Well said, and based on the times we are in i think you are right.
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The closing time for applications is 5pm Monday.
If anyone has an application with them by then - even sent electronically at the speed of light a nanosecond before 5pm - they’re in.
Doesn’t matter when it’s processed. They can take as long as they like -within the published dates - but the application was in, on time.
Snoopy you got a receipt on application. Doesn't matter that they processed it the next day.
One day, well into Jeff’s long and illustrious career, a journalist asked the banker why he wasn’t driving great Heartland performance like he used to.
“When Heartland was growing profits I was cold and hungry,” said Jeff. “I’m not cold and hungry anymore.”
Let’s call this “The Jeff Greenslade Problem”. How does a person or an organization keep its creative vitality once they have already become successful, already become comfortable?
This, we think, is one of the cardinal problems of any type of successful business that has seen a lot of growth.
Good that Jeff is ‘retiring’ and definitelybtime for new blood and renewed dynamism in Heartland ….from outside the organisation …beca bad move if they take the easy route and ‘promote’ Chris Flood
Think of this another way, W69 - Jeff made a lot of money for shareholders who got in when he helmed the transformation of Marac into Heartland. He is now making way to enable new shareholders to get in at a great price to go for the next ride to transform Heartland into an Australasian bank!
There is the three generation aphorism for family businesses - first generation establishes the business, second generation builds it up, third generation loses it. Hopefully Jeff has not gone through all three stages, and that we are actually still in the first generation. Of course Heartland isn’t a family business, although Marac was an off-shoot from Fletcher’s I think.
I think nothing to do with Fletcher's. Picked up by NZI in the 90s, somewhere along the line became part of Pyne Gould, Geoff and Chris Flood came together there, ie as MARAC.
From Fletcher archives
History
The Manufacturers and Retailers Acceptance Co Ltd was a new company set up by Fletcher Trust & Investment Co Ltd, CAGA (Australia) and Philips Electrical Industries. [1] In 1968 arrangements were made for this company to buy the whole of the issued share capital of Fletcher Holdings' company Pacific Factors Ltd, thus increasing Fletcher Holdings' interest in the company to 38%.[2]
In October 1972 Marac Finance Ltd and its subsidiaries were reorganised into a new holding company, Marac Holdings Ltd. A new wholly-owned merchant bank subsidiary, Marac Corporation Ltd, was also set up. The introduction of a new shareholder, Security Pacific National Bank, also led to a decrease in Fletcher Trust's equity in the company from 38% to 30%. [3]
In 1985 Fletcher Challenge Ltd sold its 60% shareholding to NZI Ltd. [4]
Hey Rawz - I said $1.06 was bottom and it reached $1.03 so I think we split the difference!
Tomorrow or Wednesday we will all know how much excess entitlment has been allocated to those who applied for more. Since shares were well bid today I don't think selling after the retail allotment to take profits will have much effect on the near term price as it is obvious folk are still willing to hoover them up even now.
So roll on settlement of the acquisition of Challenger!
Ive been told Challenger bank has lent some serious coin to local property developers who no one else locally would touch ..... imagine some of the property debt written by Challenger won't be looking that flash at the moment hope heartland is all over this exposure though I'm not sure they have a specific property division