Forum Archive Index - November 1999

["Rini H" <the4rs@ihug.co.nz>]

Referring to Sarah's explanation re: Sky City Instalment Receipts,

1)  I guess the SKCCA calculation applied to TELECOM Instalment Receipts as
well?
Telecom is now trading at $8.17 and TELCA at $3.74. Please confirm when and
how much is the second instalment?
According to Sarah's calculation it should be around $8.17 minus $3.74 =
$4.43. Is the current TELCA price cheap at $3.74?

2)  How about the TELECOM warrants (TELSA) - currently trading at 13cents.
TELSA will be expired on 20/3/2000.
What does $4.50 and the ratio 2 : 1 applied to??

Kind regards,
Rini

-----Original Message-----
From: Sarah Corkill <Sarah.Corkill@directbroking.co.nz>
To: 'sharechat@sharechat.co.nz' <sharechat@sharechat.co.nz>
Date: Wednesday, 24 November 1999 09:34
Subject: RE: [sharechat] Sky City Instalment Receipts


>Dear Brian,
>
>Sky City Installment Receipts (SKCCA) will track the performance of their
>head share SKC minus the second installment of $3.55 due before 29/03/99.
>As the head share is currently trading at around $7.20 less $3.55 = $3.65 -
>about the current share price.
>
>A cheap price considering the recent article in the Headliner (16/11)
>article stating "Revenues have increased steadily to reach $257m in the
>financial year to 30/06/99; gross margin, which began at 58% in 1997 has
>been lifted to 65% and EBITDA has been boosted from $88m in 1997 to $121m
>last year......... Earnings per share last year stood at 47c and the
>dividend paid was 43cps. It is SKC's declared dividend policy to distribute
>90% of net profit each year."
>
>Kind regards,
>
>Sarah Corkill
>Direct Broking
>
>
>
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