KFL - discount to diluted NAV

[Sideshow Bob]

https://www.nzx.com/announcements/432510

Kingfish Limited (Kingfish) wishes to advise all Kingfish Warrant Holders (KFLWH) that the final exercise price of the Kingfish warrants is $1.26.

Further details regarding the Kingfish warrants, which have an exercise date of 26 July 2024, will be emailed/mailed to all warrant holders before the end of June 2024.

[alokdhir]

https://www.nzx.com/announcements/432510

Kingfish Limited (Kingfish) wishes to advise all Kingfish Warrant Holders (KFLWH) that the final exercise price of the Kingfish warrants is $1.26.

Further details regarding the Kingfish warrants, which have an exercise date of 26 July 2024, will be emailed/mailed to all warrant holders before the end of June 2024.

Good luck with that ..lol ....Unless friends of fund bring SP close to current NAV of 1.3320 !!!

[Sideshow Bob]

Good luck with that ..lol ....Unless friends of fund bring SP close to current NAV of 1.3320 !!!

Regardless, there is always some exercised.......:mellow:

[mike2020]

5 weeks. I still think it can go either way.

[alokdhir]

5 weeks. I still think it can go either way.

easily possible ...discount is too high at the moment ...they can officially close it till 6% that takes to 94% of 1.3320 to 1.25 then add few cents for some portfolio appreciation in next 6 weeks ...SP can be $ 1.28 and NAV 1.36 ...very feasible ...

[Sideshow Bob]

For anyone who can't decide whether to buy at $1.20 (currently) or exercise warrants at $1.26.....

But there will always be some!!

https://www.nzx.com/announcements/432781

The final exercise price of the Kingfish warrants is $1.26.

Please note the share price is very close to the exercise price. Any warrant holders needing help in deciding what to do, should speak with their financial adviser or broker.

As the KFLWH warrant exercise date of 26 July 2024 is approaching, you have the following choices with your warrants:
• You can elect to exercise some or all of your warrants on 26 July 2024 at the final Exercise Price of $1.26.
• You can seek to sell or transfer your warrants on the NZX Main Board until 5.00pm 24 July 2024.
• You can elect to not exercise any warrants and allow the warrants to lapse.Any warrants not exercised by 5.00pm on 26 July 2024 will lapse and all rights relating to the warrants will expire.

What should I do if I wish to exercise my warrants?If you wish to exercise some or all of your warrants, you should:
• visit www.warrants.co.nz/kingfish (http://www.warrants.co.nz/kingfish) and complete the online Exercise Form;
• pay the Exercise Price required to be paid in accordance with the payment instructions set out below.Payment• Payment must be made in full by paying the Exercise Price of $1.26 per warrant that you wish to exercise.
• Payment is to be made in New Zealand dollars by direct credit.
• If there is a discrepancy between the amount of application monies and the number of warrants being exercised as indicated on your online Exercise Form, Kingfish will treat the application as being for the number of warrants being exercised as the application monies will pay for.

Direct credit Payment is to be made by direct credit to the Kingfish Limited Warrant Account. Please include your CSN number as the deposit reference.Payment should be made to the following account:Bank: ASB BANK LIMITED BRANCH: CORPORATE BANKINGAccount Number: 12-3244-0000035-01

[alokdhir]

DRP of $ 1.1689 was much beyond initial expectations ...DRP holders are nailing it these days ...always in the money . Easy to hammer price in 5 days in low liquidity to. get very favourable DRP strike...works great for me and other DRP subscribers ...also helps fund increase their AUM ...win win ...cash dividend people maybe. the losers here I reckon !!

[winner69]

Hey alokdhir, how many zillions do Kingfish need for IFT cap raise

Got enough cash or need to sell other stuff?

[Toddy]

Hey alokdhir, how many zillions do Kingfish need for IFT cap raise

Got enough cash or need to sell other stuff?

Good point. How many investors would have factored this into the KFL equation.

I was surprised.

[winner69]

Good point. How many investors would have factored this into the KFL equation.

I was surprised.

Rough guess only need about $9m

Easy peasy


But increase that 17% of fund won’t it ….might do some rebalancing

[alokdhir]

Hey alokdhir, how many zillions do Kingfish need for IFT cap raise

Got enough cash or need to sell other stuff?

I will let the fund managers take the call. ...after all they charge management fees ...why we need bother how they. manage as. long. as they manage well !!

[mike2020]

I had a quick look, they might have sold ATM to fund it. ;) Later when it rebounds like a coiled spring they can swap back and finally show us what an active fund manager does!

All speculation with a healthy dose of sarcasm.

[alokdhir]

With IFT / FPH going great guns ....KFL is becoming more and more undervalued ....NAV rising SP dropping ...wow

[Rawz]

With IFT / FPH going great guns ....KFL is becoming more and more undervalued ....NAV rising SP dropping ...wow
It’s like buying free money aye

[alokdhir]

It’s like buying free money aye

Its happening mostly due to DRP holders selling and cashing their dividends ...they are still in the money as DRP strike was $ 1.1689 ...opportunity for new investors

[Grimy]

I bought a few off them today. But it was only worth a couple of cents to them.

[Toddy]

It’s like buying free money aye


Its like their formula does not work investing in NZX stocks. Because to exit would tank the individual stock share prices back to the current head share price. Maybe this is a factor.

[Not too Flash]

NAV hanging in there ....

[ronaldson]

NAV hanging in there ....

Yes, NAV at $1.31 and the VWAP on-market today is barely over $1.18. Judging by the daily notices from KFL they are the main buyer currently and are likely buying again today to underpin even that modest price.

The market is very downbeat at the moment. One could suggest KFL at this discount is one of the bargains on offer, but like some other NZX listings there are is not much competition currently.

[alokdhir]

KFL will be giving about 2.8 million shares under DRP next week ...instead of issuing new @ 1.31 they are preferring to buy on market @ 1.18 ...saving company thus holders money by reducing the dilution from 1.31 to 1.1689 vs 1.18 to 1.1689 ....they will be giving away this recently acquired treasury shares as DRP instead of issuing new !! Works out favourable for holders and not so for fund ...but its small change overall

[777]

At 1.17 discount now to NTA of 1.3221 is 11.5%.

Still a reasonably big seller of the stock in the picture.

[Perky]

Yeah..I’ve been adding a few at $1.17…my buying strategy is to offer the DRP price 1.1689 + small margin..lol

Thank you to sellers.

Maybe Carmen still cashing up…seems plenty on offer.

[alokdhir]

With latest nav at 1.3221 ...then company can officially take to 1.243 ...little help from portfolio they can try to salvage their warrants issue ...not exactly impossible