News Round Up
Planner in trouble with Securities Commission, Kingfish declares special divvy, Advisers comment on regulating commissions and more.
Monday, July 10th 2006, 7:00AM
A Timaru-based financial planner and two associates have run into trouble with the Securities Commission for promoting an unlawful investment offering to the public.The offer, The Gables, was unlawful as it had no registered prospectus or investment statement.
Neville Cant, who is a member of the IFA, and Rhys Morgan and Lorraine Te Atairehia, have given enforceable undertakings to the Securities Commission.
As part of the undertaking they are refund all money raised by the offer to investors and stop advertising the offer.
“People who take investment money from the public without these documents can be personally liable to repay the money plus interest and they can be prosecuted. In this case, the Commission considered that an enforceable undertaking was the appropriate outcome given the refund of investors’ monies, and that systems are to be put in place to make sure there are no further breaches,” Securities Commissin director of primary markets Kathryn Rogers says.
Kingfish declares special divvy
Kingfish is to pay shareholders a special dividend of 2.5c a share after a year of outstanding returns. It says the company has received greater than expected dividend income over the past couple of months, notably from a special dividend declared by Waste Management.
During the financial year Kingfish's net asset value rose 24% to $1.58 per share, compared with the share market benchmark increase of 14%.
The company says the portfolio is well placed to perform even with a slowing domestic economy, given the extent of offshore operations within the portfolio companies.
Comment: Views on regulating commission payments
Naomi Ballantyne's idea that regulating commissions paid to insurance advisers has garnered a range of view - as one could expect. To see what advisers think of the idea click here
Morningstar buys publisher
Aspect Huntley and InvestorInfo provide sharemarket news services and data as well as publishing InvestorDaily, IFA and Investor Weekly.
The deal makes Australia the largest of the US-based Morningstar’s 13 satellite offices – with a combined staff of 100. The combination of an equities database, fund management database, research ability and media penetration gives the new entity the most comprehensive offering in the Australian marketplace, the company says.
Aspect Huntley bought InvestorInfo last December for $4.2 million.
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