Weekly briefs

ANZ Funds Management cracks magic mark, Making contact with investors, New SOE insurer, Trans Tasman rolls over.

Sunday, March 21st 1999, 12:00AM

ANZ Funds Management's Ascent Investment Programme has in four months raised more than $100 million, general manager Anthony Quirk says.
He says the programme, which offers investors one point to access 11 top international fund managers, has substantially exceeded its targets.
Quirk says the changing investment climate has been a factor in the growth.
"When term deposits were sitting at around 8 to 9 per cent, with inflation sitting below 3 per cent many investors were happy to leave their nest eggs on deposit. The drop in interest rates has made people look again. Access to better rates of return by accepting moderate levels of risk through international markets has appealed to investors looking for alternative sources of growth."

Quirk says Ascent appeals to more substantial investors. The average investment size into Ascent is more than double ANZFM's other investment products.
Ascent is a strategic alliance between ANZ and Frank Russell Company.

Making contact with investors
More than 250,000 New Zealanders priority registered their interest in the Contact Energy share float, according to final figures released.
Priority Registration does not oblige investors to buy shares. However, those who did priority register will be guaranteed a minimum entitlement of 25 per cent more shares than the minimum public allocation in the public pool if the offer is over-subscribed.
People who haven't priority registered will be able to buy shares when the proposed offer opens.
The offer is expected to be opened around mid-April, priority registrants will be sent a copy of the Investment Statement and a personalised application form.
The Crown intends to sell 60 per cent of its shares in Contact Energy by way of public float. It is currently seeking a cornerstone shareholder to take up the remaining 40 per cent.

New SOE insurer
@Work Insurance is the name of the state-owned insurer that will compete in the workplace accident insurance market.
"@Work Insurance is a specialist provider of workplace accident insurance for employers and the self-employed. We will not operate outside this area in which we have specialist skills," chairman Michael Cashin says.
"Our research indicates employers want flexible products tailored to their circumstances and that helps them with minimising workplace accidents and thus premiums. Employers are not necessarily driven solely by price."
Peter Fitzsimmons is a director of the company.

Trans-Tasman rolls over
Trans Tasman Properties is to roll over its convertible capital noteholders issue for another five years, at a higher interest rate.
The company had already decided it would not redeem the notes for cash and shareholders did not want new shares issued.
With the share price languishing at 37c, shareholders were worried about their holdings being diluted by a large new issue. The conversion terms require $1 worth of shares for every note, meaning that something like 245 million new shares would be issued, based on the latest share price.
Shares would not suit the bulk of note holders wanted income. The new interest rate on the notes is 9.5 per cent.

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