News Round Up
Monday, February 12th 2007, 7:03AM
PFG merger plans disruptedPlans by ambitious Christchurch lender Propertyfinance Group to merge with listed building society CBS Canterbury have been disrupted by CBS's decision to discuss a merger with another local lender. [MORE]
Directors bid against St Laurence offer
St Laurence has extended its takeover offer for the St John Balanced Property Fund, however investors are being urged not to accept the offer.
The directors of the $44 million St John Balanced Property Fund have urged investors to resist accepting any offers until the release of the second target company statement.
Director Ross Pendergrast says that an offer from St Laurence Property and Finance and a subsequent offer from Pen Investments had the potential to confuse investors and obscure the options available to them.
Pen Investments is a company associated with Pendergrast and his fellow director Dallas Pendergrast. They are offering $6,060 per St John parcel compared to St Laurence's $5,460.
Capital protected BRIC fund
Liontamer is looking to roll out a capital protected fund which invests in the BRIC economies: Brazil, Russia, India and China. The fund is likely to have a five-year term and the "booster" features Liontamer has used previously.
No money is currently being sought and an investment statement has yet to be registered.
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