News Round Up
Wgtn planners intends listing, Commerce Commission gives Commonwealth the OK, Lion takes fizz out of index, Venturing into technology & MORE!
Sunday, May 14th 2000, 12:00AM
Financial planner and sharebroker John Reuhman is planning to list his business nzij.co.nz on the Stock Exchange's New Capital Market.
The listing is being done by nzij.co.nz, which plans to use the money raised to acquire Reuhman and Co, which is an NZSE member, and investment bank and publisher of the NZ Investment Journal.
The listing is being sponsored by Marlborough organising broker Winstanley & Dickson, and nzij expects to be listed by July.
Reuhman and Co is focused on two market niches, portfolio management for affluent private investors and investment banking for innovative local companies.
Lion takes fizz out of index
Lion Nathan will be removed from NZ Stock Exchange's top 10 index at the end of June because the company plans to shift its main listing to Australia.
Assuming shareholders agree to the move at their meeting on May 18, then Lion will be removed from the NZSE 10, all sectorial indices, and it will only remain in the NZSE30 and 40 indices on a percentage weighted basis in line with its new status as an overseas listed issuer.
Clearance for takeoff 1
The Commerce Commission has given the ASB Bank's parent company, Commonwealth Bank of Australia the go-ahead to acquire Colonial.
Commission chairman John Belgrave says that the commission was satisfied that the proposed merger would not result in any party acquiring or strengthening a dominant position in any New Zealand market.
The deal now requires shareholder approval (AGM May 31) and the sanction of the Australian regulatory authorities.
Clearance for takeoff 2
The Commerce Commission has cleared the merger of big general insurance groups NZI and State Insurance.
Chairman John Belgrave says the commission believed no parties would acquire or strengthen a dominant position in any of the relevant markets the companies operate in.
NZI and State are merging as part of the global merger between their British-based parent companies, Norwich Union and CGU respectively.
Venturing into technology
Sharebrokers Ord Minnett are promoting in New Zealand an Australian venture capital fund that invests in information technology and telecommunications stocks.
The Blue Peak Technology Fund aims to raise A$84 million to invest in unlisted technology companies.
BluePeak is designed to give retail investors access to a spread of about 20 technology companies in fields such as telecommunications, e-commerce, photonics and software.
It will co-invest in companies that are part of Allen & Buckeridge III, a new institutional fund to which various investors have committed $66 million.
Series extended
Ord Minnett has moved the closing date for its Series 4 OM-IP 220 Limited back a week to May 19.
Tower gets go-ahead
AMP NZ Office Trust has confirmed that it will build a 31 level, $171 million premium office building on the Auckland waterfront. The building will be known as the PricewaterhouseCoopers Tower.
"After detailed analysis of the commercial property environment and discussions with a range of New Zealand’s top corporates, we believe that the time is right for a new premium tower in Auckland," said trust executive manager Anthony Beverley.
"It’s now full speed ahead for what we believe will be New Zealand’s top office tower," he says. The tower will be built on the Downtown site at 188 Quay Street which is arguably NZ’s best office site and is now owned by AMP Office Trust and will join the six other premium buildings in the trust's $486 million portfolio."
Events this week
Monday -
Wednesday - WestpacTrust presents a roadshow featuring its international bond managers Salomon Brothers
Wednesday - Reserve Bank reviews the Official Cash Rate
Saturday - Morningstar Fund Manager of the Year Awards announced.
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