Sharebroker to receivers

Press, 19 July 1988, Page 22

Sharebroker to receivers

National Pacific Securities, a Wellington sharebroker which stopped trading in February, has gone into receivership.

The chairman of the Wellington Stock Exchange, Mr Kevin O’Connor, said that the sharebroker had been declared a defaulter under the Stock Exchange’s rules. The decision was made after the firm told the Wellington Exchange’s committee that it was unlikely to meet its obligations as they fell due "following the appointment of receivers.” National Pacific Securities, formerly Renouf Partners, was 50 per cent-

owned by National Pacific Corporation before it was taken over by Government Life Corporation. Control of the securities division then went to National Pacific Corporation’s previous main shareholder, Inter-Pacific Equity. Since February, National Securities had been winding down its activities, Mr O’Connor said.

The receivers would make arrangements for a statement of the firm’s position to be prepared so that a clearer picture of the position of clients and other creditors could be made.

Mr Christopher Minty has been appointed general manager of Chase Corporation’s Wellington property company. Mr Minty was previously general manager of Chase’s Auckland property group, with responsibility for all central business district projects. Before joining Chase in January, 1985, he was based in Wellington and involved in a number of development projects on behalf of Life Offices.