Goodman Fielder investment bank

Press, 13 June 1986, Page 8

Goodman Fielder investment bank

By

Simon Louisson

in Wellington In the first significant local move since it became a Tasman entity, Goodman Fielder, Ltd, has formed a New Zealand Investment banking company. Goodman Pacific Capital Corporation, Ltd, will co-ordi-nate and undertake Investment and financial activities outside of GFs main operating areas. It will take equity positions and participate in financial Instruments trading, underwriting and related activities. The capital of the company and its two subsidiaries was $5 million. Established earlier this year, the company was understood to have made substantial profits already in its first quarter. GF’s managing director, Mr Duncan McDonald, said the move was a natural extension of the share and asset acquisition activities which support

existing businesses of the group. Several existing investments would be pulled together into the one unit and existing staff would also be used. Mr David Smart, formerly group development manager with Goodman Group, heads the new company which will be based in GF’s New Zealand office. Relative to the manpower and financial resources deployed, the earning potential was significant, said Mr McDonald. There would be opportunity for Pacific to take profitable short-term positions, which would provide long-term growth potential, said Mr McDonald. Mr Smart said there were no plans to float the company, but some of the activities in which the company became involved in may be floated off. The aim of forming a

separate entity was to enable the unit to move quickly on its feet. It would take shortterm equity positions, invest in some property and provide take-over and merger assistance. The two subsidiaries are Goodman Equities, which will take long-term investments in equities and has already invested in a South Auckland property company, and Goodman Finance, Ltd, which will be the trading arm. Well depths The Hohonu-1 oil well in Westland was at a depth of 346 metres at 8 a.m. yesterday with progress of 87 metres in 24 hours, New Zealand Oil and Gas said. Meanwhile, NZOG said the Te Ranga-1 well off Taranaki was at 3166 metres early yesterday, with progress of 78 metres in 24 hours.