PEB investors:
https://i.kym-cdn.com/photos/images/...64/241/9e9.gif
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PEB investors:
https://i.kym-cdn.com/photos/images/...64/241/9e9.gif
From now on PEB should not have any excuses of not executing it's growth strategy well. It has already had its best cash position ever.
That is a pretty amazing outcome and means PEB could have raised a total of $160m if they had accepted all applications.
Anyway, they have raised $103.5m from this exercise, so let's hope they invest it wisely and we see some exponential growth in business activity over the coming year.
Maybe we soon might also see some of the disappointed punters investing their returned cash in buying on-market and giving the SP a northward nudge.
I'm sure there is an interesting year ahead for all PEB holders.
Pretty good vote of confidence from Institutions and retail investors alike. We can't all be wrong surely?:)
The wording is a bit confusing to me:
“The acceptance of the oversubscription allows all applicants to receive the minimum of their application or their pro-rata allocation up to the NZ$50,000 maximum under the Offer”
What are others interpreting it as? That we will get 23.5/80 of our applications? ie just under 30% of our application?
Last year Auckland Airport offered something similar.
My brother and I had equal shares (thanks Dad!)
He applied for the maximum, me less.
I got what I asked for (and as it turned out I could have applied for twice as many.)
The Kid brother applied for the maximum, got more than me... then a refund for the extra.
The offer document had this:
"If Applications are scaled, PEL will scale back the number of shares to be allotted under this Offer to each applicant having regard to the number of shares held by the applicant at the Record Date and otherwise at its discretion (see clause 8 of the Terms)."
So the more shares you had, the more you will get compared to someone else who applied for the same amount...
Although they can also do what ever they want.... :-/
Seems like a pretty solid base settled in at 1.35 as expected. Good to see hasn't been any large volume sell off of excess after SPP. Will be interesting to see what happens tomorrow with the allotment, and the next couple of days to see if there were many traders who were just hoping for a pop in SP that might put excess shares on market after the allotment. Might see sell volumes increase around the 1.4-1.45 level cashing out if so. If it does think it would be a pretty safe bet that 1.35 will hold even if there is some downwards pressure momentarily.