Briefs

Press, 12 August 1985, Page 36

Briefs

Andas gain Andas Group, Ltd, has reached agreement with Powercorp Group, Ltd, for Andas to acquire the wholly owned Powercorp subsidiary, Software Power, Ltd. With the recently announced restructuring of Powercorp Group, the activities of Software Power — predominantly software distribution — now fit more logically into Andas’ activities, they said in a statement to the Stock Exchange. IFC buys Investment Finance Corporation, Ltd, advises that it has acquired, both on and off market, a total of 1,818,000 shares in Clearwood Thoroughbred Stud, Ltd. This represents 16 per cent of the total issued capital of Clearwood. IFC is to seek the consent of the Commerce Commission to increase its shareholding to 51 per cent. NZI issue NZI Financial Corporation, Ltd, will issue SHKIOO million in bills of exchange in Hong Kong, the arranger, Jardine Fleming, Ltd, said. Schroders Asia, Ltd, is the co-arranger for the 3Vt year issue by the local merchant banking arm of New Zealand’s leading insurance company. Rates higher BNZ Finance, Ltd, has increased its interest on, shorter terms of registered debenture stock by as much as two percentage points. Call rates are unchanged at 15 per cent, but three months then at call, six months then at call, and one year terms are all two points higher — to 19, 19.55, and 20.5 per cent. Two-year stock attracts 19.5 per cent, 3 years 18.5 per cent, and four and five years 17.5 per cent — all up 0.5 percentage point. BNZ Finance should be contacted for rates on amounts of more than $lOO,OOO. Nat. Mutual National Mutual's assistant general manager, Mr Murray . Austin, reports a strong performance from EFG market-

valued superannuation fund for the year to June 30. Its managed sector yielded 18.1 per cent. Superannuation funds under management now exceed ssoom, a 35 per cent increase during the past 12 months. This is part of total funds managed by National Mutual in New Zealand with a market value approaching $2OOO million. Other interests Mr Philip S. Yates has resigned as managing director of Yates Corporation, Ltd, to pursue other interests. He has also retired from the board of the corporation and its subsidiaries. Mr Yates said that after one and a half decades as chief executive of the company and 37 years on the staff, he intends to pursue other interests. In liquidation A Taupiri-based cool store company, Waikato Frozen Foods, Ltd, has gone into liquidation owing creditors an estimated $826,000. A list supplied by the company and sent to creditors by the provisional liquidator, the Hamilton Official Assignee, Mr Jack Nelson, puts the amount owed to nearly 100 unsecured creditors at $426,533.29. The official assignee’s office also confirmed that secured creditors are owed at least $400,000. Prospectus The Equiticorp Tasman, Ltd, prospectus for the issue of 15 million shares of 50c (Aust.) will be mailed to Equiticorp Holdings, Ltd, shareholders on August 12. Shareholders will be entitled to one share in Equiticorp Tasman for every five ordinary shares held in Equiticorp Holdings at the close of business on August 2. Trade centre A private project for a centralised trade information centre for exporters is to be launched in Wellington. The objective is to establish a clearing house for trade information locked away in Gov-

ernment departments and overseas data bases which can help the export drive. The Marketing Development Board is said to be prepared to underwrite the pilot project, which will be financed by interested parties and run from the New Zealand Planning Council offices.