Well said, and based on the times we are in i think you are right.
Printable View
The closing time for applications is 5pm Monday.
If anyone has an application with them by then - even sent electronically at the speed of light a nanosecond before 5pm - they’re in.
Doesn’t matter when it’s processed. They can take as long as they like -within the published dates - but the application was in, on time.
Snoopy you got a receipt on application. Doesn't matter that they processed it the next day.
One day, well into Jeff’s long and illustrious career, a journalist asked the banker why he wasn’t driving great Heartland performance like he used to.
“When Heartland was growing profits I was cold and hungry,” said Jeff. “I’m not cold and hungry anymore.”
Let’s call this “The Jeff Greenslade Problem”. How does a person or an organization keep its creative vitality once they have already become successful, already become comfortable?
This, we think, is one of the cardinal problems of any type of successful business that has seen a lot of growth.
Good that Jeff is ‘retiring’ and definitelybtime for new blood and renewed dynamism in Heartland ….from outside the organisation …beca bad move if they take the easy route and ‘promote’ Chris Flood
Think of this another way, W69 - Jeff made a lot of money for shareholders who got in when he helmed the transformation of Marac into Heartland. He is now making way to enable new shareholders to get in at a great price to go for the next ride to transform Heartland into an Australasian bank!
There is the three generation aphorism for family businesses - first generation establishes the business, second generation builds it up, third generation loses it. Hopefully Jeff has not gone through all three stages, and that we are actually still in the first generation. Of course Heartland isn’t a family business, although Marac was an off-shoot from Fletcher’s I think.
I think nothing to do with Fletcher's. Picked up by NZI in the 90s, somewhere along the line became part of Pyne Gould, Geoff and Chris Flood came together there, ie as MARAC.
From Fletcher archives
History
The Manufacturers and Retailers Acceptance Co Ltd was a new company set up by Fletcher Trust & Investment Co Ltd, CAGA (Australia) and Philips Electrical Industries. [1] In 1968 arrangements were made for this company to buy the whole of the issued share capital of Fletcher Holdings' company Pacific Factors Ltd, thus increasing Fletcher Holdings' interest in the company to 38%.[2]
In October 1972 Marac Finance Ltd and its subsidiaries were reorganised into a new holding company, Marac Holdings Ltd. A new wholly-owned merchant bank subsidiary, Marac Corporation Ltd, was also set up. The introduction of a new shareholder, Security Pacific National Bank, also led to a decrease in Fletcher Trust's equity in the company from 38% to 30%. [3]
In 1985 Fletcher Challenge Ltd sold its 60% shareholding to NZI Ltd. [4]
Hey Rawz - I said $1.06 was bottom and it reached $1.03 so I think we split the difference!
Tomorrow or Wednesday we will all know how much excess entitlment has been allocated to those who applied for more. Since shares were well bid today I don't think selling after the retail allotment to take profits will have much effect on the near term price as it is obvious folk are still willing to hoover them up even now.
So roll on settlement of the acquisition of Challenger!
Ive been told Challenger bank has lent some serious coin to local property developers who no one else locally would touch ..... imagine some of the property debt written by Challenger won't be looking that flash at the moment hope heartland is all over this exposure though I'm not sure they have a specific property division
Just received a link market services email acknowledgement of my payment for my entitlement plus 100% also stating shares expected to be allotted on the 26 April .
Correct, and they are available to be traded on the NZX on 26 April but on the ASX only from Monday 29 April.
But the timetable also states that the announcement of the results of the Retail Entitlement Offer will be made on Wednesday 24 April, meaning, I anticipate, that holders who applied for more than their base entitlement will learn then what additional amount/proportion of shares they can expect to be alloted. And in turn that calculation should inform as to the amount of refund of surplus application monies that will be returned to that particular applicant in due course.
Submitted my allocation at 1445 and money went out of account at 2214.
Trading range today $1.09 to $1.04, with VWAP at $1.055 on still quite significant volume, so market flailing away at where to settle after the capital raise.
Tomorrow will tell us more. I wonder if we will get some SPH Notices? Does anyone think it is curious that the only disclosure so far (apart from a couple from Directors) is from Jarden/Harbour indicating they are now sub 5%?
SP dont look too flash ATM - does it .. that's what happens when an outfit displays an ongoing habit of wanting to have it's cake & eat it too - without leaving too much accrued value in the stakeholder's shares ;)
Let's hope the future results are every bit as rosy as the $200m 2 year out dream otherwise the pieces of the cake among the enlarged issued capital may not deliver up the expected smiles on the faces of the boys & girls ;)
I was listening to one of those radio business broadcasts today. The presenter was mentioning seven companies that had announced a change in CEO in the past few weeks. There was Ross Taylor from Fletchers, Umbers from Ryman, Brent from Oceania and in the midst of it all was 'Our Jeff'. The way the spiel was grouped made me sit up and take notice as it didn't put Jeff in very good company. I couldn't help feeling Jeff deserved better than being mentioned with that motley lot, even if the Heartland share price trajectory might suggest otherwise.
I think a lot of the Heartland share price slump is macro environment related, rather than Heartland specific. Unlike those other departing CEOs, Jeff is at least doing what he said he would do. Sure recapitalising Challenger is costing a pile of money. But this was very well signalled at the AGM and nothing has really changed company wise since then. It is just that high interest rates are bringing all spending under scrutiny. It is simply unfashionable to 'spend up big' right now. And whatever company does it gets punished, regardless of the business case behind the spend.
OK Jeff may yet earn comparison with those other departing CEOs, if the provisions cupboard is found bare after he leaves, and he has been found to be massaging some frumpy old loans that should have been cauterized. But right now I am prepared to give Jeff the benefit of the doubt. ' 'On ya Jeff. '
SNOOPY