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Investors miss out, Australian managers put on notice, Colonial charts new course, Pru happy.

Monday, August 3rd 1998, 12:00AM

by Philip Macalister

Investors in the failed Flat Rock Forests Trusts will get nothing from the sale of the trust's assets.
The debt laden trust went into receivership earlier this year and its assets, 13 mainly North Island forests, have been sold to British investors.
The price and identity of the buyers are not being revealed to investors.
Receiver John Cregten says the money realised from the sale will be used to pay receivership costs and secured debenture holder and mortgagee Countrywide Bank.
At March 31, Flat Rocks had 1160 unit holders, total assets of $14.9 million and liabilities of $6.9 million.


Colonial launch
Colonial is due to launch its Navigator administration system on Thursday.

Australian managers on notice
The Securities Commission is warning Australian fund managers operating in New Zealand that they better comply with the rules if they want to continue offering their investments here.
Under the Securities Act (Australian Unit Trusts) Exemption Notice 1997 managers must give the commission a report on their fund raising in the previous calendar year.
"Advisers to Australian managers should ensure that their clients meet this reporting requirement if they wish to continue to offer interests in their trusts in New Zealand," the commission says.

MLC continues in New Zealand
MLC Investments has confirmed it won't be appointing a new manager for New Zealand to replace Andrew Kurac. Likewise office manager Kim Grant will not be replaced.
MLC has decided to wind back its New Zealand operations following the failure of the proposed merger with National Mutual.
However the MLC Australian Trust, including the MLC Platinum Global Fund remain available to New Zealanders.
Trustees Executors corporate division will continue with the administration work, and it will provide investment statements and prospectuses.
Investors will be serviced through MLC's Sydney office.
Kurac has been appointed general manager - marketing of MLC subsidiary FlexiPlan Australia in Perth.

Pru happy
Prudential's direct marketing tax cuts campaign has generated more than $1.2 million in annual premium income in just over a month.
The campaign achieved its objective of catching more than one per cent of the $1.2 billion injected into the New Zealand economy by the tax cuts.
It is one of the most successful direct marketing initiatives ever undertaken by Prudential in New Zealand.
« AIA confirms its position on QuantumGet your tax questions answered online »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

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