Sharechat Logo

Heartland Group Holdings Limited (NZX: HGH) reassesses the valuation of its investment in HMY

Friday 20th November 2020

Text too small?

Heartland Group Holdings Limited (ASX & NZX: HGH ) advises that it is reassessing the valuation of its equity investment in Harmoney Corp Limited (ASX & NZX: HMY ).

Following the IPO, Heartland owns 8,518,864 ordinary shares in HMY, representing 8.44% of HMY’s total shares on issue. Alongside other majority shareholders, employees and directors, Heartland has entered into escrow restrictions prohibiting the disposal of its shareholding until the occurrence of certain events.

Heartland will reassess the fair value of its equity investment in HMY as part of the preparation of its financial results for the six-month period ending 31 December 2020 (HY21). In determining fair value, Heartland will take into consideration the market value of HMY shares alongside a range of other relevant factors, including the escrow restrictions. This may result in an increase in the fair value of the investment.

Heartland’s equity investment in HMY is not significant in the context of Heartland’s total assets. However, any increase in the fair value of that investment would result in one-off increase to Heartland’s net profit after tax (NPAT) for the financial year ended 30 June 2021 (FY21). That increase has not been taken into account in Heartland’s forecast NPAT for FY21, which may accordingly need to be revised.

See the link below for more details:

NZX & ASX Release - HGH reassesses value in HMY investment

Source: Heartland Group Holdings Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Cannasouth Limited (NZX: CBD) United Nations Vote to Reschedule Cannabis
Westpac Banking Corporation (NZX: WBC) Enters into Enforceable Undertaking with APRA
Tower Limited (NZX: TWR) Reaches Agreement for Club Marine Boat Customers
Serko Limited (NZX: SKO) Trading Conditions Update
IPO Offer: New Zealand Rural Land Co
Infratil Limited 6-year Infrastructure Bonds
Westpac Banking Corporation (NZX: WBC) Sells General Insurance Business to Allianz and Enters 20 Year Distribution Agreement
NZX Limited (NZX: NZX) Investor Day and Earnings Guidance Update
Synlait Milk Limited (NZX: SML) Sustainability Report Shows GHG Emissions Improvements
IPO Offer: New Zealand Rural Land Co

IRG See IRG research reports