Weekly briefs
Trans Tasman reconsiders listing, National Property Trust looks to expand, Ad cleared, JB Were's latest offers
Monday, August 10th 1998, 12:00AM
Trans Tasman reconsiders listing trustTrans Tasman Properties is considering having another attempt at listing its New Zealand Growth Property Trust (NZGPT).
Trans Tasman had planned to list 65 per cent of NZGPT in February, however it pulled the plug on the $480 million listing because of the risks of selling into a weak market at a discount to asset backing.
Director Chris Canning says that NZGPT was currently outperforming the property market. If the latest trends in currency and interest rates continued the group will consider reviving the listing before the end of the year.
NPT looks to buy
National Property Trust is considering buying in New Zealand's depressed commercial property market.
The trust is looking to expand in what chairman Paul Dallimore calls a challenging market.
NPT had maintained its performance in spite of New Zealand's weaker economy, with the trust's unit price trading much closer to asset value compared with the discounts for several other listed property issues.
The recession had provided alternative prospects for NPT's growth as portfolios were rationalised.
This might allow NPT to expand without requiring unitholders to subscribe for more capital, he says.
Scantlebury ad cleared
The Advertising Standards Complaints Board has decided cleared a life insurance advertisement run by Tauranga-based firm Brian Scantlebury and Associates.
The complaint revolves around the definition of the words "agent" and "agencies".
The complaint said that the ad promoting life insurance was misleading as it said if a customer dealt with the firm there would be "no agents" involved. Yet when the complainant, M Horst, called the company he was told it had "broker agencies" with at least six insurance companies.
The board said the statement "no agents" referred to the fact that the Brian Scantlebury did not employ people who are representatives of particular life insurance firms.
It said the words did not refer to any lack of commercial relationship between the advertiser and an insurance agency.
The board ruled that the phrase was acceptable brokerage terminology, which was unlikely to confuse or mislead consumers.
Free switching offer
JB Were is offering investors a free switch if they move from any Australian-based fund into any of its trusts.
The investor will pay no entry free and in addition advisers will be paid a 0.5 per cent trail fee.
This offer is part of JB Were's desire to show it is committed to the New Zealand market.
To back up this commitment it is also expanding its product range and extending the hours of its client services 0800 line from 9.30am to 7.30pm.
