BRM - New Warrant Issue for Barramundi

snapiti · Oct 28, 2024, 09:11 AM

can anyone tell me what day the new shares are issued (can't find my email with the info)

Ithaka · Oct 28, 2024, 09:14 AM

Allotment of shares on exercise of warrants – Date Change
Please note, for those exercising their warrants, the date for the allotment of Barramundi shares on the exercise of BRMWH warrants, will be changed from 30 October 2024 to 31 October 2024, to allow for the Labour Day public holiday on Monday, 28 October 2024.

Basil · Oct 28, 2024, 06:44 PM

Quote from: snapiti on Oct 25, 2024, 05:27 AMDoes anyone know what happens to he shares in the buy back program, are they cancelled or held as stock to be feed back to us in the DRIP program.

Overlooked this part of your post the other day. I believe shares bought in the buyback are held as Treasury stock for issuance under the DRIP program.
I am a little surprised you have gotten so down on the warrant thing mate. You bought heaps of them so it's not like you haven't well and truly taken advantage of the situation yourself, possibly well in excess of the average Barramundi shareholder. The modest NTA dilutionary effect of warrant exercise has been well known, forever and a day. Not worth getting down on it just because some dog had a slightly bigger bite on the warrant bone. As Theodore Rosevelt famously said, "Comparison is the thief of joy" Remember that famous quote mate, it will serve you well in life. I have another way of saying it when out in my boat and come across a bigger boat or a superyacht. Beagle's quotable quote, "there's always someone with a bigger boat"

Anyway...leaving that aside, a good day on the ASX for BRM's portfolio with NTA at 79.40 cps by my spreadsheet calculations. I'm looking forward to the annual meeting on Wednesday 10.30 at the usual place and a good lunch afterwards and then it's on to the next annual meeting for the day, (HGH) at 2.00 p.m.. with some barking to be done there. I hope to see other shareholders I know at these annual meetings too.

snapiti · Oct 30, 2024, 05:44 AM

Quote from: Basil on Oct 28, 2024, 06:44 PMOverlooked this part of your post the other day. I believe shares bought in the buyback are held as Treasury stock for issuance under the DRIP program.
I am a little surprised you have gotten so down on the warrant thing mate. You bought heaps of them so it's not like you haven't well and truly taken advantage of the situation yourself, possibly well in excess of the average Barramundi shareholder. The modest NTA dilutionary effect of warrant exercise has been well known, forever and a day. Not worth getting down on it just because some dog had a slightly bigger bite on the warrant bone. As Theodore Rosevelt famously said, "Comparison is the thief of joy" Remember that famous quote mate, it will serve you well in life. I have another way of saying it when out in my boat and come across a bigger boat or a superyacht. Beagle's quotable quote, "there's always someone with a bigger boat"

Anyway...leaving that aside, a good day on the ASX for BRM's portfolio with NTA at 79.40 cps by my spreadsheet calculations. I'm looking forward to the annual meeting on Wednesday 10.30 at the usual place and a good lunch afterwards and then it's on to the next annual meeting for the day, (HGH) at 2.00 p.m.. with some barking to be done there. I hope to see other shareholders I know at these annual meetings too.

I like your quote, very soothing.......yep the warrants played out well for me.

thedabsman · Oct 30, 2024, 11:51 AM

I was going to get along to the AGM today but Metallica pre-sale was much more important. Now that I have secured my 4 tickets I'd be keen to know if anything interesting was discussed at the AGM?

sideline · Oct 30, 2024, 12:46 PM

With the announcement that exercise of warrants is at 60+% (unless that number changes)
the NAV dilution should be only ~2.1c

777 · Oct 30, 2024, 12:54 PM

They updated that to 70%.

Must have forgotten Basil's.

Bev · Oct 30, 2024, 01:47 PM

Wow! That is a lot of people forgetting they have warrants in the bottom drawer.

On reflection, I can see one needs a sizeable holding to cover the selling costs.

Minimoke · Oct 30, 2024, 05:06 PM

Seems to be holding firm at $0.69 with dilution broadly known.

So warrants just easy money at $0.63

Basil · Oct 30, 2024, 09:26 PM

Quote from: 777 on Oct 30, 2024, 12:54 PMThey updated that to 70%.

Must have forgotten Basil's.

LOL It wasn't that big. Just back from the BRM / HGH annual meeting duo today and then drinks and dinner with friends afterwards. Big day. Much happier with this than with Heartland and my relative shareholding size in the two reflects that. More to come tomorrow.

Basil · Oct 31, 2024, 12:41 PM

50,119,078 warrants out of a possible 69,484,210 warrants (72.13%) were converted into Barramundi ordinary shares.

That gives them about $31m to invest.

My suggestion at the annual meeting was that it makes far more common sense to ramp up the intensity of your buy-back program than invest this money into more shares of companies they already own. I gathered from their response this might be food for thought for their next board meeting.

snapiti · Oct 31, 2024, 12:54 PM

Quote from: Basil on Oct 31, 2024, 12:41 PM50,119,078 warrants out of a possible 69,484,210 warrants (72.13%) were converted into Barramundi ordinary shares.

That gives them about $31m to invest.

My suggestion at the annual meeting was that it makes far more common sense to ramp up the intensity of your buy-back program than invest this money into more shares of companies they already own. I gathered from their response this might be food for thought for their next board meeting.

they might have been giving you lip service beagle, I am fairly sure under the companies constitution that the buy back program can not be a price setter, basically they can only buy on market a certain % of any days volume, watching their buy back in action this would appear to be 25 to 30% of the volume on anyone day

Basil · Oct 31, 2024, 04:33 PM

Fair comment mate. They did say they didn't plan on making any immediate changes.

Minimoke · Oct 31, 2024, 04:47 PM

Quote from: Basil on Oct 31, 2024, 12:41 PM50,119,078 warrants out of a possible 69,484,210 warrants (72.13%) were converted into Barramundi ordinary shares.

That gives them about $31m to invest.

My suggestion at the annual meeting was that it makes far more common sense to ramp up the intensity of your buy-back program than invest this money into more shares of companies they already own. I gathered from their response this might be food for thought for their next board meeting.

Why earn $0.63 a share to pay $0.69 for another. makes no sense to me.

Basil · Oct 31, 2024, 05:07 PM

From a conceptual point of view I agree but the issue is they have money to invest because warrants were issued over a year ago. What makes no sense is what they normally do with warrant exercise proceeds and that's apply the money to buying more Australian shares in the ratio in which the portfolio is already allocated, effectively paying $31m for $31m of assets when shares could be bought back at a substantial discount to NAV.