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  1. #81
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    Quote Originally Posted by Lizard View Post
    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
    Industry shorthand sees BNZ employees still called 'bankers' but ANZ employees now called 'anchors'. Westpac has opted out of banking industry shorthand...

  2. #82
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    Quote Originally Posted by Joshuatree View Post
    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?

  3. #83
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    Quote Originally Posted by corlemar View Post
    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
    Industry shorthand sees BNZ employees still called 'bankers' but ANZ employees now called 'anchors'. Westpac has opted out of banking industry shorthand...

  4. #84
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    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.

  5. #85
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    Quote Originally Posted by corlemar View Post
    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.

  6. #86
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    Quote Originally Posted by Xerof View Post
    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...

  7. #87
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    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.......

  8. #88
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    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%

  9. #89
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    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%

  10. #90
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    Ware Cassius ??..

  11. #91
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    I note one of the sub-underwriters walked away from their obligation. I hope shareholders will insist on management taking action to address this, or at the very least alleviate concerns over something smelly being brushed under the carpet, by informing the market what clause in the agreement allowed them to walk away.

    If a sub-underwriter doesn't settle, I would have thought the primary underwriter would then be held to pick up the obligation anyway

  12. #92
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    Seems these directors are not keen to buy those “cheap” shares.

  13. #93
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    Why buy shares when you can simple give yourself shares at the end of the financial year for a job "well" done.

  14. #94
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    Quote Originally Posted by Master98 View Post
    Seems these directors are not keen to buy those “cheap” shares.
    Check again , looks to me like every director bar one, took up their full entitlement of $15k.

  15. #95
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    Quote Originally Posted by K1W1G0LD View Post
    Check again , looks to me like every director bar one, took up their full entitlement of $15k.
    lol, just spent $15k!!!, if I were those rich directors and have confident in this company, I will spend at least $150k to buy these"cheap" shares.

  16. #96
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    Quote Originally Posted by Master98 View Post
    lol, just spent $15k!!!, if I were those rich directors and have confident in this company, I will spend at least $150k to buy these"cheap" shares.
    The maximum any one could take up in the SSP was $15,000.

  17. #97
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    Quote Originally Posted by Master98 View Post
    lol, just spent $15k!!!, if I were those rich directors and have confident in this company, I will spend at least $150k to buy these"cheap" shares.
    First you cannot read SSH notices and accuse the directors of not showing confidence.

    Corrected, you then accuse them of not investing more - when they are only entitled like everyone else to $15,000.

    If they invested more, you will accuse them of being given preferential treatment.

    Just learn how to read before you write so you make some sense to yourself.

  18. #98
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    Quote Originally Posted by Balance View Post
    First you cannot read SSH notices and accuse the directors of not showing confidence.

    Corrected, you then accuse them of not investing more - when they are only entitled like everyone else to $15,000.

    If they invested more, you will accuse them of being given preferential treatment.

    Just learn how to read before you write so you make some sense to yourself.
    Balance, you must be very frustration of sp has fallen below SPP issue price, i reckon will hit to high 40c, i am quite happy bailed all my PGC holdings at 33c before share distribution

  19. #99
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    And the spin doctors still remain silent on why they have let one of the sub-underwriters off the hook - yet another related party or mate, I suppose.

    I also note a good size loan has turned to custard already - I don't want to harp on about just how bad finance company lending has proven to be, but why anyone thinks Heartland is immune to loans default is completely beyond me.......maybe this constant talk of becoming a bank has fooled a lot of shareholders.

    The shareprice is doing a lot of talking........

  20. #100
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    Quote Originally Posted by Xerof View Post
    maybe this constant talk of becoming a bank has fooled a lot of shareholders.

    The shareprice is doing a lot of talking........
    I agree with you, mate.

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