News Round Up

Promina profits, The Rich List, Merger's all go.

Monday, September 1st 2003, 1:39AM

Promina profit
General insurer Promina Group is on track to post a A$188 million ($213.5 million) full year net profit result, in line with the prospectus forecast.

The newly-listed company, which owns Vero, Asteron and Guardian Trust, reported a net profit of A$135 million for the six months to June 30, 2003.

Promina says it was in a sound position to deliver on the net profit forecast of A$188 million. Promina managing director Mike Wilkins said the group also expected to achieve a return on capital of between 12.5 -15%. "Given no further catastrophies in the second half ... we expect that we will come in around the bottom of our long term target range (for return of capital) which is 12.5-15%," Wilkins says.

The Rich List
Most of use would love to make it onto the annual Rich List, but unfortunately it's unlikely we will make it.

A new book The Rich List - Wealth and Enterprise in New Zealand 1820-2003 explores the development of wealth creation in New Zealand and profiles the people who had made it - along with those who made it but then lost their fortunes.

It starts from the days of farming fortune and import licensing to the modern era of global business portfolios, professional sport and Treaty Settlements.

Author Graeme Hunt is also the editor of the annual NBR Rich List. The Rich List is illustrated throughout. It includes the entire 2003 Rich List, the NBR Business Hall of Fame and a discussion on the sporting rich.

Buy the Rich List Now

Merger's all go

JB Were has won the support from all its shareholders to merge with global investment bank Goldman Sachs.

Until last week two of the 95 eligible shareholders were holding out against the merger. If they continued to hold out the deal would have had to go through a court-approved scheme of arrangement.

The 163-year-old JBWere partnership, which will own 55% of the shares in the merged Goldman Sachs JBWere group. New York-based Goldman Sachs, which will own 45% of the merged group.

The merger is expected to be finalised over the next few weeks and completed soon afterwards.

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