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


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c Share Investor 2012

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Time for retirement 2 ?

Metlifecare Ltd [MET.NZ] is now an interesting little stock. It has spent many years languishing at around $2.30 due to its high ownership of shares in a small group. But now it has been released from that grip and looks like it will now florish on its own.

It all happened in July and now places the company in direct competition with Ryman Healthcare Ltd [RYM.NZX] and Summerset Group Holdings Ltd [SUM.NZX].

What do we make of the share price then ?

At $2.95 at close of business yesterday it makes this share the second cheapest and Summerset the next followed by Ryman.

Net asset backing is $3.04 for Met which makes this star, $1.10 for Summerset and $1.30 for Ryman. Clearly the leader by a long shot is Met which still hasn't reached its NTA.

As far as returns go it is only Ryman paying a paltry 2.05% that is turning over. Demand for its scrip has recently seen it shares rise to record highs.

You know me I like a bargain so if you prepared to wait a long time you might get Ryman for a steal, I think it will go down from here, but if you want get in right now you might want to consider getting in with the Met overall its the best bet.

Good luck!


Disclosure : I own RYM shares in the Share Investor Portfolio.



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Share Price Alert: Contact Energy Ltd 7

With Contact Energy Ltd [CEN.NZX] putting on 50c over the previous 2 weeks we may have turn a corner with buying far outselling. Most of the rise has been over the week.

Buyers have seen the power of this monopoly come to the fore with its near 25% of the market understood.

What they may not have seen was tucked away in the current Annual Report is the net asset value $4.24.

This values the assets in the company at $4.24 and the goodwill and the like at just over a dollar. You would just have to question that last one because no matter how many employees a company has there has got to be more than a buck for the rest of the business.

There maybe other reasons why the share is finally moving - takeover talk included - but I will put it down to the low price put on management, their new boss has given people at Contact a boost.

That will do until a bid is made for them, it will.



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