Details of this year's biggest sharemarket offering, Promina, will be unveilded today.
Promina - the new name for Royal & SunAlliance - is expected to raise more than A$2 billion from investors in New Zealand and Australia.
Although the company is well-known in the funds management, and insurance market, it's biggest area of operation is general insurance.
Commission stops Endeavor in New Zealand
The Securities Commission has banned advertising for an investment scheme which appears on the web site www.endeavorplan.com.
This web site appears to be administered by a company in the West Indies called Endeavor Portfolio Corporation Limited. The web site also states that its founder is Victor Cattermole. "We understand that Mr. Cattermole is a New Zealander and resides in Wellington," Securities Commission director of enforcement Norman Miller says.
The scheme invites the public to contribute funds by way of credit card. It is said that these funds are then invested in a British Virgin Islands fund called CSA Absolute Return Fund Limited. This is done through a Hong Kong company. The scheme offers commissions to investors who introduce other investors.
The commission banned advertising for the scheme because it does not comply with the law. To be offered in New Zealand the scheme must have a registered prospectus and an investment statement. These documents are not available.
The commission warns people about committing any money to the scheme. The Commission warns people generally about investment schemes that they find on the Internet. Investments promoted on the Internet must still comply with New Zealand law.
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