News Round Up

Save $55, AMP selling online, Changes to FIF regime, Index changes, Property Leaders loss

Monday, June 19th 2000, 12:00AM

by Philip Macalister

Save yourself $55 by paying for the Financial Planners & Insurance Advisers Association conference online this week.

The cost of attending the conference in Wellington next month is $495 and will rise to $550 next week.

To save $55 Click here to go directly to a safe and secure online order form.

Full details of the conference (speakers, sessions, venues etc) can be found here

AMP goes for the easy life

AMP has launched an Internet based quote and buy facility for its new online term life policy eZlife.

While AMP is selling term life directly over the 'net, the new facility is also designed for advisers and brokers, AMP head of marketing John McMurdo says.

"Initiatives such as eZlife will help them meet customer needs more swiftly by preparing quotes and confirming cover online - allowing them to secure cover almost immediately with their customers."

AMP is one of the leaders in online financial services as it already sells general insurance over the Internet and it has recently launched a comprehensive AMP Banking webiste.

EZlife is available through www.amp.co.nz

Changes to FIF regime
Brierley Investments is trying to get changes made to the Foreign Investment Fund regime which it says unfairly treats New Zealand shareholders.

Under the regime shareholders with investments in companies in certain countries are liable for unrealised capital gains tax.

This affects about 5000 BIL shareholders following the company's move to Singapore.

BIL shareholders with more than $20,000 worth of shares will be liable for the tax if the company's share price rose above 40 cents.

The three options being put forward by BIL are: shareholders with less than 10 per cent of a company be exempted, the "grey list" of countries be widened, or the threshold be raised to $100,000.

Index changes
The Stock Exchange plans to make the following index changes on July 3.

Fisher and Paykel will replace Lion Nathan in the NZSE10. No changes are planned for the NZSE30 and 40. In the Midcap Index Fisher and Paykel, Sanford and AMP Office Trust are replaced by Natural Gas Holdings, Frucor Beverages and Lyttelton Port Company.

Lion Nathan will remain indexed in the NZSE30 and 40 but on a percentage weighted basis in line with its new status as an overseas listed issuer.

Tough time for property
Property Leaders New Zealand reported a loss of $1.776 million for the year ended March 31, compared with a profit of $18,000 the previous year, on revenue of $710,000 compared with $1,205,000 previously.

Net tangible asset backing at March 31 was 72.1c. The last traded share price was 81c. Dividends, paid in August and February, totalled 4.06c.

Property Leaders Australia and New Zealand reports a loss of $1.603m for the March 31 year, compared with a $504,000 profit previously. Revenue was $3.29m, up from $2.25m.The shares last traded at 85c.

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