Forum Archive Index - February 2000

[Derek Watt <dkw@paradise.net.nz>]

At 12:23 PM 2/3/00 +1300, you wrote:
>Am I missing something, Tower partly payeds are selling well below half
>price of the fully payed shares, if this is so it may be good buying if one
>had money!!!

Hi, I copied this from www.access-brokerage.co.nz  
....
TWR28/09/1999ISSUEREL: 0827 HRS TOWER LIMITEDTWR: ALLOTMENT OF SECURITIES,
ISSUE PRICE $5.65 PER SHARE
<cut>
The issue priceof a fully paid share is NZ$5.65. Partly paid shares
arecredited with half the issue price as paid. Payment of thepartly paid
shares issued to Tower's subsidiary companymembers as part of the scheme
for demutualisation is deferreduntil 01/10/01, the required payment being
50% of the issueprice in cash. 
<cut>
....
Therefore as I read it you still have $2.825  to spend to convert the
partly paids.
Therefore today TWRCA were still at a slight premium over TWR.

Bought some TWRCA today myself, will hold for the longer term or until some
company
takes them over.


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