22 October 2002
The Securities Commission has banned advertising for 3 futures contract programmes run by Investment Programme Management Inc, which is registered in Belize, Central America, and has offices in Malaga, Spain. Advertising for the scheme has been distributed in Auckland & Hamilton by a few financial planners. The commission said the scheme had no investment statement or registered prospectus, and neither the company nor its New Zealand distributors were authorised futures dealers.
21 October 2002
North Shore City, Waitakere City and Rodney District Councils have agreed to sell their 10.7% of UnitedNetworks Ltd to Vector for $160 million, at the $9.90/share offer price. The councils’ stake is held through the Waitemata Electricity Trust, which is allowed to sell after a recent change to the trust deed. The trust will retain $8.9 million to finance the 3 areas’ undergrounding programmes. The balance will be distributed according to their number of electors in October 2001.