News Round Up

Wednesday, December 28th 2005, 12:16AM

Absolute Capital's Packaged Income Notes series has closed after raising more than $30 million from retail and institutional investors.

PINs is a capital protected income investment aiming to produce annual returns of 9.25% annually.

"Having spent four years working with New Zealand's retail and institutional investors to develop a new kind of product we are naturally delighted by this reaction," Absolute group managing director Deon Joubert says.

Smartshares removes some obstacles

A new initiative from NZX-subsidiary Smartshares has made investing in its index funds easier.

Current and new investors can now buy units in its four index funds funds thus removing the need to involve a third party.

Brokers can and will still buy units for investors who prefer to operate that way, but the new direct cash subscription process means investors can buy units directly from Smartshares.

Smartshares Limited's new investment statement contains the application form for each of the four funds - MIDZ, MOZY, FONZ and TENZ.

St Laurence's lastest offer fully subscribed
St Laurence group’s latest direct property investment offer, the Wakefield Street Proportionate Ownership Scheme, has closed fully subscribed.

The property is located in the expanding Courtenay Place precinct. It will become the group’s head office early in the New Year.

"The high level of demand from investors for the offer reflected the quality of the property, the tax depreciation advantages of this type of investment structure and the attractive yield. While this is the eighth such offering from St Laurence it is the only the second we have taken to the market this year. Finding quality properties with attractive yields is challenging in the current climate," St Laurence’s Managing Director Kevin Podmore says.

St Laurence is actively seeking properties within the $3m to $10m bracket and it is expecting to have two or three similar offers out in 2006.

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