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

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news