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Thread: Mtfhc

  1. #31
    ShareTrader Legend Beagle's Avatar
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    Perpetual: The Perpetual Preference Shares have no fixed term and will remain in existence unless and until they are redeemed or repurchased for cash and cancelled (unless held as treasury stock in accordance with paragraph 1.24 of the terms of the Perpetual Preference Shares) or MTF goes into liquidation. Perpetual Preference Shareholders have no right to require redemption by MTF.

    That's all you need to know right there. Probably one of the main attraction of MTF to another party is this ultra cheap source of basil 3 compliant capital funding as I can't see from the most recent half yearly results or outlook commentary there's a heck of a lot of compelling reasons as a stand alone acquisition. Probably the other main attraction is synergy benefits expanded product range although it could be easily argued that the acquirer could fill out their product offer themselves.

    I can;t see any compelling reason to own these perpetual pref shares IMO. Current yield is ~5/ 0.76 = 6.58%...that would engender nothing other than a big yawn from me.
    Last edited by Beagle; 16-10-2015 at 10:53 AM.

  2. #32
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    I'm with Roger on this. There is no way they will be redeemed at face value. If anyone did want to cancel them, they would buy on market and cancel, and take the huge capital gain inhouse rather than to the speculators. IFT is doing the same having recently purchased a few on market (at the large discount) and cancelling.

  3. #33
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    6.58% plus the 8% increase in value of my units = 14.58% ,YAWN ....def one of the lower returns in my portfolio nothing to get excited about thats for sure.

  4. #34
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    Quote Originally Posted by Joshuatree View Post
    6.58% plus the 8% increase in value of my units = 14.58% ,YAWN ....def one of the lower returns in my portfolio nothing to get excited about thats for sure.
    Nice for you but to imply that anyone buying at 76 cents could achieve a similar capital gain is drawing a long bow in my opinion.

  5. #35
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    No implication; adding up my personal gains and hopeful of more. Unlike you promoting the hell out of AIR @$2.90; with all that insane irrational exuberance over 100's of posts.Any way looks like buyers then close to breaking even.

  6. #36
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    Really quite unnecessary for you to take such an argumentative approach and very disingenuous to pick the top.
    Have you checked the AIR thread lately to see how many people have been most appreciative of my analysis and advice, many of whom bough in the low to mid $2 range and are enjoying high fully imputed dividends at a rate far better than this investment.
    Sorry your stock is down 1.3% today with weak and much lower bidding and is so illiquid...but if you buy dogs you have to expect fleas
    Last edited by Beagle; 16-10-2015 at 05:51 PM.

  7. #37
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    So sorry i wasn't ramping AIR at the top I don't need to ramp anything I'm in, up or ramp anything I'm out of ,down. I don't need to influence anyone; or be right; i don't need followers; I feel fine as i am. I don't worry about daily movements.Im enjoying an a new high point in my portfolio value; I enjoy a forum to share in equally without narcissism, one upmanship, competitiveness, ego, overlords, etcetc.
    Its been a good week for MTF ; I'm happy about that.. Been a great month.The weather has been beautiful too and I'm not missing my Gallbladder either.Looking forwards to the big game this weekend.
    Last edited by Joshuatree; 17-10-2015 at 08:50 AM.

  8. #38
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    Quote Originally Posted by Roger View Post
    Probably one of the main attraction of MTF to another party is this ultra cheap source of basil 3 compliant capital funding.
    Here an RB document summarising its position on Basil III: http://www.rbnz.govt.nz/research_and...015may78-5.pdf
    Basil III compliance is an attribute of a bank not any particular security but I guess Roger means to imply that MTFHC is a qualifying AT1 security in RB parlance. However it is pretty clear to me that MTFHC has no loss absorbency provision satisfying Basil III capital requirements and therefore does not qualify for either Tier 1 or Tier 2. So maybe not so cheap. I think such securities are recognised for existing banks as an interim measure until 2018 -2019 but whether they would be recognised after an acquisition such as HNZ purchasing MTF is a fairly moot point. I don't know what HNZ's current Basil III capital ratio is but I would be surprised if it was sufficient to absorb such an acquisition without further capital.

    Disc I hold both HNZ and MTFHC.

  9. #39
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    Whats a happening with MTFHC, Redemption?, Anyone have any ideas price been on the up .Still hold a few. Price started lifting from $60 early may now at $67.90
    Last edited by Joshuatree; 22-07-2019 at 04:37 PM.

  10. #40
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    Last reset in oct 2018 @ 4.38%.Price up nearly 8% in 1 year. Payment date 31 July.
    Last edited by Joshuatree; 22-07-2019 at 09:35 PM.

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