This was a disappointing capital raising for us shareholders. I put in for 30K worth and all they allotted me was 279 shares with a value of $3,947.85. I wish they could have given us an opportunity just like the institutional investors.And, the uptake details are out
NAB closed the institutional raising and has expanded the retail component of the issue from $500m to $1.25bn.
Bill, you are far from the 0.001pc, you will have to do with the pittance as we do all;-)This was a disappointing capital raising for us shareholders. I put in for 30K worth and all they allotted me was 279 shares with a value of $3,947.85. I wish they could have given us an opportunity just like the institutional investors.
the fixed rate NABHA pays has been a winner as floating rates come down. Technically it's open ended but I thought it was soon to be paid back @ face value. And as a subordinated debt, it's higher than the new Capital Notes.If you want to be in NAB you could do worse than NABHA which sits ahead of NAB when it eventually goes a-up.
I've been buying them in the low $80's mid $70's for years now, holding them for 3-4 years more as a proxy for cash type security and then selling them when they get in to the mid $90's. I bought some again quite recently. They are $100 securities and pay 1.5% above the cash rate at $100 unfranked
It would be a nice arrangement if a formula could be arrived at, whereby new shares are allocated to reflect Time Held as well as number of shares, in any entitlement consideration. This would reweight allocation towards long term holders.This was a disappointing capital raising for us shareholders. I put in for 30K worth and all they allotted me was 279 shares with a value of $3,947.85. I wish they could have given us an opportunity just like the institutional investors.
They have been saying that for years. Held them for quite a few years and rumours were going around that they would convert 5 years or more ago, never happened. I got fed up and in the end sold out at square. From memory they pay 1.25% + the 3 Month BBSR which at today's rate would equal about 1.35%. It isn't that flash an income even after the current 12% discount to face value. Buying at $56 during the GFC would have given you some nice returns but at $88 no thanks.Technically it's open ended but I thought it was soon to be paid back @ face value.
To be honest I find it hard to wrap my head around when these will be redeemed at face value.It would be a nice arrangement if a formula could be arrived at, whereby new shares are allocated to reflect Time Held as well as number of shares, in any entitlement consideration. This would reweight allocation towards long term holders.
I'm assuming the 279 shares is based on how many shares you hold ?This was a disappointing capital raising for us shareholders. I put in for 30K worth and all they allotted me was 279 shares with a value of $3,947.85. I wish they could have given us an opportunity just like the institutional investors.
Yes it was because there was no real formula or guarantees but they put it out there for you to buy up to 30K worth. (I only had 1000 NAB shares). Oh well they are holding my 26k refund right now, earning interest for themselves, still haven't got it back.Bit unfair for them to restrict you to just a fraction otherwise.
from the NAB website,I'm assuming the 279 shares is based on how many shares you hold ?
Bit unfair for them to restrict you to just a fraction otherwise.
NAB received valid SPP applications for a total value of A$2.9 billion. Given the strong support, NAB decided to increase the SPP size by A$750 million above its original target of A$500 million, which required a scale back to A$1.25 billion. As anticipated in NAB’s announcement on 4 May 2020, the scale back was applied having regard to the pro rata shareholding of Eligible Shareholders who applied for SPP Shares (as at 7.00pm on Friday 24 April 2020), subject to a minimum allocation of 176 SPP Shares (being A$2,490.40 worth of SPP Shares). Eligible Shareholders who applied for A$2,500 or less of SPP Shares will not be subject to any scale back and will receive the amount they applied for, rounded down to reflect a whole number of SPP Shares.
I didn't apply, as you say they hold onto you dough for quite a long time and usually a major capital raising is scaled back massively well every one I have applied for has.Yes it was because there was no real formula or guarantees but they put it out there for you to buy up to 30K worth. (I only had 1000 NAB shares). Oh well they are holding my 26k refund right now, earning interest for themselves, still haven't got it back.
This was a disappointing capital raising for us shareholders. I put in for 30K worth and all they allotted me was 279 shares with a value of $3,947.85. I wish they could have given us an opportunity just like the institutional investors.
How did you manage that? Sophisticated investor?apologies in advance for this post, you'll probably hate me now, but i was one of the lucky ones who got the full allocation (2,120 units).
wonder how many orders for 21 contracts we'll see on the call side tomorrow. i know there'll be at least one... mine
How did you manage that? Sophisticated investor?
Nup, all good and very happy someone got some decent allocation. And what you are planning to do today was what I was hoping to do on a smaller scale as well. Good on ya!apologies in advance for this post, you'll probably hate me now, but i was one of the lucky ones who got the full allocation (2,120 units).
wonder how many orders for 21 contracts we'll see on the call side tomorrow. i know there'll be at least one... mine
orders for 21 contracts we'll see on the call side
Hi Sharkman and congratulations.
I assume you are saying you plan to sell some, but can you please educate me and explain what the quoted phrase means?
Thanks Sharkman. Always good to learn something!
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