The main thing I wish to understand about this sale is whether the government is recouping its bail out costs of 11 years ago.
They paid 885 million back in 2002 according to http://www.nzherald.co.nz/business/n...ectid=11158715
An article from back then http://www.nzherald.co.nz/business/n...bjectid=786800 described the recap as:
The programme was in two parts - a $300 million loan and a $585 million investment. The loan was by way of 1.25 billion convertible preference shares at 24c each and the investment by 2.167 billion ordinary shares at an issue price of 27cps.
Are these the same ordinary shares as back then?
Is anyone close enough to this company to evaluate the success of the governments 'investment'.