I will take the 3308 at $1.46, some more in the DRP and be thankful for the small profit.
Best Wishes
Paper Tiger
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I will take the 3308 at $1.46, some more in the DRP and be thankful for the small profit.
Best Wishes
Paper Tiger
Have the announced how the scaling is being done or are you just assuming it is 1/3 since 3x oversubscribed.
The Hound and Paper Tiger are in perfect harmony on this issue.
Some perspective. Honestly, people have just been handed a $500 free lunch for 3 minutes online filling a form out that could not have been a simpler exercise.
RTM has nailed it. Share registries cannot do allocations and do these issues on the basis of talk, (saying you have the money). Proving you have the money is the only practical basis upon which they can definitively allocate shares.
Of course a renounceable rights issue would be fairer but there will be sound reasons they didn't go down that route such as the probably substantial extra costs the NZX would impose.
https://www.nzx.com/companies/HBL/announcements/298171
"The SPP received very strong shareholder support, with Heartland receiving applications totalling $62,117,500, exceeding the offer size of $20,000,000 by $42,117,500 or 211%. In accordance with the terms of the SPP, Heartland will scale back all applications on a proportionate basis by reference to the size of each application. For example, this means that a shareholder who applied for $15,000 of shares will receive $4,829.56 of shares after scaling, which is equal to 3,308 shares at the issue price (rounded up to the nearest whole number of shares)."
A quick look back to Mar 14 and I notice that the $15,000 I threw at them then got me 4,289 shares @ $0.8541 ( $3,663 ).
They were looking to raise $5M and got $20M475
So a better SPP this time % wise.
Best Wishes
Paper Tiger
Sorry, badly worded and you have to know the context.
The DRP price is set as a 2.5% discount to some sort of average of 5 days trading after it goes ex-div next week.
By selling $10,000 on market so that I had the cash to apply for $15,000 in the SPP I have bought 3,308 of what I sold for $1.59 back for $1.46.
It is likely that the DRP shares will cost me slightly less than $1.59 as well.
Best Wishes
Paper Tiger
Thanks for that clarification.
I will now participate in the DRP and consider selling a few in the 5 days after ex-div
Best wishes