News Round Up
Two offers to win, Nuhaka worth less, Bridgecorp spans Tasman, BT to sell registry.
Monday, May 28th 2001, 11:09AM
Do you want to win a bottle of fine Marlborough sparkling wine? Yes? Well then visitwww.supertalk.co.nz and enter the Super Quiz (all you have to do is answer six real easy questions).
While you're there find out the latest news on superannuation including what's happening with the Government's proposed multi-billion dollar super fund.
Although Finance Minister Michael Cullen is putting $600 million into the fund this year there is no certainty the fund will get off the ground.
The reason is that the Greens are still procrastinating over whether to support the bill or not.
Nuhaka worth less
Nuhaka Farm Forestry's long-awaited harvest is coming in at levels below what was forecast.
The trust has harvested 284 ha of its Gisborne forest over the past 18 months and produced wood volumes 18% lower than anticipated.
The value of the forest has fallen by $4.62 million (17.92%) due to the manager adopting a lower yield basis, trustee Perpetual Trust says.
The value has also fallen due to changes in log specifications and increased future harvest costs.
Because of a falling demand and price for logs a decision has been made to halt further harvesting of the forest.
Bridgecorp looks to span the Tasman
Bridgecorp is looking to establish a significant presence in Australia, chairman Bruce Davidson says.
He made the comments when reporting last week that the company had made a record after-tax profit of $6.8 million in the year ending March 31.
During that period revenues rose from $19 million to $39.9 million and total asset grew 260% to $213.7 million.
Bridgecorp raised $18.4 million in a capital notes issue in the year which helped it grow its finance book from $47.8 million to $160.5 million.
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BT to quit registry
BT Funds Management is planning to sell its New Zealand share registry business to rival Computershare.
Computershare has applied to the Commerce Commission for clearance to acquire all the assets of BT Portfolio Services (NZ).
BT last year sold its Australian master custody business to JP Morgan Investor Services, but retained its retail unit registry and wrap backoffice business, along with the separate share registry business.
The commission's decision is due on June 20.
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