News round-up
Fund services development group formed; Kiwibank raising capital; Date set for directors of C+M hearing
Monday, April 12th 2010, 5:52AM
Fund services development group formed
A group titled the International Fund Services Development Group has been created to advise the government on the steps required to create an international fund services industry.
The group will consider what is needed to establish such an industry in New Zealand and associated activities, including making New Zealand a popular funds domicile.
It will also examine what regulation will be needed and how this could strengthen the funds management industry and capital markets.
The group is chaired by entrepreneur and professional director Craig Stobo. Other members are Caniwi Capital Partners chair and chief executive Troy Bowker, Citigroup New Zealand chief executive Mark Fitzgerald, BNP Paribas New Zealand chief executive Hugh Stevens and Tower Investments chief executive Sam Stubbs.
Kiwibank raising capital
Kiwi Capital Securities, a subsidiary of Kiwibank, has announced details of its capital raising initiative.
It is offering $100 million in perpetual callable non-cumulative preference shares, with the option to accept up to $50 million in oversubscriptions.
The minimum dividend rate for the first five years for the shares is 8.13%, with the actual rate to be set on May 3.
Capital raised will be used to provide Kiwibank with additional tier 1 capital.
The offer opened on Thursday last week (April 8) and is expected to remain open until April 30.
Kiwi Captial Securities is a member of the New Zealand Post group and has been specifically formed to issue the shares.
Date set for directors of C+M hearing
The trial of five Capital + Merchant finance directors has been scheduled for May 4, after a call-over hearing last week.
The Securities Commission has laid criminal charges under the Securities Act against directors Neal Nicholls, Owen Tallentire, Colin Ryan, Robert Sutherland and Wayne Douglas for allegedly making untrue statements in a registered prospectus and investment statements.
The commission charges focus mainly on related party lending, insurance cover and liquidity.
The directors face a maximum penalty of five years' imprisonment or fines of up to $300,000.
These proceedings follow investigations by the Commission since Capital + Merchant Finance went into receivership on 23 November 2007 owing about $167 million to 7,000 investors.
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