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  1. #8131
    percy
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    Quote Originally Posted by greater fool View Post
    There is a later ( 2011 ) edition; 'Beyond the Zulu Principle'.
    I think the original may have been updated too.
    I found reading the summaries gave you a fair understanding of the book.

  2. #8132
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Paper Tiger View Post
    I am reasonably sure:

    that these shares, wot we are discussing, were freebies;

    That those that received these shares did not pay anything at all for them;

    (and by shares I include the options that they converted from)

    [Stop here & read no further if you are easily confused]

    That the cost of these shares has reduced company profits over the years and has been accumulating as a liability on the balance sheet;

    That the total assets of the company has not changed by the issue of these shares, but the liability has been converted to equity as in:

    Assets = Liaibilities + Equity

    Assets = unchanged
    Liabilities = reduced by X
    Equity = increased by X

    Best Wishes
    Paper Tiger
    Correct - well done
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #8133
    Outside thinking.
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    Meanwhile, increasing heat on the Australian banks re rate rigging accusations.

    http://www.bbc.com/news/business-37127579

  4. #8134
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Paper Tiger View Post
    Strictly speaking you are correct in that new shares have been issued at a price above the NTA per share and thus the NTA per share of the company has risen.

    However - and this is my being a little annoyed that this sort of thing goes on to the extent that it does (and that no one gives me a million dollars bonus):

    the cost of those shares has been an expense to the company over the last few years and this 'debt for equity swap' just gives us our money back by diluting the equity with new shares at the same time.

    And now for something completely different...

    Best Wishes
    Paper Tiger
    Time to get a 'little annoyed' again mate

    Another 189,185 freebie shares allotted today (wonder who for this time)

    Never ending gravy train
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  5. #8135
    Speedy Az winner69's Avatar
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    Global Dairy Trade results over night reasonably positive

    Good for Heartland share price (for whatever reason pretty strong relationship between the two)
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #8136
    Guru
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    http://www.theaustralian.com.au/busi...2319d484c3e9f9

    UDC sale getting closer...
    Busy and exciting times with dairy famers 'back in black' and UDC sale on the horizon

  7. #8137
    Speedy Az winner69's Avatar
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    Quote Originally Posted by trader_jackson View Post
    http://www.theaustralian.com.au/busi...2319d484c3e9f9

    UDC sale getting closer...
    Busy and exciting times with dairy famers 'back in black' and UDC sale on the horizon
    Good eh t_j

    So Kohlberg Kravis Roberts, Macquarie Group and Heartland Bank are touted as suitors

    Despite Heartland continually repeating "Acquisitions remain a part of Heartland’s growth strategy, but they must be value accretive and either deliver innovation or a compelling distribution capability" I can see Jeff salivating at the mouth at the prospects of acquiring UDC.

    An opportunity to great to miss no matter what the cost. One doesn't get that many opportunities to make a name for oneself and life must be pretty boring for him at the moment. Just say the magic words 'eps accretive' and its all honky dory and share holders will front up with zillions to make it happen.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  8. #8138
    Missed by that much
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    Quote Originally Posted by trader_jackson View Post
    http://www.theaustralian.com.au/busi...2319d484c3e9f9

    UDC sale getting closer...
    Busy and exciting times with dairy famers 'back in black' and UDC sale on the horizon
    Your link is behind a paywall. Can you give us an idea of what it says?

  9. #8139
    percy
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    Quote Originally Posted by winner69 View Post
    Good eh t_j

    So Kohlberg Kravis Roberts, Macquarie Group and Heartland Bank are touted as suitors

    Despite Heartland continually repeating "Acquisitions remain a part of Heartland’s growth strategy, but they must be value accretive and either deliver innovation or a compelling distribution capability" I can see Jeff salivating at the mouth at the prospects of acquiring UDC.

    An opportunity to great to miss no matter what the cost. One doesn't get that many opportunities to make a name for oneself and life must be pretty boring for him at the moment. Just say the magic words 'eps accretive' and its all honky dory and share holders will front up with zillions to make it happen.
    Would be a great fit.

  10. #8140
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    Quote Originally Posted by Jantar View Post
    Your link is behind a paywall. Can you give us an idea of what it says?
    Essentially:
    Deutsche gets set to launch the sale process of ANZ’s UDC Finance operation across the Tasman at the end of this month, suitors being touted as the likely buyers include Kohlberg Kravis Roberts, Macquarie Group and Heartland Bank.
    UDC is a major NZ asset finance company, providing financing for plant, vehicles and equipment, along with secure term investments and call accounts.
    It comes after ANZ last year sold its Australian auto finance operation Esanda to Macquarie and General Electric’s consumer finance operation was sold to a consortium including KKR.

    Thanks to HBL's great dividend (even better than ARV's), and similar to HBL itself, I am "well positioned", and will have some cash around for the capital raising to acquire UDC (should this opportunity materialize)
    Last edited by trader_jackson; 21-09-2016 at 11:17 AM.

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