Heartland heads off low-ball offers with plan to pick up brokerage on small share parcels

Sun, 11 Aug 2013

By Paul McBeth Aug. 12 (BusinessDesk) - Heartland New Zealand, the parent of the country’s newest bank, is trying to head off low-ball offers to its investor base with a plan to pick up the broking fees for small shareholders who want to sell. The Christchurch-based lender has set up a share sale plan for investors with a maximum of 10,000 shares to sell their parcels at the volume-weighted average price, in response to several offers below market price by outfits including Washington Securities. The plan essentially facilitates market matc...

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