HGH - Heartland Group Holdings

[Nizzy]

Yes a couple of local guys organising a petition and are hoping that if they can get enough people against it that HGH Will pull the pin. I heard them talking about it on the radio and at that stage last week they had 2000 signatures against the transaction.

I can understand their main concern that Heartland will close the physical branches down and stop funding community events.

more than a petition. Its going to court. further consultation with locals. Appears Toi got some stuff wrong. Some TSB folk dislike Heartland's reverse mortgage offering.   

[Basil]

https://www.nzherald.co.nz/business/companies/banking-finance/legal-threat-by-former-tsb-chair-slows-progress-on-proposed-merger-of-tsb-and-heartland-bank/5HOVLLAZGNFZFLHZDUMBIX4ALM/
Former Chairperson of the Toi foundation believes one of the issues is that Heartland's reverse mortgages are "repugnant".

[Ferg]

Former Chairperson of the Toi foundation believes one of the issues is that Heartland's reverse mortgages are "repugnant".

Irrespective of whether his opinion is correct or not, it doesn't sound like the basis for a legal challenge.

[Shareguy]

Irrespective of whether his opinion is correct or not, it doesn't sound like the basis for a legal challenge.

Agree Ferg, Some would say paying taxes are "repugnant" or in fact paying interest to borrow money...

[Basil]

Irrespective of whether his opinion is correct or not, it doesn't sound like the basis for a legal challenge.

Just one of many concerns by the sound of it.  Excerpt:-

This rationale didn't sit well with Elaine Gill – a former long-serving TSB director and chairwoman.
She teamed up with chartered accountant Kevin Landrigan and Pacific Winds International chief executive Aorangi Bobbie Matsuda to create an incorporated society that is throwing the book at Toi.
In its lengthy legal letters to Toi, the Taranaki Community Accountability Society Incorporated noted a petition opposing the merger had about 6927 signatories.

I'm just a curious observer, I have no position in HGH and none is desired.  The two banks seem such strange bedfellows and I'm not convinced even if it proceeds the synergies will be realised and it will be EPS accretive to HGH shareholders.