News Round Up
Cushing's company gets control of NZ Rural Property Trust, Don't miss out on the FPIA Success Forum, ABS experiences dramatic swings in demand and new product offerings, Salvus shareholder revealed.
Monday, July 12th 2004, 12:52AM
The company with the management rights to the NZ Rural Property Trust is now under the control of a company associated with Sir Selwyn Cushing.Cushing’s company H&G gained control of Rural Equities at the end of last week. Rival bidder St Laurence Equities says it has acquired a 15% shareholding in the company and is happy with its position.
“While we would have preferred Rural Equities shareholders to block H&G and its associates from taking control of their company, we are comfortable with our shareholding in Rural Equities,” St Laurence managing director Kevin Podmore said.
He says St Laurence provided value for shareholders as it forced H&G to lift its offer from $1.25 per share to $1.60 per share.
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ABS says it has been a challenging year and maintaining margins at the preferred level has been difficult because of dramatic swings in demand.
"Large cash inflows occurred during the first part of the year, but when there was unprecedented demand for loan money during the latter part of the year, ABS Canterbury was faced with a very competitive market for depositors' funds.
Salvus shareholder revealed
The company owns 1.5 million shares. Meanwhile Salvus director Andrew Couch has 200,000 shares in the company.
Macquarie launches two new funds
The Macquarie Diversified Fixed Interest Trust will give investors access to various global fixed interest sectors and the expertise of the world's leading specialist fixed interest managers.
The Macquarie Global Infrastructure Trust II offers an exciting opportunity to invest in infrastructure assets and businesses which support infrastructure in economies around the world, such as tollroads, airports and water treatment facilities.
Adviser roadshow dates can be found in the diary here.
Liontamer plans two new funds
It is considering launching another fund in August.
Liontamer is also considering another capital protected commodities fund, this one investing in gold and oil.
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New NZAX listing ABS Canterbury has reported a 17% increase in revenue for the year ending 30 March 2004 of $13.42m.
A substantial security holder notice filed on Monday shows that 7.46% of newly-listed Salvus Strategic Investments is owned by UK-based Reliance Mutual Insurance Society Ltd.
Macquarie is about to launch two new funds in New Zealand, the Diversified Fixed Interest Trust and the Macquarie Global Infrastructure Trust II
Sticking with new funds, Liontamer says its MONEYfund, which closed recently, has attracted a lot of attention in the market and it is very pleased with how its first issue has gone.
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