Abolition of stamp duty in the budget has provided a windfall for the soon-to-be listed Colonial First State Property Trust.
Currently the trust is in the process of raising $120 million through a public offer that will be used to acquire a $200 million portfolio of commercial properties.
Trust chairman Bruce Abraham says the Government's move to do away with stamp duty will save the fund $1.2 million.
He says this will be distributed to unitholders: "It translates to an extra 0.8 cents per unit over and above the forecast," he says.
The offer closes on Thursday May 27. To obtain a prospectus click here.
Money Managers expands Money Managers is in expansion mode again. The company, which has 37 offices nationwide, is looking to establish three three new offices in the Manakau - Pukekohe area.
Managing director Doug Somers-Edgar says there is demand for financial planning services in these areas.
He says franchises cost about $20,000 each.
Higher price assured Tower Group's takeover of FAI Life has reached the 90 per cent threshold for compulsory acquisition five days before close off date.
This also means sellers will get a higher price for their shares. Tower says now that it is at the 90 per cent mark the price it will pay for each share rises A$0.05c to A$1.55.
"The full acquisition of FAI Life should be completed within two months and we will move be glad to welcome the company's staff and 108,000 policyholders into the Tower Group," managing director James Boonzaier says.
Tower Life Australia will be 30 to 40 per cent larger once it is merged with FAI. The combined group will have premium income of A$704 million.
Planning made easier
The Office of the Retirement Commissioner has launched a simplified version of its popular Action Planner booklet making it even easier for New Zealanders to plan for their retirement.
Retirement Commissioner Colin Blair says the revised Action Planner is easier to work through and provides more information on important issues such as planning for women, and company super schemes. Other changes include simplified worksheets, three approachjes for people to use in putting together a savings plan.
Copies of the Action Planner are freely available either through the bookstore, from the Office of the Retirement Commissioner phone 0800-456585, or as an interactive set of calculators at www.retirement.org.nz
Profit announcement delayed National Mutual has delayed the announcement of its interim results due to problems in assessing the appraisal value of its Hong Kong operation.
The company told the Australian Stock Exchange on Friday that the announcement will be delayed for about two weeks.
The group's chief financial officer, Tony Summers, said the group's external actuary, Trowbridge Consulting, has requested more time to complete its appraisal of the group's subsidiary, AXA China Region.
Avco sold Avco Financial Services is being sold to GE Capital, which is part of American industrial giant General Electric.
Avco has assets of more than $2.4 billion and operates in Australia and New Zealand in insurance and the commercial and consumer finance sectors.
While it is a small business in New Zealand, Avco has 160 branches and 300,000 customers in Australia.
Coming up this week
Delegat's Wine Estate will unveil details of its Oyster Bay vineyard offer on Wednesday. The company is looking to raise $18 million to develop vineyards in Marlborough.
