News Round Up
Crossword available in printable format, Hot new fund, Liquidation no problem for St Laurence, The Principal considers demutualisation.
Sunday, March 5th 2000, 12:00AM
If you want to be in the draw to win a bottle of bubbly complete the crossword and fax the correct answers back to Good Returns. (This can all be done on the new printable format).
The deadline for entries has been extended to March 12. (Note the printable crossword has a few extra hints).
Hot new fund
This week a funds management company new to New Zealand will launch a highly innovative product into the market.
The company, which is headed in New Zealand by Philip Markwick, is running a series of roadshows throughout the country.
Check the diary for dates and venues. Also, Good Returns will be running a Special Report on the product later in the week.Liquidation no problem for St Laurence
St Laurence Group says the voluntary liquidation of a construction company involved with Prince's Wharf in Auckland will have no impact on a bond issue it has on the wharf redevelopment.
St Laurence says its Prince's Wharf bond issue, which is due to be repaid this month, has been used to fund stage one of the development.
Goodall Construction, which was developing Shed 24 of the wharf is part of stage two. St Laurence is not funding stage two.
It says the development of stage one is complete and funding has been arranged with ANZ to repay St Laurence bonds.
Meanwhile, St Laurence is about to issue a new bond which will be used to help finance the Hilton Hotel (stage three) on the wharf.
St Laurence says the stage one developer has agreed to delay repayment of stage one bonds until March 24, which is the scheduled settlement date for the new Prince’s Wharf (Hilton Auckland Hotel) Bonds Limited issue. This will enable your investors to roll their old investment directly into the new one.
The Principal considers demutualisation
BT Funds Management's US parent company Principal Financial Group has announced it is considering demutualising.
The board has authorised management to study the potential benefits of demutualisation and the corporate alternatives available to the company to enable it to meet its strategic objective of becoming a global retirement services and investment management leader.
"The time is right to study demutualisation as a means to fully access the capital markets to enable growth and to continue to meet the needs of customers today and into the future," president and CEO J. Barry Griswell says.
The study is due to be completed this year.
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