Interesting! Thank you for clarifying Paper Tiger, and my apologies bull....
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Agree but holding above 56c would be a good effort.
HBL's rights issue was a 1:15 and price close to the market price [within 15%] meaning the theoretical price drop on going ex was under 2 cents. 2c gets lost in HBL's daily movements.
TWR's is a 1:1 issue and is about 45% below market the markets pre-announcement price. The large number of rights and big discount to market price combine to create a large theoretical price drop on going ex. From a 70c price today, the new ex rights price should fall back to about 56c. The rights would then be trading at 14c as they still require another 42c payment.
Some poor soul paid 70 cents for the shares today lol
Best time to invest in financial services shares is when they are getting their guts kicked out of them, and during the inevitable capital raising to restore their financial balance.
Heartland/Marac is a prime example and if you go back far enough, all the Australasian trading banks were like that during the 1980s and 1990s.
66c!
So pre-ex price is 90c!
What a turnaround in sentiment!
https://www.nzx.com/announcements/310361
As I understand it, you do.
Ex date is today (21 Nov) so if you held the shares as at 5.00 pm yesterday (20 Nov), you are entitled and the rights have vested in you.
Record date is 22 Nov.
If you sell the shares today or tomorrow, transfer of your shares will only take place on T+2 = 23 Nov or 24 Nov, so you will still be recorded as the holder of the shares as at record date 22 Nov.
Hope that makes sense.