Heartlands Capital Raising Program
Quote:
Originally Posted by
Snoopy
No funding problems eh?
What about when Heartland took over the PGW finance loans? Part of the deal was PGW had to subscribe new capital to Heartland to help shore it up before they would take any PGW Finance loans on. Even then Heartland wouldn't take on all the PGW Finance loans without a PGW guarantee on one difficult chunk of loans.
Still given Heartland have only been in existence in their current form for two years, I would argue that is not enough time to build an operational history either good or bad.
It is not great that Heartland have had any funding problems given their history is so short.
Just to remind people about the Heartland capital raising program so far:
"On 31 August 2011, the Company issued 23,257,528 new shares at $0.52 per share to existing shareholders under a share purchase plan, issued 34,164,396 new shares at $0.65 per share to underwriters of the share purchase plan, placed 4,615,385 new shares at $0.65 per share and placed 26,666,666 new shares at $0.75 per share to institutions and investors. The total new capital raised was $57,346,857."
Added to this is the DRP plan operating on the 1st October 2013, and for the earlier April 2013 dividend. Add to that the $20m of capital being raised for the purchase of Seniors Money International Limited (“SMI”), the dividend reinvestment plan for the April 2014 dividend. All in all quite a lot of capital being raised for a bank that ostensibly has plenty of capital....
SNOOPY