Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Forte Funds share purchases prompt disclosure notices

Forte Funds share purchases prompt disclosure notices from Skellerup CEO Mair

By Paul McBeth

Sep. 2 (BusinessDesk) - Recent purchases by four-month old Forte Funds Management, run by former deputy head of equities AMP Capital John Phipps and ex-Harbour Asset Management strategist Darryl Briggs, has prompted disclosure notices from Skellerup chief executive and A2 Milk Co director David Mair.

Forte launched a prospectus in May with an intention to hold a "limited number of investments", tending to be shares in companies "we believe have or can achieve a sustainable competitive advantage over competing companies." Two recent investments have triggered disclosure notices by Mair, who is a co-owner of the fund manager.

A notice today showed Forte bought $800,000 shares in Skellerup at an average price of $1.60 apiece, a week after the rubber goods maker reported annual earnings that missed analysts' expectations, and the stock fell near an 11-month low. The shares were unchanged at $1.56 today.

"The issue is I'm a part-owner of a fund manager, Forte Funds Management Ltd," Mair told BusinessDesk. "When they buy shares, because I own greater than 20 percent, the issue is I'm deemed to have a relevant interest as a director and chief executive of Skellerup."

A series of A2 share purchases by Forte through July and August prompted similar disclosure notices by Mair, who's a director of the milk marketing firm. Forte bought 822,500 shares at an average price of about 63.3 cents between July 29 and Aug. 26. Shares of A2 rose 1.6 percent to 63 cents today.

Mair said he's blind to the investment decisions made by Forte, getting the disclosure notice requirements at the last minute, and has been reluctant to ask the regulator for a waiver, given the fund's short life.

"I'm going to let things settle down and see the regulator and say 'this doesn't make a lot of sense to me but I understand that's what I have to do, but how can you help me here?'," Mair said. "If they say I have to keep doing, then that's it, that's the law."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news