News Round Up
BT resolves non-compliance issue, Fewer foreigners own NZ shares, Proposed tax changes will make people poorer, St Laurence buys value-add opportunity, Calan graduates.
Monday, July 11th 2005, 6:50AM
BT’s long-battle over
BT Funds says it has successfully concluded its battle to get units which were issued in breach of securities law validated.
It says that the High Court has made relief orders in respect to the units issued in funds that formerly did not comply with New Zealand securities law.
The orders bring this issue to a close for the vast majority of investors with affected units in BT Australian unit trusts. The result of the orders is that investors have been restored to the position in which they would have been had full compliance occurred.
Fewer foreigners own NZ shares
Offshore ownership of the New Zealand sharemarket has continued to decrease, according to brokers Goldman Sachs JB Were.
In its latest report on the makeup of the local sharemarket it says that retail investors have slightly increased their ownership of the market and there is greater liquidity. It says that proposed tax changes may see managed funds increase their ownership of the market. [MORE]
Proposed tax changes will make people poorer in retirement
Diversified Investment Strategies' Norman Stacey has written a paper evaluating the proposed tax changes to managed funds. The paper is so good we are reproducing it here.
Also the paper clearly outlines how the changes will work against investors. Read the report here
St Laurence buys (again)
St Laurence Property & Finance Limited has purchased the substantial industrial property complex located at Heriot Drive, Porirua, known as Central Park. The property has been purchased for $14.20 million (plus GST), representing a significant discount to valuation.
St Laurence Property & Finance Limited chief executive John Mallon says the property is an attractive add-value investment opportunity. [MORE]
St Laurence checking out vineyard
Shareholders in The Crossings vineyards have given the thumbs up to the offer by the St Laurence Group to underwrite a rights issue.
Shareholders voted at a special meeting to give the go ahead, which is a one for one rights issue as opposed to other options to strengthen the company's finances.
Crossings Chairman Alan Wright told Good Returns St Laurence is now carrying out due diligence and the final yay or nay should be known in about three weeks.
Calan graduates to Top 50 in index shuffle Special Offers
Property developer and investor Calan Healthcare Properties will graduate to the stock exchange's main board in an index shuffle caused by recent corporate activity [MORE][more]
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