Tag Archives: Shares

Forsyth Barr ‘should be booted’

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### 3news.co.nz Mon, 11 Mar 2013 10:48a.m.
Forsyth Barr to stay on Mighty River panel
The Government’s rejecting a call to remove Forsyth Barr from the panel running the selldown of Mighty River Power despite a Commerce Commission ruling critical of the company’s past. In a decision last week, the Commerce Commission said Forsyth Barr and French investment bank CALYON were “misleading and deceptive” in their marketing of $91.5 million in Credit SaILS bonds to investors in 2006. The product promised 8.5 percent interest income and capital protection – but Credit SaILS failed in 2008, and the bonds are now virtually worthless. The companies have reached a settlement with the Commerce Commission to create a settlement fund of $60m to be distributed to investors.
Economics writer Bernard Hickey says Forsyth Barr should be booted from the panel overseeing Mighty River’s float, saying its involvement risks undermining confidence in the sale.
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Posted by Elizabeth Kerr

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NZX Market Supervision inquiry

“I needed a wee bit of extra cash at the time so I was happy to sell. It’s a free market – anyone can buy, anyone can sell. That’s what markets are for, aren’t they?” –Eion Edgar

### stuff.co.nz Last updated 08:58 21/05/2012
NZX probes nether regions
By Tim Hunter
OPINION Forsyth Barr chairman Sir Eion Edgar says an NZX inquiry into potential share trading anomalies at market minnow Blis Technologies is making “a mountain out of a molehill. […] It was just straightforward arbitrage.”

NZX says it has spotted potential anomalous trading in Blis shares and among the traders was a company associated with Edgar, the molehill starts to look quite a bit bigger. Without beating about the bush, the issue being discussed here is whether market manipulation took place.

The NZX said the following on Friday just over a week ago: “NZX Market Supervision (NZXMS) confirms that it has commenced an inquiry into trading in shares of BLIS Technologies Limited (BLT). NZXMS initiated the inquiry after its Market Surveillance staff detected potentially anomalous trades in BLT shares during the period when the price for the conversion of cumulative preference shares to ordinary shares was being determined. The conversion occurred on 8 May 2012. NZXMS believes it is in the interests of market clarity and confidence to confirm this action.”
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Posted by Elizabeth Kerr

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