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  1. #11
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    Should really fall back down to NTA (if not lower)... bit puzzling why it is at a huge premium during these times.

  2. #12
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    Quote Originally Posted by trader_jackson View Post
    Should really fall back down to NTA (if not lower)... bit puzzling why it is at a huge premium during these times.
    In this market anything's possible (if not probable), but IIRC Augusta has been in the process of transforming to a more "asset light" business model which makes NTA based valuations a little less relevant than for most the other listed property companies.

  3. #13
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    They typically own 10% of new offerings, latest one delayed of course...

  4. #14
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    https://www.nzx.com/announcements/352659

    Ouch!

    30c per share write down and a 1:1.9 rights issue at 50c.

  5. #15
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    Quote Originally Posted by Balance View Post
    https://www.nzx.com/announcements/352659

    Ouch!

    30c per share write down and a 1:1.9 rights issue at 50c.
    The presentation was an interesting read. Interesting that Centuria could end up with 24.9% - does NZ have a creeper provision in its Takeovers Code so they can slowly move to a controlling/majority position?

    Small nit picking point: I think it says it's being done at $0.55?

  6. #16
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    Normally the limit for a shareholding is 19.99% before a takeover is required. There has been a relaxation to 24.99% due to temporary COVID relief. You cannot creep beyond that.

  7. #17
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    Quote Originally Posted by Dassets View Post
    Normally the limit for a shareholding is 19.99% before a takeover is required. There has been a relaxation to 24.99% due to temporary COVID relief. You cannot creep beyond that.
    Not sure all that will matter in due course, if Centuria offered $2, dumped their holding and are sniffing around again at under $1, having done all the due diligence already, they are quite likely launch a new takeover, presumably at much less than $2

  8. #18
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    Quote Originally Posted by trader_jackson View Post
    Should really fall back down to NTA (if not lower)... bit puzzling why it is at a huge premium during these times.
    Probably not the best way to value this puppy, material and growing revenue chunk now from syndicate mgmt fees. Anyone who's been thru a brochure will be aware of the risk of rent reverting to "market rates" somewhere in the ensuing 5 yrs (probably down for near future) yet mgmt fees ALWAYS increase by set % (standard practice as far as i know). So mum and dad investors supporting the dividend.

  9. #19
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    Quote Originally Posted by traineeinvestor View Post

    Small nit picking point: I think it says it's being done at $0.55?
    You are right - thanks for correction.

    Interest to note for those who have invested for dividends and yield :

    1. AUG has paid out 16.375c in dividends (dps) since NPT became Augusta.

    2. AUG is now requiring holders with the 1:1.9 rights issue to front up with 28.95 cps to plug the $27m hole and pay down debt!

    Net net - holders are down 12.575 cps in 3 years!

  10. #20
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    When you read the recent announcements regarding cancelled deals, one would have to think , have they been reckless with the purchasing or intended purchases over the last year or there abouts?

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