News Round Up
Sunday, September 19th 2004, 10:20PM
Hanover Group has sold its 9.5% shareholding in Tower as it has been denied a board seat and the ability to play a "meaningful contribution" to the group’s recovery.Hanover executive chairman Mark Hotchin says the company had been approached by a party prepared to purchase the whole stake and following significant gains in the Tower share price over the last six months, it was decided to accept the offer.
"Although we believe Tower continues to be undervalued, the opportunity to sell the entire stake in one transaction had a lot of merit," he says.
The funds released by the sale will be used to build Hanover’s asset base and for other investments.
Macquarie’s new fund gets gas
Macquarie Global Infrastructure Fund II acquires interest in attractive UK gas distribution asset.
The fund underlying Macquarie’s current retail infrastructure offer, Macquarie Global Infrastructure Trust II, has acquired its first asset.
The fund has bought a share in the UK-based West Gas Distribution Network from National Grid Transco.
The network is a regulated gas distribution business comprising almost 34,000 km of gas distribution pipelines in Wales and the South West of England.
It is expected to generate strong and sustainable cash yields for investors. The network is a good example of the high quality infrastructure investments that GIF II is seeking out globally as governments increasingly turn to the private sector for finance.
More Kiwis sorting their personal finances
The number of New Zealanders seeking information about how to manage their personal finances, and be better prepared for retirement, is increasing, Retirement Commissioner Diana Crossan says.
She says that the commission’s website has had a 100% increase in unique visits in the past year and that a wide range of people have been using it.
"It is heartening to see more New Zealanders than ever are seeking information on how to manage their money, and become better prepared for their retirement," Crossan says.
The commission has taken a more tailored approach by developing specific programmes for New Zealanders of different ages and situations, such as students, parents, children, and those contemplating retirement.
AMP gets an upgrade
Moody's Investors Service has upgraded the ratings of the AMP Group: senior debt guaranteed by AMP Group Holdings to A3 from Baa1 and AMP Life Ltd's insurance financial strength rating to Aa3 from A1, all with a stable outlook.
These actions conclude the review for possible upgrade initiated in June 2004, following AMP's announcement that it had successfully repurchased A$747 million of its offshore bonds in a reverse tender process, which reduced debt and gearing.
Moody's says the rating upgrades reflect this fall in gearing to levels consistent with a single A rating - as well as the good progress in AMP's debt reduction program, which was completed ahead of plan.
Tower to spin off Ozzies
Tower to sell its Australian wealth management business
Tower is proposing to spin off Australian wealth management business (Bridges and Tower Trust) through a separate listing on the Australian Stock Exchange.
Existing Tower shareholders will retain an ownership interest in that business.
"The directors believe that as Tower moves from a remediation phase into delivering profitable growth, the proposed spin off of its Australian wealth management business would provide a more focused strategy for both separately listed entities which should enhance shareholder value."
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