HGH - Heartland Group Holdings

[belted galloway]

Will be interesting to see the markets reaction. Although this was to be expected; no one can say this is a surprise.

Although what's happening with the court case? That may explain the caveat on appropriate due diligence.

I look forward to any reaction/counter by Turners, they will certainly be displeased with this.

[iceman]

HNZ stated their interests in MTF one year ago until now be forced to give a higher offer reflect the HNZ board slow reacting to market and show the management difficult to make a quality acquisition.

There is no way they can make a full takeover offer until the outcome of the court case, due end of November, is known. It would be totally irresponsible of the Board to make a take over offer with that hanging over them.

This partial offer is solely to try and stop Turners from getting a blocking stake. Game on !

[artemis]

Funny choice of words - "more fulsome due diligence". Fulsome has 2 very different meanings, neither of which fits this context.

[trader_jackson]

Just a stepping stone for a bigger announcement to be made at the AGM

[percy]

Nice seeing HNZ throwing a hand grenade into the mix.
MTF was formed at a time when motor vehicle dealers had trouble arranging finance for customers.[A very long time ago.]
To be a shareholder in MTF you need to be an "originator", that is either a motor vehicle dealer,or a MTF franchisee.A lot of dealers would now days, most probably prefer to have their money invested in their own business,and not have the possible liability of MTF shares.For MTF shareholders, it will be to their advantage of having the strength on HNZ backing their hire purchase agreements.HNZ will also provide them with "more product" to sell. HNZ wll have access to cheaper funding.A lot of MTF dealers will be happier having HNZ ownership of MTF rather than their opposition Turners.
For HNZ it offers a nice tidy bolt on in a sector they know well.MTF have some very substantial dealers.
At present time we know the possible liability MTF have with the Commerce Commission,over the "Sportszone" case will be resolved on the 10th and 11th when MTF's appeal is heard.

[trader_jackson]

I just hope not to much of a bidding war between Turners and HNZ doesn't breakout, otherwise it could turn into an "expensive operation" for the 'winner'... Has anyone worked out at a price of $1.50 a share HNZ is valuing MTF at (eg indicative P/E and other ratios)?

[percy]

I just hope not to much of a bidding war between Turners and HNZ doesn't breakout, otherwise it could turn into an "expensive operation" for the 'winner'... Has anyone worked out at a price of $1.50 a share HNZ is valuing MTF at (eg indicative P/E and other ratios)?

One has deep pockets,the other does not.!
Last years MTF annual report showed the NTA to be over $1.60 from memory.

[janner]

One has deep pockets,the other does not.!.

Concisely put Perc..

With me having sold half of both ..

[percy]

Concisely put Perc..

With me having sold half of both ..

Well I sold all of one,but none of the other.!!! lol.

[winner69]

I just hope not to much of a bidding war between Turners and HNZ doesn't breakout, otherwise it could turn into an "expensive operation" for the 'winner'... Has anyone worked out at a price of $1.50 a share HNZ is valuing MTF at (eg indicative P/E and other ratios)?

Now don't be lazy jacko

Last 1/2 report
http://www.mtf.co.nz/pdf/investors/M...ear_report.pdf

Your homework for tonite is to look through

Report back tomorrow morning if $1.50 is a good price

And

Do you see any fish hooks in the alan e sheet if a takeover goes ahead