News Round Up
Mutual recognition of securities offerings across the ditch; Socrates joins UN Responsible Investing club; AMP confirms approach to MacarthurCook; OPI suspension of securities; Changes to ING's Aussi team
Monday, June 16th 2008, 6:02AM
by Maddy Milicich
Mutual recognition of securities offerings across the ditchA new, landmark agreement between New Zealand and Australia will smooth the way for businesses to raise capital and for the public to invest with greater ease in both countries.
The Mutual Recognition of Securities Offerings regime, launched Friday 13 June, by Commerce Minister Lianne Dalziel and Senator Nick Sherry, Australian Minister of Superannuation and Corporate Law, allows for the same securities offerings documents to be issued in both countries.
"It will remove barriers to trans-Tasman securities offerings and reduce costs to businesses as only one prospectus will be needed in most cases and investors will benefit from having a wider choice of investment opportunities," Dalziel says.
It is another important step towards creating a single economic market between New Zealand and Australia.
Socrates joins UN Responsible Investing club
Socrates Fund Management has become the first New Zealand owned PIE unit trust fund manager to be accepted as a signatory to the United Nations Principles of Responsible Investing.
Socrates is promising to incorporate environmental, social and corporate governance (ESG) into every investment analysis and decision-making process, and all policies and practices.
The fund manager has been a keen supporter of environmental protection and sustainability and has been a long-standing member of the Sustainable Business Network.
Socrates also supports one third-world child for every $1 million under management.
Their three current unit trusts, the Income Unit Trust, the Performance Unit Trust and the Gold & Metals Unit Trust have been the top performing PIE unit trusts in New Zealand in their respective categories for the last seven months.
AMP confirms approach to MacarthurCook
AMP limited, on behalf of its wholly owned subsidiary AMP Capital Investors, has approached listed real estate funds management business MacarthurCook with an indicative takeover proposal.
AMP Capital's proposal is for a $1.35 cash per share takeover offer for all the issued ordinary shares in MacarthurCook, valuing the company at $31 million. This represents a 69% premium to its closing price of 80 cents per share on 6 June 2008, which was the last trading day before the proposal was submitted.
AMP has also entered into a pre-bid agreement with Ascalon Capital Managers, the largest shareholder in MacarthurCook, over Ascalon's 18.37% shareholding.
The proposal is subject to a number of conditions, including satisfactory due diligence and a board recommendation from MacarthurCook.
OPI suspension of securities
NZX has announced it has suspended MFN's securities, after the company had still not provided NZX with their full year results announcement for the full year ended March 21 2008.
The five business day period expired on Friday May 30.
Changes to ING's Aussi team
Four key staff members from ING Investment Management's Australian equity team have left, forcing research houses to put funds they manage on hold. This team is resposible for managing the ING NZ Australian Share fund.
People to resign include the team's co-heads Paul Cuddy and Mark East and two analysts Michel Chun and Michael Malseed.
Chief investment officer asset strategist and alternatives James Wright and head of investment process and quantitative services Michael Price will now head up the group's Australian equity team.
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