A net 55% of respondents are expecting house prices to increase, up from 44% last quarter. This result, which follows the marked jump up in the preceding survey, is in line with many of the housing statistics that show the market gaining further steam in 2007.
Tower shareholders targeted
Tower shareholders are being targeted by an Australian sharemarket predator, David Tweed, the company says.
Tweed has written to shareholders offering them $1.75 for Tower Australia shares, which is well below their current price. (View the current price here).
Tweed has a history of making such offers to shareholders in listed companies in Australia and New Zealand.
Tower Australia chief executive Jim Minto said shareholders should disregard Tweed's offer or at least seek advice from an investment professional. Shareholders who did not wish to keep small parcels of Tower Australia shares would be able to sell them to the company at market price with no brokerage fee in a scheme to be announced shortly.
COMMENT:Banks pressure finance coys
In case it has escaped your attention there is significant action going on in the term deposit and finance sector which is signalling a real shake out.
Over the past couple of months the banks have been taking it to the finance company sector (and each other) with huge rate increases. [READ ON]
Rising portfolio value boosts Kingfish
The increasing value of its portfolio boosted investment company Kingfish's annual net surplus by 95% to a record $36.8 million. [MORE].
Unlisted grows
Unlisted has set new monthly records for the number of trades conducted on its facility in March and April. March saw 224 trades worth $1.9 million transacted while April saw 302 trades worth $2.4 million.
“Unlisted trading activity was significantly boosted in the last two months by the quotation of St Laurence Property and Finance renounceable rights, which accounted for 50% and 60% of March and April trades respectively. SLPF raised $22.7 million through its rights issue, and over the last two months investors traded almost three million rights worth $125,000,” Unlisted manager Bruce Cossill says.
“In addition to heavy trading in SLPF rights, which ceased quotation on 12 April, both months saw relatively high values traded across a number of stocks, particularly SLPF Convertible Notes ($688,000 and $539,000 in March and April respectively), Skyline Enterprises shares ($472,000 and $209,000), King Country Energy ($245,000 and $333,000) and Open Country Cheese ($224,000 and $678,000).
“Unlisted is also soon to quote shares in Kaimai Cheese Company, which will be the first IPO to move directly onto the facility. The Kaimai Cheese float closed early and heavily over-subscribed, and it will certainly be interesting to see the stock debut on Unlisted in the next week or so.
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