Royal & SunAlliance's expected takeover of Guardian Assurance looks to have failed.
An announcement on the deal has been expected out of London (where both companies' parents are based), last week.
However the deal looks to have foundered on price. It has been suggested Royal & SunAlliance was likely to pay about $300 million for the New Zealand operations of Guardian Assurance.
J Fleming China considers wind-up Australian investment fund company Jardine Fleming China Region is proposing to buy back up to 35 per cent of the company's shares.
The proposed buy-back, however, is conditional that buy-back acceptances aren't received for more than 35 per cent of the company's capital.
"In the event that the buy-back acceptances are received for more than 35 percent of the company's capital, the buy-back will terminate and the board will convene a general meeting of shareholders to vote on a resolution to wind up the company," the company said in a statement to the Australian Stock Exchange.
Jardine Fleming China chairman Charles Moore says it is "with some concern" that there had been a 38 percent drop in the net asset backing of the company's shares in the year to June 31.
The weak performance of the markets the fund invests in (China, Hong Kong, South Korea, Singapore and Taiwan) has prompted the wind-up proposal.
The fund is listed on both the New Zealand and Australian stock exchanges.
Tower looks to London Tower Corporation's dispute with Guinness Peat Group may be headed for the Privy Council. Tower's managing director, James Boonzaier, says that Tower has applied for leave to appeal the Court of Appeal's decision relating to membership and ownership of the financial services group.
But GPG's New Zealand director, Tony Gibbs, says that Tower was yet again delaying its own demutualisation.
Boonzaier countered that by saying Tower was simply preserving its position should it decide to appeal, given the short time available to lodge an application. No decision had been made whether it would proceed with the application, expected on September 23.
The manoeuvre comes after the Court of Appeal last month ruled in favour of Tower's contention that the group's membership extended to policyholders in subsidiaries, such as Tower Life Australia, acquired in an expansion binge.
The court also ruled that ownership, and demutualisation spoils, belonged to the original members of the parent Tower Corporation, the group GPG argued should get the demutualisation benefits
JB Were extends offer J B Were has extended its special offer on its Australian-based Managed Trust until October 28, when the prospectus rolls over.
Under the offer it has eliminated the entry fee for investments of up to $50,000 and intermediaries will receive 2 per cent brokerage.
The trust is a balanced fund with a diversified portfolio, including exposure to growth assets such as Australian and international shares.
A feature of the trust is its capped management expense ratio (MER) of 1.5 per cent.
WestpacTrust reduces its rates WestpacTrust has reduced the minimum contribution levels on its range of retail unit trusts.
For lump sum and regular contributions the minimum contributioon is new $100 a month with initial lump sum of at least $2500.
For regular contributions (with no initial lump sum investment) the minimum reduces to $200 a month, while lump sum only remains at $5000.
The changes are effective immediately.
Royal & SunAlliance's expected takeover of Guardian Assurance looks to have failed.