PGC - Licenced to Bank

[percy]

It is interesting the directors each hold large numbers of PGC shares.Ofcourse they will receive"THE BANK" shares.However I have not seen any sell,so they have cash to buy "THE BANK"shares.Will they retain their PGC shares.? Will they sell PGC shares to buy more "THE BANK"shares,or will they sell"THE BANK"shares as PGC shares look too cheap.Looks as though we will live in interesting times.!!!!

Interesting enough the shares handed out to the boys [like GPG] are PGC shares.

[Balance]

Interesting enough the shares handed out to the boys [like GPG] are PGC shares.

Ironically, they can buy cheaper on the market - 36 cents versus 37 cents.

[percy]

Ironically, they can buy cheaper on the market - 36 cents versus 37 cents.

What do you mean ? Buy ?! Who is buying ?? The boys like "the hard earned" Yeah right !! Free ones.

[Balance]

What do you mean ? Buy ?! Who is buying ?? The boys like "the hard earned" Yeah right !! Free ones.

Agreed - free ones for the boys.

But PGC could have bought in market cheaper to give.

[percy]

Agreed - free ones for the boys.

But PGC could have bought in market cheaper to give.

Come on Balance.Yeah right. But, no one is buying anything.!!! Just transfering shareholder's wealth to the boys.!!

[mikew]

Just transfering shareholder's wealth to the boys.!!

These boys have made great contributions to our shareholders

[SCOTTY]

BSHL to start trading on Tuesday - should be interesting: NTA apparently 88c. What will it open at?

Banks seem to trade at a premium to NTA eg.:

ANZ-NZX $30.20 NTA $14.40
WBC-NZX $29.20 NTA $12.58
In Aussie CBA $52.39 NTA $15.94, MQG $41.34 NTA $25.21

By my calculations, each PGC share should have at least .25 of a BSHL share = 22c NTA, plus say 10cps for PGGW = 32c. At todays price of 36c, the residue of PGC is only worth 4cps!! PGC seems like a pretty good buy to me especially if BSHL trades above 88c.

[percy]

These boys have made great contributions to our shareholders

Yeah right.! SP at 36cents,Mr Market disagrees with you,as do shareholders who fronted up with fresh shareholders' funds at 40cents,or more.!
We have all seen the bonus's paid to bankers who lost shareholders' funds in other contries,now we are seeing it here before they have even got going.
Next we will see the "hard working" board get a nice slice of the free stuff.Start as you mean to continue, sends the wrong signals to shareholders, and the market that wants to see a tangible peice of evidence that "THE BANK" is generating wealth.

[percy]

BSHL to start trading on Tuesday - should be interesting: NTA apparently 88c. What will it open at?

Banks seem to trade at a premium to NTA eg.:

ANZ-NZX $30.20 NTA $14.40
WBC-NZX $29.20 NTA $12.58
In Aussie CBA $52.39 NTA $15.94, MQG $41.34 NTA $25.21

By my calculations, each PGC share should have at least .25 of a BSHL share = 22c NTA, plus say 10cps for PGGW = 32c. At todays price of 36c, the residue of PGC is only worth 4cps!! PGC seems like a pretty good buy to me especially if BSHL trades above 88c.

Thank you for that information Scotty.Most interesting.Like us all I look forward to seeing what "THE BANK"trades at.As I am often proven wrong I will open the betting at over $1.00.Now that will be interesting.What happens if "THE BANK" comes on under NTA,will the boys have to give back their free shares.?

[SCOTTY]

Thank you for that information Scotty.Most interesting.Like us all I look forward to seeing what "THE BANK"trades at.As I am often proven wrong I will open the betting at over $1.00.Now that will be interesting.What happens if "THE BANK" comes on under NTA,will the boys have to give back their free shares.?

Hi Percy

"The Bank" @ $1 = 25cps for PGC. Plus 10c for PGW leaves only 1cps for the other residual assets in PGC. The book value would probably be about 30c NTA per share even after writing down the NTA for the lower value of PGW (in the books @ 80c with sale price around 60c). We live in interesting times!!

With the 2 Georges (Kerr and Gould) having so much "skin in the game" I would imagine there will be a few clever ideas for the PGC shell. Any ideas?

Cheers