News Round Up

A $10 million capital notes issue from Auckland financier and investment banker Bridgecorp Holdings Limited has been closed over-subscribed at $19.5 million.

The pre-Christmas issue was made in two equal tranches of $5 million, one with an initial term maturing in October 2002 and the second maturing in December 2003. Provision was made for over-subscriptions of $5 million in each tranche.

Managing director, Rod Petricevic says the support from investors nationwide was extremely heartening. The additional capital raised by the issue would enable Bridgecorp to further grow its finance book. The company now has assets in excess of $200 million.

Following last October's agreement with Lloyds of London for insurance cover of Bridgecorp's new mortgages, a large percentage of the mortgage book was now covered with the total book expected to be covered by August.

Desperately seeking information
The Philippines Securities and Exchange Commission (PSEC) is seeking information from New Zealand people who think they may have been defrauded by brokers based in Manila.

The information sought is parat of an investigation into the activities of Manila brokers who cold-call people around the world by telephone and persuade them to buy shares.

In particular the PSEC is seeking information from people who have dealt with the following brokers - Dukes and Co., Muller and Sons, Wells Chadwick, Hylton Consultancy, United Capital Management, Morgan and Lynch, Saxon & Swift, Griffin Securities, Mendez Prior Europe, Mendez Prior Hall, Vantage International, Worldwide International, Freelander and Kuhn, Pfeiffer Galland, Knowle and Sachs, Newport Pacific, Bradshaw Global and Antella Inc.

If you have dealt with of one of these brokers you should contact Emma Valencia or Marti Janolo at the PSEC. The fax number of the PSEC is 632 725 4399. Its postal address is SEC Building, EDSA, Greenhills, Mandaluyong City, Metro Manila, Philippines.

New Trans Tasman share fund
Armstrong Jones is planning to launch a tax-efficient Trans-Tasman share fund. The fund will be part of the Edinburgh range of Open Ended Investment Companies (OEIC), but it will be managed by Armstrong Jones.

The fund is likely to go head to head with the Challenger GAM Trans-Tasman OEIC and the stock exchange listed New Zealand Investment Trust.

It is expected to be launched within the next month.

Register online
You can register for this year's Financial Planners and Insurance Advisers Conference online at Good Returns.
For full details of the conference, plus an online registration form CLICK HERE.
This page includes programme details - speakers and workshops, conference information and an accomodation guide.

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