News Round Up

Your guide to the new securities laws, Celsius extended, New wealth management firm for Chch, St Laurence sells down holding

Monday, December 24th 2007, 5:49AM
The Securities Commission has produced a guide for everyone affected by the new Securities Markets Act which comes into force on February 29.

The guide explains, amongst other things, the law relating to disclosure that investment advisers and brokers must make to their clients about themselves, their fees and commissions, and the types of investments they give advice on.

These changes to the law arise from the passing of the Securities Legislation Bill in 2006. Hard copies of the guide will be available in January free of cost.

Celsius extended

The Celsius offer period has been extended to February 15. Macquarie says the fund has been well received by investors and advisers, but an extension was being sought "due to the proximity of the IPO close date to Christmas." Macquarie is confident the fund will close successfully.

The expected initial allotment/issue date will become February 22, the first distribution date will be adjusted and will become June 1, however the maturity date will not change.

New wealth management firm in Chch
First NZ Capital has bought a 25% stake in Christchurch investment bank Murray & Company.

Murray is also expanding into the wealth management and sharebroking business.

Murray will be recruiting Christchurch-based investment advisers and First NZ will be providing systems support as well as investment research and investment products on which Murray's wealth management and sharebroking business will be based.

The new wealth management and sharebroking business is aimed at the top-end of the retail market.

St Laurence sells down stake
St Laurence Property & Finance (SLPF) has sold part of its holding in Rural Equities to RotoruaTrust Perpetual Capital Fund in an off-market transaction.

SLPF sold 2.66 million shares at $2.85 each, but has kept 1.37 million shares.

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