GNE - Genesis Energy

[Xerof]

No. I doubt it.

Lets see Bill and that other guy (John?) step up and produce a Belgarion sanctioned election bribe that increases the size of the M&D pool so we get what we ask for!

Well, if they hear the same crock that I'm hearing, then they may well do so. Once again, locals warehousing huge parcels for offshore buyers, who will, once again, just dump it after listing. Benefits: two lots of brokerage for the brokers doing the warehousing. And we'll sit here wondering, with so much demand, how come it didn't go up......

It's the Bill and Phil show isn't it?

[Snoopy]

I wonder how many people requested a prospectus from their broker but instead got sent an investment statement? The actual prospectus was difficult to find and I eventually found it here:

https://d.genesisenergyshares.govt.nz/prospectus/

There is a much fuller evaluation of risk in the real prospectus.



A further question of the prospectus. When I try and cut and paste from the prospectus, as eventually found on the official Genesis float website, the cut and pasting doesn't work. Tried the same thing on someone elses computer and got the same non result. Is this just something to do with the way the pdf has been set up?

SNOOPY

[airedale]

I think that the custard will hit the political fan if there are any "mums and dads" who don't get their token amount. Given that it likely to be very popular with every man and his dog saying what a good deal it is.
So is 13,500 allocations for M&D investors enough? I doubt it.

[couta1]

Different CSN and IRD numbers I presume?
Same numbers as they are completely different pools,you would only need to have different numbers if you were submitting multiple applications in the public pool

[troyvdh]

Dear Airedale.I know that at times I tend to disagree with most folk.
What I do find ..again ...it somewhat strange that why when the gumment decides to sell a share of a state asset that the investors should naturally accept to make a killing...now im no socailaist by anymeans....as you have noticed the gumment sold a few assets at what appears to be very good prices...for the tax payers at least.....and yet the investment industry deemed that these floats were a failure...Honestly I do not get it really...

What I am sure of is that if folk who are somewhat suspicious of the SM...I can understand why....cheers...

[see weed]

Well this old guy did his apprenticeship in the NZED in the 1970's and helped build one of these power stations. My computer is just about as old. Can not down load application form, so phoned up a foreign bank (ASB) and talked to a foreigner, and they said go to genesis web site and down load the form, because they had run out of forms. So rang up another foreign bank (ANZ) , same thing, talked to another foreigner, and they had no forms. I wonder how many peeved off kiwi people will vote labour out of spite, I won't , but will try again tonight when there is not too many people on line. It should take about two hours to down load hopefully. Still on dail up, but will have to look into changing that one day:confused:

[airedale]

I went in to my local ANZ bank and there was a pile of prospectuses/prospecti on the counter.

[horus1]

well see weed the Bradford reforms of the 90's are a complete failure . prices are so high that the growth is negative in volume, and I know. Be very careful about genesis. I built power stations too

[fungus pudding]

A further question of the prospectus. When I try and cut and paste from the prospectus, as eventually found on the official Genesis float website, the cut and pasting doesn't work. Tried the same thing on someone elses computer and got the same non result. Is this just something to do with the way the pdf has been set up?

SNOOPY

You can't alter any PDF file.

[fungus pudding]

Well this old guy did his apprenticeship in the NZED in the 1970's and helped build one of these power stations. My computer is just about as old. Can not down load application form, so phoned up a foreign bank (ASB) and talked to a foreigner, and they said go to genesis web site and down load the form, because they had run out of forms. So rang up another foreign bank (ANZ) , same thing, talked to another foreigner, and they had no forms. I wonder how many peeved off kiwi people will vote labour out of spite, I won't , but will try again tonight when there is not too many people on line. It should take about two hours to down load hopefully. Still on dail up, but will have to look into changing that one day:confused:


Just search Genesis share offer and complete online - no need to print anything.

https://www.genesisenergyshares.govt.nz/home/?gclid=CM_3scLMw70CFc1YpQodOB4AJg

Select apply now.

[axe]

I believe that out of the 49% for sale, 40% have been allocated to instos and the lead brokers. So that just leaves 9% for the rest of us including the mommas and the poppas.

Thats not 9% of the 49% on offer. That 9% of the total shares.

Which is 18.3% of the actual part being sold off going to the public pool.

[QOH]

Same situation here psychic. Sent them a strongly worded email this morning but not sure they will even read it. A very poor process indeed.

Another unhappy Direct Broking client here, after reading the posts on here, thought I'd check to see if I had a firm allocation from them, last email from them gave me a reference and said they would send documentation
when it arrived, discover no I don't have an allocation, it's not so much missing out that is annoying, but the fact they don't even tell you.
If I had been told we would have applied for more for my husband through the public pool.

[GR8DAY]

......MY STORY. ANZ client. Applied on line about 2weeks ago giving an indicative uptake/request for 25000 shares. Never heard a thing back........still waiting. Rang them Tuesday just gone (4 days ago).......they said it's in the post.........just checked .......nope, still not here. Rang them again just now.........."apparantly" NZ Post dont really deliver big parcels during the week??!!!..........so I should get it tomorrow!! Can you believe this.......what a load of bulldust, I smell a big rat and Im left wondering they're maybe up to tricks by delaying this to somehow satisfy their BIG traders first, once they've established a good demand is there??

[NOCASH]

I have no troubles with Direct Broking at all applied 3 days before the cut off for $55k received $52k worth of Genesis shares. The booklet and forms was sent promptly. Good work Direct Broking!

[Harvey Specter]

I have no troubles with Direct Broking at all applied 3 days before the cut off for $55k received $52k worth of Genesis shares. The booklet and forms was sent promptly. Good work Direct Broking!Did you apply online or by phone. The issue appears to be people completed an online form and expected a firm allocation.

[psychic]

Yup , that is the issue HS. The DB site invited you to register interest with a click. You received confirmation and a ref number by email. All looked good.
If it were not for the chatter here you'd be cheerfully sending in a chq and applic form for $50k or whatever you applied for and would not have known they had nothing to give you other than what was available from the public pool. The banner is still current on the site.
Nowhere did DB say you must call us. What, they couldn't send an email to clients telling them that they needed to call? They claim they shared their allotment as "fairly" as they could. BS, it's an old boy network and it stinks particularly given that they knew interest would be very keen..

[percy]

I have no troubles with Direct Broking at all applied 3 days before the cut off for $55k received $52k worth of Genesis shares. The booklet and forms was sent promptly. Good work Direct Broking!

And good on you!!!!
Looks as though you are very well positioned>!!!!!

[iceman]

Its actually worse than that psychic. Must stress that we are with ANZ but believe it is same as DB anyway. Like you said the email gave a reference number linking back to the online application from their website, but then clearly state that you should action your application as soon as possible and all application need to be received by 10 April. We mailed our application immediately to no avail. Very poor service.

[ordop]

I was told that an expression of interest was an indication of your interest level but not a fiurm allocation or commitment on either party. one needed to then ring and request a firm allocation once the investment statement had been registered sometime last week. and that allocations went to people who had done this up until they had none left? Public pool me thinks..... a couple of applications for me, you, you and me and bobs your uncle hopefully.

[BlackPeter]

Interesting EBITDAF comparison of major NZ Power companies - published on the IFT investor day.

Go to https://www.nzx.com/files/attachments/192074.pdf and check out slide 4.

Obviously Trustpower is top (otherwise they wouldn't have showed the comparison), but more interesting is how the other generators feature - Genesis is long term trailing the pack!

[Harvey Specter]

Its actually worse than that psychic. Must stress that we are with ANZ but believe it is same as DB anyway. Like you said the email gave a reference number linking back to the online application from their website, but then clearly state that you should action your application as soon as possible and all application need to be received by 10 April. We mailed our application immediately to no avail. Very poor service.Did it say anywhere you were applying for a firm commitment. It appears they website was poorly done as you were only applying for the public pool, but were under the impresson you were applying under the broker pool - confusing since they are a broker.

Note: they are rebranding to ANZ soon so DB will be no more.

[couta1]

Have sent in my form for firm allocation with DB for 50k worth plus applying for another 10k worth under the public pool so if 20% scaling applied will still get enough to get max bonus shares,ive found DB to be great to deal with and with allocation promised to me,but i expect nothing less as ive spent a scary amount of money in brokerage with them over the last year

[iceman]

Did it say anywhere you were applying for a firm commitment. It appears they website was poorly done as you were only applying for the public pool, but were under the impresson you were applying under the broker pool - confusing since they are a broker.

Note: they are rebranding to ANZ soon so DB will be no more.

No it didn't HS and I am sure this is all because we had no firm allocation. My point is that subsequent communications made us feel we had firm allocations and when I contacted them on Tuesday, they say as you didn't contact us on Monday to confirm, they couldn't do it. Yet I can not find any reference anywhere to the need of contacting them on Monday, the very day we received the email from them. Anyway, done and dusted now but I think lots of dissatisfied customers with this extremely poor service.
No we just need to see what we'll get from the public pool and have put in applications in 2 names just in case of heavy scaling...
couta 1, please let us know how your application with DB will be dealt with, just out of interest !

[Snoopy]

Snoopy wrote: "A further question of the prospectus. When I try and cut and paste from the prospectus, as eventually found on the official Genesis float website, the cut and pasting doesn't work. Tried the same thing on someone elses computer and got the same non result. Is this just something to do with the way the pdf has been set up?

You can't alter any PDF file.


My question was obviously not explianed well enough FP. I don't want to alter the Genesis prospectus. I want to copy text from the prospectus pdf using 'Ctrl A' (select) and 'Ctrl C' (copy) for my own reference into my own word file. That works on every pdf I have tried it with before. But not this time. I wondered if there was a work around.

SNOOPY

[cyclist]

My question was obviously not explianed well enough FP. I don't want to alter the Genesis prospectus. I want to copy text from the prospectus pdf using 'Ctrl A' (select) and 'Ctrl C' (copy) for my own reference into my own word file. That works on every pdf I have tried it with before. But not this time. I wondered if there was a work around.

SNOOPY

Acrobat does have the ability to apply protection to a pdf, to (for example) prevent copying and pasting. I expect this is what has been done here. I don't know of a workaround other than taking a screen snip of what you want to quote, and post as an image.

[bull....]

Looks like ill have to try for 1% threw the public pool lol at least I have a 100 different names haha

[Snow Leopard]

My question was obviously not explianed well enough FP. I don't want to alter the Genesis prospectus. I want to copy text from the prospectus pdf using 'Ctrl A' (select) and 'Ctrl C' (copy) for my own reference into my own word file. That works on every pdf I have tried it with before. But not this time. I wondered if there was a work around.

SNOOPY

I use PDF24 (http://en.pdf24.org). In the editor, open document, save document without the copy protection and your away.

Best Wishes
Paper Tiger

[macduffy]

Looks like ill have to try for 1% threw the public pool lol at least I have a 100 different names haha

We can expect some sort of data-matching of application forms so you might also need to have a 100 different IRD numbers!

;)

[KJ]

My experience with DB was very poor.
I filled in the expression of interest form from their website stating the $ amount of my interest.
I followed up on the 28Th,before the book build & advised that $25k in my expression of interest was a firm request.
I rang back on the 31st to find out my allocation to be told it was Zero as I did not ask for a firm allocation.
Absolute rubbish as I followed their instructions absolutely.
While I know that $25k is small change to them there is clearly something wrong with this process.

[macduffy]

All these unsatisfied expressions of interest bode well for the SP on listing. Unless, of course, the interest was purely of a stagging nature!

[psychic]

There may also be plenty for sale as I have no doubt many insiders will stag given they have been given more than they can or would want to hold... ?

[troyvdh]

macduffy and psychic...I acknowledge my opinions appeal to very few...but this staging ...whats this about.... like I have said in the past ..if folk continue to treat the SM as a casino/Tab....what hope is there.....have folk lost the appreciation of wealth appreciation ???...I could go on here....

[bull....]

There may also be plenty for sale as I have no doubt many insiders will stag given they have been given more than they can or would want to hold... ?

Probably right considering most stock seems to have gone to a few select

[couta1]

We can expect some sort of data-matching of application forms so you might also need to have a 100 different IRD numbers!

;) CSN number is the only data match that matters,that's the first port of call and if your lucky enough to have more than one of these under the same name then your through the door for dual applications:cool:

[NOCASH]

And good on you!!!!
Looks as though you are very well positioned>!!!!!

I hope so. This is my house deposit money, i am looking to sell within an hour or so after it is listed on the market hopefully for 7-8% return . I rang and applied over the phone.

[percy]

I hope so. This is my house deposit money, i am looking to sell within an hour or so after it is listed on the market hopefully for 7-8% return . I rang and applied over the phone.

I think you picked the right new issue to take such a big risk.!!!
Naughty but nice.!!!!!

[macduffy]

macduffy and psychic...I acknowledge my opinions appeal to very few...but this staging ...whats this about.... like I have said in the past ..if folk continue to treat the SM as a casino/Tab....what hope is there.....have folk lost the appreciation of wealth appreciation ???...I could go on here....

C'mon troyvdh, surely we've all been in this market long enough to know what stagging's all about? Different folk have different methods, outlook, time-frames etc. All part of the sharemarket whether we like it or not.

[see weed]

I went in to my local ANZ bank and there was a pile of prospectuses/prospecti on the counter.

Thanks mate, just did the same and posted cheque away this afternoon.

[see weed]

well see weed the Bradford reforms of the 90's are a complete failure . prices are so high that the growth is negative in volume, and I know. Be very careful about genesis. I built power stations too

Meremere patch up...1973 New Plymouth Power Projectl....1974

[psychic]

Yes, but we are going to flog off State assets at a discount (and Genesis clearly is) the offer should have been managed so that it was fairly available to all - not a select few. Pigs at the trough, brokers and staggers alike.

[Joshuatree]

Bummer http://media.nzherald.co.nz/webcontent/author/jamie2.pngJamie Gray (http://www.nzherald.co.nz/jamie-gray/news/headlines.cfm?a_id=722)Jamie Gray is a business reporter for the New Zealand Herald and APNZ wire agency


Investors flock to Genesis sell-off4:15 AM Saturday Apr 5, 2014


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Asset sales (http://www.nzherald.co.nz/asset-sales/news/headlines.cfm?c_id=1503277)
Genesis Energy Limited (http://www.nzherald.co.nz/genesis-energy-limited/news/headlines.cfm?o_id=71)
Sharemarket (http://www.nzherald.co.nz/sharemarket/news/headlines.cfm?c_id=316)



http://media.nzherald.co.nz/webcontent/image/jpg/201414/SCCZEN_260214SPLTOKAANU1_300x200.jpgInvestors are rushing to buy Genesis shares.
Intense investor interest in the upcoming float of Genesis Energy is forcing a heavy scaling back of broker and institutional share allocations well before the April 14 deadline.
One financial market source said broker firm allocations for Genesis had been reduced, with brokers receiving just under half the number of shares they had applied for on behalf of clients.
Bids from institutions were also understood to be heavily scaled back.
The general offer, open to members of the public, closes on April 11.
Investors will find out their allocations on April 16 and the stock is expected to list on the NZX and ASX on April 17.
A fund manager, who requested anonymity, said there had been a change of heart over Genesis, which was earlier seen as less attractive than the other power generators put up for partial sale by the Government.
"The broker pool is still open but if you ring up a broker now he will tell you it's too late," the fund manager said.

"On the institutional side, there are some pretty unhappy people," he said. "Clearly people were keen to get access to this issue."
Broking sources said the Labour-Green plan to do away with the wholesale electricity market had become less of a concern than was the case with Meridian and Mighty River Power as the National-led Government continued to poll strongly before September's general election.
Genesis is also offering a high implied dividend yield of 10.8 per cent to 13.2 per cent for 2014, plus a bonus share component.
"Also if you look at the portfolio, it's the most flexible of all the generators to deal with potential changes in the generation industry, so if you have another dry period, Genesis is in the box seat," the fund manager said.

Bummmer looks like we will get less than half subscribed for; hopefully by applying for heaps i will still do ok, good luck all.

[QOH]

I received the prospectus today from Direct Broking for Genesis Energy. Seriously what was the point when they have told me I 'm not allowed a firm allocation.
I guess they hope I will apply to the public pool using their form with their stamp so they can claim commission.
Generally I have great service from DB, just annoyed this time that they didn't take the time to tell their clients who thought that they were applying for a firm allocation that they had missed out.

[couta1]

Stag, stag, stag, stag...

Disc - not applying nor looking to initiate a position
Not me Moosie I'm long on this one especially if I get max bonus share entitlement plus that big divvy and maybe a share price increase long term as well:cool:

[777]

Bonus shares. Just the same pie divided into smaller pieces. Share price will adjust to reflect their issue.

[couta1]

Bonus shares. Just the same pie divided into smaller pieces. Share price will adjust to reflect their issue.
Initially but for how long? and share price may be near $2 at the time of issue

[freddagg]

Bonus shares. Just the same pie divided into smaller pieces. Share price will adjust to reflect their issue.

I hope you are wrong. I understood the Govt was holding shares back from sale to use for bonus shares

[macduffy]

Bonus shares. Just the same pie divided into smaller pieces. Share price will adjust to reflect their issue.

That's normally the case but here the govt is gifting the bonus from its own holding. The number of shares doesn't change - the govt ends up with slightly less and "qualifying" holders end up with slightly more!

[777]

That's normally the case but here the govt is gifting the bonus from its own holding. The number of shares doesn't change - the govt ends up with slightly less and "qualifying" holders end up with slightly more!

That does of course make a difference. I wonder if they regret it now that there is so much interest in the issue?

[digger]

That does of course make a difference. I wonder if they regret it now that there is so much interest in the issue?

No regrets. It is election year so why regret the voters getting something?

[fungus pudding]

That's normally the case but here the govt is gifting the bonus from its own holding. The number of shares doesn't change - the govt ends up with slightly less and "qualifying" holders end up with slightly more!
How does that work if they have already sold 49%?

[macduffy]

How does that work if they have already sold 49%?

From memory, less than 49% will be sold initially. As a substantial number will be allocated to non-qualifying holders the maximum number of bonus shares potentially needed won't be known until all allocations are finalised. Note that the Investment Statement talks about issuing between 30% and 49% which gives a lot of scope to accommodate the Crown's potential maximum bonus "liability". At least, that's how I read it.

[Grimy]

And of course if someone doesn't hold for 12 months no bonus shares are issued to them.

[axe]

Is the bonus for kiwi individuals as per MRP? or can the big boys get this one too?

[DarkHorse]

I found the retail application scaling formula for Meridian - see below. For those with failing memories like myself it's a useful reference. I suppose the formula will be similar but obviously with much greater scaling. I wonder at what point much greater scaling is likely to kick in, and if there'll even be a cap on the total amount.
Can anyone hazard a guess based on experience as to how much someone aiming for $10-15K worth, with access to significantly more cash (eg revolving credit) should apply for if just applying in my name? Or my wife's also, and possibly for a family trust?
Cheers!

You will receive:
First $2,500
The full amount you asked for
From $2,501 to $10,000
90% of what you asked for
From $10,001 to $15,000 85% of what you asked for
From $15,001 to $20,000 75% of what you asked for
From $20,001 55% of what you asked for


Bummer http://media.nzherald.co.nz/webcontent/author/jamie2.pngJamie Gray (http://www.nzherald.co.nz/jamie-gray/news/headlines.cfm?a_id=722)

Jamie Gray is a business reporter for the New Zealand Herald and APNZ wire agency


Investors flock to Genesis sell-off

4:15 AM Saturday Apr 5, 2014


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Asset sales (http://www.nzherald.co.nz/asset-sales/news/headlines.cfm?c_id=1503277)
Genesis Energy Limited (http://www.nzherald.co.nz/genesis-energy-limited/news/headlines.cfm?o_id=71)
Sharemarket (http://www.nzherald.co.nz/sharemarket/news/headlines.cfm?c_id=316)



http://media.nzherald.co.nz/webcontent/image/jpg/201414/SCCZEN_260214SPLTOKAANU1_300x200.jpgInvestors are rushing to buy Genesis shares.
Intense investor interest in the upcoming float of Genesis Energy is forcing a heavy scaling back of broker and institutional share allocations well before the April 14 deadline.
One financial market source said broker firm allocations for Genesis had been reduced, with brokers receiving just under half the number of shares they had applied for on behalf of clients.
Bids from institutions were also understood to be heavily scaled back.
The general offer, open to members of the public, closes on April 11.
Investors will find out their allocations on April 16 and the stock is expected to list on the NZX and ASX on April 17.
A fund manager, who requested anonymity, said there had been a change of heart over Genesis, which was earlier seen as less attractive than the other power generators put up for partial sale by the Government.
"The broker pool is still open but if you ring up a broker now he will tell you it's too late," the fund manager said.

"On the institutional side, there are some pretty unhappy people," he said. "Clearly people were keen to get access to this issue."
Broking sources said the Labour-Green plan to do away with the wholesale electricity market had become less of a concern than was the case with Meridian and Mighty River Power as the National-led Government continued to poll strongly before September's general election.
Genesis is also offering a high implied dividend yield of 10.8 per cent to 13.2 per cent for 2014, plus a bonus share component.
"Also if you look at the portfolio, it's the most flexible of all the generators to deal with potential changes in the generation industry, so if you have another dry period, Genesis is in the box seat," the fund manager said.

Bummmer looks like we will get less than half subscribed for; hopefully by applying for heaps i will still do ok, good luck all.

[macduffy]

Is the bonus for kiwi individuals as per MRP? or can the big boys get this one too?

Briefly, the bonus applies to "NZ Applicants who receive an allocation in the Retail Offer (whether you apply under the General Offer or the Broker Firm Offer)" and hold continuously for 12 months. Excludes applications under the Institutional Offer and the Participating Iwi Offer. Refer p 42 of the Investment Statement but full conditions are set out in Section 71 of the Prospectus - which I havn't read!

[Ahgong]

Have sent in my form for firm allocation with DB for 50k worth plus applying for another 10k worth under the public pool so if 20% scaling applied will still get enough to get max bonus shares,ive found DB to be great to deal with and with allocation promised to me,but i expect nothing less as ive spent a scary amount of money in brokerage with them over the last year

Hi couta1, I'm quite new at this but I managed to get a small firm allocation from DB but the form has no box for the allocation number so how does DB know unless they match the names which seems stupid. Shall I enclose their letter stating their firm allocation? Thanks.

[milt1968]

So basically if a person misses out on shares or gets a lot less than they wanted, their only option is to buy ASAP when it lists?

[zigzag]

Hi couta1, I'm quite new at this but I managed to get a small firm allocation from DB but the form has no box for the allocation number so how does DB know unless they match the names which seems stupid. Shall I enclose their letter stating their firm allocation? Thanks.

Not exactly sure what your problem is, but if your broker has got you an allocation then you purchase the shares through your broker. If you are at all confused about the process then you really should ring your broker and make sure you understand the procedure.

[macduffy]

So basically if a person misses out on shares or gets a lot less than they wanted, their only option is to buy ASAP when it lists?

Whether one buys ASAP or later ( or never!) is up to that person. Note, however, that such a purchase won't qualify for next year's bonus - if that's a factor in a decision.

[axe]

Whether one buys ASAP or later ( or never!) is up to that person. Note, however, that such a purchase won't qualify for next year's bonus - if that's a factor in a decision.


Or you can wait for the selloff to start. Both MRP and MELCA have spent large amounts of time below listing price .....

[couta1]

Hi couta1, I'm quite new at this but I managed to get a small firm allocation from DB but the form has no box for the allocation number so how does DB know unless they match the names which seems stupid. Shall I enclose their letter stating their firm allocation? Thanks.
They will match all your details with their system once they receive your application form,you could send back the letter with your application form if you wanted,I did as I want them to take the proceeds from my OMCA account and this can only happen if you write a separate note and send it with your App form and I used the letter to write the note on

[couta1]

Whether one buys ASAP or later ( or never!) is up to that person. Note, however, that such a purchase won't qualify for next year's bonus - if that's a factor in a decision.
2000 bonus shares times $1.55 or higher maybe is worth holding onto IMO

[vorno]

2000 bonus shares times $1.55 or higher maybe is worth holding onto IMO

My calc says otherwise for a potential 10% profit!

[okane]

Just called Direct Broking and was informed there was no firm allocation for me.

Supposedly on the online form I filled out there was fine print saying I needed to call on the telephone to get a firm allocation. Thanks guys. Great online share brokerage you are running. Not.

[blackcap]

Just called Direct Broking and was informed there was no firm allocation for me.

Supposedly on the online form I filled out there was fine print saying I needed to call on the telephone to get a firm allocation. Thanks guys. Great online share brokerage you are running. Not.

I was wondering about that too a couple of weeks ago. I had applied on line but then a friend suggested I call them to get an allocation. I had not seen the fine print either. I was lucky in that I called 2 Mondays ago and so manged to get some.
DB should make this more clear in the online "give us a rough estimate of how many you want" form.

[Bobby_Fischer]

Just called Direct Broking and was informed there was no firm allocation for me.

Supposedly on the online form I filled out there was fine print saying I needed to call on the telephone to get a firm allocation. Thanks guys. Great online share brokerage you are running. Not.

Speaking in DB's defense (no association apart from being a long-time customer): no wish to be inflammatory, just wishing to offer a contrary perspective, but I also applied through DB. I thought it was clear from the outset that it was a two step process: Expression of interest followed by request (via telephone call) for a firm allocation. In my experience this is always how DB have handled new issues.

A case of "Always read the fine print" perhaps?

[okane]

In my experience this is always how DB have handled new issues.

Fair enough but if they clarified their process then the allocation would not favour experienced investors who know how to jump through their hoops over newbies.

We hear a lot of talk about "Mums and dads" from the investment community but in practise the money seems to often get funneled towards the old boys network.

[macduffy]

And that's hardly surprising when it's the "old boys" who pay most of the brokerage that pays for the market system. "Mums and dads" are probably in line for the minimum allocation from the public pool but to expect equal treatment from a broker, particularly through an online service, is being a little unreal, IMO.

Disc: No interest in any broking business but I do pay them plenty in brokerage most years!

[skid]

Im not so sure about that in this case--If there is tons of applications and it is hugely over subscribed--then it looks much better for the Gov. to be able to say they provided shares to the ''Mom and Pop'' investors (the voting public)

[bull....]

Im not so sure about that in this case--If there is tons of applications and it is hugely over subscribed--then it looks much better for the Gov. to be able to say they provided shares to the ''Mom and Pop'' investors (the voting public)

I think everyone wouldnt believe that as a black n white statement

[couta1]

If the market is like this for the rest of the week me thinks there will be plenty of share's to go round.
Yep and stagging will be a waste of time

[Casino]

The market looks great for Genesis. New technology and biotech are down, income stocks are in demand.

[Goldstein]

The market looks great for Genesis. New technology and biotech are down, income stocks are in demand.

I was thinking exactly the same thing Casino. I've ordered some through the website. This seems to be turning into the most interesting float of all.

[Casino]

I was thinking exactly the same thing Casino. I've ordered some through the website. This seems to be turning into the most interesting float of all.

Given the free cash-flow I'm also very optimistic. It may not be the most exciting stock to watch but probably a good one to hold.

[samdaman]

Being new and not really understanding floats is there anyway to find out how many shares will be outstanding after the float? This is so I can put them into my calculation and see if 1.55 is cheap.

[Harvey Specter]

Being new and not really understanding floats is there anyway to find out how many shares will be outstanding after the float? This is so I can put them into my calculation and see if 1.55 is cheap.1 Billion.

They issue a few more recently to get to a round number. Post IPO, less than 49% will be publicly held as the Govt needs to retain some for the bonus shares.

Companies office is a great source of basis info, especilly for public or over 25% overseas helds as financial statements are disclosed : http://www.business.govt.nz/companies/app/ui/pages/companies/936775/shareholdings

[samdaman]

In that case I really wish I had some spare money to put in for this :(

[skid]

Yep and stagging will be a waste of time

I was just thinking the same thing--It would be an irony to finally get those ''hard fought for'' shares and then have them pummeld by the market if it overflows to value stocks as well as growth stocks (probably a bit safer in the long run though)

[bmrm]

Just applied for my chunk through the website, have to say I was very impressed with the ease of it. Haven't gone in for any of the previous floats so cant comment about them, but this is far and away the simplest government web-form I've filled out in a long time.

[percy]

Just applied for my chunk through the website, have to say I was very impressed with the ease of it. Haven't gone in for any of the previous floats so cant comment about them, but this is far and away the simplest government web-form I've filled out in a long time.

Must agree how easy I found it too.I usually give up with forms on line.

[percy]

NO CASH.
Clear your PM in box,it is full.

[Crypto]

Must agree how easy I found it too.I usually give up with forms on line.

Almost a little to easy :) , must check that my DD went through yesterday!

[stones]

Application was easy to fill and send and they took the dollars as easy. Looking forward to an easy ride and full satisfaction. Sounds easy!!!

[NOCASH]

I have cleared it.

[Joshuatree]

I have no troubles with Direct Broking at all applied 3 days before the cut off for $55k received $52k worth of Genesis shares. The booklet and forms was sent promptly. Good work Direct Broking!

Just to be clear NO ONE will know how many they are going to get until next week. No one gets a firm allocation.The brokers can't divvy out or favour anyone it just doesn't work like that. Feedback I'm getting is that the level of int from peeps off the street going into a Broker is very similar to that of MRP float. Im hoping i don't get scaled back too much next week will tell.Seems (imo) most of us will get some funds back unfortunately..

[milt1968]

Looking like it Joshuatree. Oh well, some is better than none I guess. Hoping I dont get scaled back too much, as is everyone else.

[gazprom1]

Just to be clear NO ONE will know how many they are going to get until next week. No one gets a firm allocation.The brokers can't divvy out or favour anyone it just doesn't work like that. Feedback I'm getting is that the level of int from peeps off the street going into a Broker is very similar to that of MRP float. Im hoping i don't get scaled back too much next week will tell.Seems (imo) most of us will get some funds back unfortunately..

JT are you talking about the "public pool"? If NOCASH was talking about a firm broker allocation from the book build process, he is 100% correct. I have received a FIRM allocation from my broker based on their allocation. I have also applied via the "public pool" and expect to be scaled significantly and we will not know this scaling until next week.

Cheers
Gaz

[Wolf]

Genesis lists on Thursday the 17th of April. The market is closed on Friday and the following Monday.
Has anyone got an idea on how the holidays will affect the listing?

My initial thoughts are that there will be large volume traded on the 17th due to investors getting in/getting out and a flurry of activity at close, which could lead to a sharp rise or fall.
The following Tuesday would also have a flurry of activity with late comers/ people changing their mind.
I find it interesting that the government chose this date for listing. I would love to know why. Surely they choose a date in which they expect a rise rather than a fall so i'm picking a rise on Thursday and the following Monday.
This is just a guess, hopefully someone else has a more informed opinion.

What is everyone else's views? Surely these holidays have an effect on the people stagging/trading.

[Joshuatree]

Hi gas after questioning my advisor. He said no allocations have been made yet in either pool.. One can apply for a certain number but that those applications have to go through the allocation process which will be only AFTER the offer closes 5pm friday. The scaling and allocation can only happen then. An application is not an allocation.

[gazprom1]

Hey JT.

I think that you need to go back to your advisor. There has been firm allocations to brokers/ institutions as part of the book building process. Brokers applied for a certain number of shares based on client interest. It appears that some brokers did not receive sufficient shares to fulfil client demand. My broker allocated their shares and those allocations are firm and will not be changed. A mate of mine with the same broker who registered an interest in the float and called up last week missed out altogether.

I will let you know if anything changes.

cheers
gaz

[gazprom1]

I would be interested to know who is your advisor.

cheers
gaz

[Joshuatree]

I will check my source too cheers JT

BTW,surely the scaling can't be done until after applications have closed.

[blackcap]

I will check my source too cheers JT

JT, generally firm = firm. The broker has allocated you those shares out of their pool that they have been allocated. Some brokers may have asked for say 100m but only been given 50m. But they still have the 50m that they can then distribute to their clients as firm. Hope that helps.

[blockhead]

Might work the other way Snap, spooked investors will be mainly from the ''tech'' stocks, they might all be heading for ''real'' earners....good wee power companies etc.

Demand for Gen might increase

[couta1]

As I've said before firm broker allocations can only be scaled to a maximum of 20%

[NOCASH]

I requested my shares with DB, the funds of $52k was taken out from my account last night. I was sent a letter stating that my allocation was firm. I believe that they can't scale me back now.

[Beagle]

Been too busy to follow this but there seems like a lot of interest so I'm thinking I might have a crack through the public pool.

What are the brokers valuations for this stock, have you got a link to that ?

Thoughts on the impact of the market correction overnight ?

[noodles]

Been too busy to follow this but there seems like a lot of interest so I'm thinking I might have a crack through the public pool.

What are the brokers valuations for this stock, have you got a link to that ?

Thoughts on the impact of the market correction overnight ?

I wouldn't call last night a correction. It is just volatility. S&P down just 2%.

https://www.genesisenergyshares.govt.nz/home/

also https://www.nzx.com/genesis-research

I'd prefer you did not buy as it will further scale back my application:)

[couta1]

As I've said before firm broker allocations can only be scaled to a maximum of 20%
Ditto,Ditto,Ditto NoCash

[Xerof]

As I've said before firm broker allocations can only be scaled to a maximum of 20%

Hmmm, no where in the Prospectus, does it mention a maximum of 20%

7.1 of the prospectus sets it all out, and they retain complete discretion

where did you read that?

[couta1]

Hmmm, no where in the Prospectus, does it mention a maximum of 20%

7.1 of the prospectus sets it all out, and they retain complete discretion

where did you read that?
It was on the DB offer document under scaling but I noticed they have removed this section as they are no longer offering shares under the broker pool only the public pool which has unknown scaling applied at this point,cheers

[Beagle]

I wouldn't call last night a correction. It is just volatility. S&P down just 2%.

https://www.genesisenergyshares.govt.nz/home/

also https://www.nzx.com/genesis-research

I'd prefer you did not buy as it will further scale back my application:)

Thanks mate. Sorry but I can't resist having a modest go at this :D

[Casino]

Thanks mate. Sorry but I can't resist having a modest go at this :D

I hate people that wait for the final boarding call. All you need to know is 2015 PCF ratio of 8.

https://d.genesisenergyshares.govt.nz/investment-statement/viewer/004/#p=35&c=0&v=1

[bung5]

I hate people that wait for the final boarding call. All you need to know is 2015 PCF ratio of 8.

https://d.genesisenergyshares.govt.nz/investment-statement/viewer/004/#p=35&c=0&v=1

On the other hand why do people rush to get on the plane when everyone going to leave at the same time anyway.

[couta1]

On the other hand why do people rush to get on the plane when everyone going to leave at the same time anyway.
Because getting a firm allocation through broker pool = more shares for you at the end of the day but if applying through the public pool then it doesn't matter when you board as long as your onboard before the plane departs

[bung5]

True , what you're saying is some people have lots of carry on luggage and they want secure the space above them for it.

[Xerof]

On the other hand why do people rush to get on the plane when everyone going to leave at the same time anyway.
Early birds are based on greed, late arrivals are influenced by FOMO:p

and before you all start, I was in VERY EARLY

[Joshuatree]

Hey JT.

I think that you need to go back to your advisor. There has been firm allocations to brokers/ institutions as part of the book building process. Brokers applied for a certain number of shares based on client interest. It appears that some brokers did not receive sufficient shares to fulfil client demand. My broker allocated their shares and those allocations are firm and will not be changed. A mate of mine with the same broker who registered an interest in the float and called up last week missed out altogether.

I will let you know if anything changes.

cheers
gaz

After emailing 4 or 5 times and talking with this advisor the full truth finally came out and boy did i have to pry it :angry: out.; and putting agendas aside ,you are correct gaz. Some clients got firm allocations others like myself have missed out. very frustrating for me as its too late to transfer funds to my mothers acc and apply for some more to try and get to my target.

Apologies for any confusion or any who acted on this misinformation.

[QOH]

Anyone have any thoughts on how the scaling of the public pool is going to work. Will everyone be scaled the same or will it work above a certain dollar limit?

[couta1]

Anyone have any thoughts on how the scaling of the public pool is going to work. Will everyone be scaled the same or will it work above a certain dollar limit?
First $1000 worth no scaling after that will be progressive but unknown at this point

[Beagle]

I hate people that wait for the final boarding call. All you need to know is 2015 PCF ratio of 8.

https://d.genesisenergyshares.govt.nz/investment-statement/viewer/004/#p=35&c=0&v=1

I needed time to make sure the pilot's didn't have a death wish:eek2: With Jenny running the Air Traffic control one can't be too careful.

[Casino]

I needed time to make sure the pilot's didn't have a death wish:eek2: With Jenny running the Air Traffic control one can't be too careful.

Fair enough - make sure to take your neighbours and friends for the ride too! There will be enough shares for the instos on the market.

[skid]

First $1000 worth no scaling after that will be progressive but unknown at this point

First $1000---Whoopee!!

[Snoopy]

I wonder how many people requested a prospectus from their broker but instead got sent an investment statement? The actual prospectus was difficult to find and I eventually found it here:

https://d.genesisenergyshares.govt.nz/prospectus/

There is a much fuller evaluation of risk in the real prospectus.


Thre was a one liner in the investment statement that had me a little worried. On p35 under the "Overview of Consolidated balance Sheet"

"In FY2013 there was a revaluation of generation assets of $155m"

This is an example of what I call 'balance sheet engineering'. Cut down to a nutshell it amounts to this. There is no easy way to value generation assets because there is not a readily tradeable market for power stations in New Zealand. This means you can pick what you consider is a suitable leverage ratio for the company, then adjust the value of the assets on the balance sheet to make it happen!

There is nothing necessarily sinister in doing this, if indeed there is a genuine justifiable reason for revaluing those generation assets. But why was it done in the year the company was being prepared for a public float? And in how many other years have the power generation assets been revalued in this way? Given the Labour/Green power policy is to value long lived assets at historical cost (with an allowance for an inflation adjusted value of working moving parts) I would have expected more disclosure in this area. But the government has elected not to confuse Joe Public by releasing such detail in the investment statement. No good enough Mr English.

SNOOPY

[Snoopy]

There was a one liner in the investment statement that had me a little worried. On p35 under the "Overview of Consolidated balance Sheet"

"In FY2013 there was a revaluation of generation assets of $155m"

This is an example of what I call 'balance sheet engineering'. There is no easy way to value generation assets because there is not a readily tradeable market for power stations in New Zealand. This means you can pick what you consider is a suitable leverage ratio for the company, then adjust the value of the assets on the balance sheet to make it happen!

There is nothing necessarily sinister in doing this, if indeed there is a genuine justifiable reason for revaluing those generation assets. But why was it done in the year the company was being prepared for a public float? And in how many other years have the power generation assets been revalued in this way? Given the Labour/Green power policy is to value long lived assets at historical cost (with an allowance for an inflation adjusted value of working moving parts) I would have expected more disclosure in this area.


To help see if indeed the Genesis balance sheet has been jacked up, I have been doing my own assessment of how Labour/Greens might value the Genesis generation assets. I have, in general, valued thermal turbines as more expensive than hydro turbines for the same MW output. I made an exception for the two Rankine Units still operating at Huntly, because there is general consensus that over the next few years this generating capacity is being phased out. I have then added on a well below replacement estimate of the cost of any hydro dam concrete, that is consistent with how I valued the dams of Mighty River Power and Contact Energy. In addition to the direct power station valuations I have made an allowance for the canal systems at Tekapo and the underground tunnelling at Tongariro. The figures I have come up with are as follows:

Waikaremoana...

...has three dams built 1929, 1943 and 1948 respectively. For any turbine set rated at less than 100MW (all three of these are) I have assumed a turbine, transformer and associated electricals cost of $100m. This drops to $50m for a turbine set rated at less than 40MW. My power station valuations for dam (d) and turbine (t) are as follows:

Tuai 60MW (1929) $150m (d) + $100m (t)
Piripaua 42MW (1943) $150m (d) + $100m (t)
Kaitawa (1948) $100m (d) + $50m (t)

Tongariro...

.... has rather larger hydro stations which I have valued on a different per Megawatt basis because I assume some economies of scale. The one exception is Mangaio rated at only 1.8MW. I am not sure how to value these very small hydro stations and for the purpose of this exercise have assigned it a nil value.

Mangaio 1.8MW (2008) value nil
Rangipo 120MW (1983) $200m (d) + $140m (t)
Tokaanu 240MW (1973) $400m (d) + $300m (t)
Tongariro canal and tunnel $25m

Huntly...

...is the site for thermal generation for Genesis. My turbine and transformer and electrical ancilliaries valuation for this site is:

Unit 5 400MW (2007) $800m (t)
Unit 6 50MW (2004) $150m (t)
Rankine 2 x 250MW (1982-1985) $200m (t)

Adding up all the turbine valuations I get $2,070m. Adding up the dams I get $1,450m. This is a grand total of $3,520m.

Now if you look at the property plant and equipment value on the balance sheet ther is a total value of $2,778m. That is well below my estimated hybrid replacement/historical cost figure that Greens/Labour might apply. My conclusion is that the balance sheet has not been excessively jacked up. It is quite a relief to me to know that Genesis is very probably already Green/Labour proof on asset values.

SNOOPY

[Tevita]

You would put 98.4% of potential IPO investors to shame with your independent research. Joe 6 pack investors rely on Government appointed economic sycophants( and media silence) to prepare prospectuses to best inform investment decisions .Oh (and taxi driver`s insider information)

I wonder whether Jenny Shipley would provide the public with the detailed rationale behind revaluations sooner rather than later. Perhaps the Green / Labour spokespeople could add a comment.

The devil can quote the Bible to `cite his/her purpose.

[J R Ewing]

It is quite a relief to me to know that Genesis is very probably already Green/Labour proof on asset values.

SNOOPY

I think Cunliffe/Norman/Peters/Harawira/Dotcom have made this election Green/Labour proof in any case.

[warthog]

There are indications from information hounds (you know who you are!) that scaling might not be so severe in the public pool as some might assume.

Remember, it is election year, and the public pool is relatively modest compared with the allocation pool.

[Xerof]

So warty, was I right in assuming they have sneakily altered the scaling rules by dropping the 20% maximum scaling limit for the Broker firm allocation, and will now take more from 'seasoned investors' to give to 'mums and dads'?

like couta, I was sure I read there would be a maximum 20% scaling, but it now says complete discretion to scale the 'retail portion of Broker firm allocations'

did anyone print the IS out very early on, that said 20% scaling. It would wonderful to catch them out on this

[skid]

Selling to Mom and Pop investors makes the government look good.
I think they have changed course when they saw the amount of interest.

The irony of this is that we may be better off with scaling if this market fear spreads

[Balance]

Selling to Mom and Pop investors makes the government look good.
I think they have changed course when they saw the amount of interest.

The irony of this is that we may be better off with scaling if this market fear spreads

Market is moving back to yield after obsessively dumping yield in favor of growth.

Pendulum sometime in the next year will swing back towards a balance between growth and yield (ie. defensive and infrastructure).

[Under Surveillance]

So warty, was I right in assuming they have sneakily altered the scaling rules by dropping the 20% maximum scaling limit for the Broker firm allocation, and will now take more from 'seasoned investors' to give to 'mums and dads'?

like couta, I was sure I read there would be a maximum 20% scaling, but it now says complete discretion to scale the 'retail portion of Broker firm allocations'

did anyone print the IS out very early on, that said 20% scaling. It would wonderful to catch them out on this
You're the only one who is caught out on this. The document as of 13 March 2014 had the following to say on scaling:

The Crown will determine scaling of the General Offer, inconsultation
with its advisers and Genesis Energy. Scaling may not be prorata.

There is no restriction on Applicants applying in both theBroker
Firm Offer and the General Offer, although the Crown reservesthe
right to treat duplicate Applications on a differential basisfor the
purposes of scaling Applications in the General Offer.

[Xerof]

Not 'caught out' just yet... I am referring to the Broker Firm Offer - would you be able to tell me what it said about scaling for this in the document dated 13 March?

[warthog]

Not 'caught out' just yet... I am referring to the Broker Firm Offer - would you be able to tell me what it said about scaling for this in the document dated 13 March?

Did your broker not inform you that your allocation could be scaled?

[warthog]

You're the only one who is caught out on this. The document as of 13 March 2014 had the following to say on scaling:

The Crown will determine scaling of the General Offer, inconsultation
with its advisers and Genesis Energy. Scaling may not be prorata.

There is no restriction on Applicants applying in both theBroker
Firm Offer and the General Offer, although the Crown reservesthe
right to treat duplicate Applications on a differential basisfor the
purposes of scaling Applications in the General Offer.

Translation: "We reserve the right to meddle with everything to engineer the best political outcome for the National Party. Everyone else will pay for this."

[Snow Leopard]

Not 'caught out' just yet... I am referring to the Broker Firm Offer - would you be able to tell me what it said about scaling for this in the document dated 13 March?



If the Crown exercises its right to scale back Broker
Firm Offer allocations following the close of the
General Offer, retail client Applications under
the Broker Firm Offer will be scaled back at the
Crown’s discretion. There is no minimum guaranteed
allocation under the Broker Firm Offer. Accordingly,
final individual allocations under the Broker Firm
Offer may be lower than the minimum Application
amount of $1,000.

Page 41.

Best Wishes
Paper Tiger

[Under Surveillance]

Not 'caught out' just yet... I am referring to the Broker Firm Offer - would you be able to tell me what it said about scaling for this in the document dated 13 March?Nothing, as far as I can see.

[RRR]

Applied for 60k worth for 4 of us in the general offer! Expecting to be scaled significantly.

[Xerof]

Page 41.

Best Wishes
Paper Tiger

Ah, forget it, nobody seems to comprehend the point, which is what I read this week on page 41 is not what I read on page 41 a few weeks ago.

Couta, you and I appear to have 20%/20% vision, so we will just have to take more medication

Case closed - unless Cleaver Green wants to take the case to court, pro bono..... or for a couple of lines perhaps:sleep:

[couta1]

Ah, forget it, nobody seems to comprehend the point, which is what I read this week on page 41 is not what I read on page 41 a few weeks ago.

Couta, you and I appear to have 20%/20% vision, so we will just have to take more medication

Case closed - unless Cleaver Green wants to take the case to court, pro bono..... or for a couple of lines perhaps:sleep:
Looks like many have been lead up the garden path,yep that 20% was in there alright,i even discussed it with DB staff at the time and they confirmed that all firm broker allocations could only be scaled to a maximum of 20%,will be interesting to see how this one plays out as it would be downright misleading if this has been changed due to the increased interest in the float so that equal scaling now applies to both pools meaning that those who applied for all theirs under the broker pool will be at a disavantage as opposed to if they had split their application half public and half broker as obviously larger applications will be scaled heavier

[Snow Leopard]

Not 'caught out' just yet... I am referring to the Broker Firm Offer - would you be able to tell me what it said about scaling for this in the document dated 13 March?


Ah, forget it, nobody seems to comprehend the point, which is what I read this week on page 41 is not what I read on page 41 a few weeks ago.

Couta, you and I appear to have 20%/20% vision, so we will just have to take more medication

Case closed - unless Cleaver Green wants to take the case to court, pro bono..... or for a couple of lines perhaps:sleep:

So you asked the friggin' question and I gave the you the friggin' answer and now you pack a sad !

Do not expect a Chrissy Card from me this year. :p

Best Wishes
Paper Tiger

[Harvey Specter]

Ah, forget it, nobody seems to comprehend the point, which is what I read this week on page 41 is not what I read on page 41 a few weeks ago.:sleep:Complain to the FMA. I am pretty sure they cant change it without a disclosure.

The copy I have from 1 April is as per above. Someone must have an early copy - someone must have been researching early.

[Goldstein]

Ah, forget it, nobody seems to comprehend the point, which is what I read this week on page 41 is not what I read on page 41 a few weeks ago.

Couta, you and I appear to have 20%/20% vision, so we will just have to take more medication

Case closed - unless Cleaver Green wants to take the case to court, pro bono..... or for a couple of lines perhaps:sleep:

I've got a copy with a timestamp of 6th April on it Xerof and there is no mention of the 20% scaling maximum there. I did download a copy a lot earlier, but I'm buggered if I can find it, otherwise the more recent download overwrote it.

Somebody on Sharetrader must have a copy older than that surely. Otherwise give them a call.

As it stands the general pool gets at least $1000 worth of shares, wheras those going through a broker are not guaranteed any at all. Mind you if I just got $1000 worth of shares this whole exercise would have been a waste of my time.

[couta1]

Found it written on the OMF website,open PDF relating to Genesis share offer where it states. The crown has the right to scale back applications made under the Broker firm offer by up to 20% so Xerof we were correct. Also have a read of Chris Lees website April 10th Taking Stock where he suggests that up to 58 million shares will be carved off the broker pool and allocated to the public pool,that's your 20% so technically your firm broker allocation can't be scaled anymore than 20%

[Under Surveillance]

This is text from page 41 as downloaded on 13 March 2014. Sorry about the formatting.


Summary of the Retail Offer




Who can apply
for Shares in the
Retail Offer?

How many
Shares can you
apply for?

Will you be allocated all the Shares
that you apply for?

Are you eligible
for Loyalty
Bonus Shares?

How do you apply?



General Offer:
New Zealand
Applicants

The minimum
Application
amount is
$1,000.

Applications up to $1,000 will not be scaled.
Applications in excess of $1,000 will not receive less
than $1,000 worth of Shares.
If the Offer is over-subscribed, your Application may
be scaled back.




ü


Apply online at:
www.genesisenergyshares.govt.nz
or by completing the Application
Form included with this Investment
Statement.



Broker Firm Offer:
New Zealand
Applicants who
are offered a firm
allocation by an NZX
Firm or a selected
trading bank

The minimum
Application
amount is
$1,000. Your
broker will
inform you
of your firm
allocation.

It will be a matter for the NZX Firm or selected
trading bank to decide how they make allocations
amongst their eligible retail clients and whether your
Application will be scaled back.
If the Crown exercises its right to scale back Broker
Firm Offer allocations following the close of the
General Offer, retail client Applications under
the Broker Firm Offer will be scaled back at the
Crown’s discretion. There is no minimum guaranteed
allocation under the Broker Firm Offer. Accordingly,
final individual allocations under the Broker Firm
Offer may be lower than the minimum Application
amount of $1,000.




ü


Contact your NZX Firm or selected
trading bank that notified you of your
allocation and they will provide you
with Application instructions.

[RRR]

Chris Lee thinks 60 million more shares will be available to the general offer (from the broker offer) - from taking stock!

[couta1]

It appears to me that the 20% figure was agreed to by the crown and the participating brokers and therefore too specific to be included on page 41 of the prospectus

[skid]

Looks like many have been lead up the garden path,yep that 20% was in there alright,i even discussed it with DB staff at the time and they confirmed that all firm broker allocations could only be scaled to a maximum of 20%,will be interesting to see how this one plays out as it would be downright misleading if this has been changed due to the increased interest in the float so that equal scaling now applies to both pools meaning that those who applied for all theirs under the broker pool will be at a disavantage as opposed to if they had split their application half public and half broker as obviously larger applications will be scaled heavier

Was it taken out after the expession of interest but BEFORE the actual application for shares--If thats the case then theres prob not much recourse--Its probably up to us to read the fine print before doing anything binding---funny though-binding on our part -but not theirs:(

[macduffy]

Funny? Perhaps. But fairly normal in an IPO for the small print to contain a clause allowing the promoters to change almost anything - at their discretion!

[Harvey Specter]

Found it written on the OMF website,open PDF relating to Genesis share offer where it states. The crown has the right to scale back applications made under the Broker firm offer by up to 20% so Xerof we were correct. Also have a read of Chris Lees website April 10th Taking Stock where he suggests that up to 58 million shares will be carved off the broker pool and allocated to the public pool,that's your 20% so technically your firm broker allocation can't be scaled anymore than 20%Sounds like a non binding back room deal to me. I think they could override it (the prospectus overrides everything) but will they?

[Xerof]

Was it taken out after the expession of interest but BEFORE the actual application for shares--If thats the case then theres prob not much recourse--Its probably up to us to read the fine print before doing anything binding---funny though-binding on our part -but not theirs:(

A bit rough to expect folks to have to keep reading the Investment Statement just in case there are changes to the fine print. In my day, if ANYTHING changed in a prospectus that was lodged in the public arena, a notice of all the changes was required to be issued through the same channels, not secretly altered.

I see Lee mentioned the 20% scaling limit for the Broker firm allocations as well....(oh sorry couta mate, just saw your post)

On the subject of his other gripe, why doesn't Chris Lee just name these ****er brokers who think they can 'play God'? They are just greedy bastards, who need to be outed. Still, seems something has been done to balance the scales slightly back in favour of retail, if what he says is true. Maybe the target of 85% to locals might be a little nearer this time. Any activity, like warehousing for offshore insto's is plainly fraud IMO

[Balance]

https://www.chrislee.co.nz/index.php?page=taking-stock

Clearly Chris isn't very happy about the "natural order of things" in our financial markets ...

Same Chris Lee who had his own ratings system for finance companies and hero-worshiped Allan Hubbard?

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10633708&pnum=2

Pot calling the kettle black or a mouse calling a rat dirty?

[Goldstein]

I must admit to being a bit shocked by this. Of course some brokers are going to try things on. However, Treasury need to be seen to be whiter than white when floating half an SOE. They also need to be seen to be competent in setting a framework in which the float can go ahead. You could ask for a please explain Xerof. Wouldn't it be a hoot if Treasury acted illegally. According to the FMA the web-site needs to be updated within 5 days of making the amendment. But I can't see anything about announcing the amendment in the fist place.

http://www.fma.govt.nz/help-me-comply/issuers/prospectus-registration/

[bull....]

Must say im very interested to see how this scaling pans out, the way the broker firm offer ran ( some people obviously were given the bulk at the expense of little retail mums an dads thru there brokers?) this could just artificially boost retail numbers in the public pool creating an misconception of actual numbers.

[bull....]

lol bel, yea we will know next week
speaking of fishy stuff i had my first experience of HFT? last week tried to sell the same parcel of shares twice within hrs ( was a sizable parcel) and was front run on both occasions at my price by someone or something taking out all the volume at the price ( and the volume at the price was sizable too) must say was certainly weird my adsl is obviously just to damn slow lol

[Balance]

lol bel, yea we will know next week
speaking of fishy stuff i had my first experience of HFT? last week tried to sell the same parcel of shares twice within hrs ( was a sizable parcel) and was front run on both occasions at my price by someone or something taking out all the volume at the price ( and the volume at the price was sizable too) must say was certainly weird my adsl is obviously just to damn slow lol

Get fibre and move closer to NZX site if you are trading - millions are made and lost each day based upon nano-second advantage/disadvantage.

[Harvey Specter]

I will try and run that by my wife.
Any idea's Balance on how to tell her we need to shift closer to the nzx site.People always say you cant beat wellington on a good day.

Most residents are still waiting. ;)

[bull....]

just to clarify my transaction was on the ASX, not to say this sort of thing does or will happen on the nzx though

[bmrm]

I will try and run that by my wife.
Any idea's Balance on how to tell her we need to shift closer to the nzx site.

Sell her on all the new apartments popping up: http://www.willisbond.co.nz/projects/clyde-quay/ or that ex P lab in Chews Lane is probably close enough and will go for a song.

[Master98]

http://www.3news.co.nz/Local-Genesis-investors-should-get-full-quota---analyst/tabid/421/articleID/339993/Default.aspx

Senior analyst Greg Fraser of Mint Asset Management expects people applied from public pool to get as much as they applied.

[Harvey Specter]

http://www.3news.co.nz/Local-Genesis-investors-should-get-full-quota---analyst/tabid/421/articleID/339993/Default.aspx

Senior analyst Greg Fraser of Mint Asset Management expects people applied from public pool to get as much as they applied.He'd be surpirsed if they are scaled, I would be surprised if they are not.

Especially since a lot of people missed out on the firm allocation. Having said that, the scaling maybe minimal for those under $15k with progressively more scaling the more you applied for. That's how they did it for the other ones.

[Xerof]

Well, if the rumours and theories are correct, then the invisible hand may well have taken off the rich, to give to the poor.

Being the last float out of the traps, if you were the Crown, wouldn't you want it to be in line with the desired result - lots of mums and dads getting what they requested, at the expense of the greedy offshore insto's and their local broker mates - I know what I would have done, and perhaps we just might see it.

a high participation of local investors to stick up the oppositions anal passage?

anyway, lets wait and see what has happened

[Beagle]

He'd be surpirsed if they are scaled, I would be surprised if they are not.

Especially since a lot of people missed out on the firm allocation. Having said that, the scaling maybe minimal for those under $15k with progressively more scaling the more you applied for. That's how they did it for the other ones.

So applying for 10,000 shares ($15,500 each) in a couple of different names is starting to look like it might have been a pretty sound plan :D

[Harveyp]

First time poster here. Purchased a very small amount, but very pleased I did, was considering not holding at all as I have MRP and MEL. It's not such an ugly duckling at 1.55 a piece. Hoping not to be scaled at all, and its looking increasingly like I won't be. Will be holding for the foreseeable future. :)

[percy]

First time poster here. Purchased a very small amount, but very pleased I did, was considering not holding at all as I have MRP and MEL. It's not such an ugly duckling at 1.55 a piece. Hoping not to be scaled at all, and its looking increasingly like I won't be. Will be holding for the foreseeable future. :)
Welcome.
I think your portfolio should "power" along nicely,and it is well positioned to "generate" great dividends..

[percy]

What percy forgot to say is he thinks you are well positioned.:)

Have corrected it now thanks Snapiti;
I think your portfolio should "power" along nicely,and it is WELL POSITIONED to "generate" great dividends.

[couta1]

my pick is they will raise the minimum amount that wont be scaled for mum and dad investors(currently $1000) up to $5000-$10000 and then progressively scale.
Would love the insto's and broker firm allocations to be scaled 20%.No offence to anyone intended and lets face it those who have got share's in the broker pools for MEL and MRP were far better of than the retail investor.
If this is a polictical football(IMHO it is) the government are going to go out of there way to keep the public happy.
No problems with what your saying but I would have a big problem if the broker pool is scaled more than 20%,that would be downright misleading and unethical in the light of printed matter stating that firm allocations can only be scaled to a maximum of 20%,I've applied under both pools but only 10k worth under the public pool,would hate it to turn out that I would have got more by applying for the whole lot under the public pool,will be very interesting how this one turns out

[Harveyp]

:p Perfect use of words Percy. And thanks for the welcome, have been a long time watcher of the forum. Would it be fitting to say i'll be directing the output straight back into the "Gennies" for increased output?

[Harvey Specter]

No problems with what your saying but I would have a big problem if the broker pool is scaled more than 20%,that would be downright misleading and unethical in the light of printed matter stating that firm allocations can only be scaled to a maximum of 20%
Whose printed material? No one has been able to prove it isn't a fiction made up by brokers.

[couta1]

Whose printed material? No one has been able to prove it isn't a fiction made up by brokers.
Funny how all the brokers printed the same figure,where did they get the figure from if it wasn't from the crown?I doubt they all agreed on it over tea and scones

[Bobdn]

I put an order in for 9670 shares ($14,988) though the public pool. For some reason I thought the broker pools were always subject to much bigger scaling than the public pool - don't know where I got that from. Anyway, couldn't be bothered paying broker fees for my small amount of shares (not small to me!)

[couta1]

I put an order in for 9670 shares ($14,988) though the public pool. For some reason I thought the broker pools were always subject to much bigger scaling than the public pool - don't know where I got that from. Anyway, couldn't be bothered paying broker fees for my small amount of shares (not small to me!)
No brokerage fees payable on IPO regardless of order size,brokers paid commission by crown

[milt1968]

So Wednesday we know what we have been allocated?

[Grimy]

Yes. And listing on Thursday.

[stones]

First time in an IPO. How are we notified of our allocation (if any) - email, letter, phone?

[Beagle]

I received this update from Equity Investment Advisors yesterday - Off sharechat I didn't apply through them, I applied through the public pool for both myself and my company. There's going to be some very annoyed people if what they're suggesting turns out to be true. I highlighted the most relevant part for those short on time or who canlt be bothered reading the whole thing.


The issue has closed and all brokers and advisers had received VERY strong demand.

Most distributors could only get around 35% of requirements and the balance has gone into the General pool.
The Investors who had “Firm" allocations from the Broker Pool have NOT had the funds deducted from their Bank accounts yet.

We understand that funds will be Direct Debited tonight ( or at latest tomorrow night).

DO NOT DO ANYTHING THAT WILL PREVENT THE DIRECT DEBIT BEING ACTIONED !

( ie Do NOT transfer funds out or stop payments etc.)

Let the process run its course.

Timings

We understand:

That the allocations will be made on Wednesday 16th.
That the shares will be transferred into individual shareholder name immediately afterwards.
That the shares will be listed in Thursday 17th.
We understand the surplus funds from any scaling will be returned to the Investors as soon as practicable.
Assistance

We can:

Advise you of your balance once the shares are transferred to your name ( if you have a CSN) Please call us on Thursday after 10.00am
Assist you in sale of any shares once the trading has commenced( we can take an order at any time )
We can purchase additional shares for you at any time.
Transact other Investments for you ( either buying or selling )
Lets all hope the issue is a great success.

Kind Regards

The team at Equity!

[couta1]

Roger DB took my money out a week ago so not sure what's going on here but watching this thing with intense interest as per several of my previous posts

[blackcap]

Roger DB took my money out a week ago so not sure what's going on here but watching this thing with intense interest as per several of my previous posts

Yes Couta that would be correct, they took my money too but they did that for MELCA as well and then credited the amount that wasn't allocated back on the day of allotment. What I mean is the fact that they took your money does not mean you have the shares per se.

[Jasemc]

Roger DB took my money out a week ago so not sure what's going on here but watching this thing with intense interest as per several of my previous posts
You will know allocation tomorrow they say. If you applied online through genesis web site then they say you can find out allocation there or there is a phone number. Refunds will no doubt follow soon after.

[couta1]

For me the key issue is whether my firm allocation ends up being scaled more than 20%,up to 20% I don't have a problem but more than that raises all sorts of ethical issues based on info that was PRINTED by all the brokers on their websites.

[QOH]

First time in an IPO. How are we notified of our allocation (if any) - email, letter, phone?

You can check at the share registry, one of them I notice lately has been letting me know by text message.

[couta1]

so couta1 are you saying that the brokers had put forward a no more than 20% scaling and then deleted it.
If so that would be odd.
Yep that's what happened but I'm hoping they deleted it because they run out of firm allocation shares and were then only able to offer them under the public pool which isn't subject to the 20% figure

[Omega]

"Most distributors could only get around 35% of requirements and the balance has gone into the General pool" - Previous indications from brokers was that they got around half which suggests the brokers will be scaled back 30% rather than the max 20%.

[bull....]

"Most distributors could only get around 35% of requirements and the balance has gone into the General pool" - Previous indications from brokers was that they got around half which suggests the brokers will be scaled back 30% rather than the max 20%.

If distributers for broker clients only got 35% then it implys institutions got 65% from the broker firm offer and the big end of town was looked after over the small fry leaving the small fry to fight it out over the remaining 9% public pool

[Omega]

If distributers for broker clients only got 35% then it implys institutions got 65% from the broker firm offer and the big end of town was looked after over the small fry leaving the small fry to fight it out over the remaining 9% public pool

My reading of it is that the original broker/insto pool of 400m shares will be scaled back to circa 300m, the insto's will also be scaled back, and the public pool will be at least double the original 9%.

[skid]

Thats what I would think as well--I think it would be to the Governments advantage(at least in a PR sense)to have as broad of a base as possible with lots of Moms and Pops.
It would be great to get all my shares ,but I can see the logic in that.--Isnt the whole idea to get the population out of the housing market and into the share market that supports Kiwi businesses?

[Joshuatree]

My big nationwide broker got a third of what they asked for. Possibly scaling on top of that.

[RTM]

""I think it would be to the Governments advantage(at least in a PR sense)to have as broad of a base as possible with lots of Moms and Pops."

Only if the SP goes up. Fingers crossed they have this right. They are sitting on ~50% at the moment by my book.
MRP down 14%
MELCA up 15%....although that will reduce once we have to pay the instalment.
Disc: Holding both and applied for Genesis. (Tiger for punishment I guess)

[Omega]

This throws a bit more light on the subject

http://www.stuff.co.nz/business/industries/9943918/Interest-in-Genesis-shares-said-to-be-strong

[bull....]

This throws a bit more light on the subject

http://www.stuff.co.nz/business/industries/9943918/Interest-in-Genesis-shares-said-to-be-strong

National wants to attract as many retail investors as possible and they don't care how much it costs." quotes norman

gee wiz this fella obviously doesnt read the threads here

[see weed]

Have bought 9000 shares in the ipo, if i decide to buy another 9000 shares after it lists, then decide to sell 9000 shares 5 or 6 months later . Do i still get the bonus shares? How do they know which shares i have sold? ...the ipo shares or the after ipo shares?

[Yossarian]

Have bought 9000 shares in the ipo, if i decide to buy another 9000 shares after it lists, then decide to sell 9000 shares 5 or 6 months later . Do i still get the bonus shares? How do they know which shares i have sold? ...the ipo shares or the after ipo shares?

Entitlements will be based on the 'lowest number' of shares held continuously in the same name for 12 months. So says the IS.

[Snow Leopard]

Have bought 9000 shares in the ipo, if i decide to buy another 9000 shares after it lists, then decide to sell 9000 shares 5 or 6 months later . Do i still get the bonus shares? How do they know which shares i have sold? ...the ipo shares or the after ipo shares?

The IPO shares have a little tag sellotaped to them "Keep this to claim your free gift on 17th April 2015".

Make sure that Link keep your shoe-box (where they put your shares) inside in an air-conditioned room so the tag does not unstick.
With lots of new investors coming on board they tend to stick lots of the shoe-boxes under tarpaulins out the back of the office

Best Wishes
Paper Tiger

[blackcap]

The IPO shares have a little tag sellotaped to them "Keep this to claim your free gift on 17th April 2015".

Make sure that Link keep your shoe-box (where they put your shares) inside in an air-conditioned room so the tag does not unstick.
With lots of new investors coming on board they tend to stick lots of the shoe-boxes under tarpaulins out the back of the office

Best Wishes
Paper Tiger

Thanks for that Paper Tiger, now I know why they requested my old shoe boxes last time they contacted me. I was able to provide two. A shoe box is about the right proportion too for a share certificate so I think Link do have the competitive advantage over Computershare who still used those plastic takeaway dishes (with the lid), which means they have to fold them in half or even quarters for the bigger certificates.

[Xerof]

Thanks for that Paper Tiger, now I know why they requested my old shoe boxes last time they contacted me. I was able to provide two. A shoe box is about the right proportion too for a share certificate so I think Link do have the competitive advantage over Computershare who still used those plastic takeaway dishes (with the lid), which means they have to fold them in half or even quarters for the bigger certificates.

Sorry to break the bad news to you both, but those shoe boxes have been compulsorily acquired under the Public Works Act, and are designated as Affordable Housing for Auckland City.

[Beagle]

Sorry to break the bad news to you both, but those shoe boxes have been compulsorily acquired under the Public Works Act, and are designated as Affordable Housing for Auckland City.
LOL It will indeed be very interesting to see how this allocation plays out. Two of the extremly attractive aspects of this offer was that the institutions had to set the price by a book build process without knowing how many they would be allocated and then retail investors get to decide how many they want to apply for after seeing the analysts reports and the price is set. On top of that retail investors get the 1:15 top up next year if they hold until then whereas the institutions and overseas investors don't.

To my way of viewing things retail investors have finally got one over institutions for once in their life, doesn't it feel really sweet:D The caveat on that is this is based on the fragile assumption that retail investors get a fair and reasonable allocation...one suspects the big institutions always have the last laugh or is this me just being cynical...I guess we'll find out tomorrow.

[Grimy]

is it link or computer share that is the registry
Computershare are the registry for Genesis. Link are the registry that sends balances out by txt.

[warthog]

To my way of viewing things retail investors have finally got one over institutions for once in their life

Retail investors notionally allocated 9% of total float.

Broker allocations estimated to be scaled by around 20%.

Institutions (NZ/overseas) that bid, apparently no scaling at all.

Sounds like the same old story to the hog, but the lipstick has been applied a bit neater on this one than the previous two, so a bit more fat for the little people.

[biker]

Have received my broker shares. Scaled by the full 20%. Still waiting for the public pool allocation.

[milt1968]

When is the public pool allocation announced?

[Balance]

most government departments dont wake up until 9am

You are optimistic ?

Try 10.15 am

[Yossarian]

NBR article today (NB this is paid content):

http://www.nbr.co.nz/article/crown-robs-brokers-give-genesis-shares-public-dw-p-154830

[Harvey Specter]

Have received my broker shares. Scaled by the full 20%. Still waiting for the public pool allocation.
I didn't think allocation was till tonight. If the Govt decided to do a swifty, they could cut the brokers pool requiring them to scale you further surely?

[milt1968]

Just rang them, line is completely closed today. Allocations in the public pool are not available until tomorrow morning.

[bull....]

9% of shares is 90m therefore say they double pool to 180m 18% then if you get meridian size applications in public pool 60k then you get 3000 shares each is this correct?

[biker]

I didn't think allocation was till tonight. If the Govt decided to do a swifty, they could cut the brokers pool requiring them to scale you further surely?

Not now. The broker shares have been registered and are out of the Government's hands.

[trackers]

Just rang them, line is completely closed today. Allocations in the public pool are not available until tomorrow morning.

Cheers mate, good to know..

finding your allocation on the same morning as they begin trading seems a bit bizarre to me, but oh well

[Joshuatree]

I have received 7.16% of what i asked for through the broker. Voters rule:eek2:

[traderdude]

I was able to see what I was allocated via the public pool by using the shareholder balance enquiry on NZX.com

[Joshuatree]

My hopeful portfolio rebalancing big yielding lower risk investment has turned into a piddly stag. Fark (thanks snapiti).

[couta1]

Got my full allocation minus 20% in the broker pool which is what I calculated so happy ie 80% of what I applied for,have 10k worth applied for under public pool under different csn number so will see what happens there

[Xerof]

I was able to see what I was allocated via the public pool by using the shareholder balance enquiry on NZX.com

public pool or broker firm allocation?

the reason I ask is because I can confirm my broker firm allocation was scaled 20%, but there is nothing for my public pool application

perhaps those have been scaled 100% for being greedy:eek2:

[freddagg]

I was able to see what I was allocated via the public pool by using the shareholder balance enquiry on NZX.com

Kwl, thanks for info. I just registered and was able to check mine. Applied for 60000 thru 3 identities and got 8419

[Omega]

I was able to see what I was allocated via the public pool by using the shareholder balance enquiry on NZX.com

Thanks traderdude. Just checked mine and safe to say that anyone expecting more than a few thousand shares out of the public pool will be in for a huge disappointment.

[Balance]

I was able to see what I was allocated via the public pool by using the shareholder balance enquiry on NZX.com

How do you do this? Via Link?

[RTM]

Same. My broker "firm" application reduced by 20%.
Looking forward now to seeing the public pool allocation.

[TimmyTP]

How do you do this? Via Link?
https://www.nzx.com/my_nzx/shareholder_balance/enquiries

[bung5]

https://www.nzx.com/my_nzx/shareholder_balance/enquiries

I have been scaled 50% in the public pool on a small application

[RTM]

How do you do this? Via Link?
Ditto. I can't see how to do this either. Can anyone help ?
OK....can see it now.
Buggar....Massive scaling here.

Applied for 16.5K
Got 2739 by the looks of things.

[couta1]

Kwl, thanks for info. I just registered and was able to check mine. Applied for 60000 thru 3 identities and got 8419
Looks like the broker pool was the best option after all,so that 20% scaling figure most on here didn't believe existed has actually been key to ending up with more shares

[Omega]

Ditto. I can't see how to do this either. Can anyone help ?

You need to register first and then login to myNXZ before you can access balance enquiry

https://www.nzx.com/register

[Bjauck]

If trying to encourage NZ to be a broad share-owning democracy was an aim, it looks like this round of share floats has been a failure. It seems that those who already had a good relationship with a broker, by and large got good allocations in Genesis. Whereas new-to-the-market Mums and Dads in the public pool ended up with a few crumbs. The previous floats were scuppered by political squabbling and sabotage by the opposition. Looks like most Mums and Dads will continue to stick to buying rental properties rather than shareholdings!

[Bilbo]

Kwl, thanks for info. I just registered and was able to check mine. Applied for 60000 thru 3 identities and got 8419

Ok so that is 14% allocation. I applied for 10,000 shares and got 2,414 so that is a 24% allocation, so larger applications appear to have been scaled more heavily. Obviously a lot of unfulfilled demand so I would expect there will be some on-market interest when it lists tomorrow.

[Harvey Specter]

Looks like the broker pool was the best option after all,so that 20% scaling figure most on here didn't believe existed has actually been key to ending up with more sharesOnly if the Broker gave you a good allocation.

I didn't say it didn't exist, I just said it wasn't in the prospectus so was a backroom deal between the govt and the brokers.

[Harvey Specter]

I have been scaled 50% in the public pool on a small applicationThats very annoying.

Hopefully your small application is big by my standards and I get most of what I want.

[bull....]

mine shows i got none, must not have been loaded

[bull....]

did you enter unique reference number

[fiasco]

Are you sure that is accurate?!

I asked for 20,000 via the public pool, it's telling me I only got 2914, which to me is somewhat a waste of time :(

[traderdude]

No not sure although what it shows for me is close to what I asked for (very small amount)

[Entrep]

Applied for $19K got $4K. Waste of time...

[PointyHat]

Kwl, thanks for info. I just registered and was able to check mine. Applied for 60000 thru 3 identities and got 8419

I applied 30,000 and got 3226
Other identity 10,000 got 2414 Both Public pool though it might help others with similar submissions know what to expect.
(ASB Securities forgot me, their customer of 20 years - no help there)

[NZSilver]

applied 2000 got 1724

[milt1968]

What a joke.

Applied for $20k worth of shares.
Received $4k.

Absolute waste of time.

Looks like I will be purchasing tomorrow.

[Hmm]

Applied for 7000, got 2200. Heck...

[couta1]

Applied 10k worth under public pool,got 3.5k worth or 35% so 65% scaling applied

[bull....]

how much did the institutions get - millions

[Toasty]

$10k requested. 2414 received. I thought I might get 7000 or so but this seems hardly worthwhile. And now I have to wait for my money to turn up so I can replenish my trading account. What a pain.

[goldfish]

how much did the institutions get - millions

Yip they will be the ones selling it to us on market opening for a premium of course...
Win win for the big guys on this one, lose lose for joe average investor.

[Joshuatree]

YOU NEED TO BE REGISTERED ON THE SITE TO GET THIS INFO EASY TO DO.
fark I hope it is wrong I put in for 80k =50000 shares and it shows I got 3600 shares.
Not a vote winner if that is the case. very grumpy grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr....

About the same % as me i applied for 45,000 got 3226:mad ;:

[biker]

I applied 30,000 and got 3226


My daughter applied for 40000. Got 3226. Total waste of time, effort, funds tied up and any political good will that may have otherwise been engendered.

[Yossarian]

5729
.... a clear function appearing...

[Balance]

Yip they will be the ones selling it to us on market opening for a premium of course...
Win win for the big guys on this one, lose lose for joe average investor.

On the contrary, they have been scaled back 20% so are going to have to buy back on market yo get index weighting.

[goldfish]

On the contrary, they have been scaled back 20% so are going to have to buy back on market yo get index weighting.

The insto's didnt get scaled back.

[Yossarian]

I'm surprised everyone is so surprised. Didn't we see this coming?
I applied for two lots of $10k, and from the above it looks like I got about $7.5k. That's about what I thought I'd get.
Looks like there may be a $5k cap - as there are a few at that level. There is one exception though...
Somebody with more brain power could probably reverse engineer their formula.

[Omega]

Summary of ST responses
Applied Received
2000 1724
10000 2414
20000 2914 (2414 + 5% above 10,000)
30000+ 3226 (max shares per application)

[Yossarian]

Interesting this hasn't been announced??

[ScrappyO]

I only asked for a 1000 and received 1000. ($1550).

[GR8DAY]

.......so we should be able to go on the NZX site and into shareholder enquiry? to find out........what about COMPUTERSHARE, should our allocation be now showing up there also??
According to the NZX site I have been allocated a big fat ZERO after applying for 50.000!!!?

[Balance]

.......so we should be able to go on the NZX site and into shareholder enquiry? to find out........what about COMPUTERSHARE, should our allocation be now showing up there also??
According to the NZX site I have been allocated a big fat ZERO after applying for 50.000!!!?

Your application was rejected for some reason?

[brend]

Applied for 9,678 ($15k)
Received 2,398 ($3,717)

WTF??

[bull....]

.......so we should be able to go on the nzx site and into shareholder enquiry? To find out........what about computershare, should our allocation be now showing up there also??
According to the nzx site i have been allocated a big fat zero after applying for 50.000!!!?

yes mine says zero as well

[mibo]

Applied for 9,678 ($15k)
Received 2,398 ($3,717)

WTF??

Yeah me too, applied for 10000 got 2414

[GR8DAY]

yes mine says zero as well

........you with ANZ or Direct BULL?

[couta1]

Broker pool firm allocations rule the day by the looks,wanted enough to get max possible 2000 bonus shares,fell short by by 99 shares so pretty happy overall,mind you if you saw the rest of my portfolio I don't think you would begrudge me what I ended up with:cool:

[GR8DAY]

........anyone gone into COMPUTERSHARE yet to check your numbers??

[biker]

It would seem if you got a broker allocation, and I'm assuming anything over $5k, you totally dipped out on the public pool. I certainly did.

[ScrappyO]

Gr8Day, On computershare nothing comes up yet. Only NZX website

[RTM]

........anyone gone into COMPUTERSHARE yet to check your numbers??

Yep...broker only allocations showing. Not the public pool. At least that's how it was earlier on.

[Balance]

1000 1000
2000 1724
10000 2414
20000 2914 (2414 + 5% above 10,000)
30000+ 3226 (max shares per application) or $5,000

So looks like $5,000 is maximum allocation per applicant.

[bull....]

Oh yes indeed. It would seem if you got a broker allocation, and I'm assuming anything over $5k, you totally dipped out on the public pool. I certainly did.

if thats the case what a waste of time this whole exercise has been , had to go in public pool because broker allocation was so small