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Re: [sharechat] RBC Share Buyback

From: "G Stolwyk" <>
Date: Fri, 27 Jul 2001 18:38:41 +1200

I don't know but would not read too much in all this. You will find out soon enough if RBC has bought any.
Overseas Institutions and others can:
1. Take 79-80 cents now. 
2. As before but dispose of part of their holding.
3. Wait till there are further developments. If many shares are held back, then prices could rise.
Some larger overseas institutions may not want to wait.
They may have other projects already lined up. If they sell at say 79-80 cents, then they will conclude that percentage - wise, the best earnings have already been made.
American Institutions also need to keep watch on any NZ - US dollar movements if they decide to stay in. That is an additional risk factor, their analyst wants to look into.
One could say that prices of this buyback are mainly decided by the Institutions, large investors and RBC.
 The 73 -75 mill. shares involved, seem a lot, but there is also a massive overhang of shares held by overseas  shareholders! 
Don't be surprised that RBC already knows something about the intentions of these Institutions; this will decide what tactics RBC will use.
As to the status of  FFS and the CNIF Partnership Receiver, who knows?

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