Weekly briefs

Guardian's Growth Wise Bonds closed, Tower buys FAI stake, AMP signs private capital deal and GPG loses in London.

Sunday, May 2nd 1999, 12:00AM

Royal & SunAlliance has decided to discontinue the Growth Wise Bonds previously offered by Guardian Assurance.
Since Royal & SunAlliance bought Guardian it has been working through a product rationalisation process.
The Growth Wise bonds were closed as they did not met the company's criteria for managing risk. Investors are, instead, being encouraged to put their money into Royal's range of unit trusts.

HIH accepts Tower's FAI offer
HIH Insurances has accepted Tower's takeover offer for its 61 million shares in FAI Life representing 46 per cent of the company.

This takes Tower's current level of acceptances under the takeover to 59 per cent.
The second largest shareholder in FAI Life, Tyndall Australia, has also indicated it intends to accept the offer (in the absence of a higher offer). Acceptance by Tyndall will take Tower's entitlement to approximately 65 per cent.
If Tower becomes entitled to 90 per cent of FAI Life shares the cash consideration payable will be A$1.55. However if, at the close of Tower's offer, Tower is entitled to less than 90 per cent, but nevertheless has declared its offer unconditional, the cash consideration will remain A$1.50 per share.

GPG loses at Privy Council
Guinness Peat Group has lost one battle in the Privy Council opposing Tower Corporation's demutualisation plans.
The council, last week, threw out a GPG petition to reopen an earlier argument.
GPG still has another action pending, and that is due to be heard on June 23.

AMP moves into private capital market
AMP Asset Management is continuing its push into New Zealand's private capital market by signing a joint management agreement with Caltech Capital Partners.
Together the firms will jointly source, structure and manage technology-based private capital investments.
"The arrangement with Caltech is part of our plan to quickly establish our New Zealand development capital capacity," AMPAM private capital manager Martin Turner says.

« AIA launch unique business policy

Get your tax questions answered online »

Special Offers