News Round Up

Free for all for Blue Chip victims; New business development, LA Central; Kermadec's Augusta changes hands.

Monday, June 9th 2008, 5:00AM

by Maddy Milicich

Free for all for Blue Chip victims
Lawyers from the Property Law section of the NZ Law Society, have joined members of the NZ Institute of Chartered Accountants (NZICA), to volunteer an hour's free advice to assist people who have lost money through the Blue Chip collapse.

The freephone line is available to investors of any of the Blue Chip companies that are in liquidation. It's designed to help those who face losing their homes in mortgagee sales. So far more than 80 investors have taken up the offer of assistance by members of the NZICA.

Commerce Minister Lianne Dalziel says, "Bue Chip is nothing like I've seen before. It used a multi-layered, intricate and complex set of arrangements and it's going to take some time to untangle. The behaviour of some people connected with Blue Chip is coming under scrutiny so it's good to see professional bodies taking action to restore public confidence."

New business development, LA Central
St Laurence Property & Finance (SPLF) in conjunction with Greenstone Group, have launched "LA Central' – a premium $300 million business zone.

The zone is centred around a large office campus on eight hectares of mostly vacant land bordering the old quarry in Mt Wellington, Auckland.

LA Central is targeting businesses wanting to make a positive difference to their work environment and seeks to attract local and international tenants wanting office space close to the CBD at a lower cost without compromising quality.

"The combination of LA Central's location, growth profile, zoning diversity and surrounding shrubs will provide a unique offering to businesses seeking premium office space outside the CBD," Kevin Pormore, SPLF executive chariman says.

Kermadec's Augusta changes hands
Augusta funds Management (AFML), previously owned by Kermadec Property Fund, has changed bosses.

At the time of Kermadec's initial public offering (IPO) in December 2006, AFML was owned by AMF Holdings and the Starline Group, in a fifty-fifty joint venture.

AMFL is now 100% owned by AMF Holdings, who acquired Starline's 50% share.

In conjunction, AMF Holdings' directors Mark and Chris Francis have also acquired all of Starline's shares in Kermadec, which it held through its subsidiary Property Manager Holdings.

Kermadec chairman Peter Wilson said, "This transaction illustrates the commitment of the Francis brothers to Kermadec Property Fund, and further aligns the interests of the company's manager with those of its shareholders."


How 'bout those commissions
A story last week on commissions and soft dollar incentives paid to risk advisers caught my eye. The story, it's here, is based on the independent report prepared for Tower shareholders in respect to GPG's partial takeover offer. [more]

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