Weekly briefs

Craig & Co not for sale, Vineyard float, Strategic alliance formed & more.

Monday, May 25th 1998, 12:00AM

Craig & Co not for sale
Rumours that Merrill Lynch is about to buy sharebroking firm Craig and Co are incorrect, Craig & Co managing director Neil Craig says.
"We are not even in negotiations with anybody," he says.
Craig says he has heard the rumours and is not too surprised they are circulating as Craig and Co is one of the last remaining reasonable size broking firms which does not have a "big brother".
He says the firm is expanding, taking on more advisers and installing new computer equipment for portfolio monitoring and financial planning.

Wine time
Villa Maria is expected to produce a prospectus in about a month's time for a three-vineyard wine investment known as Terra Vitae.
The company is understood to be looking to raise $9.5 million in the float that involves properties in Marlborough and Hawkes Bay.
Craig and Co, which was involved in Villa Maria's earlier successful Seddon Vineyard offering, is expected to be the organising broker for the issue.
Villa Maria will underwrite the issue, plus it will be responsible for the winemaking. Terra Vitae will have a 10-year grape sale and management contract with Villa Maria.

Strategic alliance formed
Mercer Investment Consulting and KPMG have formed a strategic alliance to help investment firms comply with the newly released Global Investment Performance Standards (GIPS).
The standards have been developed to give investors more confidence in published fund performance numbers.
Mercer New Zealand chief executive Louis Boulanger says the GIPS can be used to "make sure managers aren't cherry picking" their numbers.
The Mercer/KPMG alliance provides managers with an independent verification of compliance to the standards, and offers advice on how managers should use the GIPS.

Waltus signs up for KPMG Tower
Waltus has raised sufficient funds to proceed with its purchase of the KPMG Centre in Auckland.
The building will be owned by a special partnership, Waltus Prime Properties.
Waltus paid $50 million for the building and sought to raise $58.575 million in a prospectus to cover the purchase, plus preliminary and issue costs.
The prospectus sought to raise $37.165 million in equity with the minimum subscription level being $23.675 million. It is unknown how much has been raised.
The offer had provision for a term loan of $21.5 million and the potential for $13.5 million of bridging finance.
The offer has been controversial as a number of commentators claim Waltus paid up to $10 million too much for the 16-level building.

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