News Round Up

Sunday, October 10th 2004, 10:26PM

Liontamer has extended the closing date for its capital protected income fund, MONEYfund 2 until November 12.

The fund has been described as "coming close to the holy trinity of an investment."

For more about the fund go to http://www.goodreturns.co.nz/article/976489934.html

NZX keeps naming rights
The New Zealand Exchange says it has decided to keep the naming rights to the NZX Indices.

The NZX said none of the naming rights proposals put forward met its "business objectives at this time for the sale of the naming rights to the indices."

Dunedin gets Opio
Dunedin City Forests has succeeded in getting control of the Opio Forestry Fund. It says it will continue consolidating the investment until the forests are harvested in about five years time.

Dunedin had 53.8% of the fund when its 85c per unit offer closed on Friday. It will honour late acceptances of the cash offer for at least another week.

City was still talking to Opio's next largest unitholder, the Lionel Hastings' Revocable Trust, to see if it would sell its 19.6% investment in the fund.

Static death rate keeps profit flat
Public Trust last week posted a net profit of $125,000 for the June year up, slightly from $90,000 last year.

The organisation has cut out $1.4 million in expenses and hopes this will help it improve its bottom line. It is aiming for a $1.2 million profit next year.

PTO makes a large portion of its money from estates and wills.

"But the death rate is pretty static," chief executive Pat Waite said

NZ Finance starts well
New Zealand Finance started its listed life strongly, rising four cents on debut to finish at 34c a share and finishing the week at 36c.

The company provides short-term bridging loans to the residential property market and runs a a mortgage-broking business.

Managing director John Callaghan said there had been good response to the IPO resulting in heavy scaling

Private equity fund buys up Tyco assets
Around half the New Zealand and Australian assets of troubled US giant Tyco International have been sold to a private equity fund for $113 million.

The fund is managed by Goldman Sachs JBWere. Around 80% of the assets purchased are in Australia. It is the first investment of the Hauraki Private Equity No. 2 fund, which was established in April 2004 with committed capital of $75 million. The purchase will be part debt-funded.

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