Weekly briefs
UK listed investment trust prices available, ASB bid progresses, Property trusts at a premium, Colonial closes bond funds and Rural Super bonds to be wound up.
Sunday, November 22nd 1998, 12:00AM
The latest United Kingdom-based listed investment trust prices are now available on Good Returns.The data, which includes prices, discount/premium levels and discount/premium ranges over the past 12 months, is being supplied weekly by sharebrokers Credit Suisse First Boston.
To see the latest prices click here.
ASB bid progresses
ASB Bank's takeover of Sovereign is well on target with acceptances passing the 74 per cent mark.
Sovereign says 74.14 per cent of shareholders, which includes Sovereign founders Chris Coon and Ian Hendry, plus most major overseas institutions, have accepted the $2.25 per share offer.
ASB Bank director Mike Walsh says Sovereign is well on track to achieving the minimum 90 per cent acceptance level needed to make the deal unconditional.
The offer closes on December 5.
Property at a premium
Investor interest in the property sector has given Guardian Trust's listed property index funds a boost.
The three funds, Property Leaders New Zealand (PLNZ), Property Leaders Australia (PLA) and Property Leaders Australia and New Zealand (PLANZ) are currently trading at premium to net asset backing.
Since the funds were launched four months ago their size has increased from $50 million to about $54 million now.
The company is expecting to crack the $100 million mark within two years.
Apples falling faster
The wind-up of Apple Fields' $31 million Rural Super Bonds has been accelerated.
The scheme, which recently missed its September 30 interest payment because of a lack of cash, was closed to new investments a year ago and expected to be wound up by 2002.
However, the trustees, Trustees Executors suggested the scheme should be wound up earlier in the interests of treating all investors equally.
With a downturn in property prices there is a need to make sure the same proportional amount is paid the first and the last investors out.
Colonial closes bond funds
Colonial is to close its capital stable and market linked bond funds to new investments.
The move is a result of product rationalisation following the company's recent purchase of Prudential. The company says it can offer a broader range of bonds through the Prudential products.
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