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  1. #16
    An Awesome Cool Cat winner69's Avatar
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    If those proforma accounts are anything to go by no cash for dividends ...2014 operating cashflow all spent on properties/plant

    And all 2014 profit from fair value adjustments

  2. #17
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    When is this going?

  3. #18
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    http://www.nzherald.co.nz/business/n...ectid=11359999

    I'm going to stay on the sideline for this one. The challenges to merge so many operations seems just too costly and difficult. Most likely oversubscribed though.

  4. #19
    Trying to get outta here
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    Quote Originally Posted by silu View Post
    http://www.nzherald.co.nz/business/n...ectid=11359999

    I'm going to stay on the sideline for this one. The challenges to merge so many operations seems just too costly and difficult. Most likely oversubscribed though.
    Yep 80 Million sought out of which 70 million will be used to repay debt, 4.35 million to cover offer costs leaving only 5.25 million for growth Hmmm ????

  5. #20
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    Buy the best of breed instead. Enough said.

  6. #21
    percy
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    Quote Originally Posted by Roger View Post
    Buy the best of breed instead. Enough said.
    Sage advice.

  7. #22
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    This thread should really be changed to ARVIDA THE LATEST IPO. The Grinch may be able to change it or Mods. i see someone has tried to start a thread with the correct name ;messy.

  8. #23
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    I hear that Arvida/Hercules may be being put together as an exit strategy for the Adamson family, who have large holdings in several retirement villages. I can see the listing as a means to increase liquidity amongst a burgeoning retirement sector by packaging all the villages up together into a new company and floating it on the NZX. I suspect this is in part due to the change in interests after Mr Adamson passed last year.

    The Adamsons and some of the original “facility investors” get a small amount of cash out now and the rest comes free clear of escrow in May 2016.*Investors need to be wary of this overhang (think SUM!)

    The company looks good, but I see it is not being pitched as a growth stock despite the sector being in an enormous demographically aided growth phase. Rather they intend to pay around 60%-80% of earnings out as dividends to susposedly make up for this.

    All in all, some goods and bads, and the price might be attractive at IPO.

  9. #24
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    Good summary BFG.

    I see this as different to the current retirement stocks which are really property development companies whereas this one is a property owning company with a steady rental income. Growth I imagine will be via acquisition of other villages at a discount to what it's worth to them.

  10. #25
    Trying to get outta here
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    With a heavy reliance on care beds to produce profit at least for the first few years I'd be taking the dividend carrot with a grain of salt.

  11. #26
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    At least Chris Lee says what thinks. Very pointed piece this week on Arvida. I'll paste the start. Go to http://www.chrislee.co.nz/taking-stock to read the rest.

    Bit precious on copyright but I am sure he wouldn't mind a wider audience. Some of us could even become customers.

    Abstract -

    THE All Blacks have had yet another stellar year, and a few of them may well get a Xmas bonus when a rest home provider, Arvida, is listed at an improbable price in the days before Xmas.

    Arvida did not attract a full subscription at the highest price sought but it has raised all the money it required at a price close to the full amount, despite a low level of interest from North Island retail investors.

    Arvida is largely based in the South Island and has no presence in Auckland so the low levels of interest from northern investors was entirely predictable.

    That geographically-based interest might also have been reflected by the decision of Arvida to use a Dunedin-based retail broker to market the company. Anointed by the wide South Island base of retail clients who have allowed Forsyth Barr to make their investment decisions, the Dunedin broker was a logical choice for an issue that was small and unlikely to attract much fund manager focus.

    So the successful fund-raising will bring smiles to the handful of All Blacks who have invested in the concept believing a public float would bring them riches. If it holds its issue price till the escrow period ends I expect those rugby blokes with good advisors will then be seeking diversification, perhaps switching their gains into Ryman, Metlife or Summerset whose business models are very different and in my view much more sustainable.

  12. #27
    percy
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    Thanks for the link Winner69.
    I think the article is so good because Chris Lee has been involved in a retirement village for a very long time,and has given sage advice.

  13. #28
    El Toro~
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    I can't see anything on the NZX site anymore re this, isn't it supposed to list on the 18th?

    Still going ahead?

  14. #29
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    Quote Originally Posted by dingoNZ View Post
    I can't see anything on the NZX site anymore re this, isn't it supposed to list on the 18th?

    Still going ahead?
    Listing as ARV. It is on the main board upcoming listings bottom of page here:
    https://www.nzx.com/markets/NZSX

    Looking forward to it.

  15. #30
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    Good evening ..Am I alone in thinking "oh dear"...the allure of Dan et al has not worked...by all accounts Mr Lee is a smart man indeed.I accept the fact with the divs promised that this IPO was never going to excite folk much looking forward to a growth story.
    I indeed could be proved wrong here...hopefully .
    Me hopes that the 3 million dollar a year man has received more advice than from 1 source.
    As an aside can anyone comprehend the fun of intrigating the workings in multiple rest homes .....cheers

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