Forum Archive Index - July 2003

[Dean Phibbs <fibz@xtra.co.nz>]

Hi Snoopy

Take your point with regard to the minimum share holding - but I did 
notice that you used RCH highest historical price to do so.  Bear in 
mind that the company received $ 1.7 million in NZ$ - hardly a few small 
shareholders?

In relation to the company advising its shareholders of the 
ramifications of the currency transaction- you're putting words in my 
mouth again.  I did not say that the company should waste money on a 
separate mailout - I said that it could have easily advised this at the 
"beginning of the rights issue" at little cost to them, with perhaps a 
resulting increase in goodwill toward the company. I certainly realise 
that the structuring of the rights issue was one of covenience not 
arbitrage. But surely by paying more for the same asset than you have to 
for no good reason is irrational?  It would be interesting to hear from 
any subscribers to the rights issue that paid in $NZ for their reasons, 
rather than us speculating.

Dean


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