News Round Up

Sunday, July 13th 2003, 10:50PM

Forsyth Barr Exchange Holdings Limited (FBEHL), a collection of interests associated with sharebroking firm Forsyth Barr has taken an 8% stake in New Zealand Exchange Limited (NZX). FBEHL is independent from Forsyth Barr Limited and has no financial or other involvement with them.

FBEHL spokesman Shane Edmond says that the group has a strong belief in the future prospects of NZX as an independent entity.

"The parties involved with FBEHL have a keen interest in the future success and development of New Zealand’s capital markets, a view also shared by Forsyth Barr, which itself has a major stake in the industry as one of the largest local and New Zealand owned sharebroking firms."

"At current market prices the 8% stake represents a $4.6 million investment in NZX reflecting our strong belief in and commitment to the future potential of the New Zealand market,” he says.

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Liontamer closing date extended
Liontamer has extended the closing date of its first structured fund to Friday July 18. One of the reasons for the extension is that some advisers are waiting for money from redemptions to come through.

"There have been numerous requests for the trust to stay open in order for these clients to take advantage of our current terms," Liontamer says. "Given the attractive nature of Trust 1, we’re very keen to accommodate this need and have managed to arrange an extension to 18 July, with approval from Morgan Stanley. The amount of interest in this first issue and your support has been excellent."

Three firms folded

Three Tauranga-based corporations and three individuals were placed into statutory management following an urgent meeting of government ministers last week.

The statutory management applies to Tauranga-based corporations Asset Protection, International Investment Unit Trust, Timberland Trust, as well as associated persons, Donald Moris Rea, Catherine Linda Trezona and Lisa Shirlee Talbot.

The government’s action follows advice from the Securities Commission, Commerce Minister Lianne Dalziel says.

"The Securities Commission advised that these corporations and associated persons appear to have been involved in illegal raising of funds in schemes similar to prime bank instrument schemes, which promise substantial returns on fake investments. Such schemes are a scam, as the investments do not exist. Promoters take the funds from the pyramid-like scheme and money from new investors continues to be used to repay old investors until the source of new investors dries up, similar to a ‘Ponzi ’ scheme.

“Statutory management was necessary to protect the assets of the companies and the associated individuals, while the scheme itself is investigated. Notice of the statutory management was served yesterday, and all known bank accounts have been frozen,” Dalziel says.

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