Don't think Heartland will ever be in Pax Ellevate Global Women's Index Fund
Well done Ryman anyway.
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Don't think Heartland will ever be in Pax Ellevate Global Women's Index Fund
Well done Ryman anyway.
Believe it or not people can live quite comfortably on $100K.
To rephrase your question and make it more relevant, if a client was making $200K per annum and for the last two years lost $200K per annum, believe me there is real pressure on all costs including their professional fees. Many accountants to their credit have been helping clients for free to do their best in the dairy industry to restructure their operations.
Meanwhile Fonterra exec's, nearly 100 of them on over $500K keeping sucking at the teat relentlessly. I suppose they deserve such great pay for making everyone else's life a misery including drivers, contractors, engineers and not too forget the farmers themselves. Why haven't they shifted to more value added exports year's ago...that's the real question !
But bringing this full circle, if Fonterra weren't so grossly inefficient then banks wouldn't be looking at so many distressed customers. Maybe if Fonterra were a highly efficient operation they wouldn't need to "lend" an extra 50 cents per kg as a one-off, it would be built into the pay-out every year !!
http://a.msn.com/r/2/AAgxVi9?a=0&m=en-nz Thankfully at least it looks like Bill English has a decent handle on reality.
JT - I recommend Maxwell winches for the upgrade..best way to retrieve that floating anchor of yours.
"Why haven't they shifted to more value added exports year's ago...that's the real question !"
Fonterras strategy is to be a big player in the dairy commodities market. Value-added product doesn't feature too highly in this strategy. Commodity export is, after all, the mainstay of the New Zealand economy.
It is a valid strategy, but it is a high risk strategy. It necessitates being a price taker, not a price maker.
Part of the reason for the strategy is that New Zealand doesn't have any branded products. We can probably all name a few French cheeses, and a few Italian cheeses, but how many New Zealand cheeses are there?
I suspect that there's a large part of the world which would consider New Zealand Camembert on a par with Turkish Cognac.
This isn't the Fonterra thread but the real answer to the "real question" boils down to the fact that Fonterra is a co-operative and that it is structured to pay its owners, the dairy farmers, primarily based on the quantity of milk produced. That's the incentive, not maximising value-added products.
Sharemilkers in negative equity
http://www.stuff.co.nz/business/farm...+10+March+2016
All that good news this week been good for Heartland shareprice
Up to $1.22 - think it was $1.17 last week so 4% increase a great result
All going to plan,we are on a roll
We sure are doing alright with the 92% not exposed to dairy and cow beef may be getting cheaper at the supermarket/ butcher, good for consumers , heart wrenching for some farmers/sharemilkers.
For the record.
Thank you Mr.Wheeler for lowering the official cash rate.
Not only has it helped my HBL holding, with people chasing HBL's growing imputed dividend,but has also helped all my exporting holdings, which will benefit from a lower NZ $.
Yes a good week for many N.Z. shares that's for sure ! It would be nice to think HBL would do the decent thing and pass on the full 25 bps cut to beleaguered dairy farmers interest rates unlike many of the greedy Australian banks which are making excuses why they need to keep some / most of it for themselves. http://www.interest.co.nz/opinion/80...-not-justified
http://www.nzherald.co.nz/dairy-indu...ectid=11602823
Heartland's strategy of competently benchmarking parallel niches seems to leading to improved financial performance.
Keep it up Heartland
Coupe of weeks since 1/2 year announcement
I think the mover and shakers have seen the guidance Heartland for what it is - a load of the proverbial. They have done their own sums.
Good on them - they pushing up the share price nicely.
Never trust bankers, even in Australia and NZ. No wonder some are questioning whether for ethical reasons they should be investing in banks. CBA a good example but all banks tarred with the same brush
Hmm - extrapolations are always right, until they are wrong. And they always are.
Don't want to rain into the parade ... and while I agree that HBL (as well as some of the Ossie banks) look currently still reasonably priced (i.e. in my view more worth than what the shares currently cost) ... there are as well some risks hanging around.
The (though moderate) exposure to the dairy industry didn't go away overnight, Harmony does not always get the best press, and not sure how long their growth curve continues ... and haven't heard for some time how the reverse mortgage business is doing.
Consensus forecast is currently $1.30 ($1.25 ... $1.35) and while analysts have a track record in underestimating HBL's future share price, do I think that they are closer to the mark than some of the predictions in this thread.
(edit)
Discl: holding HBL (and ANZ) and NOT expecting a (huge) capital gain, but holding them for a dividend much better than bonds or bank accounts can deliver these days;
All good, just time your exit right, right!
http://myob.co.nz/myob/news-12578282...0230&year=2016
“It is important that the decline in revenue and consumer confidence in the dairy industry is not considered in isolation. What the MYOB Business Monitor results have shown is that dairy prices have a major impact on the whole economy, and particularly in key industries such as retail and hospitality,” says Mr Scollay.
Hey Raz, did you know that there is no correlation (if anything it is negative) between dairy prices (ANZ Dairy Commodity Price Index) and annual GDP growth.
Since 1992 there has been 7 significant falls in dairy prices (including this one) and in only one of these was there a recession and that coincided with the GFC so that probably was a key reason.
As usual maybe this time it's different
Winner with an econometrics background I can data mine it either way if you want me to in an argument with GDP. GDP is a fuzzy measure of value at the best of times and I do not expect it to drop in proportion at all given all the clutter going on in Auckland. HBL has a large as a proportion of portfolio rural services portfolio and that really is the relevance and to be on point. Not just Dairy but wide rural/regional loan book.
Lets wait for the stress test which will all be fine. If so why the PR of stress test to start with...
A couple of positives recent developments coming the other way, the banks holding onto the last ORC rate allows them to allow the residential portfolio to cross subsidies the distressed loan book and maintain margin. Possibly knock back the interest rates for distressed farmers below 10% could be helpful. Also China launching a new venture fund aiming at buying AGIF so if the money comes our way they may buy up the dairy farms...limiting the impairment for the banks to a degree. Well i know that is what they are hoping for.
Dairy prices down a tad overnight
Heartland shareprice down a tad
Just saying
Man on radio saying problems in dairy not all that widespread
Said 10% owe 40% of the debt or something like that
Hope those >$10m loans that Heartland have are all OK
Aussie banks went a bit down as well ...
Attachment 7935
Notice the correlation?
HBL in my view just moving with the financial sector ...
Chris Lee comes out and says he's not keen on the proposed financial engineering Heartland is contemplating. Suppose he must be genuine in his thoughts as he's talking himself out of shed loads of commission.
Chris Lee has a record of being spot on with his Heartland comments,however I think he should have taken note of what Heartland said when reporting their interim result on 23-2-2016.
"In current market conditions,Heartland believes there is greater opportunity for acquisitions."
They then went on to say;"It wishes to assess opportunities [if any] that may arise during this period of volatility and will continue to monitor its capital position [including its Tier 2 regulatory capital position] during this period.The board continues to be of the view that,in the absence of other uses of capital,it's excess capital should be returned to shareholders."
As a side bar.A few years ago Ebos refunded capital,rather than have a "lazy" balance sheet.Director Peter Kraus told,then MD Mark Waller ;"if you come up with a sound acquisition, then shareholders will be happy to fund it."Which they did a couple or three years later.
I am sure should Heartland come up with a sound acquisition,then shareholders will back them too.
I agree with Mr Lee that Heartland should keep their 'excessive' capital.
Even a 14% /15% equity ratio or whatever it is is 'excessive' leverage
Mr Lee doesn't have much time for banks these days does he. (This weeks are)
He doesn't answer the question he asked "I wonder which of the New Zealand banks will be found to be putting profits ahead of their clients, and breaching standards such as the Code of Ethics, which is supposed to govern all involved in financial advice ..."
The capital return / bond issue will take place
Heartland need to be seen to be something ....anything .....even if it is just to keep the likes of you happy (based on your previous comments )
Just do, do. https://m.youtube.com/watch?v=R2RzO-DY72Q
The REINZ Dairy Farm Price Index has dropped 21% in 12 months
http://www.interest.co.nz/rural-news...d-21-12-months
Just as well Heartland don't lend to buy farms .....but Mr Lee mentioned they probably have a few 2nd mortgages which might add a bit of stress for some.
14% in one month and banks have only very, very recently started to toughen up on who they are prepared to continue to support. With a massive number of listings and what few buyers there are holding back for lower prices I can't see any other result but further substantial falls from here. What's HBL's current LVR ratio based on the real current realisable value of farms, stock plant, and machinery ?
http://www.interest.co.nz/business/8...s-dairy-sector Rabobank bracing for the forthcoming storm...maybe other banks should too ?
Outlook doesn't look good either
http://a.msn.com/r/2/BBqAZN0?a=0&m=en-nz
And Bernard Hickey weigh's In - http://www.nzherald.co.nz/rural-busi...ectid=11604664
Interim Report out
I see the Tumu Whakarea managed to get his photo in the report twice.
No photos of dairy farms though
See ANZ need to increase 1/2 year credit charge (bad debts) by $100m to close to $1 billion
Just as well Heartland don't do much lending to dodgy industries else their Tumu Whakarea would need to make such announcements as well
Notice of buyback: https://nzx.com/companies/SUM/announcements/279820
Net profit up 9% to $25.6m looks okay if you accept dairy loan provisioning at face value...(most dairy farmers can't pay interest bill http://www.nzherald.co.nz/business/n...ectid=11611251), but interestingly net profit after net change in foreign currency translation reserve, (lost money here in this half and pcp) is ostensibly unchanged at $21.8m v $21.2m last year.
You really do see only what you want to see and hear only what you want to hear, don't you ?
http://i7.photobucket.com/albums/y26...eTrader/DP.png
"Because although it has many omissions, contains much that is apocryphal - or at least wildly inaccurate - it scores over the older, more pedestrian work in two important ways: first, it is slightly cheaper, and second, it has the words ‘Don’t Panic’ inscribed in large, friendly letters on the cover"*
Best Wishes
Paper Tiger
*THHGTTG
Peabody Energy, it used to be Peabody Coal but coal became rather dirty, is the largest coal producer in the world.
Unfortunately, accountants got hold of it. I think they paid dividends but also borrowed a few dollars. Times were good.
Unfortunately, times are a little uncertain and a 70 million US interest payment is due. Ooops. No cash.
Can you wait a month???
(Plus lots of other debt with both interest and capital due).
Heartland should raise cash for takeovers. Not to return 'excess' capital to shareholders. And definitely not in our present climate.
Sounds a good idea,but consider what possibly the company with the best capital management did a few years ago when they had excess capital.That company is Ebos which turns over its stock about 10 times a year.
Director Peter Klaus told then CEO/MD Mark Waller to return excess capital to shareholders.Waller then said,but we will most probably do an acquisition.To which Klaus replied,"if the acquisition stacks up shareholders will front up." "Having a lazy balance sheet with excess capital,tempts management doing a poor acquisition."
Ebos is offcourse a "medical supply logistics" company,but they know the real value of capital.Three or four years later Ebos did a massive acquisition which shareholders keenly supported.
So is it too much to expect HBL know the true value of capital.After all the directors and management have significant holdings,and the business is banking,not medical supplies.They may even decide it is prudent to retain their excess capital in present market conditions.
What has been proven is the fact that HBL have a record of prudent stewardship.So I have every confidence they will make the right decision with what to do with the excess capital.
I can't think of too many aquisitions that would suit the banking business apart from MTF at the moment.Isuppose they could buy some distressed farms.
Yet common sense prevails.
[QUOTE=SCOTTY;609957]You are forgiven W69
This is why I like the drip and want the share price to stay low ��:
5/4/16. $1.198 (3.5 CPS)
29/9/15. $1.11 (4.5CPS)
27/3/15. $1.32 (3.0 CPS)
29/9/14. $1.015 (3.5 CPS)
20/3/14. $0.8606 (2.5 CPS)
1/10/13. $0.826 (2.5 CPS)
The magic of compounding :)
Just compare HBL with what the big 4 banks do at the moment (here ANZ ... hint: the blue graph represents HBL:t_up:) ... and be pleased about a stubbornly stalled share price;) - I am.
Attachment 7954
Thank you for posting the chart.
Yes the correlation between HBL and the Aussie banks is holding HBL sp steady.
The issues facing the Aussie banks are well known,minning,property,and other sectors such as dairying means their bad debts are increasing.Poor expansion into UK and Asia.Wholesale European funding,and having to raise more capital are rightly worrying investors.
ROE is under pressure,as will be their capacity to pay increasing dividends.
HBL has only a small exposure to dairying,otherwise it faces none of the above issues,proven by the fact they have excess capital.
The market is not seeing this,so we are seeing a security being mispriced.Increasing eps,roe,and dividends, will reward those who take advantage of this mispriced sp .Don't know when it will happen,but it will.
Heartland strategic focus on SMEs and their 'Open for Business' initiative must be working big time.
BNZ feel they must be missing out. Unusual for them to use radio (quite intensive campaign) advertising - telling small business owners the BNZ can help their business become big. And they have $1 billion to lend.
Go Heartland - stick it up the big banks by looking after those that are often ignored. You have them worried
And still no profit upgrade from Jeff
Percy, I think your memory is being a little selective.
On 19th February 2014 , -after I made my post- , Heartland issued $15m worth of new capital to institutions. This was supplemented on 25th March 2014 by a further $5m of new shares issued to existing shareholders in relation to an underwritten share purchase plan.
Then on 1st April 2014, Heartland issued new shares worth $37m to Seniors Money International, which IIRC was in relation to the Home Equity Release Portfolio purchase. That was a total of 56m of new shares issued within a couple of months.
This is all completely separate from the new capital raised by the dividend reinvestment plan. (FY2014: $6.662mm), (FY2015: $$6.624m)
So total new capital issued over the two full years FY2014 and FY2015 was around $70m.
At EOFY 2015 share equity was $480m. So that $70m raised is around 15% of the capital now on the books. Now why did HNZ have to raise such a large amount of capital? Because it wasn't prudent to further leverage their balance sheet to make the acquisitions they did without doing so. So not only does my claim of 25/11/2013 of Heartland being short of capital stand. It has proven to have been true!
Now, moving onto the much talked about 'share capital return' to shareholders. I believe that consummate with this, Heartland are proposing to issue some Tier 1 bonds which will count as capital for reserve bank requirement purposes. The proposal then is not to reduce the capital of the bank. The proposal is to lower the share capital, and replace that with bond capital. IMO this makes this whole discussion of HBL having excess capital moot. The true picture is quite the contrary. Heartland freely issue new capital with their acquisitions, and there is no plan on the table to reduce overall capital on the books.
SNOOPY
Snoopy, I think your memory is being a little selective.
The full details were:
$20M cash from the issue of new shares (as above);
$37M of new shares (@ $0.90 each) as above;
and $28.3M from the 'very fully stretched balance sheet'.
As for the 'new' capital raised by the dividend reinvestment plan - :D I laugh in your general direction.
Best Wishes
Paper Tiger
I am reminded of the story of the scientist who teaches a spider to jump on command.
He presents it to the world, "Jump" he says and the spider jumps.
He then pulls all the legs off the spider :mad ;: and says "Jump".
The spider does not move.
"I have just proved" says the scientist, "that a spiders ears are attached to their legs"
Best Wishes
Paper Tiger
You worked out the fallacy of a DRIP being new capital yet ?
If the capital management happens and the actual details are announced then you may or may not be able to use it in evidence for your 'beliefs'.
The bonds would be Tier 2 capital by the way.
Anyway I am off round to percy's house to complain about him setting the dogs howling.
I may knock the head off his favourite garden gnome if he does not promise to mend his ways.
Best Wishes
Paper Tiger
Not sure of your point PT. Heartland issued new shares and borrowed money to make an acquisition. They used the new shares issued as collateral to borrow money to complete the purchase. Perfectly normal behaviour. Are you suggesting the Seniors Purchase could (should) have been fully debt funded?
Granted the new capital from the DRP is peanuts in the scheme of things. But many peanuts eventually add up to a bag of peanuts. The purpose of a DRP is to raise capital is it not?Quote:
As for the 'new' capital raised by the dividend reinvestment plan - :D I laugh in your general direction.
The 'fallacy' of the DRP deing new capital is explained under note 14 of the FY20145 financial statements. The $6.624m of new capital added to the books in FY2015 looks real to me.
SNOOPY
Sorry for changing the discussion but does there not seem to be a pattern forming of continued top up of shares for sale at 122?
You keep repeating this percy, but it does it actually mean anything?
ANZ et al have completely different "capital" structures and thus equity ratios. If Heartland had a similar structure they could will be 'going back to shareholders' as well
and when you think about it aren't Heartland heading down the path of having a capital structure like ANZ and the others?
Sad to hear of the passing of Ronnie Corbett :(.
The "Two Ronnies" are definitely one of the sources of inspiration for me.
https://www.youtube.com/watch?v=Cz2-ukrd2VQ
Best Wishes
Paper Tiger
The acquisition of Seniors Money International in 2014, by Heartland, from Quadrant Private Equity was done on the basis of:
1/ Issuing some new Heartland shares to Quadrant AND
2/ taking on some debt.
Before this acquisition I said that the Heartland balance sheet was 'fully stretched'. The fact that the Seniors acquisition was done by issuing more equity,and was not fully debt funded is some evidence of this. Not proof in itself. Maybe Quadrant just wanted the shares in Heartland as an investment?
Except that one year later, just after these new Heartland shares had come out of escrow, Heartland went into a trading halt. The reason? Quadrant wanted to do a book build to sell their Heartland shares. Now to the determined believer, this doesn't prove anything either. But I ask you to join the dots.
1/ Heartland funded the Seniors purchase through issuing shares, not paying in cash.
2/ At the first opportunity,Quadrant, the sellers conveted their new Heartland shares to cash
3/ If Quadrant wanted cash to start with, why didn't Heartland make the Seniors acquisition a straght cash purchase? Maybe, just maybe they didn't have sufficient cash borrowing facilities to do a straight cash deal at the time, do you think?
4/ The principal reason why a company can't raise cash quickly is because they don't have sufficient equity to allow them to do so.
In summary, I believe my description of Heartland being 'cash constrained' just before the Seniors acquisition was bang on the money.
SNOOPY
Sometimes PT, I think you are being deliberately obtuse. But for those that really don't get it.
1/ The reserve bank mandates a minimum amount of capital that a trading bank must hold in relation to the size of its lending portfolio.
2/ This capital includes both share capital and other capital by the way of longer term borrowings - 'capital bonds'.
3/ The trading bank can choose how it satisfies the reserve bank requirments: Straight share capital, or a combination of share capital and long term or perpetual capital bonds.
4/ Not all long term capital bonds are rated equally. The bonds are commonly ranked by the reserve bank on a 'Tier' categorisation. From a capital rating perspective a 'Tier 1' bond is more highly rated than a 'Tier 2' bond. This means that if a 'Tier 1' bond is made up of X dollars, this can be replaced in reserve bank valuation terms by a a 'Tier 2' bond of 'X + a safety factor'.
5/ The reserve bank doesn't specify exactly the combination of share capital, 'Tier 1' or 'Tier 2' bonds a bank must hold. The reserve bank specifies a minimum amount of capital and a formula to calculate it. The trading bank is free to choose whatever combination of share capital, 'Tier 1' capital and 'Tier 2' capital they like - provided that the overall combination satisfies reserve bank requirements.
Thus PT's point of the proposed bond issue by Heartland being 'Tier 2' - rather than the 'Tier 1' I suggested - (and I am not saying you are wrong that it will be Tier 2 PT) is of no consequence. It just means that more Tier 2 capital will need to be issued than the Tier 1 capital that I had suggested, to make up for any 'capital return' of 'shareholders equity' to shareholders - should that 'capital return' go ahead. But of course a smart cookie like PT already knows all that :-) ...
SNOOPY
1, 2, 3 & 5. I am basically in agreement with.
4 - you need to read this RBNZ CAF document (which is what HBL must conform to these days).
My assertion about Tier 2 is based on all the announcements made by HBL.
But the details of what capital (share & Tier X) reconstructions will be involved we do not yet know.
If it happens then I am sure there will be a range of opinions aired here then.
Best Wishes
Paper Tiger
If I may make the point that my point was about Peabody Energy. Broke, or at least they cannot pay the US$70 million interest due on their borrowings. The accountants obtained capital from borrowings, not shares. Share Capital does not pay interest. Further, it can even demand more cash, with menaces, or 'we will issue new shares at the rate of ten to one share held now'. Companies who find themselves in the very happy position of spare cash can return it to the shareholders.
UNLESS they are a Bank. The commodity that banks trade with is Money. They need lots of it and the more of it available interest free then the more security for the bank. Have you heard of a Bank Run? What happens if it is a bank stampede?
A bank run is not on the horizon today. But Oil was guaranteed never to dip below US$100 a barrel.
Banks in NZ have to obtain a banking licence from The Reserve Bank of NZ, before they can call themselves a bank,or operate as one.
Then they must report quarterly to The Reserve Bank.They must keep their equity and other ratios within certain guidelines.
As far as I can remember Peabody Energy never applied for a NZ banking licence,so I can not see what is gained by talking about them .
As for Australasian banks;all have good equity,and widespread loan books,and remain capable of weathering any future storms.
As far as HBL is concerned, the weather forecast is for sunny days, with plenty of blue skies.
Peabody Energy is a coal miner. They are the largest coal miner in the world, might even own Pennsylvania. But they are broke, or at least cannot meet their interest payment of US$70 million.
Heartland is a bank. They lend money. The Reserve Bank could, without warning, tell Heartland to find more capital. Since the Reserve Bank is 'monitoring' our banking system. Further, they do not in any way declare any bank in NZ solvent. Nor will they pay our bills. The weather forecast is sunny..........but is that a bit of a squall out at sea?
No not without warning.NZ banks report quarterly,they work with The Reserve Bank.Any changes in any capital ratios would be signalled well in advance.You are seeing this with the Australian banks.There are no squalls out at sea.
The skies are a lot bluer with the coal miners going broke.
So, for the first time EVER I have participated in a DRP (Dividend Reinvestment Plan) and I am now the proud owner of a few more HBLs. :t_up:
So just need to wait and see if this re-capitalization thing happens and they take them, and more, away again. :t_down:
Best Wishes
Paper Tiger
HBL appear to have gone very quiet on this. There is a very short note in the HY report that states they still believe in returning excess capital to shareholders. However no mentoion of a buy back, or raising tier 2 capital. So we will just have to wait and see.
There's been a fair bit of water under the bridge since 18 August 2015 so I suppose one might ponder whether market conditions have remained favourable since this announcement. If one thinks they have then an announcement of this issue must be imminent.Quote:
Issue of Tier 2 Capital Instrument
Heartland advised the market on 18 August 2015 of its intention for Heartland
Bank to issue a Tier 2 regulatory capital instrument (Tier 2 Capital) during
the financial year as part of its capital management strategy, subject to
market conditions remaining favourable.
Heartland's current intention is for the Continuing Company to proceed with
the issue of Tier 2 Capital in April 2016. At this stage, the indicative
issue amount is $50 million with up to $25 million of oversubscriptions. An
issue of Tier 2 Capital would improve the Continuing Company's capital
efficiency through diversification of the sources and types of capital
funding, and would mean that the Continuing Company's capital structure is
more closely aligned with that of other New Zealand registered banks.
No shareholder approvals would be required to effect the Tier 2 Capital
issue, though further information will be provided in the Notice of Meeting
to shareholders for the upcoming Annual Meeting.
https://www.nzx.com/files/attachments/233188.pdf
You are in esteemed company participating in the DRP with Mr. Greenslade? For me it's a good sign to see him in the DRP too. :)
Latest Global Dairy Trade auction - prices UP 2.1%
Dairy prices chart showing a positive bias - i can see Roger becoming a Heartland shareholder again
Prob Jeff's bid was a bit on the low side
My view is unchanged from that expressed in post #6562, page 438 on 20/10/2015 except that clearly the dairy industry is clearly in worse shape now than six months ago.
I see yesterday that the latest business confidence survey has turned negative and separately the BNZ warned on alarming rates of credit growth running at pre GFC level's.
The correction in banking stocks reflects the fact that its currently a tough environment for banks to shine and investors have genuine concerns over future bad debt provisioning.
HBL in good shape to weather the challenges ahead to be fair and provides a solid fully imputed dividend yield. Probably 7.5 cps in total this year so that's (7.5 / 0.72) / 118 = 8.8% gross yield. Probably the best of the Australasian banks to own if one feels it's in their interests to have an exposure to this sector at present.
To the best of my recollection mate they were simply going to go ahead with the issue regardless and if they didn't acquire something they were going to do the buy-back of their own shares.Quote:
Roger they did also indicate at the same time that they were looking a Tier 2 capital issue in the absence of any good acquisition opportunities presenting themselves. Maybe they have something lined up that they are running their ruler over !? Iceman
Speaking or targets and MTF, where did things get too with the Supreme court decision, anyone know ?
It looks like The Government is changing the ownership matrix of Kiwibank: https://www.nzx.com/files/attachments/233264.pdf
NZ Super fund and ACC are each to take a stake in Kiwi Group Holdings leaving NZ Post with 55%. Will this ownership musical chairs be preparatory to selling a tranche to the NZ public or will it be instead of a public listing? It would be good to have Kiwibank as a complementary NZ Bank share listing alongside HBL.