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.
Investors in the failed Flat Rock Forests Trusts will get nothing from the sale of the trust's assets.