http://nzx-prod-s7fsd7f98s.s3-websit...284/310668.pdf
Interesting... they now hold 8% after the rights issue
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http://nzx-prod-s7fsd7f98s.s3-websit...284/310668.pdf
Interesting... they now hold 8% after the rights issue
Thanks for that, didn't realise Bain had a board rep.
Frustrating to see Westpac et al, Salt Funds Management and other high rollers helping themselves to loads of extra 56cent shares. Why wasn't that option presented first to long suffering existing shareholders via a pro-rata over-subscription facility?
Until the NZX and NZ directors understand that a market needs to be fair and equitable to attract broad based support I fear the NZX and companies listed on it will continue to struggle.
Decent volume of late heading into the AGM
??? The Tower ASM isn't until Feb or March most years.
Maybe you mean while we await Full Year Results announcement which is due in November sometime, true - but there won't be many surprises with the disclosure that occurred re: the capital raise and the delay of any dividend accordingly.
Regardless, the volume doesn't seem substantially different to the ordinary trend from what I'm looking at - where are you seeing additional volume (apart from the capital raise?)
In line with expectations
Not too bullish about F20 though
http://nzx-prod-s7fsd7f98s.s3-websit...557/312189.pdf
I reckon tower are doing a heartland... putting expectations low but we all know they are going to smash it (although the share price certainly doesn't believe either of them these days)
Remember this time last year in FY18 results announcement they said underlying NPAT in FY19 is in excess of $22m... was actually $27.4m.
So when they say $27 - $30m, we know its going to be at least $32m (and hopefully we get a big juicy dividend as well)
If you look at the details, it is all about the weather and they 'assume' that everything up to their reinsurance program will be spent on moderate catastrophe events. If the weather is good for 12 months and no catastrophe events, there's a solid circa 10m bump available there. But given where the climate seems to be heading at the moment - I wouldn't be expecting to bank it every year and that's why they don't set expectations on the basis of having it available.