I will let the fund managers take the call. ...after all they charge management fees ...why we need bother how they. manage as. long. as they manage well !!
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I had a quick look, they might have sold ATM to fund it. ;) Later when it rebounds like a coiled spring they can swap back and finally show us what an active fund manager does!
All speculation with a healthy dose of sarcasm.
With IFT / FPH going great guns ....KFL is becoming more and more undervalued ....NAV rising SP dropping ...wow
I bought a few off them today. But it was only worth a couple of cents to them.
NAV hanging in there ....
Yes, NAV at $1.31 and the VWAP on-market today is barely over $1.18. Judging by the daily notices from KFL they are the main buyer currently and are likely buying again today to underpin even that modest price.
The market is very downbeat at the moment. One could suggest KFL at this discount is one of the bargains on offer, but like some other NZX listings there are is not much competition currently.
KFL will be giving about 2.8 million shares under DRP next week ...instead of issuing new @ 1.31 they are preferring to buy on market @ 1.18 ...saving company thus holders money by reducing the dilution from 1.31 to 1.1689 vs 1.18 to 1.1689 ....they will be giving away this recently acquired treasury shares as DRP instead of issuing new !! Works out favourable for holders and not so for fund ...but its small change overall