Does anyone know, where or how you can find out what the take up was of the SPP ?
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Does anyone know, where or how you can find out what the take up was of the SPP ?
Fascinating situation - the biggest disconnect we have seen in recent years with a public listed company between insiders being prepared to take up shares at a huge premium versus market price and SPP price.
So who is right and what kind of games are being played in the background?
Announcement out on NZX
A low take-up from existing holders, with only 15% putting in new funds, although probably understandable.
I thought this was a good entry opportunity for a new holder, and am pretty pleased to end up with a holding at an average entry of 53.5cps while NTA comes in at 83cps. All being well, they will trade at a good premium one day - just can't be too complacent as to the possibility that it occurs through NTA destruction rather than sp growth.
No, no no say it ain't so!
As a PGW shareholder I am feeling doubly shafted at selling the PGG Finance loans to Heartland at book value, then having to buy at 10% stake in Heartland at a big premium to market value.
You guys can speculate all you like about fair value for the Heartland-Not-Bank. PGW Chairman Sir John Anderson told we PGW shareholders that 'fair value' is 'book value' for non-bank financiers these days, if you are lucky. And the more cheap Heartland shares are sold, the lower the overall per share book value for PGW shareholders. Overall I have a schizoid reaction to what is going on.
From an industry observer perspective, we need Heartland to succeed. I wish all shareholders good luck.. You Heartland investors are heros, pushing back from the financial sector collapse to create a base for a new golden dawn of finance funding. This will see the true heartland of New Zealand captaining the economic recovery going forwards.
From a PGW shareholder perspective, I hope Heartland goes down. If that were to happen, PGW could unload $50m in loans for the Heartland receivers to deal with, the contractual defacto fall back position of the debt sales agreement. You existing Heartland shareholders are leeches on the financial fabric of New Zealand, frightening sound businesses to sell their loan books to you, even as you cream the stolen profits. I would like nothing better for today to be seen as a false dawn in the finance sector, with the heavy trampling boot of back banking debt facilities weighing on you before crushing you into the ground. You parasites! I hope you all do your dough.
SNOOPY
This may seem a bit of a trivial point.....but the announcment states three big institutional shareholders will be PGC, Impact Capital and ACC. It does acknowledge that PGW will also be a shareholder, also noting the deal between the two entities. Yet I thought in accordance with the perspectus under the SPP both PGC and PGW will take $10m each, assuming this is still the case, are PGC taking more than $10m in HNZ?
Really? Impact Capital is a $100 company formed in July 2011, specifically for this deal, I would surmiseQuote:
three big institutional shareholders will be PGC, Impact Capital and ACC
Lets wait for the SSH notices before we say that it has three 'big' institutional shareholders. I'd put money on it that a lot of these shares end up in one of PGC's downstream entities, possibly that sinkhole for 'good' deals, Torchlight.
Liz,
Mogridge states the underwritten shortfall and the committed $10mill are to be funded with 'bank' debt
Shareholders of PGC should ask him to be more specific.......
SSH Notice - (Harrogate Trustee Ltd)
4:16pm, 31 Aug 2011 | SSH
Disclosure of beginning to have substantial holding
Section 22, Securities Markets Act 1988
To: NZX
And: Heartland NZ Ltd
Date this disclosure made: 31 August 2011
Substantial security holder(s) giving disclosure
Name(s): Harrogate Trustee Ltd
Contact details: Graham Paull
(03) 377 0466
graham@alexanderpaull.co.nz
Date on which substantial security holder(s) began to have substantial holding: 31 August 2011
Summary of substantial holding to which disclosure relates
Class of listed voting securities: Ordinary shares
Summary for: Harrogate Trustee Ltd
For this disclosure,—
(a) total number held in class: 30,281,275
(b) total in class: 388,703,975
(c) total percentage held in class: 7.78%
SSH (Pyne Gould Corporation Limited)
3:22pm, 31 Aug 2011 | SSH
Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both
Sections 23 and 24, Securities Markets Act 1988
Relevant event being disclosed: Change in nature of relevant interest
Date of relevant event: 31 August 2011
To NZX Limited
And Heartland New Zealand Limited
Date this disclosure made: 31 August 2011
Date last disclosure made: N/A
Substantial security holder(s) giving disclosure
Name(s): Pyne Gould Corporation Limited
Contact details: Colin Hair, 027 877 188 colin.hair@pgc.co.nz
Summary of substantial holding to which disclosure relates
Class of listed voting securities: Ordinary Shares
Summary for Pyne Gould Corporation Limited
For this disclosure,—
(a) total number held in class: 23,381,685
(b) total in class: 388,703,975
(c) total percentage held in class: 6.02%
Ware Cassius ??..