It's been over a month now since the potential takeover was announced. Is it good news or bad news that it's taking so long.
Buy an out of date, cookie-cutter app, being used in a single industry, in which all the insiders have sold out.
(https://i.imgur.com/iMBfbPZ.gif)
They're obviously doing an Elon Musk and trying to get a 40% discount.
Quote from: Shareguy on Jun 28, 2022, 07:34 PMIt's been over a month now since the potential takeover was announced. Is it good news or bad news that it's taking so long.
I'd say the length of time being taken is so far normal shareguy
Quote from: Fiordland Moose on Jun 28, 2022, 07:46 PMI'd say the length of time being taken is so far normal shareguy
Probably end up like 9Spokes. Buyer running for the hills after opening the hood.
Quote from: PeterLynch on Jun 28, 2022, 07:49 PMQuote from: Fiordland Moose on Jun 28, 2022, 07:46 PMI'd say the length of time being taken is so far normal shareguy
Probably end up like 9Spokes. Buyer running for the hills after opening the hood.
could do - I dunno. These M&A processes are getting harder in this market. And PPH have its share of baggage so no one would be surprised if something came up during DD.
They are long drawn out processes particularly for companies of this size
The price seems to be holding at least.
Hold on to the sides boys & girls - things are starting to drift again :)
the brokers magic fairly dust clouding things looks like it's dispersing into thin air ..
Positive development
Pushpay Holdings Limited (NZSX:PPH, ASX:PPH, 'Pushpay' or 'the Company') is pleased to announce that it has welcomed the Archdiocese of Seattle, Washington, US as a Catholic Customer. The Archdiocese of Seattle will be leveraging ParishStaq, the Company's integrated technology platform to help parishes and dioceses increase engagement and grow their communities.
The addition of the Archdiocese of Seattle as a Customer represents an opportunity to reach 174 parishes and a Catholic population of over 600,000 people. Pushpay continues to make progress on executing against its Catholic product development plans and attracting new Catholic parishes. The planned addition of this Customer is an example of the growth opportunity as the Company continues to execute on its longer-term expansion strategy.
Molly Matthews, Pushpay CEO said, "We are delighted to welcome the Archdiocese of Seattle to Pushpay. Bringing this wide-reaching community onboard represents a significant early milestone for Pushpay as we continue to execute towards our Catholic growth strategy. We are excited to be a part of their growth into the future as we continue to innovate and deliver technology that enables an integrated way for parishes and dioceses to engage with their community."
I used to hold pph but sold it a while back. I would really like to see them diversify out side church giving and usa ( but there is a very large number of religous people in the usa
Purchased some more today. Have a good feeling. Might be wrong though.
Well I brought some more yesterday and now have a decent holding compared to the rest of my portfolio. My thoughts are
Craig's are bullish and Forbar have Pushpay as the largest PE discount to 5 year average on the NZX currently.
FB state current PE 25. 5 year average 52= 51 percent discount.
I have gone back a while and found Acc buying at $1.30 and of course sixth street buying Hulijich's 17 percent shareholding at $1.85.
We have been advised that there are several interested parties in acquiring Pushpay. So what price if this happens is acceptable?
Craig's have as outperform at $1.76. They have had a recent win in the catholic sector and have also moved their intellectual property over to the US, which to me is an important step given that it makes sense to move listing to US. (Not that I want to loose another from NZX)
I'm thinking if any takeover proposal is acceptable it would at least have to be north of $1.85 which is what sixth street paid for their 17 percent stake, unless the company's future prospects have diminished.
Even if the takeover does not proceed, I still like the potential growth and future prospects and would think it's only a matter of time before it moves to the US in some form.
Im thinking the current price is still an attractive entry point without the takeover.
Note there has been 2 large trades this week.
I see this as a higher risk opportunity but with some good upside either way.
What's your thought?
From Craigs latest research
What price?
We think a deal makes sense, the only real question is price. PPH shares have performed very poorly over the past six months, and even today are still down some c35% from its highs late last year of c$2/share. We also note Sixth Street paid $1.85 to acquire its 17% cornerstone stake. This raises the question of whether a bid at only a modest premium to the current market price might be rejected as too opportunistic.
Recent transactions
There have been several recent transactions in the faith sector, although they provide only a limited steer on what PPH might be worth in our view:
Blackbaud's acquisition of EVERFI for US$750m in January 2022, at a forward EV / Revenue multiple of ~6x. EVERFI is growing top line growth faster than PPH (at c20% vs c8-10% organic for PPH) but appears to be less profitable.
Reverence Capital Partners acquired a majority investment interest in Ministry Brands announced in December 2021. Ministry Brands owns several direct competitors to PPH, including F1, LPI, Parishsoft (the latter two in the Catholic market) and a number of legacy providers. No public data is available on the multiple paid for this stake.
Mindbody (MB.NAS), which we consider to be the closest comparable listed company to Pushpay, received a takeover offer on Christmas Eve 2018 from private equity firm Vista Equity Partners. The offer price was a 68% premium to the prevailing share price and represented a 6.4x EV/CY2018 gross revenue multiple based on Bloomberg consensus estimates. While we do not wish to draw too long a bow, we note Mindbody was then of a comparable scale to Pushpay today in terms of enterprise value and revenue, and has a similar business model selling mobile payments services to a "SME" customer base (but gyms rather than Churches). An important difference was that Mindbody's losses were significant and widening at the time of the takeover, whereas Pushpay is highly profitable.
The table below indicates the fair value for PPH based on gross revenue multiples of 4-8x, based on the midpoint of PPH's FY23 gross revenue guidance range (US$228m). 6x gross revenue implies a fair value of $1.80/share. We note our DCF valuation is only modestly lower than the multiple-based valuation. For reasons already discussed, the potential to extract synergies by an acquiror which already has assets in the faith sector could support a higher valuation still.
Gross revenue (FY23e, US$m)
Multiple
Implied EV (US$m)
Equity value
Speaking to a broker today who said there had been some very large volume going through since possible interest was announced. Broker stated that even if nothing happens still great buying and worth at least the $1.85 that six street payed for their shares.
I'm thinking an update would be good.
Thought this was well written.
https://www.interest.co.nz/investing/117262/tony-morgan-uses-takeover-uncertainty-swirling-around-pushpay-holdings-example-how
Deal must be off .... although Push quiet in response to media reports
Share price under a buck today?
Just lol if you actually thought this would be bought out!
Interesting article.....claims people leaving certain USA churches in droves.
https://www.washingtonpost.com/opinions/2022/09/15/religious-decline-evangelicals-white-christians-poll/
Wasn't PPH supposed to help churches thrive?
Mind you there may be an opportunity for PPH to prove their clients doing well despite the general decline???
PPH still mooching around with the diversification into schools or has that gone ngaro?
So we have ACC buying at $1.21 according to latest disclosure in September. They now have 68m shares or 6 percent.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/PPH/399303/379613.pdf
And we have todays announcement which is very positive
https://www.nzx.com/announcements/400061
BUT. No news of takeover.
For those that are wondering why the SP up today
https://www.afr.com/street-talk/bgh-capital-circles-back-to-pushpay-20221010-p5bol3
Now on halt asx
Private equity firm BGH Capital hasn't given up on acquiring church giving and donations business Pushpay Holdings.
Pushpay offers cloud-based transaction and operations services to the US religious sector, charging the churches a fee in return for offering them a mobile donation payments system. Mauricio Lima
Nearly five months after securing a 20 per cent pre-bid stake, BGH is believed to be back with a revised proposal seeking to win board approval and bring the situation to a head.
The new proposal is expected to value Pushpay at well above $1.2 billion, although it's hard to imagine it would be as generous as its initial approach given what's happened in financial markets in recent months.
BGH Capital's stake is owned via shares and a co-operation agreement with offshore investment firm Sixth Street. BGH bought 35.9 million shares for $NZ47.1 million in late April and early May, giving it a $NZ1.31 a share average entry price.
https://www.nzx.com/announcements/400268
Good luck mate.
https://www.nzx.com/announcements/401345
Here we go again. This time......
I've got my fingers crossed so that this time I will actually end up selling
Pushpay enters into scheme implementation agreement at NZ$1.34 in cash per share
Auckland, New Zealand | Redmond, Washington; Colorado Springs, Colorado; Plano, Texas, US – 28 October 2022 (NZT)
Pushpay Holdings Limited
1
Pushpay enters into scheme implementation agreement at NZ$1.34 in cash per share
Pushpay Holdings Limited (NZSX:PPH, ASX:PPH, 'Pushpay' or 'the Company') has entered into a Scheme Implementation Agreement under which the Sixth Street and BGH Capital Consortium via Pegasus Bidco Limited (the "Sixth Street / BGH Consortium") will acquire all of Pushpay's shares at a price of NZ$1.34 per share in cash by means of a scheme of arrangement ("Scheme"). Sixth Street is a global investment firm and BGH Capital is an Australia and New Zealand-focused private equity firm. Together, entities associated with Sixth Street and BGH Capital currently hold, in aggregate, 20.34% of the shares in Pushpay.
FY23 guidance
Given the above, the Company advises it now expects to be at the lower end of its previous FY23 Underlying EBITDAF guidance of between US$56.0 million and US$61.0 million. As a result, the Company has revised its guidance range for Underlying EBITDAF to be between US$54.0 million and US$58.0 million. Pushpay continues to forecast positive operating revenue growth but has lowered expectations to be between 4% and 8% for FY23 (previous guidance 10% to 15%).
Pushpay will report its Interim Results for the six months ended 30 September 2022 on Wednesday, 9 November
Doesn't seem much of an offer does it ....suppose many disappointed holders
Pretty sneaky putting a profit downgrade out as well .....fool us into thinking $1.34 is a good deal
If its anything like the SIA for MET it was loaded with heaps of conditions and settlement wasn't for many many months, so long I have forgotten how many months but it was a lot.
Given that, those hoping for a decent bounce on Monday from $1.19 could be disappointed. Only about a 10% premium to last traded price if you factor in the time value of money for say 6 months. I'm picking there will be some quite disappointed punters...
P.S. I see if all things go to plan, (like that's ever happened before ?), they are talking about implementing the SIA in early Q2 2023, so expect settlement if all conditions are met sometime in about May or more likely I reckon June 2023...so yeah, about 6-8 months to maybe get another 15 cents, or maybe not.
Very "exciting"
Yes very disappointing. For those of us that purchased recently there is a profit to be made. However this company in my view is very profitable and has great potential. Another loss to the NZX. Need to go over the detail but at this stage won't be accepting.
Have to hope for a competing bid.
I see the deal has the usual terms as to exclusivity which ties the board into this process until the shareholder vote at some stage in early 2023. Can't help wondering if shareholders think the board have done them any favours with this one...
Bit of "lite" reading for ya http://research.iress.com.au/IDS/old/20221028/02590400.pdf?uid=5E8A000102326EACA4ADE99229299C6AA3180000F4499FF4FAE7E540093D250091850000&ppv=
On a real quick and real dirty skim look pages 11 and 12 Material adverse change in circumstances (MAC clause) look interesting as does the reverse break fee of $15.3m. Wonder what other gems are hidden in the 130 page fine print...happy to leave that for others to dig deep into.
Good luck to holders...I reckon you'll really earn that extra 15 cents if you get it and have to be very patient as well.
There is the option for competing bids with the option for bidder to meet or be compensated.
Can't see this happening, unless the USA does have a hard landing.
I have already emailed the company and told them what I think of this offer.
Quote from: Shareguy on Oct 28, 2022, 07:23 PMThere is the option for competing bids with the option for bidder to meet or be compensated.
Can't see this happening, unless the USA does have a hard landing.
I hope it works out for you mate. Hope you used the words you're an embarrassment and a disgrace when communicating with the board. Don't hold back, tell them what you really think...at least you'll feel a bit better if you vent your spleen properly.
Betcha the early big backers / founders are wondering what the heck is going on
Quote from: winner (n) on Oct 28, 2022, 08:03 PMBetcha the early big backers / founders are wondering what the heck is going on
Haven't they already jumped ship or is there a few left
It's raining again so going through the disclosures. I can not see this takeover going anywhere at the current price. You have numerous disclosures where large positions were purchased at $1.80 or higher. They need 90 percent. Even some of the directors paid more. Acc buying at $1.30. Harbour buying 50m at $1.88. Sixth street buying Hulichs 17 percent for $1.85
Will be interesting to see where it ends up and what comes out of the woodwork. Can't see many accepting this offer at all.
Will be interesting to see what sp does on Monday.
Just an academic interest for me but I can't help wondering if the meltdown in the tech and SAAS sector in the US this year is a factor here ? I've seen some horrific drops in certain well known stocks on the NASDAQ. 60-70% is not uncommon at all.
Never mind all the EBITDAF stuff...(bean counters occupational hazard is we are always focused on the real earnings), on Thursday last week (off direct broking website), PPH closed at 28 times FY22 earnings and had -7.86 cps NTA. Just my 2 cents....the offer is pitched at 31.5 times FY22 earnings and the growth rate at present is pretty modest. I note from many experts' comments on CNBC in recent weeks that funding costs for M&A activities have shot through the roof in recent months. Maybe this is as good as it gets in the current tech wreck environment which is a very different one from the landscape prevailing even as recently as six months ago ?
Quote from: Shareguy on Oct 30, 2022, 02:10 PMIt's raining again so going through the disclosures. I can not see this takeover going anywhere at the current price. You have numerous disclosures where large positions were purchased at $1.80 or higher. They need 90 percent. Even some of the directors paid more. Acc buying at $1.30. Harbour buying 50m at $1.88. Sixth street buying Hulichs 17 percent for $1.85
Will be interesting to see where it ends up and what comes out of the woodwork. Can't see many accepting this offer at all.
Will be interesting to see what sp does on Monday.
The voting thresholds for approval of the Scheme are:
• 75% or more of the votes cast in each interest class must be voted in favour of the Scheme; and
• more than 50% of the total number of shares on issue must be voted in favour of the Scheme.
If SS / BGH own 20.34%, wouldn't that only require a further 54.66%, so 68.1% of the remaining votes to vote in favour, not 90%?
2 thirds doesn't seem insurmountable, one would have to assume that the majority of institutions which own ~40% will vote in favour or push for a small bump if they assess this logically and think about what's going to happen if they reject this, especially given the downgrade and what's happened to similar stocks over the period the takeover has been on the table.
https://www.investopedia.com/terms/s/sunkcost.asp
Kingfish have about $10m in PPH
They'll accept I reckon
I agree Gerald. Have just seen that. A lower bar to cross, but still think they will have to up the price. Do concede that the market has changed... we will see how it pans out. Will be interesting to see independent advisors report.
The voting thresholds for approval of the Scheme are:
• 75% or more of the votes cast in each interest class must be voted in favour of the Scheme; and
• more than 50% of the total number of shares on issue must be voted in favour of the Scheme.
Pushpay Holdings Limited
4
Pushpay enters into scheme implementation agreement at NZ$1.34 in cash per share
It is currently expected that there will be two interest classes. First, interests associated with Sixth Street and BGH Capital who hold Pushpay shares and second, the remaining shareholders.
Disappointing that another company will depart the NZX.
Wonder if there be much action on market today ....maybe lead from Oz best guide
Match price already $1.23 and 47 minutes to open. Maybe it opens close to the bid price on speculation this bid will have to be tweaked ?
This time last year Pushpay = USD$1.5B market cap
Gets taken over at USD $900m
Success story
(https://i.imgur.com/iMBfbPZ.gif)
Very early days but I think at $1.27 as at the time of posting, taking into account the time value of money through to about May 2023 the current market pricing is suggesting this deal is likely to happen at the proposed price.
You might be right. Over 15m traded so far just on the NZX suggests that some think its worth the gamble for a better offer or at $1.27 an easy $0.07 cents.
Quote from: Mysterion on Oct 31, 2022, 10:04 AMThis time last year Pushpay = USD$1.5B market cap
Gets taken over at USD $900m
Success story
(https://i.imgur.com/iMBfbPZ.gif)
PPH was always a story of hype and their combined earnings and growth never justified their market cap.
So I guess it is just a story of hype slashing around ... and currently fading away.
Clearly - successful have been all the people who listened to the warnings of the market and sold together with the founders who created the bubble.
Owners selling out is nearly always a bad sign - ignore it at your peril.
Quote from: BlackPeter on Oct 31, 2022, 01:09 PMPPH was always a story of hype and their combined earnings and growth never justified their market cap.
So I guess it is just a story of hype slashing around ... and currently fading away.
Clearly - successful have been all the people who listened to the warnings of the market and sold together with the founders who created the bubble.
Owners selling out is nearly always a bad sign - ignore it at your peril.
Yep BP
Early last year PPH value was US$500m fundamental value PLUS heaps of hype
Mid of last year PPH value was US$500m fundamental value LESS US$200m after Molly told analysts not to ask stupid questions about customer growth PLUS a bit less hype than before
Now people willing to buy it for US$500m fundamnetal value PLUS hoping they can make something out of the $400m hype
Agree BP. Selling out not a good look. Was told at the time might have something to do with a messy divorce. I have only brought in this last year so average cost just under a buck. A number of big investors paid higher than offer price, so will be interesting.
Fbar say the price offered leaves the door open for other bidders.
Trading on a forward multiple (EV/sales) of 4.2. PPH paid 8.8 for resi media and 5.8 for CCB
It's probably unlikely they get another bidder - remember they started shopping this around like 5 or 6 months ago and this is the best they got. Plus there would have to be a decent premium to get BGH/SS to sell their stake. You would probably need a strategic buyer and this company really doesn't seem too innovative or exciting - really just a basic product that rode a tailwind of the shift to digital donations.
Again - those mutiples were from a different time.
Quote from: Shareguy on Oct 31, 2022, 02:20 PMAgree BP. Selling out not a good look. Was told at the time might have something to do with a messy divorce. I have only brought in this last year so average cost just under a buck. A number of big investors paid higher than offer price, so will be interesting.
Fbar say the price offered leaves the door open for other bidders.
Trading on a forward multiple (EV/sales) of 4.2. PPH paid 8.8 for resi media and 5.8 for CCB
PAy too much for resi and CCB?or have times changed
Median multiple for US cloud companies 5.4 times ....25th percentile is 3.3 times
Median was 19 times in Feb 21
Grant Samuel still to produce an independent report
Now they know the answer I reckon they'll come up with this range $1.30 to $1.42 ....and come up with heaps of tables and comparatives to show how they came up with this.
So $1.34 might be low end of range ....but enough to see the deal done.
Fund managers not happy ...of course they aren't
But when some make comments that Pushpay's disclosure have left a lot to be desired and they haven't engaged much with investors somethings wrong ....esp when most of those fundies seem to saying that even the Board isn't confident in delivering on their 10% pa growth and have hoisted the white flag etc etc
A lot here if you can access
https://businessdesk.co.nz/article/markets/shareholders-accuse-pushpay-board-of-waving-the-white-flag
Enough reasons for punters to reach for the sell button .............and hedge funds loving that and mopping up whats offered
https://www.nbr.co.nz/hunters-corner/hedge-funds-taking-a-punt-on-pushpay/
maybe paywall
No notes from Craig's on this until today. Now we no why.
Craigs Investment Partners Limited is providing advisory services to BGH Capital related to the acquisition of Pushpay Holdings Limited by Pegasus Bidco Limited (a consortium made up of BGH Capital and Sixth Street). A fee will be received for acting in this capacity. Sir Ralph Norris, the Chairman of Craigs Investment Partners, is a Senior Advisor to BGH Capital and a Director of Pegasus Bidco Limited, as well as its shareholders Pegasus MidCo II Limited, Pegasus MidCo I Limited and Pegasus Holding NZ Limited. We remove our recommendation, estimates, and target price
Clare Capital did some numbers as to what the acquirors can get of this.
They assumed acquisition part funded with debt and over the next 5 years ARPC grows at 2% pa / Customers at 8% pa and with a slight increase in ebitda margin they could increase ebitda to 102m. After allowing for interest, capex and tax good cash flows.
In five years time could result in an exit EV of 1,693m and after debt a IRR of 18% for the acquirrors
All numbers on a back of an envelope but that's how aquirors think
" Sir Ralph Norris,"
wasnt he the man that taught the likes of West Pac how to make more and yet more money?
Results out...... with lower FY23 expectations
https://www.nzx.com/announcements/402029
- Positive year on year growth in key metrics albeit at a lower rate than anticipated due to investment for future growth, the go-to-market strategy reset and broader macroeconomic factors presenting ongoing challenges.
- Operating revenue of US$103.0 million, up 10% on prior comparable period (pcp).
- Underlying EBITDAF of US$26.8 million, down 10% on pcp.
- Total Processing Volume increased to US$3.6 billion, up 2% on pcp.
- Increase in Customer numbers (+4% to 14,602 Customers compared to 30 September 2021).
- Strong operating cash flow resulting in net debt of US$35.1 million, down from US$47.2 million as at 31 March 2022.
- As updated on 28 October 2022, guidance for FY23 is Underlying EBITDAF of between US$54.0 million and US$58.0 million. Pushpay continues to forecast positive operating revenue growth but has lowered expectations to be between 4% and 8% for FY23.
On balance I think this deal is going to go ahead, however there are so many other opportunities that I sold half my holding. I think I can do better in the timeframe than the potential 5c loss.
Quote from: Shareguy on Nov 09, 2022, 08:34 PMOn balance I think this deal is going to go ahead, however there are so many other opportunities that I sold half my holding. I think I can do better in the timeframe than the potential 5c loss.
Hedging your bets seems like a smart pragmatic move to me. Nice move as long as you don't reinvest the sale proceeds into OCA 😜
An analyst (probably a grumpy pissed off one) asked at the briefing whether the acquirers could lower the offer price seeing the results were so bad.
No worries ....they saw the results before the made a bid.
Quote from: winner (n) on Oct 31, 2022, 06:15 PMGrant Samuel still to produce an independent report
Now they know the answer I reckon they'll come up with this range $1.30 to $1.42 ....and come up with heaps of tables and comparatives to show how they came up with this.
So $1.34 might be low end of range ....but enough to see the deal done.
Seems our Winner was spot on.....$1.34 it is.
https://www.nzx.com/announcements/406248
I got a call last week from BGH wanting to no what I was intending to do with my shares. Does not seem they are that confident.
Ouch - tough day for holders. SP down to $1.11 at time of writing.
Quote from: Left Field on Mar 06, 2023, 01:14 PMOuch - tough day for holders. SP down to $1.11 at time of writing.
No - a lot re happy as buying up all these cheap shares .... suppose many shares coming from those nasty greedy hedge funds who thought they could make a quick buck
Many will have even more and be creaming it when Molly delivers on her strategy and share price approaching 2 bucks --- bound to happen as thats why they voted no because they were sure things were looking good in the future
Might be a increased offer. I sold my last lot a couple of weeks ago and am now out. Good luck to any holders
Quote from: Shareguy on Mar 06, 2023, 02:24 PMMight be a increased offer. I sold my last lot a couple of weeks ago and am now out. Good luck to any holders
Yeah I was just thinking the same. Vote wasn't all that far away from the 75% threshold, from memory 67%.
Another 5-10 cps should do the trick but with interest rates and funding costs recently ticking up who knows what's going to happen.
Coin toss !
Quote from: Basil on Mar 06, 2023, 03:04 PMYeah I was just thinking the same. Vote wasn't all that far away from the 75% threshold, from memory 67%.
Another 5-10 cps should do the trick but with interest rates and funding costs recently ticking up who knows what's going to happen.
Coin toss !
You taking a punt then Basil
113 to 150 good gain
Coin toss you say -
50% share price worth 110 you don't lose much
50% you get 150 ....make heaps
Hmmm
Quote from: winner (n) on Mar 06, 2023, 01:24 PMNo - a lot re happy as buying up all these cheap shares .... suppose many shares coming from those nasty greedy hedge funds who thought they could make a quick buck
Many will have even more and be creaming it when Molly delivers on her strategy and share price approaching 2 bucks --- bound to happen as thats why they voted no because they were sure things were looking good in the future
Silly me Winner, I completely forgot. For every seller there is a buyer.
Only a matter before the Board, (the same Board that was trying to sell PPH,) will discover hidden potential, establish a 'fortress balance sheet, and the SP will rise to new unlimited heights. Holders just got to be patient.
Let me know when you start buying (one of your lovely charts might help) and then we can all enjoy the fun.
Crikey, what could possibly go wrong.
Quote from: winner (n) on Mar 06, 2023, 03:11 PMYou taking a punt then Basil
113 to 150 good gain
Coin toss you say -
50% share price worth 110 you don't lose much
50% you get 150 ....make heaps
Hmmm
On one hand the 12 month low was 99 cents and it could easily go under that with the arbitrage funds selling out of their speculative positions. On the other hand maybe another 6 cents @ $1.40 might get the deal done? Maybe its 90 cents on one hand and $1.40 on the other with the midpoint at $1.15 but you would have thought if there was going to be a higher offer it would have been announced this morning after the investment bankers organizing this rejigged their workings over the weekend? Maybe increased funding costs, (interest rates are materially higher now than when this proposed deal was announced) makes a higher offer uneconomic?
What do you know, it closed the day at $1.15!
https://www.nzherald.co.nz/business/markets-with-madison-michael-hills-recession-shielding-secret/JP3DXDPLEQQ76YF636M57IR7UM/
Hope yet for another offer .... got until Monday next week now to say it's all go again or just too hard
Notable that the agreed extension deadline of 17.00 today has expired and there's been no further announcement. Maybe the takeover was going to be financed by SVB lol.
Another extension agreed until late tomorrow.
If PPH get removed from the NZX50 my understanding from Forbar index research is NPH is the favorite to replace them and then HLG takes pole position with TRA next.
Disc Hold lots of HLG and TRA so hoping this deal does proceed.
... and the convicted insidertrader was ...
https://www.nzherald.co.nz/business/markets/shares/peter-huljich-is-pushpay-insider-trader-flagging-further-appeal/KB4WVXH7LRADFHPLR23H5Z4FHU/?lid=c3r23w4r9z19
Peter Huljich, General Manager and later (well, before they caught him) board member.
But hey - the name Huljich rings familiar, and it's not the first time we hear it in the context of fraudulent activity, isn't it?
Sad, how low the standards of some of our business leaders are.