News Round Up
Waltus over first hurdle, Tower Health starts a journey, Church groups targeted, Private Capital makes first investment.
Sunday, July 30th 2000, 12:00AM
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"The next stage is an investor vote to be held at a special meeting on August 22 in Wellington," he says in a letter to investors.
If the majority of investors vote in favour of the proposal Waltus will ask the High Court to issue final orders and the merged syndicates will operate as Waltus Property Investments Ltd from September 12, he says.
Information, including investment statements and a notice of meeting will be sent out to investors over the next couple of weeks.
Tower Health starts a journey
Tower Health has relaunched its range of life insurance products and is offering a better deal to brokers who sell its products.
Tower Health made its re-entry into the broker market to a gathering of 250 advisers in Auckland on Friday.
The company aims to build up a strong relationship with brokers, and says its products will be competitive and market leading.
Private Capital makes first investment
AMP Private Capital will invest $2.5 million in telephony technology company Zeacom Group Limited in what will be the first investment for AMP’s new Private Capital NZ Fund.
AMP Private Capital says that its public offer held earlier this year had raised $50.7 million, well in advance of the target figure of $25 million. This was the first public offer held in New Zealand for a private capital fund.
Together with joint venture partner Caltech Capital Partners, AMP Private Capital will assist the New Zealand based call centre and enterprise messaging software company to expand further into the United States and Asia.
AMP Private Capital will combine funds from its recent successful public offering with its own funds in the investment.
Church groups targeted with scams
The Securities Commission is warning people about placing money with Millionaires of the World (Part of the Hope Foundation Members Association SA) and the Wairua Tahi Trust (Goldrush) schemes or schemes related to them.
These schemes are being promoted in the Tauranga, Waikato and Auckland regions. Commission senior executive Norman Miller says the promoters are targeting church groups.
Miller says the Hope Foundation promoters tell people the schemes have returns of between 10 per cent and 40 per cent a month, and that these returns are tax-free.
Meanwhile, the Wairua Tahi Trust promises tax-free profits with zero, or near-zero risk and 15 per cent returns per month.
The Commission is warning people to be extremely cautious when dealing with the Hope Foundation or its associated entities, the Wairua Tahi Trust, schemes relating to them or anyone claiming to represent them.
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