AIA

0.29%

$6.96 auckland international airport limited

Ann: AIA NZ$200m Share Purchase Plan Oversubscribed, page-36

First 36 Last

Share
Profile

Follow
madamswer

16,542 Posts.

8075

02/05/20

12:24

Post #: 44395753
Share

Originally posted by andy777 ↑

I agree on principle. This is my 8th raising over a period of about 6 years. Back in the 'old days' you tended to get your full application i.e. much more than what was fair. Two things seem to have happened to disrupt that: the increase in the SPP size to 30K and the fact that the market/directors have wised up to the small holding strategy of accessing SPPs. The current system is much more fair and reasonable, particularly for retail investors with larger holdings.

Most of my holdings* are not going to net me the max amount unless the risk reward is not attractive at the closing date - by this I mean that the market price is approaching the SPP. Having examined RHC and NAB, which are both stated as proportional scale backs, the SPP offer size relative to market cap is less attractive in both cases than AIA. It will also depend on the distribution of investor holdings, which look unfavourable for NAB and don't appear in the annual report for RHC**. BAP has only stated that the scale back options are up to the directors’ discretion, but the structure looks similar to AIA, though less in the money.

My conclusion is that in the cases where I may get a full allocation, it will be due to low participation because the offer has become unattractive. There is also an opportunity cost with having your money locked up in a volatile market like this. Now that a precedent has been set, it would be surprising to see a really attractive deal allocating more than 40-50% of your holding at the census date. REH was an exception because of its unique shareholder distribution.

At this stage all RHC, NAB and BAP are less in the money so the take up rate may be lower than AIA. Still over 50% seems unlikely unless market conditions deteriorate.

* My portfolio is under 1M and has many holdings. There are a number of posters here who have portfolios of several million or are running more concentrated portfolios - it would make sense for them to apply for the maximum.

**Can anyone find the shareholder by shares held table for RHC?

Expand

"**Can anyone find the shareholder by shares held table for RHC?"

@andy777,

Refer page 14 of the 2019 Annual Report

For some reason they present it under the heading "Additional Information" near the start of the Annual Report.

AIA Price at posting: $5.58 Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

RHI

Red Hill Minerals Signs $6.5 Million Agreement with Peel Mining to Explore Curnamona Project, NSW

Climate change to drive market trends to the moon

STN

Saturn’s stars have aligned for the gold explorer’s Apollo Project

KGL

KGL sniffs 19% Cu from drilling at Rockface play in NT

Has uranium run out of steam? An update on nuclear markets & developments ahead in FY25

Week 27 Wrap: "Election year" is here as UK Labour win contrasts France; Trump wins immunity & annual report season hushes ASX

TVN

Tivan and EARTH AI gear up to commence fresh drilling at Sandover lead-silver project, NT

The Big Deal: Free-to-air TV swings the axe, but will it be enough as enormous sports deal bills loom?

ITM

Fast-track assaying yields 182 g/t gold for iTech at new NT play

LLL

Leo Lithium announces major divestment of flagship Goulamina project to Ganfeng

There are more pages in this discussion • 5 more messages in this thread...

First 36 Last

Add AIA (ASX) to my watchlist

(20min delay)
Last $6.96		Change -0.020(0.29%)		Mkt cap ! $10.28B

Open	High	Low	Value	Volume
$6.95	$6.98	$6.92	$1.731M	248.9K

Buyers (Bids)

No.	Vol.	Price($)
1	682	$6.95

Sellers (Offers)

Price($)	Vol.	No.
$6.97	2798	3

View Market Depth

No.	Vol.	Price($)
3	3811	6.940
1	1500	6.930
1	1444	6.920
1	3000	6.910
2	289	6.900

Price($)	Vol.	No.
6.970	1859	2
6.990	2774	3
7.000	4823	3
7.010	2073	1
7.020	3109	1

Last trade - 16.10pm 05/07/2024 (20 minute delay)

AIA (ASX) Chart

Ann: AIA NZ$200m Share Purchase Plan Oversubscribed, page-36

Red Hill Minerals Signs $6.5 Million Agreement with Peel Mining to Explore Curnamona Project, NSW

Climate change to drive market trends to the moon

Saturn’s stars have aligned for the gold explorer’s Apollo Project

KGL sniffs 19% Cu from drilling at Rockface play in NT

Has uranium run out of steam? An update on nuclear markets & developments ahead in FY25

Week 27 Wrap: "Election year" is here as UK Labour win contrasts France; Trump wins immunity & annual report season hushes ASX

Tivan and EARTH AI gear up to commence fresh drilling at Sandover lead-silver project, NT

The Big Deal: Free-to-air TV swings the axe, but will it be enough as enormous sports deal bills loom?

Fast-track assaying yields 182 g/t gold for iTech at new NT play

Leo Lithium announces major divestment of flagship Goulamina project to Ganfeng

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: AIA NZ$200m Share Purchase Plan Oversubscribed, page-36

Top Stories

Red Hill Minerals Signs $6.5 Million Agreement with Peel Mining to Explore Curnamona Project, NSW

Climate change to drive market trends to the moon

Saturn’s stars have aligned for the gold explorer’s Apollo Project

KGL sniffs 19% Cu from drilling at Rockface play in NT

Has uranium run out of steam? An update on nuclear markets & developments ahead in FY25

Week 27 Wrap: "Election year" is here as UK Labour win contrasts France; Trump wins immunity & annual report season hushes ASX

Tivan and EARTH AI gear up to commence fresh drilling at Sandover lead-silver project, NT

The Big Deal: Free-to-air TV swings the axe, but will it be enough as enormous sports deal bills loom?

Fast-track assaying yields 182 g/t gold for iTech at new NT play

Leo Lithium announces major divestment of flagship Goulamina project to Ganfeng

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News