more than two times oversubscribed ...
Bugger - they asked for $20m and ended up with more than $62m. Whoever applied for $15k worth of shares will end up with 3308 shares worth $4829.56 ... and the rest reimbursed in cash.
I don't enjoy having been right (estimating that I get roughly $5k worth of shares ...)
Quote:
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).
https://www.anzsecurities.co.nz/Dire...spx?id=4385363
Another sunny day in my tropical paradise
I will take the 3308 at $1.46, some more in the DRP and be thankful for the small profit.
Best Wishes
Paper Tiger
Now hoping to keep all my HBL for a while
Quote:
Originally Posted by
fish
PT are you saying that a small profit will be made on the DRP?
This will be my first dividend from Heartland Bank and I am not sure how they normally set the share price
Thanks
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
Keep the DRiPs or take the cash
Quote:
Originally Posted by
fish
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
I would suggest that trying to arbitrage a DRiP is not worth the candle.
Best Wishes
Paper Tiger
Adding Lobster onto the Lunch Menu
Quote:
Originally Posted by
winner69
NZSA views - a year or so old but probably still the same
https://www.nzshareholders.co.nz/sha...tpracticeid=23
SPPs are much quicker and cheaper to do than rights issues which have greater compliance / disclosure requirements (along with organising underwriters etc)
A well articulated viewpoint.
Meanwhile its worth noting that even before said shares are issued to shareholders those applying for $15,000 worth and getting 3308 shares are now 17 cents per share in the money and can probably enjoy quite a few decent lunches for $562.36.
Why wait, why sell at all
Quote:
Originally Posted by
dagdaniel1
How does one go about selling the shares received through the SPP, do I just go through my normal broker (ASB) and sell even though their records don't include those shares?
I think you are referring to the ASB 'Automated Portfolio' feature which is just a [poor] record of the balance of shares traded with ASB and not necessarily a correct indication of your actual holdings.
Quote:
Originally Posted by
percy
Going from today's announcement, SPP shares have been alloted.
So I would contact ASB tomorrow and see if their records hav been updated.
If not, get them to contact the share registry.
ASB can not sell those shares until they are in your name.
They should be assigned to you by Link Market Services now, mine are.
So log in to LMS, check your balance, and if they are there you can sell them right here, right now.
Best Wishes
Paper Tiger