Great to see some good movement shame I've been dumping all my money into SUM and ATM... oh well hopefully they'll have their run later.
Printable View
Great to see some good movement shame I've been dumping all my money into SUM and ATM... oh well hopefully they'll have their run later.
Very quiet on this thread today........................reality bites!!
I know the feeling!:D
Reality came to me when I rang Garador to get a couple of new remotes for our garage door.After ringing to make sure they had arrived in at 12.20pm,I was told they were going for lunch at 1pm.Mad dash to Bromley,only to find they had moved to Sockburn. Back home to find location,then out to Sockburn.Arrived at 1.45pm to see the notice,back from lunch 2pm.
So 20 minutes turned out to be nearly two hours REALITY.NB.Google Garador and note the address is Bromley.!!!
No surprises with HNZ share price,but go straight to my next post.
Well great news for New Zealand Shareholders Association Auckland Branch;
MD of Heartland, Jeffrey Greenslade, will be your quest on Wednesday 19th February,7.30pm,Hobson Room,Level 4,Alexandra Park Functions Centre,Greenlane.
May I say you will enjoy listening to him.A straight shooter, who is interesting to listen to as he knows his subject so well.
NZ shareholders Association
http://www.nzshareholders.co.nz/shar...D=2&branchID=1
TRADING HALT!!!
Any speculation? Takeover, non-core debt issues resolved, Profit Upgrade/downgrade?, S&P rating change, Capital raising?
Hope Percy's pulse rate is OK over next few hours....
better be good. most of my eggs are in that basket. dis bear needs the honey to go into hibernation over winter.
Unlikely to be anything to do with profit situation or ratings They would have just come out and said this without a halt
Something that requires a bit more detail to finalise (with 3rd party involvement)
GENERAL: HNZ: Acquisition and Financial Forecasts - Summary 10:48a.m. HNZ 14/02/2014 10:48 GENERAL REL: 1048 HRS Heartland New Zealand Limited GENERAL: HNZ: Acquisition and Financial Forecasts - Summary NZX Release 14 February 2014 ACQUISITION AND FINANCIAL FORECASTS - SUMMARY Acquisition Heartland New Zealand Limited ("Heartland") (NZX: HNZ) advises that it has entered into a Sale and Purchase Agreement with Seniors Money International Limited ("SMI") for the acquisition of its New Zealand and Australian Home Equity Release mortgage businesses. The consideration for the acquisition is NZ$87 million. The Sale and Purchase Agreement is subject to a number of conditions being satisfied prior to settlement on 1 April 2014, including SMI obtaining shareholder approval to proceed with the transaction. See the full release attached to this announcement for further details of the acquisition. Capital Raising Heartland is raising NZ$20 million to partially fund the acquisition. The capital raising comprises a NZ$15 million equity placement and a NZ$5 million share purchase plan. Under the share purchase plan, each Heartland shareholder with an address in New Zealand on the register at 5pm on 27 February 2014 will be eligible to invest up to $15,000 in new Heartland shares. Further details of the placement and share purchase plan are included in the attachments to this announcement. Forecast Heartland will shortly be releasing its results for the first half of FY2014. Net profit after tax is expected to be around $16.5 million and in line with the forecast full year outcome of $34-$37 million for FY2014. Heartland's forecast for FY2015 is yet to be finalised and more detailed financials will be available sometime following settlement of the acquisition. Taking all relevant factors into consideration including acquisition and integration costs expected to be incurred in FY2015, the underlying business, together with the contribution from the acquisition, is likely to produce a full year result for FY2015 of between $42-44 million of net profit after tax. See the full release attached to this announcement for further details of Heartland's forecast financial information. Attached: 1. Acquisition and Financial Forecasts - NZX Release 2. Appendix 7 Notice of Event Affecting Securities 3. Investor Presentation - Ends - For further information please contact: Jeff Greenslade Managing Director Heartland New Zealand Limited DDI 09 927 9149 End CA:00247013 For:HNZ Type:GENERAL Time:2014-02-14 10:48:37
Some interesting background on SMI/Sentinel from 2012:
http://www.stuff.co.nz/business/indu...ntinel-lending
From the announcement:
"The weighted average loan to value ratio (“LVR”) of the New Zealand HER loan portfolio is approximately 32.7%, while the weighted average LVR of the Australian portfolio is approximately 31.8%. "
First time in the 90cents for HNZ. There you go.
Hold onto your hats people. With a SPP at 88c (or lower) the shareprice will be volatile as everyone plays their games.
Does anyone know how many NZ shareholders HNZ has? probability of scaling?
Great niche to be a leader in if managed properly, as hnz will probably do.
I hate it when companies rave about acquisitions being EPS accretive. Seems to be a message don't worry about the dilution
So 65 million new shares.
Using the top end of their forecasts EPS in FY14 is 9.4 cents / EPS in FY15 is 9.6 cents
Yes - that is EPS accretive so good news, but not really that exciting
But then again HNZ going to be bigger
I love quoting myself so sorry for not just editing my post. Anyway:
Per the 2013 stats, they have 8,092 shareholders. So if they 50% apply for the minimum, then
8092 x 50% x $2,500 = 10,115,000
Which will need to be scaled by more than 50% to get to the target of $5m. Will they accept over-subscriptions as it is pretty mean to scale those who apply for the minimum?
From their annual report, as at 1 August 2013 (I presume a few of our members on ST is in the last category)
10.0
Shareholder
Information
Size of Holding Number of Shareholders Total Number of Shares % of Issued Shares
1–1,000 shares 1,064 650,147 0.17
1,001–5,000 shares 2,449 6,512,552 1.68
5,001–10,000 shares 1,433 10,856,025 2.79
10,001–50,000 shares 2,310 53,726,289 13.82
50,001–100,000 shares 506 36,190,334 9.31
100,001 shares and over 330 280,768,628 72.23
TOTAL 8,092 388,703,975 100%
Rank Shareholder Total Shares % of Total Shareholders
1 Harrogate Trustee Limited 36,695,489 9.44
2 Accident Compensation Corporation 21,254,284 5.47
3 Philip Maurice Carter 20,973,492 5.4
4 PGG Wrightson Limited 13,333,333 3.43
5 Oceania & Eastern Limited 12,285,439 3.16
6 Cogent Nominees Limited 12,008,764 3.09
7 Gould Holdings Limited 7,417,427 1.91
8 HSBC Nominees (New Zealand) Limited 6,719,424 1.73
9 Citibank Nominees (NZ) Limited 6,664,221 1.71
10 Leveraged Equities Finance Limited 6,518,340 1.68
11 National Nominees New Zealand Limited 5,959,666 1.53
12 FNZ Custodians Limited 5,753,163 1.48
13 Jarden Custodians Limited 4,500,000 1.16
14 Investment Custodial Services Limited 4,464,273 1.15
15 Investment Custodial Services Limited 4,028,738 1.04
16 New Zealand Superannuation Fund Nominees Limited 3,776,134 0.97
17 Heartland Trust 3,420,197 0.88
18 New Zealand Permanent Trustees Limited 3,150,000 0.81
19 Custodial Services Limited 2,906,391 0.75
20 Forsyth Barr Custodians Limited 2,799,787 0.72
TOTAL FOR TOP 20 HOLDERS 184,628,562 47.50
sorry, that cut and paste is quite difficult to read but it is available on page 68 of their annual report. 8092 shareholders! quite well spread out.
The bigger ones already topped up as part of the 15 mil raised
But yes a pathetic amount to offer the likes of Percy, unless he became sophistated and was part of that 15 mill
According to https://www.nzx.com/files/attachments/189274.pdf they will not be accepting over-subscriptions.
"If Heartland receives applications in excess of $5 million, it will scale back all applications on a proportionate basis."
Are they allowed to change information already released to the market? Also, I can see no reason for them to accept over-subscriptions - what would they do with the additional funds?
It appears to me that the $5 million is just a nod to small investors, giving them a foot in the door, rather than a serious capital raising exercise. I am sure they could have raised all $20m through placements.
Good hing about his type of acquisition it will give Snoopy plenty more to analyse
I preempt him ..a large exposure to residential mortgages and the exposure to people dying wen they not meant too
Do they re-insure them. I thought the idea behind these were you charged a higher interest rate but only allowed them to have a low LVR - the reason being the higher risk of having to deal with the property when they 'go to the farm in the sky'. So no extra risk, just extra admin.
No one has commented on the expansion into the Australian market with this acquisition. I wonder what the plan for that is.
They dont get chucked out, that is guaranteed provided the meet the conditions (insurance etc). There is also a no negative equity guarantee though I am sure they have actuarial staff on hand to ensure that never happens. A 60yo cant borrow more than ~20% of the value of their house (a 90yo has a LVR of 45%), but get charged a 1.5-2% premium to normal floating rates.
It seems that will be kept as a separate entity. It could act as a foot in the Australian door or is set up to sell. My guess is a the latter at this stage of the companies growth. However, it will bring the company to the notice of Australian financial institutions.
I assume they couldn't get the NZ business without the Australian business. Options would be to:
- run it as a stand alone (distracting to management?)
- run it but hold for resale (best option?)
- use this as a springboard to expand to Australian focusing on their niche products (difficult and will increase the risk fo the company)
- Wind it down (worst option?)
Woke this morning to find a layer of ash on the ground and more falling, Mount Kelud over 200km east of us erupted last night and we are getting some it. The rain means we are surrounded by mud and it has forced the closure of lots of local institutions. Ash is still falling.
And then Heartland go buy some bits of SMI.
I notice that the front page of the Australian Seniors Website reads:
So guess some cash will be going into there.Quote:
Unfortunately due to funding limitations we are unable to assist with new loans at this time. We are in the process of rectifying this issue and expect this situation to be temporary
Bit more research to do before I decide whether to be happy or not, but have higher priorities today.
Best Wishes
Paper Tiger
http://www.heartland.co.nz/_upload/n...%2002%2014.pdf
quote " Margins are better than those available from conventional residential mortgages and the risks as measured by loss rates are reasonably similar"
However, I would have thought that risk are much smaller than conventional residential mortgages, their max LVR is only 45% and that is for someone at 90 yrs old. So property prices has to crash by more than half for that loan to make a loss. And weighted LVR is only 32.7%. If property prices go down by 68%.....
The 45% LVR would be the drawdown. They interest is then capitalised to the loan, at a rate above floating. Should that 90yo live till they are 120, then they may well be able to envoke the no negative equity guarantee. Normally you would expect house price inflation to keep you safe but the oldies dont always look after their houses as well as they should.
Did Quadrant (private equity) own a large chunk of Seniors?
Cool Bear, I can't improve on the formatting. But I think I can make the above table a little easier to follow
Shareholder
Information
Size of Holding, Number of Shareholders, Total Number of Shares, % of Issued Shares
1–100,000 shares (Scum Shareholders) 7762, 107,934,747, 27.77%
100,001 shares and over (Sophisticated Shareholders), 330, 280,768,628, 72.23%
TOTAL, 8,092, 388,703,975, 100%
Oh and a small change to one of the sophisticates
------
Rank Shareholder Total Shares % of Total Shareholders
4 PGG Wrightson Limited 13,333,333 3.43
------
PGW is not PGG Wrightson as you have assumed. They sold out last year. By a process of elimination the PGW in the shareholder list must be the 'Percy Greater Wealth' trust.
Not everyone on the shareholder list can be a Percy and participate in the $15m sophisticated investor placement. But even so I bet all the scum shareholders out there are none to happy over the favouring of the big boys in the upcoming capital raising!
SNOOPY
Bugger! Always thought I was sophisticated but missed out by one share. Oh well, never mind, scum often floats to the top so I guess that's some consolation.
Paper Tiger;I trust you are safe and OK.
Winner69.I remain, as always, an unsophisticated punter,sorry investor.
I was expecting a modest $20 to $30 mil acquisition,so a $87mil certainly moves the goal posts a lot quicker.
To find a "niche" where they will be "a market leading position" is great news.With the ageing population it is very much a growing sector.[not keen on Aussie though].
Being on the road since 5.30 this morning means I missed all the action,with only a short time checking emails etc at Oamaru library.So nice to get home and catch up.
Paper Tiger.Good volume today?! lol.
This from Sentinel's website:
"When it is time for you to leave your home our No Negative Equity Guarantee means that, so long as all conditions of the loan have been met, what you will be required to repay following your death or moving to permanent long-term care will not exceed the sales proceeds of the property."
I wonder what conditions are placed on the vendor when it's time to sell? How does Sentinel (now HNZ) control what is a fair price? Can my brother buy my house off me for $1, leaving Sentinel to take a large loss?
I'm sure this doesn't happen, but it would be good to know what prevents it.
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
Had a look at market caps,to see what one can buy for the $87mil acquisition Heartland have made.
Came in between Turners Auctions, market cap$70.08mil, and Dorchester Pacific at $123.49 mil. Scott Technology is $73.49 mil.and AWF is $68.38mil.
So it is a substantial business.
There appears to be a bug in this thread? I can't go past page 200.
I can not go back more that 3000 posts which for me is 150 pages
Under General Settings is the option to set the number of posts per page so your view of the Sharetrader Universe can be different to other equally valid views. I for instance have chosen the newest first option so that newer posts are higher up the page.
Best Wishes
Paper Tiger
Snoopy I only understand the point of your post if I assume that you do not understand the difference between funding ongoing operations and funding acquisitions.
Basic stuff
Best Wishes
Paper Tiger
The acquisition is making good use of the $28.3 mil Heartland had sitting in their "petty cash tin".
So the acquisition price is paid by $28.3 mil petty cash,Cap raising, modest, $20 mil and the issue of $38.7mil worth of shares to the vendor at 90cents per share.
Looking very good.
Now we have to watch that the eps grows.
Still think they will be paying 2.5 cents per share divie.
Well I have joined all those shareholders who have elected to go for dividend re-investment,yet I feel it is a good discipline that they pay a divie.Makes directors realise the point of being in business,ie they act on the owners behave.The owners can then chose cash or reinvest.
EPS accretive is excellent news.!!!
The record shows they do what they say they will.
In an earlier post I said I was looking forward to an acquisition before the interim result announcement.Got it,!!!! and a lot better acquisition than I was expecting.
At $1.25 or more they would have issued even fewer.!!!
As usual perc.. You are correct.. I am in the DRP.. So my divie will be re-invested..
Those that invested for returns will be happy..
Shed a third late last year.. Not unhappy about that.. Made a good percentage ..
Will be looking to accumulate when full figures and facts come to light..
Oh !!.. Did you enter in this years comp Perc ??
:-)))))))))))))
Yes coming 12th.That is the Australian comp.!!! lol. Embarrassed to look at the NZ comp.!!!!
Pleasing that you retained two thirds of your holding.Selling a third would have brought down your average cost nicely.
My average cost is increasing with each new purchase.
Yes it did perc.. It was in a channel 86 88 86 88 sold at 87..
Made a good percentage ( which it is what it is all about ).. on the re-investments..
Face it .. HNZ has gone up .05 cents at most since sale.. .87
$5000.. Made more than that..
BUT !!.. Time to re-consider.. Will be accumulating ;-)
Yes that channel went on for a very long time.At times so more sellers than buyers, even I got nervous.!!
And the old saying" time is the good company's friend" turned out to be so true.
I surprised no one on this forum(not even snoopy) has commented on the half year result, 16.5 million.
This does not even put them on target for the lower end of the target range, 34 million.
Are hnz seasonal? If not, i fear a profit warning coming.
Has there been a half year result ??
Given the historical seasonality of Heartlands profit (over the last two years at least) we are surprised you have commented on the tentative first half result.
If the prior years 43%/57% profit split is maintained then the full year would be expected to be about $38m on this basis.
But of course we will have 3 months of this new stuff and 'one-offs' around the acquisition to muddy the waters a little :mellow:.
As for the first half dividend this will be paid on a larger number of shares (the $15M equity placement and effectively through the reduced price of the SPP shares) so I consider $0.02 to be the most likely amount.
Best Wishes
Paper Tiger
I'm not sure if the last 2 years can be relied on. There have been significant costs being taken out of the business including the banking licence effect. Obviously i need to dig into this a bit more.
EDIT: Ok digging more
Here are the last 2 year "Profit before impaired asset expense and income tax"
1h12 9400 2h12 19937 1h13 20200 2h13 16340
Definitely seasonality in FY12, but the opposite seasonality on FY13. It's all over the place.
EDIT:
Do I need to add 6.1 back to 2h13 to reflect the "prepaid expenses written-off as a result of the Change in Strategy. Specifically, the termination of the RECL management agreement as part of that Change in Strategy"?
Thus the new table is
1h12 9400 2h12 19937 1h13 20200 2h13 22440
This could indicate a seasonal bias, growth, or cost savings.
We can compare 1H14 (16500) with 1H13 by taking off tax 20200*.72= 14544.
This is good growth in profit. However, HNZ were not a bank until the end of 1h13.
There is also seasonality in Net Interest Income (NIO)
1h13 46,760
2h13 48,694
Fy13 95,454
This is slightly seasonal.
Something from the 1h13...
"Rural The low seasonal demand in livestock trading reflectedminimal growth in the rural receivables book – an increaseof $2m. NOI was $11.5m, an increase of $3.6m from thePrevious Corresponding Reporting Period due to a full sixmonths’ earnings from the PWF book.
On an average balance comparison, the rural receivablesbook grew for the Current Reporting Period compared tothe year ended June 2012. "
But looking at last year:
1H13 Rural interest income =23545
FY13 Rural interest income =45762
So no real seasonality there. Maybe I just don't know how to interpret the results?
Now if you were Snoopy I would invoke Note 36(e) [2013FY Financials] on you :scared:. This adds back in another $6M1 to your 2h13 figure.
But you are not so I will not :).
I understand that Snoopy is busy staring at the 'Significant Reduction in Non‐Core Property' slide of the Acquisition Presentation and trying to find an interpretation that fits his belief.
Best Wishes
Paper Tiger
So 'many' of our depositors are old, the ageing demographics are a compelling case to enter the HER market (and most of our shareholders are ageing)
Is HNZ moving to position themselves as the old folks Bank?
HeartstarterBank?
:cool:
This seems like a good bolt on product. But with market dominance already established, where will growth come from. I didn't see any mention of it in the ann
I did see adverts (on TV) on the field side hoardings at eden park NRL 9's in the weekend - not so many "oldies" there I would have thought
Good to get their name out there
An article on Interest.co.nz this morning below for those who can't log-in to view it. Seemingly good news regarding the legacy property portfolio, but looking forward to confirmation that the contracts are unconditional.
- Heartland boss Jeff Greenslade confident victory over dud legacy property portfolio is near Gareth Vaughan, 0 comments
By Gareth Vaughan
Heartland Bank CEO Jeff Greenslade appears confident victory has been won over the bank's dud legacy property portfolio.
Geeenslade told interest.co.nz that, if conditional contracts come to fruition, Heartland will only have to use $5 million of a $15 million provision for the loans by June 30. Heartland had been able to shift the assets "quite effectively," he said.
"You may recall we set up a provision of just under $15 million to assist in this process. If all those conditional contracts come to fruition by the end of June, we will have only tapped into $5 million out of that $15 million. That’s ahead of expectations," Greenslade said.
"Pleasingly for us the impairment line is no longer the one to watch out for."
The non-core property portfolio comprises loans and investment properties inherited from Marac Finance when the previously Pyne Gould Corporation (PGC) owned finance company merged with building societies CBS Canterbury and Southern Cross Building Society to create Heartland in January 2011. The portfolio was valued at $107.4 million at June 30 last year.
Last June Heartland revealed a $24 million hit because of the property portfolio. This stemmed from a one-off non-cash asset write-down of $18 million before tax, plus a pre-tax hit of $6 million from writing off the balance of an $11 million fee being paid to a unit of the George Kerr controlled PGC as management of the portfolio was brought in-house.
'Even the ugly stuff is shifting'
At that time Heartland said the loan portfolio had been split into three categories labelled "performing", "accelerating" and "extend". Performing loans or assets would be held unless an attractive offer was received, the stuff classed as "acceleration" would be exited within 18 months, and loans in the "extend" portfolio would be converted over time to real estate to be better positioned for sale and held for up to five years.
"Even the rump, which is the bad stuff which was $11 million when we started, we’ve got that down to $7 million" Greenslade said. "We thought that was the bit we were going to be left with. So even the ugly stuff is actually shifting."
Charts provided by Heartland in its reverse equity mortgage deal presentation (see below) detail progress with the portfolio. As of June 30 last year the portfolio was valued at $122.3 million, excluding general provisions of $14.9 million. Based on conditional contracts, the portfolio is forecast to be valued at $67.9 million at June 30 this year. The drop in value sees its "rump" decline from $11.1 million to $7 million, the "performing loans" rise slightly in value to $28.9 million from $28.6 million, and the "for sale" portion fall to $32 million from $82.5 million.
High capital requirements 'something to think about'
Meanwhile, Greenslade said Heartland was "comfortable" with its Reserve Bank capital requirements being higher than those for other banks, but this would be something "we will be thinking about in the future."
Heartland's conditions of bank registration set out that it must have a minimum total capital ratio equivalent to 12% of total risk-weighted exposures, minimum tier one capital ratio of 12%, and common equity tier one capital ratio of 10%. Other banks have a minimum total capital ratio of 8%, minimum tier one capital ratio of 6%, and minimum common equity tier one capital ratio of 4.5%.
"We’re comfortable where we are, it hasn’t caused us any problems," Greenslade said. "And I think generally speaking all banks are going to be carrying more capital going forward, so we don’t feel alone in that regard."
"That is something between us and the Reserve Bank but that’s not an issue right now."
Since January 1 this year banks also require a buffer ratio for common equity tier one capital of at least 2.5%. This buffer ratio is described by the Reserve Bank as a counter-cyclical capital buffer that can be applied in times of excessive credit growth. It's part of the Reserve Bank's version of the global Basel III bank capital adequacy standards, which have been endorsed by the G20. Heartland isn't required to maintain this buffer.
Heartland provided the following chart (from here) on the reduction of its non-core property holdings
[IMG]file:///C:\Users\dah\AppData\Local\Temp\msohtmlclip1\01\cl ip_image001.gif[/IMG]
Heartland says both the June 30, 2014 forecast and the value of its total property book at December 31, 2013 are based on conditional contracts.
The value of its total property book given above excludes general provisions of $14.9 million at June 30, 2013), $12.1 million at December 31, 2013, and about $10 million at June 30, 2014.
Confirmation that the planned acquisition has no affect on their Standard & Poor and Fitch credit ratings.
https://www.nzx.com/companies/HNZ/announcements/247068
Fitch give a nice summary of what they perceive as the potential risks:
As most of New Zealand's population holds its wealth and future pension in property, Fitch believes there is reasonable potential for further growth. Potential risks are mostly, but not exclusively, of an operational nature. HBL has put in place tight guidelines to limit these risks and protect its reputation. Fairly strict loan-to-value (LVR) limits should protect HBL from any potential house price corrections. However, longer life expectancy could create repayment pressure.
As the transfer will take place over time, the impact on HBL's capital should be manageable, and Fitch expects HBL will improve its retained earnings. The loan book is well seasoned and diversified, with Sentinel's average LVR standing at 32.7% in December 2013
Mike what's his name on his weekly note on chrislee.co.nz is suggesting inside trading / leaks last week that saw the rise in hnz shares
Probably came from other side as hnz run a really tight ship
I lost a lot of money and my confidence during GFC.
Posters on NZ thread such as Phaedrus,Papertiger, Lizard,Ratkin,Winner69,Xerof,StrangerDanger,Sauce, Forest,Balance,Roger, and others have helped me regain both my confidence and my money.I will also mention the fantastic help I have received on Australian threads.
Yes,some of the recent posters are a concern [some I don't read],yet overall I think I am still learning and making money by reading most posts.
What does concern me is the posters who leave after being subjected to stupid comments.
Offcourse I forgot to thank Sparky The Clown and Belgarion and the many others whom I have learnt so much from.
what is figure of NTA after accquition? i guess would be between $0.95-$1.0.
Edited because I got the original NTA wrong by about 4cps :blush: (Deferred tax asset is not tangible?)
I think that is too high.
NTA at 30 June 2013 was about $0.85 (originally said $0.89!)
Add in $16.5M profit 4.2cps and subtract the 2.5cps dividend and call it $0.87 at 31 Dec 2013
So roll forward another three months to 31 Mar 2014 and say 2.1cps profit and subtract 2c dividend paid (cash and new shares) so still $0.87 ish.
Acquistion is a swap of cash for other assets possibly including some goodwill?
So call it around $0.87.
Roll forward again to 30 Jun 2014 and add another 2.1c profit and NTA will be $0.88 to $0.90
Best Wishes
Paper Tiger