on a formal (ie. an actual market set up or instrument offered by an institution) or informal basis (just between friends)?
How would this be done - forward purchase agreements.
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I am not sure if it could be done on a formal basis as there "may" be legal difficulties. I guess some kind of CFD or some similar tool could be utilised. Between friends could be cumbersome also. I quess the possibility does exist (need someone or broker with a creative mind) with these kind of shennanigans.
I'm not sure that the MRP sweetener is really significant. With my patriotic hat on I got $15k (6000) MRP. For my trouble I will get 200 more shares after two years. This really isn't enough to influence decisions for me one way or another. 200 @ $2.20 (say) = $440 = 7 cents per share. Maybe I'm looking at this incorrectly ? But in any case.....I guess the damage is done...so I am holding.
I think it's actually a 40:1 share bonus, right? So a 4% bonus issue to 24 month holders. Which means you get 150 bonus shares.
At the end of the day, IPO buyers are still getting their pre-IPO scheduled dividend yield (and indications it will be upgraded further).
What's to complain about?
"New Zealand Applicants who continue to hold their Shares in the same registered name for a
period of 24 months will be entitled to Loyalty Bonus Shares based upon the ratio of 1 for 25, up
to a maximum number of 200 Loyalty Bonus Shares for each New Zealand Applicant . The Loyalty
Bonus Shares have the effect of providing New Zealand Applicants who retain their Shares for 24
months with additional Shares for no further cash investment (if certain conditions are met)."
Conditions above. Not complaining. Just not sure that this meagre inducement really inflated the IPO at all.
Computershare could provide this info for any share quiet easily so no difference.
Given the number of IPO's this year, I wouldn't be suprised if IRD requested info from computershare for everyone who bought into the bought and sold an IPO share within 6 months, cross reference and filter for those who did it on every IPO (attack first), most IPO (next round of investigations once they get more money from government based on their success), more than one IPO (a letter will be sent saying they will pursue if you dont disclose).
Tehy did a similar thing with the Land Transfer Office.