What price?
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Well noodles was right.
Heartland New Zealand Limited ("Heartland") (NZX: HNZ) advises that it has
been informed by First NZ Capital Securities Limited ("FNZC"), acting on
behalf of Quadrant Private Equity Pty Limited ("Quadrant"), that Quadrant is
proposing to undertake a block trade in respect of the approximately 9% of
Heartland ordinary shares held by funds managed by Quadrant. Quadrant and
FNZC requested Heartland seek a trading halt until the block trade was
complete.
Who will it be?
I'm hoping one of the big four takes a slice. It could be very beneficial to HNZ if say Westpac had a strategic interest and funnelled business their way, similar to how ANZ uses UDC.
IMO, it depends who the buyer is .If it was say one entity and they would likely want to buy more could be a big positive. If this gets spread around everywhere , probably short term negative . Say they get these away around 1.20 , some of the punters may be tempted to take some short term profits .... So if you keen on the stock maybe shave your order by 50 % and place 50 % lower to try and average in .
"Shares of Heatland New Zealand are in a trading halt as Quadrant Private Equity looks to double its stake in the bank formed from the merger of Marac Finance with Southern Cross and Canterbury building societies."
"The Australian private equity firm, via brokerage First NZ Capital, has put in a block order to buy 9 percent of the Christchurch-based lender, which will double its holding to 17.75 percent, Heartland said in a statement to the stock exchange. The move comes a month after Quadrant first took an 8.75 percent stake in the bank, buying 41.1 million shares at $1.27 a piece, or $52.2 million, substantial shareholder notices show."
http://www.scoop.co.nz/stories/BU150...bles-stake.htm
Not so sure. I think the article misinterpreted and got it back to front. The official release is :
I interpret the held by funds to be that they are sell shares they hold. Also refer Noodles post above.Quote:
proposing to undertake a block trade in respect of the approximately 9% of Heartland ordinary shares held by funds managed by Quadrant.
Re shareprice, depends who it goes to. If it is being offered to the likes of Noodles, expect some will be looking to short term trade it so it depends on what the discount is. Once the overhand washes through the market, the price should return to its normal trajectory. The likes of ACC would have been hold back knowing a placement was in the cards.
Now, that is the other way round to what we all expected - the announcement does say a "", it did not say buy or sell. And we all assume it is Sell
that Quadrant is proposing to undertake a block trade
Oops!, the rest of the sentence :in respect of the approximately 9% of Heartland ordinary shares held by funds managed by Quadrant"
does indicated SELL
"NZX Regulation (“NZXR”) advises that, further to its previous announcement and the announcement released by HNZ this morning, the trading halt placed on Heartland New Zealand Limited ordinary shares (“HNZ”) will remain in place pending an announcement of the completion of a sale of shares by Quadrant Private Equity Pty Limited."
Noodles said his broker called asking if he wanted any shares , so must be selling ? Noodles did you hear anything else ??