News Round Up

OM-IP offer forced to issue new investment statement, Arcus sets up infrastructure fund, Don't like paying tax? Read this book today. House prices still on the up, PRG goes to GE Money, Success Forum 2006, Better Chinese walls needed.

Monday, November 21st 2005, 6:52AM

Man Investments has extended the closing date for its OM-IP 16eight fund due to problems with the Australian Securities and Investments Commission (ASIC).

ASIC had requested further information and detail on a few aspects about the investment, which led to the company lodging a supplementary prospectus and replacement investment statement.

The new documentation provides additional information about the company's aim of generating medium term capital growth based on the simulated performance of the OM-IP 16eight Investment.

People who have already committed to the fund are being asked to reconfirm their application. If that isn’t done their money will be refunded.

Arcus sets up infrastructure fund
Arcus Investment Management has developed a fund focused on investing in listed and unlisted infrastructure assets.

“Specialist infrastructure investment is a prudent response to elevated values of property assets and rising interest rates,” Arcus chief investment officer Mark Brighouse says. "We are concerned that any change in sentiment in the housing sector will see contagion effects that impact on property assets generally. The strong run by listed property assets over recent years increases this risk".

Arcus intend to use the infrastructure fund alongside listed property in the defensive portion of client portfolios.

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House prices hit fresh high: REINZ
House prices continued to rise in October despite the Reserve Bank's best efforts to put the brakes on the housing market [MORE]

PRG agrees to sell finance business to GE Money
Pacific Retail Group (PRG) has agreed to sell its finance business to GE Money New Zealand for $145 million [MORE]

Success Forum 2006
Momentum is gathering for next year’s FPIA Success Forum. For more details click here.

Better chinese walls needed
The Securities Commission has issued a report highlighting the need for market participants to have good information controls (Chinese walls) following a report critical of ABN AMRO Craigs actions during last year’s takeover of Wrightson.

The firm, acting for the offeror in the takeover, received non-public information that a substantial security holder intended to accept the takeover offer. It passed this information on to two other NZX firms, and to its own client advisers, before the information was released to the market.

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