No surprises there.
Confirms why I don't like SPPs.
Wasted effort.!
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No surprises there.
Confirms why I don't like SPPs.
Wasted effort.!
My situation is that HNZ is already on the limit of the self-imposed 15% of my portfolio in any one share. That includes a ridiculous (for the current market state) 23.91% cash so I really need to be spending the cents on other things (but what?)...
...or bending the rules :ohmy:
Best Wishes
Paper Tiger
Maybe this explains it...
Why is there a maximum application amount?
The offer under the SPP needs to comply with the conditions imposed
by New Zealand securities legislation and Listing Rule 7.3.4(c) which caps the
maximum application amount of each Eligible Shareholder at $15,000.
The SPP is being offered to EligibleShareholders under the terms of the
Securities Act (NZX — Share and Unit Purchase Plans) Exemption Notice
2010. That exemption notice also imposes an annual limit of $15,000 on
the total issue price of securities that may be offered to each shareholder.
Yes I think a lot of shareholders will be disappointed, but $5mil was always going to be massively oversubscribed.
My not be able to get "the good oil" on deposit rates.Was looking forward to Heartland's presentation with Macquaries at 5.30 pm on Wednesday 9th April,however it looks as though 20 plus schools in Nelson, may have the pleasure of availing themselves with opportunity of buying my books.
Was not really thinking of you.Was thinking the paperwork to send to all shareholders,then all the fees Link will charge.Same effort could have raised a decent amount.Say they were looking at $30mil plus, people would have applied for $15,000.I did not bother to apply for any for my wife,and a trust I am involved with did not apply either.I did not break a deposit and only applied for the $2,500 minimum.
The positive I suppose is they only raised the amount needed.
Most financial companies seen to have vey little organic growth,and growth comes from acqusitions.The Sentinel acquisition will work well for Heartland[plenty of growth].The board will have confidence to look for other acquisitions knowing shareholders are prepared to open their wallets. Rising confidence in NZ ecomony should benefit Heartland [an others] .
Yes I think arbitration was never on.Had the issue been bigger, and they had stated they would accept over subscriptions,then you could have had fun with arbitration.
You mean Arbitrage, performed by Arbitraguers
Mathematically it is defined as follows:
http://upload.wikimedia.org/math/c/7...12dc7adc50.pngwhere http://upload.wikimedia.org/math/a/1...75856a1a48.png and http://upload.wikimedia.org/math/f/2...41c9eaeba2.png denotes the portfolio value at time t.
I think the arbitrageurs will be left holding the refunds, and might scurry back into the spot market in a couple of weeks....Hmmmm, I might try and arbitrage them :p