Weekly briefs

New tech fund, Waltus sells, ISI says No to GST rise, Super book, Warning, warning!!

Monday, June 28th 1999, 12:00AM

Commodities and futures trader Robert Holroyd is launching a fund that invests in technology related industries.
Holroyd runs the small, but successful HCM Global Asset Fund.
The new HCM Global Technology Fund will be managed by HCM, Europe's largest specialist technology manager Henderson Group and K&S Global Inc, a US options trader.
Technology companies, for the purpose of this fund, are those which use science to develop a new product or service. That includes telecommunications, electronics, biotechnology, medical robotics and industrial technology companies.

Waltus sells
Waltus has sold one of the four properties in its Senate Properties syndicate as indications were that its value was expected to decrease in coming years.
Waltus says this is the first New Zealand building it has sold in its 13 years of operations.
It was sold as the major tenant indicated that it may not renew its lease.
"To keep the tenant or attract a new one a substantial amount of money would need to be spent on improvements," Waltus International Property Management general manager Ray Di Leva says.
The Power House in Thorndon Quay, Wellington was bought for $6.35 million and the lease was due to expire in 2008. Waltus sold the building for $6.95 million and will use the proceeds to reduce debt and return capital to investors.

Warning, warning!!
Investors are being warned by the Securities Commission not to put money with the IMI Pacific Group.
The commission says IMI has been promoting its investments to the public without an investment statement and a registered prospectus.
"The investments being offered are similar to the prime bank schemes which the commission has previously issued warnings about. Prime bank schemes offer unrealistically high returns and appear to be fraudulent," the commission says.
IMI's shareholders and directors are Willard Karaitiana Amaru and John Edwards Bayliss.

Essential super reading
The Office of the Retirement Commissioner has launched a book detailing New Zealand's retirement income history.
The report provides a summary of this country's retirement income policies since late last century and examines the main issues that have arisen since then.
It also compares New Zealand with other countries.
To get a copy of this free book email office@retirement.org.nz

ISI opposes GST increase
The Investment and Savings Association opposes the idea, raised by Treasury, of increasing the rate of GST to fund tax cuts.
Chief executive Vance Arkinstall describes such a move as being a short-term ad hoc approach to an issue.
He says increasing GST without other major tax changes will not solve the fundamental problems that beset New Zealand's economy.
The ISI says there are major problems and inefficiencies with the current taxation system. It says making the system efficient is one of the six key policy areas the Government needs to take action in for provide a stable savings framework.

« Confusing investor behaviour

Get your tax questions answered online »

Special Offers