I really respect the market for driving the price to back to under 11 dollars last week to get this deal away at NZ$10.15 per share.
Printable View
I really respect the market for driving the price to back to under 11 dollars last week to get this deal away at NZ$10.15 per share.
Was anyone able to get in on the Placement action? It looked to me that this was confined to institutional investors (perhaps unless you are a client of UBS) - I'd be interested to know if that wasn't the case. I shall be participating in the Retail Offer.
Is there an entitlement date? Holding at date of announcement? I haven't read it through. No surprise after the exponential growth they indicated at the roadshow. I really don't see dilution as in issue given all new capital will aid growth. Probably being a little simplistic.
I was just thinking anyone not holding might want to get in for the cheaper shares you can apply for.
It is a little bit dilutive considering the capital coming in was priced at a fairly large discount to the share price, and from an EPS perspective there is also dilution as there is no change to guided annual earnings and that is now spread across a significantly larger amount of shares.
However if one feels the share price is significantly undervalued already, and that growth will be fairly strong, then its not that big of a deal.
It looks like some institutions where not able to get in on the placement & the others must have been scaled back & now bidding for more?
If you are current holder you should have an email from link market services. Condition in the email is that you can't forward the document so please don't ask. The offer document will be available on the IFT website on Thursday 20th June.
I have just bought some IFT 350 bonds so not sure I want any more exposure here, I did grab my entitlement in the last two raises.
Will there be scaling in " NZ$150 million non-underwritten retail offer"?
That implies around 14,778,325 shares for retail offer if it is to raise the $150,000,000?
BUT 837,274,000 shares on issue before capital raise?
If the "entitlement" is as Southern Lad says is 13% to keep pro rata shareholding?
That would be 108,845,620 shares raising $1,099,334,000 if shareholders were to keep it pro rata?
But this could be a problem?
" NZ$150 million non-underwritten retail offer, with the ability to accept oversubscriptions at Infratil’s complete discretion ("Retail Offer")"
So it will need heavy scaling OR accept oversubscriptions of xxxxxx
Question:Was there a need for the placement to be underwritten?
As per last capital raise. Shareholders will be allocated their entitlement with intentions to keep the same percentage holding.
However, there is a max amount of $48,000 Nzd per shareholder.
Incredible showing... compared to say HGH cap raise for example.