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Commission's second warning
The Securities Commission has reiterated its warning about the IMI Pacific Group. It says investments being promoted by IMI and associated company Walakahai Pacific are very risky.
Senior executive (operations) Norman Miller says the commission is continuing to receive many reports from the public about IMI Pacific.
"In some cases people have told us that they are considering investing a large proportion of their life savings with the company. This would be very foolish indeed," he says.
Miller says the investments are being promoted with the very minimum of conventional investor information, and they appear to be targeted at people who have little, if any, investment experience.
FIF deemed rate of return
The annual deemed rate of return used for the purposes of the foreign investment fund (FIF) regime has been set by regulation.
The rate for the 1998-99 income year has been set at 9.82%. The deemed rate of return for future income years will continue to be set annually.
The FIF regime taxes the income earned by foreign entities on behalf of New Zealand residents, where the controlled foreign company rules do not apply.
The deemed rate of return method is one of the four methods for calculating FIF income or loss. The rate of 9.82% will apply to all types of investments, including interests in superannuation schemes and life insurance policies.
Oyster Bay successful
Delegat Group's $9 million capital raising for its Oyster Bay vineyard was completed successfully and the shares will be traded on the unlisted securities market from July 26.
The float is the first step in the planned 2001 listing of the Delegat company.
The money raised is being used to expand the company's Marlborough vineyard estate to 300 ha.
Delegat owns 30 per cent of Oyster Bay and balance is held by 760 shareholders.
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