizard. The underwriters would not be happy with an extension as they will be keen to get as many as they can for as cheaply as they can.
    SCOTTY

  2. #62
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    What happens to the share price once the new shares are allotted? Although the shareholding is diluted there is also a capital infusion, so unlike a bonus issue does the share price stay more-or-less the same? I ask because I currently can not spare the minimum $2.5K to purchase any more shares so wonder whether I should dispose of what I have if the price will drop further once the issue is complete.

  3. #63
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    Quote Originally Posted by spmcg;355112I
    ask because I currently can not spare the minimum $2.5K to purchase any more shares so wonder whether I should dispose of what I have if the price will drop further once the issue is complete.
    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.

    The shares might fall further, but I doubt it will be due to the SPP issue, just market uncertainty. There may be a small amount of selling at above the SPP price once shares are alloted, but in general, I would expect prices to improve slightly.
    Last edited by Lizard; 22-08-2011 at 04:55 PM.

  4. #64
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    Quote Originally Posted by Lizard View Post
    The shares might fall further, but I doubt it will be due to the SPP issue, just market uncertainty. There may be a small amount of selling at above the SPP price once shares are alloted, but in general, I would expect prices to improve slightly.
    Thanks, that makes sense.

  5. #65
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    Quote Originally Posted by spmcg View Post
    Thanks, that makes sense.
    Why worry about the share price in the short term. More importantly, what are the earnings per share likely to be in a year or 2 or 3? What return would you expect on a 90c NTA (shareholder funds) per share in normal trading conditions? Hellaby have just produced a 25% return on their shareholder funds!! Admittedly there will be some dilution with this SPP.
    SCOTTY

  6. #66
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    Would someone like to explicitly tell me what the minimum rating required is to become a registered bank?

    I can't see BBB- with negative outlook coming up to scratch in any shape or form

    Perhaps this is why the downtrend in share price continues unabated.......

    Hope that's not seen as a wee bit negative........would hate to upset the blue eyed brigade

  7. #67
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    Quote Originally Posted by Xerof View Post
    Would someone like to explicitly tell me what the minimum rating required is to become a registered bank?

    I can't see BBB- with negative outlook coming up to scratch in any shape or form

    Perhaps this is why the downtrend in share price continues unabated.......

    Hope that's not seen as a wee bit negative........would hate to upset the blue eyed brigade
    There is hope , The Bank of India was registered in NZ , March 31st 2011 , their current rating From Standard and Poors is BBB-

  8. #68
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    Falling share price might also be the dilution factor - the lower it goes, the more shares likely to be issued under the spp. Though they can't actually issue more than 90m that way, so there'd be a hitch if the potential issue price fell below 39cps (would require an extension for that to happen now)!

    No word on Treasury approvals, nor extension of closing date, so not sure if timing is confirmed yet.

    One thing that confuses me is the talk of bond offer - not sure how they would plan to place this given the current bid interest rate on the MAR010's is 8.75%. These have two years to run and the govt guarantee until Dec, with same or better security than current term deposits. Yet Heartland is only offering 6.0% for two year deposits (with guarantee until Dec). Makes it hard to see where they could price a bond that the market would eat - do we believe investment advisers would happily sell clients 3 year bonds at say 7%, yet aren't buying the current ones at 8.75% for their clients???

  9. #69
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    Quote Originally Posted by Xerof View Post
    Would someone like to explicitly tell me what the minimum rating required is to become a registered bank?

    I can't see BBB- with negative outlook coming up to scratch in any shape or form

    Perhaps this is why the downtrend in share price continues unabated.......

    Hope that's not seen as a wee bit negative........would hate to upset the blue eyed brigade
    I believe investment grade (BBB-) is the minimum. They will likely need to have the negative outlook removed. Being downgraded to BB+ would see their funding cost blow out and the systemic risk from that would surely be unacceptable to the the RB.

  10. #70
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    Am I correct in thinking that the average price for the last 5 days is 56c?

  11. #71
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    I thought it was $0.544.....no other method other than add end of day price and divide by 5 (trading days) this gives you I thought the end of day average price

  12. #72
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    Thanks Corlemar, if .544 is the average price then with the 5% discount we'll be getting shares at .526

    Not bad considering some institutions will be paying 75cps

  13. #73
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    Whatever the final price of the SPP is determined at, it is certainly a good deal for small investors when you compare to PGW and PGC that are locked in for $10m each at $0.75c per share. That said, imo we have seen over the past several mths that both PGW and PGC have not made the wisest of decisions....it seems a big merry-go-round (but thats another story).

    Although there is still some uncertainty about HNZ and what it can and will achieve, i personally think it will become a success story in years to come.

  14. #74
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    Quote Originally Posted by corlemar View Post
    Whatever the final price of the SPP is determined at, it is certainly a good deal for small investors when you compare to PGW and PGC that are locked in for $10m each at $0.75c per share. That said, imo we have seen over the past several mths that both PGW and PGC have not made the wisest of decisions....it seems a big merry-go-round (but thats another story).

    Although there is still some uncertainty about HNZ and what it can and will achieve, i personally think it will become a success story in years to come.
    lol, last smile is a beautful smile, wait to see.

  15. #75
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    Default $0.522 per share

    Heartland New Zealand Limited ("Heartland") (NZX: HNZ) is pleased to announce
    the price at which shares will be issued under its Share Purchase Plan
    ("SPP") has been fixed by the board at $0.522 per share.

  16. #76
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    Does anyone know, where or how you can find out what the take up was of the SPP ?

  17. #77
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    Quote Originally Posted by corlemar View Post
    Does anyone know, where or how you can find out what the take up was of the SPP ?
    They will have to announce shortly - most likely tomorrow when the shares are supposed to be allotted.

  18. #78
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    Quote Originally Posted by Lizard View Post
    They will have to announce shortly - most likely tomorrow when the shares are supposed to be allotted.
    Fascinating situation - the biggest disconnect we have seen in recent years with a public listed company between insiders being prepared to take up shares at a huge premium versus market price and SPP price.

    So who is right and what kind of games are being played in the background?

  19. #79
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    Announcement out on NZX

  20. #80
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    A low take-up from existing holders, with only 15% putting in new funds, although probably understandable.

    I thought this was a good entry opportunity for a new holder, and am pretty pleased to end up with a holding at an average entry of 53.5cps while NTA comes in at 83cps. All being well, they will trade at a good premium one day - just can't be too complacent as to the possibility that it occurs through NTA destruction rather than sp growth.

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