News Round Up

Monday, February 25th 2002, 7:33AM

St Laurence Group has taken over investment management of Strategic Group's property syndicate.

The three funds involved in the deal are; Strategic Omega, Parkwood Properties and Strategic Industrial.

The funds will continue to operate as usual.

FPIA Convention speakers
Register for the FPIA Convention before Thursday and save money. The early bird registration fee of $465 ends on February 28.

Details of the keynote speakers and workshop sessions for the convention can now be found at the FPIA Convention Page on Good Returns. Click on the following web address to go directly to the page. http://www.goodreturns.co.nz/section.php?CategoryID=81

The line up of speakers is impressive and shouldn't be missed. To register and pay online CLICK HERE

CBA backs off Edinburgh

The Commonwealth Bank of Australia is understood to have backed off its plans to make a bid for Scottish money management firm Edinburgh Fund Managers (EFM).

CBA had, just over a week ago, confirmed it was interested in buying the firm which manages money for Armstrong Jones.

Any bid was likely to come from CBA's subsidiary First State Investments.

Currently UK manager Hermes Pensions Management, which owns nearly 30% of EFM, has made a revised bid for the firm after its earlier offer was rejected.

EFM is the smallest listed fund manager in the UK and it has been considered a takeover target for some time. The group is reportedly made more vulnerable by a combination of poor performance and investment manager changes.

Tower bond changes
Tower has changed the conditions of a bond issue to allay any concerns that it could deter a takeover bid for the company.

Tower announced plans last month to issue up to $125 million in retail bonds with an allocation for its New Zealand shareholders.

The company says it now intends that, subject to shareholder approval, the bonds will be issued by a special purpose wholly owned subsidiary company, Tower Finance Limited.

"In addition the bonds will not convey a right for Tower to require the conversion of bonds to Tower shares in the event of a takeover.

"A takeover will be deemed to have occurred once any party controls 90% or more of Tower shares. In those circumstances bondholders will be entitled to require bonds to be converted to Tower shares.

"The changes are made to dispel any suggestion that the proposed bond issue could act as a deterrent to any party considering the takeover of Tower at some future date."

The company will seek shareholder approval for the bond issue at its annual meeting next month.

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