Time to start buying CUE.
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Time to start buying CUE.
Leaves Todd mining and Todd energy with about 6% of Cue. As Todd is a pretty sharp minerals investor I would question this move - I think Zeta already has a lump of Cue which has not performed at all well in the last 4-5 years. I think $m20 would go along way towards a div and resulting share price uplift.
Happy holidays to all and safe investing 2015 !!
Zeta has been buying CUE over the last few months presumably to try and sort a merger with NZO. A stake of 19.9% in CUE doesn't really achieve much however a merge with CUE makes great sense as they can cut out the huge admin costs and reap the large revenue and exploration portfolio that CUE has.
bung5
Obviously you don't live in the merged Auckland Super city - promised synergies actually means More not Less . I have yet to see very many listed companies mergers result in anywhere near the promised savings. Democratic companies need more shareholders of fair spread not consolidated weight throwers. I guess it may be different in Buenos Aires but I would be surprised . Maybe Christina would know.
Haha I don't think Christina is a fan of capitalism. I'm back in wellington now where they are planning on following on Auckland s success as a Supercity :P
You may be right, but it doesn't mean it won't happen. I'm not a shareholder of NZO for a few years now but I will be increasing my shareholding in CUE to take advantage of what I think will happen.
Seeing nzo forged out 10Ac @ nearly 20% premium, when they are on the market for 8.5Ac and O/P still very weak ???
Hope this is not a case like, I scratch your back if you scratch mine, in there somewhere ???
Surley Zeta and NZO must be in some sort of collaboration about taking over CUE on the cheap. With CUE's large cash balance even if they take over for 14c a share, once they extract the cash holdings they will be getting CUE for an amount that the profit from the existing producing assets would pay off in a few years.
When T. Radford was a CEO of both NZO & PPP
NZO was investing millions in PPP.
Where did that get us???
Market likes it
NEN seems to be going with a buyout from EvoWorld and MEO will likely reconsider a buyout option from Mosman Oil now. The weakest links will try and consolidate or sell into larger entities, or go bust if nothing eventuates, in a tough market. This is only the beginning, so expect more of it.
Cue seems to be in play. Cue, nzo and PPP should all merge creating a company with some scale.[/QUOTE]
On the prompting of T/R ---IMHO
Stand to be corrected!
Great New Year to all. Says it all really, NZO 6th worst share performer 2014 (NZ Herald). Capital return with no other changes - WOW! Mind blowing advance - thanks NZO
I am concerned by the statement "arguably we underinvested in the mid 2000s and are now trying to catch up". My concerns in no particular order:
1/ I could be wrong but didn't oil slump, after the GFC in 2008, which greatly reduced the price of producing assets via listed companies in 2009? This was 5 years ago and not mid 2000's.
2/ Following the intake of $1:50 per share with the stated aim of increasing production some of this money should have spent on acquiring assets. Myself and other shareholders were repeatedly asking for this to happen on this forum. Acquisitions didn't happen and hopefully none of the gutless executives from 2009 are still about. There is no argument because shareholders have never had an explanation as to the rationale of the executive at the time not to invest. I assume any explanation would state that exploration offered greater benefits over acquisition. If true that is gambling as a balanced approach at a time of great uncertainty (GFC) would seem appropriate by a board with 100's of years of cumulative experience. Instead they did nothing and became emu's - however this time is different!!
3/ A capital return is probably good for long suffering shareholders but is not aligned with a strategy that sees growth by acquisition of cheap assets resulting from low oil prices that will persist in the next 18 to 24 month.
etc etc
- nothing has or will change until this company is not run as a private funding vehicle for insiders
I am glad I sold out at 95c because their is an ongoing lack of a coherent long term strategy that benefits the shareholders. There is clearly a strategy that benefits the executives, ie, live off Tui and don't worry be happy!
3/ A capital return is probably good for long suffering shareholders but is not aligned with a strategy that sees growth by acquisition of cheap assets resulting from low oil prices that will persist in the next 18 to 24 month.
etc etc
- nothing has or will change until this company is not run as a private funding vehicle for insiders
I am glad I sold out at 95c because their is an ongoing lack of a coherent long term strategy that benefits the shareholders. There is clearly a strategy that benefits the executives, ie, live off Tui and don't worry be happy![/QUOTE]
Hindsight is wonderful.
But how can you be sure that low oil prices will persist in the next 18 to 24 month ?
Kupe is a big earner and who knows how much of nzo share of royalties and future gas production is pre-sold at high prices?.
I suspect that Zeta will be driving a big change in nzo culture.
Nzo is unlikely to be going to go bust.We at least can see the upside of holding onto cash now.
However if low oil prices persist as for 18 to 24 months I would hold onto some cash for acquistions as there will be lots of indebted oil companies going under.
Irreversible Decline?By Mike Whitney on present scenario on oil prices.
INTERESTING TAKE!
You be the Judges.
" Nzo is unlikely to be going to go bust.We at least can see the upside of holding onto cash now "....Sadly not so sure about zeta..when holding 14% they stated they wanted their hands on nzo cash...now with 20% looks like they have succeeded....whats good for Zeta is all that matters to them when all shareholders can see value in keeping cash for distressed assets ...a case of the tail wagging the dog
definitely a case of the tail wagging the dog with Zeta and Duncan's is a raider, so cares little for the good of NZOG, but now he is on the board he'll try to prevent any exploration and increase the amount of money returned to investors, or more likely play a longer game, run nzog down and then take it over, get rid of all the expensive staff and live off a nice revenue stream
I'm a shareholder so my interests are the same as Zeta's.
If NZO does *exactly* what you just said (and honours existing exploration commitments) the DCF value is about $1, I reckon.
Plus any upside from an oil price increase.
Pay 58c (the theoretical ex-capital return price) and getting a dollar (in today's money) is a good idea IMO.
Morning Bunter, Im sure I read that the Kaheru drill that was earmarked for early this year has been put on hold so already the exploration expenses have been saved but with tui running down new reserves are needed so not sure if this strategy is in the shareholders interests......am interested where you got the 58 cents ex divvy price from because thanks to Balances constant sniping at nzo i started looking at shale oil ..glut etc and thought that maybe he was right (cant believe i just said that) so i sold at just over 80 cents and am now sitting in no mans land and cant decide whether to dip my toe back into nzo now or after the divvy
It's ex - capital repayment.
Formula is price (ex) = price now - (75-price now)/4
Can't have it both ways.
The conservative path above (Zeta's, according to speculation on this forum, but who knows) suits me - good chance of 'turning 50c into a dollar', with possibility of more (or less) depending on oil prices, exchange rates, exploration success.
Those who prefer more risk / possible bonanza / possible bust have plenty of choice in other companies.
Nobody knows
Unlikely I will as I have too much invested in this company already.
But it depends-so many factors that could change in the next few weeks.
Personally I don't believe that the price of oil is likely to remain low for long-natural depletion of existing fields is high and exploration and development is drastically reduced.
So if we see climbing prices when pateke extension comes on line I might reinvest some if the sp remains low
I would say 45 to 50 is the bottom
We can only speculate -and speculation is a factor in driving the price.
Because of speculation we will see more volatility.
Banks and investors hate volatility so lending for oil development is likely to be curtailed and more expensive.
I would guess that a lot of oil production-eg Canadian oil sands and a lot of fracking is uneconomic at current prices.
The question I ask is has production stopped yet in these fields?
How much development no longer has finance?
Fracking is certainly uneconomic now, and the first US fracking companies are starting to go under. Tellingly, a number of posters on this thread have stopped their squawking about how NZO should be buying into fracking in the Hawkes Bay. Having no debt and some production should carry NZO through to higher oil prices. BTW, anyone know how low oil can go before Tui fiel dbecomes uneconomic to produce?
What we are speculating on is when the political games stop and oil finds its natural price--right now everyone is losing money on oil (even Saudi Arabia,in terms of balancing the budget)--but some will gain politically and eventually economically(is there any difference?)
Of course alot will fall by the wayside and suffer---The Saudis are making Iran and Russia suffer--they are not happy with those who support Syria---The US is playing the game for now (hell they dont have a snowballs chance in hell of balancing their books anyway--whats a bit more debt?)
This is Walmart 101---lose money while squeezing out the competitors.
Paid 10cents for Cue less than a month ago, now 8.3 cents.
We sure get our moneys worth from these roosters expertise.
That new director talked them into this sure thing, i guess.
Last time they held back too long, this time out of the stalls like a bullet
WOW, WHAT A TEAM.
Could not do worse if they tried.
Nothing happen for a few days, tho the whole world are rallying.
Reasonably good announcement today:
https://www.nzx.com/companies/NZO/announcements/260058
And another reasonably good announcement a few weeks back not yet discussed on sharetrader:
https://www.nzx.com/companies/NZO/announcements/259568
And I believe the capital return will take place in the month of February? Not the best of news as I paid $0.76 for my shares and am effectively having them taken away from me and offered in return only $0.75 :( but still significantly above current sp.
They said news on capital return due late January so nearly there.
Shall the sp increase after the capital return? I assume there is fewer shares floating around. Correct me if i got it wrong.
Maybe, but the reality is the companies forward earnings shouldn't change drastically due to the capital return, which in turn may see the share price go up? (assuming dividends would begin again in the near future ?????) Same profit distributed amongst fewer shareholders?!?!?
Are they not waiting for some govt clearance for the cap return and in fact just said that they hoped it would be by end of January. Once that is received they would notify us and give a 10 day to sort out who will be available to receive the payout.
I pick the end of Feb---but it still depends on this govt clearance.
The Dominion had article about Kupe today:
http://www.stuff.co.nz/business/indu...-positive-nzog
Hi BM
Generally share prices decline immediately after cap return. You are correct that the available ongoing div is enhanced by the reduced issued shares. Note that med term all things being equal, without reference to oil/exchange etc., the capital per share will remain in the low 80,s so the shares continue to trade at a discount based on risk. I liked the positive spin on Kupe but continue to believe that overhead reduction is crucial to maximizing profit - I have to wonder how much the great overpaid backroom think tank contributes when Origin is the operator and presumably holds the analytical and tactical sway.
Shall I buy more?
Why on earth would you seek advice from people whom you know nothing about, are not authorized financial advisors and perhaps may not even own the stock. The forum should be used to test ideas, see what other people think and see what the history of opinion looks like. If you do some research yourself and see how that compares to other views then that is utilizing the best features of the forum. To base your actions on what other say is in my opinion lazy and ultimately you will learn very little. Its easy to see every type of viewpoint here from some saying "don't touch it with a barge pole" all the way to extolling its virtues. That's their experience and I'm sure its valid in their own mind but may not have anything at all to do with your circumstances.
Alrite, I was just keeping this threat going.
Good morning BM
A fair but unanswerable question regarding purchasing this company. I have been an investor since the very early 80's over a wide range of assets and are daily trading in the NZX . I am invested in many (including NZO) shares , and can only say that although Birmanboy offers sound advice I differ in so far as you can research , chart, predict and analyse until you are blue in the face, but at the end of the day all investing (houses, shares, rare coins, to the future price of Mogolian Yak poo etc.) is nothing short of a guess, despite what the army of consultants may say, or in fact a monkey or turtle predict. In the case of NZO, it suffers from hugely variable management ability (in my opinion currently on a downward trend), an over weighted in house overhead, oil prices, exchange rates, geologic decision making , public opinion (think green) etc.etc.
I can't even subscribe to the "spread your investment risk" mantra ,continually regurgitated by the investment advice industry, as over many informed and carefully considered years , I have not been able to find a guaranteed methodology . But at this point in time it may be better to spread your investment dollar over a very very wide range of investments - particularly in view of an increasingly volatile financial and geopolitical world.
At the end of the day its all a crap shoot. You pay your money and take your chances. Human nature displays that as with most things, everyone is keen to share their successes and generally hide their loses.
There is no advice worth taking , only your own ability and self faith to "have a go" , if you consider the risk/reward acceptable, so that you don't over fret or damage your health and general well being.
There is no guaranteed answer.
If you read my posts on NZO, NZR etc I do predict future events, probably as we all do, with no more success than the weather man or any one else. My opinion - most NZ listed company management, and certainly Directorship, appears driven by human nature and self interest, not with the investing communities best interests at heart. Strange really as we are all investors even down to buying any consumable.
Take care, enjoy or otherwise.
Thanks dodgy. I do think of myself as a trader instead of an investor. So I don't really do much fundermentals analysis. I look at charts and trends, although I m suck at it. And I do like energy and mining sector. You r right, nobody has the crystal ball. Management is a huge issue for NZ business, my company is a good example, unwilling to take responsibility and take feedback from staff ect. Hopefully it will improve one day.
at the end of the day,yes,it is a guess,but the trick is for it to be as much an educated guess as possible--its not a total crap shoot.
If your not into FA then you should be learning as much as possible from the experienced chartists--find the good ones and read their posts---management is a big one though,especially if they are buying the companies shares and have a good track record.
Oil and gas exploration is not the flavor of the month like it used to be so care is needed when investing.
After having a quick look at the chart(Im no expert) I cant see how you could interpret that as a buy
Hi Skid
I have looked at everything over the years and don't believe any analytical method is any better than the rest e.g. you mention charting - looking over your shoulder to determine the path ahead based on prior events or otherwise. Then trying to determine the road ahead even if is a virtual copy of the prior events. The best comparison is driving a car even if you drive the road regularly - something will always be different.If the different methods even came close to winning then there would be some very wealthy individuals who I suggest would be very loathe to share their advantages. Informed decision making is desirable but who knows everything. My main concern is always management, governance, overheads and honest information flow. In the NZO case ,e.g. although the capital return was shareholder endorsed, I have never read the numbers, for, against or fence sitters. I would appreciate if you can enlighten me .
I was just speaking generally--I agree there is no sure fire way to predict the future--FA+TA seems to be the best we have.
I havent really followed NZO since the old days when it was the blue eyed boy of the NZX.
PPP has had a capital return a while back and tanked big time since then---It sure aint easy finding that stuff,and now with cheap oil and fracking It wouldnt be the investment for me personally.
I responded because to me it sounded(could have been wrong)that you were saying that its a total crap shoot and guess work and I was simply making the point that it is most likely somewhere in between that, and the elusive ''sure thing''(but only by doing the research)
Hi Skid
Crap shoot it is. Pity the poor recent investors who bought at $1.50 now getting back $0.75 / 5 shares and losing 1 share in the process. You are dead right with PPP - but I only wished to point out that the co. had indicated a $0.80+ asset value after split - not recommend buy or sell. Both companies were once NZO until spin off and subsequent poor direction and high overheads have got them to where they are today. I think they would be better off liquidating on first bounce and buying a chain of dress shops - lets hope not something like Postie Plus.......t.i.c.
Dodgy - so clever, some bought in @ $1.50 and may have sold at $1.80, hindsight is so wonderful with investment, who could have guessed the collapse in the oil price or PRC - black swan events that have had a huge impact on share price.
So cap return on 20Feb with 13th being the xdate for entitlement.
Meanwhile the POO keeps falling. Any company with money in the bank could do very well by drilling on Wall Street as the saying goes once every second oil company goes broke along with a few countries.
Dodgy - I guess my point is that with most stocks you could see hindsight ask investors in SNK or maybe investors who paid $10 for FBU last year or $2+ for TTK not so long ago etc.
Morning Tim
In every case you have mentioned and with many other NZ listed companies, management has not been the most estute in my opinion. There also appears to be a whole industry around IPO's and pump and dump - no doubt very lucrative to the promoters.
Good luck , as with lotto etc., that's all we buy.
$1.60 was a pretty long time ago--back whe NZO was in a race with Pike for the highest SP----It may be a lottery in some ways,but those who held right through from those days have neglected some basic rules of investing---Education not only increases your chances of gain,but decreases your chance of loss---The charts are not a sure thing by any stretch--but they would have signaled an exit a long time ago(unlike emotions and basic lotto like gamblers mentality)
Pay day is 20/2/15.
Skid - a chart won't tell you about an unforeseen event (e.g the mine exploding)
my payday is going into my home business...... the best business investment i could possibly make.
had to lose a lot of money before i realized and learnt that im better off backing myself than relying on
a $500k ceo to do the best for my investment money.
having said that..... i will still continue to hold my many 1000's nzo lotto tickets.... whoops shares.....
just in case they pull a rabbit out of the hat.
i guess life is a learning curve..... i have gone full circle to end up backing myself.
all my shareholdings are in negative territory ...... but are paid for and
written off in my mind....... i took a punt and will let it ride out to the end.
my new goal is backing my own work, planning and destiny.
good luck to those that still buy shares hoping that "management" have "your" interests at heart.
wifey is backing me and her friends are backing her and orders are coming in.......
No, it won't tell you that, and a catastrophic event is better managed with stop losses.
But in less dramatic declines or rises in an SP, a chart will tell you fairly quickly where the money is going, in or out, and at what rate. The chart is just a visual representation of a truckload of data, though as they say a picture says a thousands words.
Fwiw, virtually all my research recently has a common theme, no .. not GFC2, though that is a theme, but TIMING. Weird eh. Common wisdom is 'time in the market', i.e. ride out the highs and lows, enjoy the divis while they're paying, etc etc.
But for some reason, go figure, a growing chorus of opinion is about 'timing the market'. You can't time the market without being able to observe it. Charts do help with that. My take on it is that I'll cut my divis, by exiting a stock, when my threshold of capital loss is hit. Charts help with that. I'll do the opposite, like buy the stock when the opportunity for capital gains is apparent. Charts help with that too. It's about timing, the in's and the out's. Most of my shares are earners, so I don't take lightly the decision to quit a stock or buy a different one. But I don't know any other way of doing it, timing that is.
JMHO.
ba ba,
nice statement you made.
i never had the mind set or knowledge to research share like you do and can.
but i knew that some very clever folks were in charge of these companies.......
so i invested into the company and those managing them...........
in the belief that they knew wealth creation better than I.
sadly.... to be able to research a company indepth and understand that study.........
means you have to be as smart at those who manage those companies.
And some of us think they are investing..... but generally are gambling......
this is where sharetraders, sharks, and money players make their profits.
I am learning though.
Bunter
Agree with you 100% . When you loose the major part of control you gain someone else's abilities. 38 years ago I quit GM, as the title was in those days, to back myself, hardest, scariest (with new house and young family), but by far THE BEST decision I have ever made. No I don't get a new car yearly, perks and office cooler gossip but lifestyle and the most precious investment/commodity - time.
Good fortune to all free spirits!
Your absolutely right-charts cant tell you when an unusual event like Pike will happen--But look at the charts after that
https://www.anzsecurities.co.nz/Dire...x?sc=NZO&eg=NZ This is the closest to a chart with the 50day moving average and the 200day moving average I could get quickly on DB.
The basic rule of thumb is to get out when the 50dayma crosses below the 200day ma(known as the ''death cross''--If you look at this chart you will see the 30dayma crosses above the 180day ma for only a short time (the only time to consider buying) but soon dips below in sept at around 78c- signalling sell--see what happens after this?---tracks down to the 60s----nothing is sure thing but more often than not it can help save your skin.
Good that your backing yourself with your home business--and hopefully the smartest investment of all=paying off the mortgage as quickly as possible.---But you second paragraph contradicts your first.
To me, backing yourself means sometimes accepting your loss and moving your dosh over to a share that has a better chance of succeeding.
I learned the hard way by watching PPP(like a stunned possum in the headlights ) drop down from 22 to alot lower. (should have sold far earlier)
I didnt make that mistake on shares bought after--Took a loss on one with disappointing sales) ,but got out and back in when things started looking better and finished in the black (I took the gains but set myself a limit if the price fell that would keep me in profit and sold at that point ,locking them in)
My biggest lesson--Dont get over emotionally attached and dont be afraid to take a loss and live to fight another day.
Christchurch City Council opposes deep-sea oil proposal
Our Seas Our Future
1 Feb 2015 — Environmental groups are applauding the Christchurch City Council's stance against deep-sea oil drilling off Canterbury.
New Zealand Petroleum & Minerals (NZPAM), the government agency responsible for managing the country's oil, gas, mineral and coal resources, is seeking comment from local authorities and iwi on its proposed 2015 block offer, which includes a large offshore area stretching from South Canterbury to Banks Peninsula.
Read more: http://www.stuff.co.nz/business/indu...a-oil-drilling
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Went to the investor update in Dunedin Friday. Good turnout, 40+ shareholders but a very definite demographic (ie older).
Nothing of real interest given quarterly update was out that morning. Good on them for coming out to the provinces though.
Sausage roll report: Good spread, didn't have an SR myself, but some tasty rap sandwiches plus ubiquitous savouries and scones and cream. Looked like many of the shareholders were looking to make up for previous losses by giving lunch a good crack.
Did have one poor quy stand up and detail his investing record with NZO, having bought in at the start 34 years ago and averaging 73c. Even quoted the headliner from 6 years ago about Poor suffering shareholders'. Was his first ever meeting.
Sad to say NZOG going nowhere fast and once they pay out their capital return, the share price will tumble. Nice wee earner for Zeta resources who take 12 million dollars out that way.
Going forward what will NZOG do? Kaeheru prospect will probably not be drilled and don't expect a lot from this company in the next year or two
assuming you are right Notie(which is not a given considering I have never heard an objective post from you in the past about NZO) the question is what is the best course of action for a shareholder--Take the capital raising dosh and sell--take the dosh and hold--sell now--(or of course buy now)
Highlights everything that is wrong with this company IMO. Very few dividends in that lengthy period, no capital growth and all the while geologists, management and directors paid handsomely well to generate substantial real inflation adjusted losses for shareholders. (65 cents or thereabouts in 2015 money is obviously only worth a small fraction of what 73 cents was 34 years ago in inflation adjusted terms). In fact I couldn't resist and went onto the Reserve Bank's inflation calculator http://www.rbnz.govt.nz/monetary_pol...on_calculator/ and found 73 cents in Q1 1981 is now worth $3.08 in today's money just to be even in terms of getting your money back let alone actually getting some return on that money for 34 years !!
What a truly shocking destroyer of shareholder value this company has been. Different this time now that Tony Radford has well and truly gone right ? Yeah right, hand me another Tui.
Many long term shareholders will have recieved more than their initial outlay back in dividends. Prior to Kupe and Tui there was Ngatoro when divvies were also paid, so over the years a fair amount has been paid out. Thinking of all those who invested in the likes of Rada, Equiticorp and Crown Corp way back NZO has turned out OK IMO.
Yes THAT, is sadly the TRUTH.
Unless one bought and sold at near highs and lows.
This has been the proverbial Golden Goose supplying a cushy part time income for quite a lot of fortunate individuals in this top heavy management.
What is galling however is the fact that this co. had a lot going for it and one would have thought that even with halve the talent and supposed expertise trumpeted about since 2008 should have gone far.
AND THE GOOD NEWS FOR THEM, THEY WILL BE ABLE TO GO ON MILKING IT TO THE END.
Well I can't see any divvies in the years 1998 - 2007 A full decade of NOTHING based on a quick look at the news items on the ANZ securities website which only goes back to 1998. Based on my recollection most of the 1980's and 1990's was also all about building up reserves to develop Kupe and Tui so I strongly disagree with A claim that "a fair amount has been paid out over the years".
Even if you could make the assertion that the average dividend yield has been a pathetic 3% over the long haul which is something I would strongly disagree with and would be well below prevailing interest rates in the eighties and nineties not to mention this century that still leaves the destruction of 80% of that poor gentleman's wealth in real terms who invested 34 years ago and that's before accounting for the fact that he could have got far more consistent, credible and reliable dividends and capital growth elsewhere. This company has a truly shocking record of shareholder wealth destruction any way you slice and dice it. Anyone thinking of investing would do very well to ponder where all the Tui and Kupe cash has gone and is going. Bloated overheads and overpaid so called "technical experts "
Why would any geologist with world class expertise be working for this minnow ???...which leaves them just hiring the left-overs doesn't it !!
2008 was indeed when NZO started paying dividends - just after it received over $200m from shareholders and the market mostly via the exercise of options at $1.50 per share.
Shareholders were ecstatic though to receive some of that $1.50 back by way of dividends while the sp crashed from $1.80 to 65c.
Directors and management had a good time spending the rest of the loot though on misadventures.
Like Gorge Best famously said 'I spent most of my earnings on women and wine, the rest I squandered.'
So heres the big question folks--Just how many will ''take the money and run''as one poster put it.
NZO still certainly has assets but what will investors decide---Anything over 50c (SP) and you would come out ahead (assuming you would be able to then sell relatively easily.
How far down would the SP have to go for the co. to be undervalued enough to provide a support?
Price is under NTA because of the track record.
How many take the money and run? Better places at present for me.
At the moment the theoretical break even point (aside from brokers fees)would be 50c-anything above that would be profit--so the real question is how well do the assets hold up the co. and how is that perceived by investors?
Think ex price 62.5 based on 65c now I.e I buy 5 shares @ 65 then they pay me 75c and cancel 1 share so I have 4 shares that cost 250c divide by 4!
I just thought an ex price of 50c seemed too depressing!