Weekly briefs

AMP sets base price, NZSE indices change, J B Were's special offer, Gathering momentum.

Sunday, June 14th 1998, 12:00AM

by Philip Macalister

AMP base price set at A$16
AMP has set the base price for its shares at A$16 which is the top end of the valuation range detailed in its prospectus.
Such a high base price augurs well for a strong debut on the market, especially in light of the market's current weakness.
This base price puts a value of A$17.18 billion on AMP.
The base price was calculated following bids by institutional investors and compares with the estimated range of A$12.50 to A$16 contained in the prospectus.
AMP chief executive George Trumbull says there has been strong institutional demand for AMP shares.
"The base price reflects this level of interest," he says.
The base price is one of two elements used to price the shares bought and sold through the pre-listing trading facility established by AMP. The other component is half the amount, if any, by which the average market price of shares in their first week of trading exceeds the base price.
Trading in AMP shares begins at 2.30pm tomorrow (Monday June 15).

Changes to NZSE indices
The New Zealand Stock Exchange says that AMP will be included in the NZSE30 and NZSE40 indices from July 1, but not the NZSE10.
Sky Television is to replace Fernz in the NZSE10.
Wrightson and TrustPower exit the NZSE40 and AMP and ANZ enter it. Infratil is removed from the NZSE30 and AMP enters it.

J B Were's special offer
J B Were Trusts has launched a special offer on its Australian based Managed Trust.
The entry fee has been eliminated for investments of up to $50,000 and intermediaries will receive 2 per cent brokerage.
The trust is a balanced fund with a diversified portfolio, including exposure to growth assets such as Australian and international shares.
A feature of the trust is its capped management expense ratio (MER) of 1.5 per cent.
The offer lasts until August 30.

Gathering momentum
Futures manager Momentum Pacific has launched its ‘AllWeather’ portfolio which aims to provide positive returns in all market conditions.
The fund uses a number of managers that invest across a range non-traditional securities, including distressed securities and mergers fund, a fixed interest fund, an arbitrage fund, a fund that goes long and short US capital markets, and global derivatives.
The fund feeds directly into a Bermudan-based fund of the same name.

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