News Round Up
Harts buys another firm, NZSE/ASX announcement due, Index changes, Planz increases income
Sunday, December 17th 2000, 10:48PM
Listed Australian accountancy and financial planning consolidator Harts Australasia has bought The Business Results Group in New Zealand for an undisclosed sum.
A year ago Harts bought Auckland-based financial planning firm Reeves Moses Hudig.
The acquisition of the New Zealand-based group brings the number of accounting firms bought by Harts to 15.
The Business Results Group, formerly Viv Brownrigg and Associates, turns over $1.1 million per year and has 1300 clients, according to Harts.
The Queensland-based group is currently in discussions with more than 70 firms across Australia and New Zealand.
Harts' consolidation strategy is aimed at creating a vertically integrated financial services group with a major presence in Australia and New Zealand.
Exchange merger announcement due
New Zealand Stock Exchange chairman Simon Allen says that the ASX and NZSE intended to provide a statement on progress with the merger discussions this week.
The merger discussions between ASX and NZSE have been continuing since initial discussions in August 2000. At that time, it was announced that "merging the two stock exchanges and their markets had sufficient merit to warrant more detailed investigation".
"That investigation is continuing", Allen says. "We have always intended to report on progress before Christmas. Prior to any conclusions being reached by the exchanges, any comments must only be treated as speculation".
Is a merger of the ASX and NZSE a good idea? Have Your Say in the Discussion Forum.
Planz increases income
All three of Guardian Trust's listed passive property funds reported significant increases in revenue in the six months to September 30.
The increase was primarily due to the revaluation of the underlying securities and foreign exchange gains.
Bill Wilson, who chairs the three companies, says the funds managed to efficiently track their respective indices despite a large number of mergers, acquisitions and management contract buyouts during the period.
The three funds are Property Leaders NZ, which tracks five locally listed companies, Property Leaders Australia which tracks listed property companies in Australia and Property Leaders Australia and NZ which is made up 70:30 in Australia's favour.
Index changes
The NZ Stock Exchange has made some changes to two of its four main indices. The following changes will take effect from January 3.
NZSE10
Removed: Tower and Tower Notes
Included: Natural Gas
NZSE Mid Cap
Removed: Natural Gas, DB Group and Wilson and Horton Prefs
Included: Tower, Tower Notes, Kiwi Development Trust, AMP Office, AMP Office Notes.
There are not changes to the NZSE30 or 40.
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