IPL - Investore Property

[Snow Leopard]

We cringe at the name but we may want to buy shares, and if we own Stride then we get shares anyway.


To get the PDS & more:

click the link >> http://www.business.govt.nz/disclose/

hit Search Offers

type Investore in the Issuer Name Box and hit Search

hit the link

hit the Documents tab

hit the Product Disclosure Statement.pdf link

Bingo

Best Wishes
Paper Tiger

[fungus pudding]

We cringe at the name but we may want to buy shares, and if we own Stride then we get shares anyway.


To get the PDS & more:

click the link >> http://www.business.govt.nz/disclose/

hit Search Offers

type Investore in the Issuer Name Box and hit Search

hit the link

hit the Documents tab

hit the Product Disclosure Statement.pdf link

Bingo

Best Wishes
Paper Tiger

Thanks PT. That works. Can't say I've got my head around this deal so far. A bit of reading to do, or maybe just sit back and hope the deal lifts divs and/or price. That sounds easier.

[Snow Leopard]

...To get the PDS & more:

...

There is .

Click this Link >> http://www.shareoffer.co.nz/Document...ore-PDS-NZ.pdf


But wait, There is more

There is this Site >> http://www.shareoffer.co.nz/investore


Best Wishes
Paper Tiger

[axe]

highlights for me.

• Investore's interest expense representsapproximately 29% of revenue in FY18. Managingdebt and interest rates are a key driver ofInvestore's profitability. ( will do well as long as interest rates stay low )

Exposure to significant tenant: General Distributors Limited ("GDL") is Investore's largest tenant constitutingapproximately 84% of Investore's Contract Rental as at 30 April 2016. If GDL's performance materiallydecreases or if GDL fails to meet its lease obligations, this could affect Investore. (PS axe thinks that if 84% of revenue if coming from one customer they have your n*ts in a very tight grip when it comes to negotiating rent increases.)

[fungus pudding]

highlights for me.

• Investore's interest expense representsapproximately 29% of revenue in FY18. Managingdebt and interest rates are a key driver ofInvestore's profitability. ( will do well as long as interest rates stay low )

Exposure to significant tenant: General Distributors Limited ("GDL") is Investore's largest tenant constitutingapproximately 84% of Investore's Contract Rental as at 30 April 2016. If GDL's performance materiallydecreases or if GDL fails to meet its lease obligations, this could affect Investore. (PS axe thinks that if 84% of revenue if coming from one customer they have your n*ts in a very tight grip when it comes to negotiating rent increases.)

I still don't understand the point of the stapled shares. Stride shareholders will be issued around 35% of shares in investore, and stride will hold 19.9%. Remainder (approx. 45%) will be offered in IPO. Could anyone a little less thick than me explain why stride doesn't just offer 45% in IPO?

[Baa_Baa]

I still don't understand the point of the stapled shares. Stride shareholders will be issued around 35% of shares in investore, and stride will hold 19.9%. Remainder (approx. 45%) will be offered in IPO. Could anyone a little less thick than me explain why stride doesn't just offer 45% in IPO?

It's something to do with tax advantages. Maybe the tax accountants here can shed some light on this complicated divestiture.

[fungus pudding]

It's something to do with tax advantages. Maybe the tax accountants here can shed some light on this complicated divestiture.

I hope so. Assuming these properties are worth purchasing, why not just purchase outright under stride's existing structure? There'd be ways of financing the purchase less complicated than this, and surely just buying some more buildings would not impact on stride's PIE status.

[winner69]

I hope so. Assuming these properties are worth purchasing, why not just purchase outright under stride's existing structure? There'd be ways of financing the purchase less complicated than this, and surely just buying some more buildings would not impact on stride's PIE status.

Need to separate property management and property owning businesses to main full PIE status - if split not approved your returns diminish

The property management part was just getting too big

[fungus pudding]

Need to separate property management and property owning businesses to main full PIE status - if split not approved your returns diminish

The property management part was just getting too big

Surely the management grows in proportion percentage wise to the portfolio.Anyway management is internal so if left intact management wouldnt provide income.

[winner69]

fp - Stride did say the restructure would allow it to expand the management arm while preserving its favourable tax status. There is a cap on non-qualifying income (in this case management fees) if one wants to be a PIE

No doubt you will suss it one day but in meantime have to trust them doing the right thing for you.