Weekly briefs
Calan aims for $500 million, Scam Watch launched, National Property Trust expands, Trans-Tasman happenings and heaps MORE
Sunday, August 29th 1999, 12:00AM
Calan Healthcare Properties has confirmed its fund will list on the New Zealand Stock Exchange on September 7.
Unitholders approved, last Monday, changes to the trust deed which will allow listing, and the board confirmed September 7 as the listing date at its board meeting on Tuesday.
Calan, which has built up a $186 million portfolio in the past five years, will be at the bottom of the NZSE 40 index. The company aims to increase its assets to $500 million.
Scam Watch
The Ministry of Consumer Affairs has established a website to warn people about more than 50 moneymaking scams presently circulating in New Zealand.
The initiative, called Scam watch, lists pyramid schemes, lottery scams, advertising invoice swindles and unregulated investment schemes.
The Ministry said it was alarmed at the number and variety of scams ripping off New Zealanders.
It said publishing the list was a way to encourage the public to ignore them.
The Ministry says if a scheme seems too good to be true, then it probably is. If it offers to make you money fast, then it probably won't, and if it says you've won a prize for a competition you never even entered, you're more likely to be a loser than a winner!
Scam Watch can be found at http://www.consumer-ministry.govt.nz/
Super Ann takes off
The Super 2000 Taskforce has begun a nationwide print advertising campaign to raise awareness of its work and the demographic challenges facing New Zealand
"Our quantitative research shows 89 percent of New Zealanders want multi-party agreement on long-term retirement income policy, while 97 percent believe it is important for the public to be informed on the impact of an ageing New Zealand on retirement income arrangements," Taskforce chair Angela Foulkes says.
"Our advertising will assure individual New Zealanders that they are not alone in their desire for multi-party agreement on retirement income policy. It will also introduce our symbol, Super Ann. Through Super Ann, the advertisements will provide New Zealanders with the demographic information our research suggests they want."
"As soon as New Zealanders know those facts they know we have to do something about long-term retirement income policy," she says.
National Property Trust expansion
National Property Trust plans to fund a $14 million central city building purchase through a cash issue and placement later this year.
The capital raising and acquisition will result in the $55 million fund growing by a quarter. Currently it owns six commercial buildings in Wellington and the South Island.
Chairman Paul Dallimore says the trust is looking at several towers in Auckland and Wellington, however it was keeping its options open until it knew the level of funding required.
Management has been keen to grow the trust to improve liquidity and attract institutional investors. Dallimore says critical mass is between $150 million and $200 million.
A unitholder meeting will be held in October to gain approval for the proposed placement.
Sovereign sells Garrison stake
Across the Tasman the shakeout in the financial planning sector continues. In the latest moves Garrisons have bought back the 45 per cent of the company which was owned by ASB Bank subsidiary Sovereign. Also, Colonial-owned bank St George is buying the financial advisory arm of KPMG.
FMG Profit
Farmers' Mutual Group has reported a net surplus of $2.6 million for the year ending March 31. The result was lower than last year primarily because of reduced investment income.
During the year the specialist financial services group entered the accident insurance market, successfully promoted a syndicated property fund and a debenture stock company.
FMG also has started promoting Armstrong Jones unit trusts and super funds to its mainly rural client base.
Growing Unity
Online advisory firm Unity has expanded the range of financial options and services it offers investors.
"By adding home loans, health and will preparation modules to the existing investment, superannuation and insurance options Unity brings together, in one place, the most comprehensive range of financial solutions from the country’s leading providers," chief executive Brian Howard-Clarke says.
Implicit in this new development is an increase in the functionality available to users via the Unity website and integrated callcentre. Supporting the financial options are simple planning and budgeting tools including investment and mortgage calculators plus investment fund information, unit prices and current mortgage rates. Completing the Unity service is access to financial "how to" articles from leading authorities and a live financial news feed. All at no cost to the user.
Firmer house prices expected, but market confidence is softer
House prices should firm around five per cent next year, although confidence in the residential property market generally has eased back in recent months.
In the ASB Bank's latest Quarterly Housing Report, economist Rozanna Wozniak predicts a small price rise thanks to growing confidence in a sustained economic recovery. However, that's been offset by the likelihood of further interest rate rises. See our mortgage news page for more.
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