Weekly briefs

New Zealand Investment Trust principals increase stakes, Warnings about Workers Comp premiums, FMG enters Workers Comp market.

Sunday, February 28th 1999, 12:00AM

New Zealand Investment Trust chairman Donald Campbell, and New Zealand-based director Frank Pearson have, despite the trust's poor performance last year, increased their shareholdings in the fund.
Campbell says, in the trust's annual report, that the two directors exercised options in the year to October 31. He says the options were exercised, even though the exercise price of 100p (NZ303c) was equivalent to the share price at the time. His purchase of 125,000 additional shares takes his stake to 553,063.

Pearson exercised 10,000 options at 100p. He now owns 70,500 shares. Also the trust's New Zealand adviser, Coronet Asset Management (which Pearson chairs) bought 375,000 shares during the year.

Workers Comp 2
Employers bracing for a major cashflow crisis from changes to ACC can expect the blow to be softened by a range of premium payment options.
The Royal & SunAlliance, Southern Cross and GMV alliance said last week that it will be offering employers the option of monthly, quarterly, biannual or annual premiums. It says other players are likely to follow suit.
A spokesman for the group, Paul Regtien, says "one area employers should pay special attention to is an annual arrears payment to AC, an additional payment to ACC for the three month period from April 1 to June 30, premium payments in advance to their new insurer and the residual claims levy. If an employer thinks they may have cash flow difficulties, they should ensure that the insurer they're signing up with offers flexible payment options."
ACC minister Murray McCully has confirmed that 70 per cent of employers and the self-employed will face ACC premium arrears for the 1998-99 financial year, reinforcing Employers Federation fears of widespread cashflow impacts for businesses.

Workers Comp 2
Farmers Mutual Group has announced that it will compete in the soon-to-be opened up accident insurance market with a package tailor-made for the rural sector.
It's product, Recover, is a comprehensive accident insurance package with a number of options that can be tailored to the needs of employers, the self-employed and shareholder-employees.
In addition to the statutory entitlement, a standard package can include replacement labour cover, or a nominated level of earnings for the injury and recovery period and lump sum lifestyle and death benefits.

« Guardian Trust looks to raise money to buy an industrial portfolio

Get your tax questions answered online »

Special Offers