It says the notes have been issued due to the considerable growth being experienced in the fund. It says it is prudent to maintain the 10% capital to debenture ratio for the fund. Since MFS manages more than A$1billion and it has various financial requirements it s requirements MFS Pacific has opted to partly maintain the required ratio through unsecured Notes.
“Considering the continued expansion in Australia, New Zealand and Europe, MFS as a professional and prudent fund manager seeks to have all funds perform and meet all statutory and regulatory requirements, so as not to jeopardise its reputation and consequently investor confidence.”
Commerical property has a good year
The composite property return – an overall ‘average’ return from commercial property investment – was 10.69%. Equities had a particularly good year in 2003, and outperformed property, but all property categories outperformed bonds.
“Typically in recent times we have seen retail outperforming industrial, which in turn outperforms office”, Property Council Research chairman Alan McMahon says.
“This time Christchurch industrial is the top performer at 17.12%, thanks to a very significant increase in capital value.
Most categories of property performed better in 2003 than 2002, the notable exception being Auckland industrial which was slightly down at a total return of 10.93%.
Carlton Capital losses bigger than expected
Investors in failed Christchurch finance business Carlton Capital are facing bigger than anticipated losses after an $800,000 hole was found in the company's accounts, The Press reports.
Carlton raised $5.4 million, on the promise of returns of up to 13 per cent a year, from investors but was placed into liquidation after widespread problems were found with its lending portfolio.
Liquidator Keiran Horne says, in a letter to creditors, a "possible fraud" had taken place at Carlton. It said an individual has admitted setting up bogus accounts and using the funds personally.
The matter affects about 40 people and involves around $800,000.
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