Forum Archive Index - May 2000

["hugh webber" <hugh.webber@clear.net.nz>]

or anyone who actually knows.
I'm interested in what happens to the Instalment Receipts that people
don't pay up on - presumably not too many as the listing parcel was
1,000 i.e. $500 due and the register was very much dominated by small
holders.
Do these shares get sold on the market after 30 June, put into Treasury
stock or cancelled?
Also the process itself seems not completely clear. The shares are
currently
going at 27 cents; someone ignores the call of 50 cents (if an original
holder
otherwise 57 cents) do the shares get sold for 27 cents and the holder get
dunned for the missing 23 cents as some people have implied or does
the more logical thing happen that the shares get sold after 30 June for
say 
84 cents (27c + 57c) and the holder is paid 27 cps less expenses?

I'm curious!
Hugh

----------
> From: chris <CMR64@student.canterbury.ac.nz>
> To: sharechat@sharechat.co.nz
> Subject: Re: [sharechat] Capital Properties
> Date: Friday, 26 May 2000 17:30
> 
> That sure happened to SKCCA - in the week after it went ex-dividend
> leading up to the call, SKCCA dropped from $3-15 to $2.40, and the
> dividend was only 17c.  I have got my eye on CNZCA as I thin there will
> be bailing out once the notices get mailed to holders asking them to
> cough up by 30/6.
> 
> 
> 
> Michael Gore wrote :
> 
> Further to the posts recently on Capital Properties - It is the opinion
> of my broker that a lot of people oversubscribed themselves in the
> intial float and will be stuck with a forced sale.  Could be one to keep
> an eye on.  michael
> 
>
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