Originally Posted by
Snoopy
First disclosure from David Cushing regarding H&G stake in PGW made on 1st May 2019, a purchase from Agria, for a post consolidation equivalent of 2.007m shares. That balance is consistent with the number of shares held by H&G prior to today's announcement. This followed the NZX declaration made on 10th April of the equivalent of 1.7m shares being acquired for $1.80 from Agria , a total cost of $8.33m. I assume there must have been an historically H&G owned 0.307m PGW shareholding balance that made the total up to 2.007m at the time.
Today's (20-08-2019) announcement showed that H&G were also buying PGW shares on market:
(1) On 15 August 2019, through on-market trades, REL acquired 72,238 PGW shares for $158,121.76. That is an average price of $2.19
(2) On 16 August 2019, through on-market trades, REL acquired 27,035 PGW shares for $61,647.91. That is an average price of $2.28
(3) On 19 Aug 2019 came the Ngai Tahu purchase, REL acquired 2,743,463 PGW shares for $6,447,138.05. That is an average price of $2.35
Latest purchases from the Cushings means that 2.842m additional shares have been acquired since 15th August 2019.
This total purchase value of this increased holding was:
$158.1m + $61.6m + $6,447.1m = $6.667m.
So total holding by H&G (including shares held by REL which is more than 20% controlled by the Cushings, which in turn means the REL stake is consolidated within the H&G stake for reporting purposes) is:
2.007m (H&G) + 2.842m (REL) = 4.849m shares, amounting to
4.849m/75.484m = 6.424% of PGW.