News round up

The FPIA & Lady Di's Dresses, Tainui holds onto NZRPT, Listed property to become more popular?, Calan reports profit, Index changes, Events this weeker

Sunday, February 20th 2000, 12:00AM

Yes it's here - the first Good Returns crossword!

By completing the puzzle correctly and sending the answers back to Good Returns you go into a draw to win a bottle of champagne.

Click here to get to the crossword.

What does the FPIA Convention & Lady Di's dresses have in common? Find out here.
Good Returns is the place to find all the information you are looking for on this year's Financial Planners and Investment Advisers Association convention.

To find out the latest information about the convention and Lady Di's dresses CLICK HERE.

The convention will be held in Wellington from July 13 to 15.

Tainui holds onto NZRPT stake
The beleaguered Tainui tribe intend to hold onto its significant investment in the New Zealand Rural Property Trust.

The tribe, which as had to wipe $40 million off its balance sheet due to poor investments, is comfortable with its 11 per cent stake in the New Zealand Rural Property Trust.

Tribe adviser, Michael Stiassny of Ferrier Hodgson, says the NZRPT holding is, "an asset that sits well with their long term philosophy".

He says the investment, which is held through subsidiary Maori Development Corporation Investments, hasn't been written down.

Tainui will be considering steps to maximise its position, and make the investment work harder, he says.

"They need to ensure that it's working for them," he says.

Listed property to become more popular?
Colonial First State Property Trust has reported a net surplus of $8.47 m for the seven months to 31 December 1999, up $485,000 on the prospectus forecast.

Unitholders will be paid their second interim distribution of 2.58 cents per unit on 15 March. The distribution equates to an annualised gross yield of 10.3%.

Trust general manager Lloyd Cundy says the trust’s properties are fully tenanted.

He says listed property trusts will become more popular this year as investors disillusioned with seeking capital growth sought the certainty of income producing stocks.

Calan makes first report
Calan Healthcare Properties Trust has completed its first quarter as a listed company by posting an improved profit.

Total assets increased 7 per cent to $200 million in the six months to December 31, and net surplus was up 16 per cent to $5.3 million.

Gross distribution for the quarters ending September 30, and December 31 was 4.01 cents per unit, including 0.16 cpu of imputation.

Chairman Neville Darrow says short term income returns continue to be constrained as a result of the delayed start to the Ascot Clinics and the Waitemata Private project.

Index changes
Nufarm (formerly Fernz Corporation) will be removed from the NZSE Mid Cap index from February 29 and will be replaced by Calan Healthcare Properties.

Nufarm will remain indexed in the NZSE 30 and 40 indices, but on a percentage-weighted basis in line with its new status as an overseas listed issuer (Nufarm is now incorporated in Australia).

Nufarm's weighting will be reduced in the NZSE 30 and 40 from February 29. It will also be removed from all the sectorial indices.

Events this week:

Tuesday and Wednesday: Morningstar Investment conference, Waipuna Lodge, Auckland. Find out how the expert panel's asset allocation performed last year. Our pick is that it did OK as it held a significant chunk of its portfolio in international shares. Economist Donal Curtin will chair the panel this year.
Friday: AMP Asset Management's Private Capital offering is scheduled to close on Friday.

« Cullen outlines tax options

Get your tax questions answered online »

Special Offers