Archive | Unlisted

St Laurence puts St John Balanced Fund on Unlisted trading facility

Published 2 October 2009

St John Balanced Property Fund Ltd joined the Unlisted securities trading facility yesterday.

 

The St John fund owns 3 commercial properties – Canterbury Arcade, between Queen & High Sts in Auckland, & 2 in Whangarei. It produced a $311,234 profit before tax & asset revaluations for the March year.

 

Fund management company managing director Kevin Podmore said: “We are pleased to deliver to shareholders a transparent and arms-length secondary market trading mechanism. The directors are in no doubt that our shareholders will benefit greatly from having access to a visible secondary market which will provide the means for a more liquid market in those shares to develop.”

 

St Laurence Ltd (Mr Podmore & Mike O’Sullivan) acquired the management contracts for the fund company from syndicators Ross & Dallas Pendergrast in 2007, after NZDX-listed St Laurence Property & Finance Ltd took majority control of the fund itself.

 

Earlier story:

2 October 2007: St Laurence takes over St John management contract

 

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Unlisted’s success heads it towards Securities Markets Act cover

Commerce Minister Margaret Wilson said today privately created & operated exchange Unlisted’s value & trading volumes, and the number & type of issuers, had developed to the point where it should afford its investors the protection offered under the Securities Markets Act.


Unlisted isn’t a registered securities exchange and therefore isn’t subject to the disclosure, insider trading & oversight provisions of the act.


The minister of commerce has the power to declare the act should apply to an otherwise unregulated securities market.


Ms Wilson has initiated this process by writing to Unlisted and outlining why she thinks the trader should be subject to the act.


“Unlisted has operated for just over one year and now has a significant presence in New Zealand’s capital markets. It has marketed itself as a facility for small & medium-sized businesses, but I believe it is being used by larger organisations. It trades shares in 21 companies, one more than the regulated NZX Alternative Exchange market, but its capitalisation is more than twice that of the NZAX.


“Unlisted should offer its investors the protection of securities law so they are kept fully informed about their investments and are protected from the likes of insider trading. It should also have securities exchange status to preserve confidence in New Zealand’s securities markets.”

Ms Wilson has given Unlisted & other interested parties, including the companies trading on Unlisted & the Securities Commission, 3 months to send their views before a final decision is made.

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