News Round Up
Winners announced, FPIA website launched, Trust's yield to fall, National Property Trust buys buildings, Events this week.
Sunday, March 12th 2000, 12:00AM
Thanks to everyone who entered the Crossword competition. We have selected two winners; they are Neil Drummond, Auckland and Peter Hensley, New Plymouth.
The solution to the crossword can be found on the page.
FPIA website
The Financial Planners and Investment Advisers Association launched its website at a function in Wellington last week.
The site offers information to the public and its includes a password protected section for association members.
Co-president Denys Wright says the site will help educate New Zealanders about the roles of a financial planner and a risk manager.
Trust's yield to fall
Long-standing investors in the Newmarket Property Trust are likely to see their yield fall by around 25 percent in June.
When the trust was established Sovereign agreed to underwrite the fund's yield so investors would receive a guaranteed 9.5 per cent annually. However, this guarantee is due to expire on June 30.
Trust chairman Jock Irvine says the earnings yield after that date is likely to around 7 cents per $1 unit, or 7 per cent. While the news isn't flash for original investors, it's much better for new investors as they can currently buy units at 62 cents each. At that price the yield is 11.3 per cent.
In the six months to December 31 $1.15 million of the trust's total income of $6.01 million came for the guarantor.
Nat Property Trust buys
The National Property Trust has bought two more buildings with the money it raised through the placement of new units and options earlier in the year.
Both buildings are in Christchurch, and one, Southwire Property is being considered for redevelopment.
The trust's total assets have risen $11.9 million to $55.9 million and net assets are up from $34.7 million to $41.25 million.
Executive chairman Paul Dallimore says it's a difficult environment for property and many trusts are trading at heavy discounts.
"Property companies showing high dividend yields present an excellent buying opportunity for investors," he says.
Events this week:
Wednesday: Reserve Bank's Official Cash Rate review
Friday: IPAC Conference, Auckland
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