The second issue of Asset magazine will be out early this week. The lead story looks at New Zealand's most successful financial planner Doug Somers-Edgar.
Somers-Edgar and his firm Money Managers hit the headlines again on Friday when the Securities Commission clamped down on a contributory mortgage it was promoting.
The commission says that Money Managers breached the contributory mortgage regulations by promoting a scheme although it is not registered as a contributory mortgage broker.
The commission says Money Managers and its directors may be civilly and criminally liable under the Securities Act. (More on this story later).
Other features in this month's issue of Asset include: who might buy Royal & SunAlliance (and why), a look at Colonial First State's plans to crack the New Zealand market, a preview of how the risk-free rate of return tax system works (and what it means for portfolios), plus a new way of looking at the New Zealand Sharemarket.
Besides these stories there are regular features including Donal Curtin's monthly economic commentary, a series of practice management articles explaining how to write email newsletters, book reviews and a crossword.
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Calan to build hospital in Oz
Calan Healthcare Properties Trust is to build a major private hospital in Melbourne’s eastern suburbs.
The hospital will have 186 beds and cost $56.05 million ($A46.4 million) to build.
Calan says its programme of property sales should enable the Australian project to be funded from within existing resources.
Calan is selling its Parkhaven and Northhaven geriatric hospitals in Manukau and Whangaparaoa for $8.15m.
"We have for some time been refocusing the trust’s strategy and as a result have sold several non-strategic assets. The trust has determined to exit its direct investments in aged care and to reallocate that investment into the superior growth opportunities we currently have," Calan managing director Martin Lyttelton says.
Calan says unitholders should see an immediate benefit to the shareprice as the interest costs on the land for the hospital have suppressed distributions.
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