Circuit funds prospects

Press, Volume CXIV, Issue 33702, 27 November 1974, Page 2

Circuit funds prospects

(New Zealand Press Association) AUCKLAND, November 26. A meeting to confirm the appointment of New Zealand Land Securities Management, Ltd, as the new manager of Circuit Property Bonds Unit Trust, will be held in Auckland on December 9.

Letters went out today to members of Circuit Property Bonds, Circuit Mutual Fund, South Pacific Mutual Fund, Circuit Income Bonds, and syndicates previously managed by Circuit Managements, Ltd. Letters to the first three such groups went from Perpetual Trustees as trustee to the three funds, and to the last two from Land Securities Management, which has been formally appointed manager of Circuit Income Bonds and is offering its services to syndicate members. Summarised, they say: Property Bonds: All cash and property bond investments are held in the name of Perpetual Trustees and the fund is adequately safeguarded. The new manager will report the value of individual bondholdings and future plans as soon as possible. Mutual Fund: The fund ap-

pears to be adequately safeguarded. South Pacific Mutual: Investments (as with Property Bonds, Circuit Mutual Fund and Income Bonds) are independent of the Circuit companies in liquidation.

Income Bonds: Investments appear to be adequately safeguarded. The manager . . - intends to resume interest payments as soon as possible. Land Securities seeks members’ authority to be appointed manager for three months, or such longer period as may be necessary to investigate the position fully. Land Securities promises an investigation, report, and recommendations. It has offered its management services permanently, for which it would charge 5 per cent on the gross annual rentals of a syndicate, plus investigating costs, accounting fees as scale rates, and anv other costs normally bom by syndicate membejg.