[Weekly Wrap] Mighty River Share price revealed
It was revealed today that Mighty River Power shares will likely sell for between $2.35 and $2.80 when they hit the market next month. But uncertainty over whether Rio Tinto will maintain its smelter at Tiwai Point will likely make a big difference to how much the shares are worth
Friday, April 5th 2013, 2:00PM
The smelter consumes almost 15% of the country’s electricity every year. You can see the offer document here.
As Brook Asset Management analyst Stefan Stevanovic pointed out in a commentary this week, investors shouldn’t be lulled into a false sense of security about these shares. While they are perhaps not as risky as the Green Party would have you believe, they’re not a sure-fire investment bet, either.
In other news, the LM Investment Management saga continues to unfold. There’s almost $10 million owed to advisers and there are some loans to founder Peter Drake raising question marks.
There's been a buzz for a while that the Government might want some rationalisation in the dispute provider space. Financial Services Complaints Ltd says there's no need, but the Government's default scheme, FDR, is being given an unfair hand up by the million-dollar subsidy it receives from the Government. FSCL CEO Susan Taylor says there's no evidence that consumers are confused by having a variety of different disputes schemes available.
TOWER confirmed earlier in the week that advisers under TFAS are continuing to work as normal despite the sale of the investment business to Fisher Funds, which settled as expected on Tuesday. However, if the life insurance side of the business is sold, they'll go with it.
On the investment front, the fact that Southern Cross paid out $160,000 for one surgery in the past financial year should add weight to arguments about the value of insurance.
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