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."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news