MCY Mercury NZ ( MRP Mighty River Power)

[Xerof]

No. But if eligible holders sell their entitlement then the resulting shares or cash will either go to MRP or the government. Which is a good question.

With MRP, only people still holding their original allotment will get the bonus shares. So Belg, in my mind, it matters not who is BUYER, the fact is the original entitled holder has SOLD, thereby extinguishing the liability of the Crown to issue the bonus shares.

Each original owner who has sold, has effectively left the shares they were going to get from the Crown, with the Crown. robbo24, so it is therefore the Crown who picks up the 'benefit' (by not having to eventually issue the bonus shares) They will end up with a higher % holding of MRP

[robbo24]

With MRP, only people still holding their original allotment will getnus shares. So Belg, in my mind, it matters not who is BUYER, the fact is the original entitled holder has SOLD, thereby extinguishing the liability of the Crown to issue the bonus shares.

Each original owner who has sold, has effectively left the shares they were going to get from the Crown, with the Crown. robbo24, so it is therefore the Crown who picks up the 'benefit' (by not having to eventually issue the bonus shares) They will end up with a higher % holding of MRP

Pro-rated treasury stock/Crown holding of unclaimed bonus shares...... Who is with me??? If only.

[Snow Leopard]

shareprice looks like its finally crossed the resistance trendline and broken out of the downtrend... or is that just wishful thinking? ha ha

Here is a little chart of closing prices for MRP from listing till close yesterday, today looks like it is down day .

Attachment 5552

You may be a little premature in assessing the downtrend as broken.

Best Wishes
Paper Tiger

[Snow Leopard]

I have only done a quick run over the HY results but I have normalized the EPS to 7.4cps would consider doubling that up to 14.8cps for the full year but no higher than that.

I see that MRP talk about an adjusted net profit and dividend payout of 13cps for full year.

So perhaps not such a bargain at all?

I notice the last bout of buyback did not stop the share price declining.

But one day the downtrend will end and then I will read the accounts again and you never know, even buy some.

Best Wishes
Paper Tiger

[robbo24]

I have only done a quick run over the HY results but I have normalized the EPS to 7.4cps would consider doubling that up to 14.8cps for the full year but no higher than that.

I see that MRP talk about an adjusted net profit and dividend payout of 13cps for full year.

So perhaps not such a bargain at all?

I notice the last bout of buyback did not stop the share price declining.

But one day the downtrend will end and then I will read the accounts again and you never know, even buy some.

Best Wishes
Paper Tiger

Settle down Tig.

Let's all just calm down... MRP's 65%fy/35%hy divvy policy means that even this 35% round of fully imputed divvies is pretty mint... Divvviessss brahhhhhhh.

The real benefit of the buyback in my eyes is the fact that it's held as treasury stock - which means, you guessed it, divvvvviiieessssss brahhhhhhhh!!!

[Tyro]

so first half earnings 123.5m, thats 8.9cps, projected full year earnings 18cps, current PE 11.5($2.07), it is cheap, isn't it?

Cheap yes. And with better quality earnings than Genesis, and lower transmission costs & transmission risk than Meridian. But markets are rational in the long-term, if at all.

[mouse]

Cheap yes. And with better quality earnings than Genesis, and lower transmission costs & transmission risk than Meridian. But markets are rational in the long-term, if at all.

The hydro system runs on the river. No canals to maintain. Plus close to the market, no problem with the Cook Straight cable system. Nor long transmission losses. I think that investors should have cash in both Mighty River and Meridian.

[Airw0lf]

The hydro system runs on the river. No canals to maintain. Plus close to the market, no problem with the Cook Straight cable system. Nor long transmission losses. I think that investors should have cash in both Mighty River and Meridian.

Also MRP have a lot of geothermal generation so they are far less exposed to lack of rainfall as compared to Meridian.

[mouse]

Also MRP have a lot of geothermal generation so they are far less exposed to lack of rainfall as compared to Meridian.

Cost of Generation. Cheapest is Hydro. Geothermal is probably next cheapest. We then get into big bucks with Coal probably cheaper, and more reliable, than windfarms. (Coal has the problem of cleaning up the site after use). But Fonterra use coal for milk powder processing. They even have their own coal mine!

[Snow Leopard]

I have only done a quick run over the HY results but I have normalized the EPS to 7.4cps would consider doubling that up to 14.8cps for the full year but no higher than that.

I see that MRP talk about an adjusted net profit and dividend payout of 13cps for full year.

So perhaps not such a bargain at all?

I notice the last bout of buyback did not stop the share price declining.

But one day the downtrend will end and then I will read the accounts again and you never know, even buy some.

Best Wishes
Paper Tiger

Well much to my surprise I have a few MRP shares sitting in the shoe box in the corner looking a little unloved.
If I ever come up with a good reason for why they are here (short term rising price and volume probably) I will let you know.
If they resume their decline I will shoo them out.

Best Wishes
Paper Tiger