Showing posts with label ASB Securities. Show all posts
Showing posts with label ASB Securities. Show all posts

Tuesday, October 31, 2017


Image result for asb securities

Mmm, now it appears I don't get the live data from unless I buy shares now.

I have it in front of me now only because of a purchase I made yesterday.

My question is do you get this data free or do you have to pay?

It almost is the last straw for me on top of numerous outs of ASB's website.

This really seems unfair because I purchase currently around 6 times a year and I recall some 2 weeks ago that they would be moving to this new system because of the horrendous cost of the data but they gave me no choice as to what it was I wanted to do.

I might have wanted to buy the data when they switched over a few days ago.

Now they have me sniffing around at other opportunities and writing stuff like this.

Do you have some suggestions?

More Banking Madness @ Shareinvestor

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Thursday, October 4, 2012

ASB Securities rejects my contract

Can somebody tell me why this contract was cancelled and what I should do about it?

Account 724645 Mr D G Rickard

We have SOLD for you 5000 shares in MFT - Mainfreight Limited Ordinary Shares at NZD 13.5000

Details are as follows:

Consideration: 67,500.00

Brokerage: NZD 202.50

Total Credit NZD 67,297.50

Settlement Instruction: Cash Management Account

Settlement Date: 09/10/2012

A Contract note with full details of this transaction will follow

This email message and attachments is sent for the personal attention of the intended recipient. If you have received this email in error, please advise the sender immediately and destroy this email and any attachments. If you are not the intended recipient, you are notified that any use, distribution or copying of this e-mail or attachments is prohibited.

Where the contract note differs from this notification the contract note will prevail. In some circumstances ASB Securities may cancel this transaction. We will notify you of any cancellation.

Please phone us immediately on 0800 272 732 if you have any queries regarding this order. Thank you for using ASB Securities.

Kind Regards

More Banking Madness @ Share Investor

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c Share Investor 2012

Friday, July 8, 2011

ASB Securities down, again

ASB Securities has a reputation for an unreliable broking site but this kind of thing is really unacceptable. We are supposed to have confidence in markets and the technology that supports it but this kind of thing does little positive and it is not like it is a one-off.

From the ASB Securities website:

"One of our data providers is experiencing issues with NZX and ASX market data. As a result pricing, quotes and depth may NOT be correct. For live and up to date information please contact one of our brokers on 0800 272 732. We apologise for any inconvenience this may cause."

Check out what my portfolio is worth today.

Share Investor 2 Portfolio as at 11:48:25, Friday 08 July, 2011 (NZT)

 Cost  price 
Total cost
 Market price
 Market value

9,000 $5.340 $48,060.00 - - $48,060.00  100.00%


Total cost  Market value  Change

$48,060.00  $0.00 $-48,060.00

More Banking Madness @ Share Investor

ASB Bank: Customer "Service"
Bryce the Banker: The Final Insult
Banks not participating in Recession

Bank Guarantees: Time for banks to return the favour
The Return of Bryce
Banking Madness!

Discuss this topic @ Share Investor Forum

c Share Investor 2011

Friday, May 8, 2009

Are you experienced?

Further to yesterday's rant about how confusing and unfair I thought the Share Purchase Plan (SPP) and top up offer for Sky City Entertainment [SKC.NZ] I can add a bit more meat to the bones after having spoken to my broker at ASB Securities, Bruce MacDonald, in charge of investor relations at Sky City and the hacks at Computershare, the company acting on behalf of Sky City for the small shareholder capital raising.

ASB Securities

This broker had received many inquiries over this top up offer as to qualifications that made investors eligible to apply under that offer, specifically what "experienced investor" and "wealthy" meant in terms of eligibility.

From Securities Amendment Act 2004

  • (2CC) For the purposes of subsection (2CB), a person is an eligible person if the person is 1 or more of the following:

    • (a) wealthy (as defined in subsection (2CD)):

    • (b) experienced in investing money (as defined in subsection (2CE)):

    • (c) experienced in the industry or business to which the security relates (as defined in subsection (2CE)).

  • (2CD) For the purposes of subsection (2CC)(a), a person is wealthy if an independent chartered accountant certifies, no more than 6 months before the offer is made, that the chartered accountant is satisfied on reasonable grounds that the person—

    • (a) has net assets of at least $2,000,000; or

    • (b) had an annual gross income of at least $200,000 for each of the last 2 financial years.

(2CE) For the purposes of subsection (2CC)(b) and (c), a person is experienced in investing money or in the industry or business to which the security relates (as the case may be) if—

(a) an independent financial service provider is satisfied on reasonable grounds that the person to whom the offer is made, as a result of having experience of that kind, is able to assess—

  • (i) the merits of the offer; and

  • (ii) the value of the security; and

  • (iii) the risks involved in accepting the offer; and

  • (iv) that person's own information needs; and

(v) the adequacy of the information given by the person making the offer...

I found out when I rang my broker that I don't qualify as an "experienced investor" (even though I thought I was!) as alluded to in the top up offer documents. I would have to have "traded more frequently. and derived an income from those activities and/or have a larger portfolio than my current one.

It seems that these requirements are inserted to protect the "smaller less sophisticated investor", a category which I apparently don't meet either in terms of my Sky City holding and confirmed by both Computershare and Bruce Mac Donald.

Bruce MacDonbald (Sky City Entertainment Investor Relations)

Bruce reiterated much of the above, especially the looking after smaller shareholders part and that the company was restrained by securities law by being unable to offer shareholders like me a large enough parcel of shares as to fully protect from dilution of my shareholding.

This is in reference to the SPP where I can only apply for a maximum of $12500 worth of shares, already short of stopping dilution, and then I may not get the maximum because over subscriptions will mean a scaling down.

So if you own a smaller amount of shares your dilution effect will either be nil or infinitesimal.

Bruce pointed out that the applicable securities law, the Securities Amendment Act 2004 and as far as I can tell the Securities Act 1978 and subsequent amendments(of which there are many)means in effect that the issuer of the shares "must look after the largest number of smaller shareholders possible" and because people like me are somewhere in the middle we sit in some kind of financial black hole (my words) between the small shareholders and larger institutions who participated in the April $230 million placement.

When I pointed out that I was getting shafted Bruce told me SKC simply could have done an institutional placement and forgotten about everyone else but stressed again that "they wanted to be fair to the largest number of shareholders that they could". My counter to that would have been why didn't Sky simply have a rights issue if it had came into my head at the time.

In effect I am getting it from the front and the rear.


Computershare pointed out in their usual unfriendly and grudging manner most of the above and added that the way the Sky City offer was structured was the same as Fletcher Building in terms of definitions of eligible investors.


Although paying down sky City debt with he proceeds of the capital raising will lead to higher profits due to less interest paid, the amount I shares I receive under the SPP is unlikely to get me back to pre-capital raising dilution and I have no choice in that at all.

What is a positive though is that I have learnt something over the last few days and every little extra tool in the financial toolbox helps.

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c Share Investor 2009

Monday, January 28, 2008

Second stab at Burger Fuel denied

Chart for Burger Fuel Worldwide Limited O (BFW.NZ)

Trading in Burger Fuel shares has been spasmodic at best, since listing on the NZAX
on July 17 2007. They hit a low of 29c earlier this year.

The Burger Fuel(BFW) chart tells a horrible story.

Down 18% today to NZ 42 cents and testing its all time low of 29c.

No operating news yet but sales and profit figures will be coming up in the next month or so.

Some news just at the end of last year though that a Wellington Burger Fuel store was extensively damaged. That would take out a fair amount of revenue.

My efforts to get BF shares have again come to a greasy end.

I tried to put a bid in today at 25 c but was refused by ASB Securities because "it was too low"

The "5% rule" applies, where you cant bid below 5% of what the last sell price was.

That is, even though a bid of 29c was on a buy order a few weeks back and the last sell was above 60c the buy order was allowed to be placed.

The ASB broker told me "someone at the NZX put it through".

I still cant figure out how I'm supposed to get my bid in, for what I think the company is worth, in such an illiquid stock if I'm not allowed to put my bid in how I see fit.

Time may take care of the share price though.

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C Share Investor 2008