It is planning an IPO for an NZX-listed trust, Barramundi, which will invest in smaller, growing Australian companies. The IPO will be looking to raise $50 million.
Like Kingfish investors will receive one warrant for every two shares issued and these warrants will be exercisable between the first and third anniversaries of the date of allotment.
Fisher Funds will be a promoter to the offer and ABN AMRO Craigs will be appointed as lead manager to the offer.
New set of PINs
Absolute Capital is also planning to launch a second version of its popular NZDX-listed PINS notes.
This offers aims to generate a yield of more than 9% annually. Like its predecessor the PINs fee structure will be set up so that that investment manager, will only earn a performance fee when performance exceeds, amongst other things, the payment to investors of the targeted return.
PINs 2006-1 will invest in a diverse credit investment portfolio using a range of specialist credit managers who, in turn, invest in a range of countries and industries with a number of strategies.
Residential property no longer to be favoured
United Future finance spokesperson, Gordon Copeland, says the proposed new tax rules for share investments will level the playing field between shares and residential rental properties.
Under the new regime income from shares will flow through to the investors and they will be taxed at their marginal tax rate and there will be no capital gains tax, he says.
"The tax bill now before Parliament's finance and expenditure select committee will radically reduce the tax impost on share investments.
He says the current regime "has contributed materially to the over-investment in property."
"Hopefully the changes now announced, including the dividend yield income tax methodology for overseas share investments, will lead to a rebalancing of a badly skewed national investment profile.
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