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90 seconds at 9am: Hanover investors set to dump Allied shares; SOE IPOs?; Property price falls?
Bernard Hickey details the key news overnight in 90 seconds at 9am, including news the result of the Hanover Finance vote yesterday was very close with 75.45% voting for the Allied Farmers bid, which was just above the 75% threshold needed.
Now many Hanover Finance investors will look to cash in their shares. The share price is likely to drop from 19 cents as over 200 million shares hit the market.
Meanwhile the Capital Markets Development Taskforce has recommended the creation of a single regulator to replace the Securities Commission the companies office and the regulatory functions of the NZX. It has also suggested the government sell SOEs in partial flotations to stimulate investor interest in stocks.
Finally, Westpac has forecast that a cut in the top tax rate to 30% from 38% would cut property prices by 14%.
8 Comments
Pity the capital market task
Pity the capital market task force didn't have the good sense to recommend gutting the managed funds and pension fund industry which to me seem a key part of the problem. They are parasitic and promote the view that only special people can invest, but in reality have no clothes.
...anyone any idea who would
...anyone any idea who would buy allied shares and why?
Why are SOE's "quality" ?
Why are SOE's "quality" ? we get the right retards telling us SOE's etc are in-efficient and should be privatised for their own (and our) good ie what happened to private companies are best?
This is laughable....private investors with their short term outlook and management have buggered private NZ companies by loading massive debt so now they want access to the stuff they have not screwed up yet....
All this so mom and pop investors will think the share market "safe" as some of it will be quality? (I assume they mean effectively a Govn given monopoly so its dividend is guaranteed) do they think we are retarded?
Also lightly regulate the market? this is what happened a year ago...
LOL....god they are convinced we are retarded....
The "money" will rush in, rape the value out of the SOE's, load up massive debt and palm it off before it implodes....they do this every time...
Like duh.....
regards
Hotchins could sell some of
Hotchins could sell some of his squirreled-away assets and buy it back for cheap! Sweet as. The NZX raises confidence again. Think I'll go buy another house...
@Chris: no one short term,
@Chris: no one short term, I think they'd be mad so the shares will drop to almost nothing....at which point if Allied is intrinsically worth anything some big guys might step back in and buy them at 2 or 3cents...So its either sell your shares right now, or wait a year...
/me shakes head....I think its insane myself....
regards
@RW: Yes, they have pretty
@RW: Yes, they have pretty much proved over the last 3 decades that they (managed funds and pension fund industry) are mediocre at best. So ppl like me (I was was a teenager then) who took out the odd policy now can see how poorly they have done. What's saving them right now is Kiwisaver and the Govn's $1k.....Going forward I will invest myself....hopefully more ordinary ppl will wake up to the fact that these guys are not worth their salaries...
I dont think you need to gut them though....transparency and education of investors will do that just as well if not better.
You know, overall I cant blame ppl for investing in housing its way safer IMHO then going near the sharks and in-competents that infest the financial industry...
regards
@Sam said "Hotchins could sell
@Sam said "Hotchins could sell some of his squirreled-away assets and buy it back for cheap! Sweet as. The NZX raises confidence again. Think I'll go buy another house"¦"
He has already said at one of the meetings that he has been asked not to do that by Allied. Where that is just a gentlemens agreement, I don't know.
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