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  1. #691
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    Quote Originally Posted by Aaron View Post
    This is from Note 6 2014 accounts. "Imputation credits available to shareholders in the future amount to $45.8 million (2013: $32.5 million)." Accumulated $13.3mil additional Imp Crs in 2014. Paid more in tax than attached to dividends. I guess you could compare dividends to earnings to estimate it all but I haven't tried.
    Thanks Aaron. I have decided to follow up on your hint to look at what has happened to MRPs imputation credits over the years. By the end of FY2012 (SOFY2013) just before the public partial float management virtually cleared out their imputation credits($2.9m left) by issuing a lot of tax paid bonus shares. So SOFY2013 is a good base date to work from.

    Year Imputation Credits Available (SOFY) Declared Net Profit Implied Imputation Credit Attached Dividend paid Over Year
    2013 $2.9m $115.0m $32.2m $112m
    2014 $32.5m $212m $59.4m $173m
    2015 $45.6m $47m $13.1m $260m
    2016 $16.1m

    I always prefer to think in 'per share' figures rather than the above very large absolute numbers. $69m is equivalent to 5.0cps. The final dividend for FY2014, paid in the FY2015 year, was 8.3cps. The available imputation credits just before it was paid (at SOFY2015) were worth $45.6m, or 3.3cps.

    3.3cps of imputation credits can support a fully imputed net dividend of: 3.3/0.28 = 11.8cps

    The actual final dividend for FY2014 was 8.3cps. So there were excess imputation credits which could be used to support the special dividend for FY2015 paid later.

    This year, the actual final dividend for FY2015 has been declared at 8.4cps in conjunction with a special divdend of 2.5cps: a grand total of 10.9cps. However, imputation credits available amount to only $16.1m this time, equivalent to 1.17cps.

    1.17cps imputation credits will support a fully imputed dividend of 4.2cps. I think that MRP have until 31st March to make sure their imputation account is in credit (Harvey I hope will correct me if that is wrong!). But it is clear this time there are no imputation credits to spare (in fact there is a deficit), unlike last year. This leads me to suspect there will be no more fully imputed special divdends for FY2016 after the one due for payment on 30th September 2015.

    SNOOPY
    Last edited by Snoopy; 12-10-2016 at 03:11 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  2. #692
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    Quote Originally Posted by Snoopy View Post
    I think that MRP have until 31st March to make sure their imputation account is in credit (Harvey I hope will correct me if that is wrong!).
    Correct. You learn quickly.

  3. #693
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    Has anyone an idea as to why the share price fell 11 cents yesterday? One would think that a reduction in the manipulation of the bank rate by the Reserve Bank would put the sp UP. And why, in a free market economy, do we have the Reserve Bank able to fiddle the interest rate at which I can lend or borrow money? All most peculiar.

  4. #694
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    Quote Originally Posted by mouse View Post
    . And why, in a free market economy, do we have the Reserve Bank able to fiddle the interest rate at which I can lend or borrow money? All most peculiar.
    We dont. Dont the RB set the rates the bank is able to borrow off the government? Nothing to do with individuals.

  5. #695
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    Quote Originally Posted by mouse View Post
    Has anyone an idea as to why the share price fell 11 cents yesterday? One would think that a reduction in the manipulation of the bank rate by the Reserve Bank would put the sp UP. And why, in a free market economy, do we have the Reserve Bank able to fiddle the interest rate at which I can lend or borrow money? All most peculiar.
    It went Ex divvy so nothing unusual at all, 10.9c to be exact(Divvy +special)
    Last edited by couta1; 11-09-2015 at 08:46 AM.

  6. #696
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    ex dividend only reason really, but should go up slowly again, really should be over $3 by end of the year (especially with interest rate cuts still on the cards)

  7. #697
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    Quote Originally Posted by couta1 View Post
    It went Ex divvy so nothing unusual at all, 10.9c to be exact(Divvy +special)
    Many thanks. I saw the dates, but failed to process them. I shall see the Doctor for pills!

  8. #698
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    today, 2 October, we are back down to the issue price. More or less. Any ideas as to why? The six update briefings planned are sorely needed. But will they do any good? Are we now going lower? Any ideas?

  9. #699
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    Quote Originally Posted by mouse View Post
    today, 2 October, we are back down to the issue price. More or less. Any ideas as to why? The six update briefings planned are sorely needed. But will they do any good? Are we now going lower? Any ideas?
    I'm not sure about the answers to your questions, but the Energy companies haven't been quite the safe-haven that I expected in the current down-turn. I sold out of MRP some time ago at a nice profit and out of MEL recently as well at a very nice profit. There's no telling imo what this Bear / correction will turn up, better I think to be on the sidelines and buy weakness as it emerges, or if necessary wait to buy back in on a confirmed reversal to an uptrend.

    Jmho, dyodd.
    BAA

  10. #700
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    One of the questions I have been asking myself is, is the company really in the same position it was over 1 year ago? (when the price was around 2.50, before the election)

    The answer (in my view) is absolutely not, they are argubly in a much better position... there is no immediate threat of regulation (and this is still remote even in the next election), power plants are being withdrawn from the market, meaning prices will eventually have to increase, demand is still (slowly) growing, the threat of tiwai point shutting down is put to bed at least for a little while. and MRP has arguably some of the best (if not, the best) power plants in the country, not to mention excellent management, and I don't need to even touch on the great dividend stream.

    So why such a big slump from the $3.5x or so that MRP was earlier this year? yes, this was arguably a 'expensive' price, but from an investor (not trader/charting point of view) I am not entirely sure why we are back at IPO price (not even sure why we are under $3 really)
    Last edited by trader_jackson; 03-10-2015 at 08:18 AM.

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