GENERAL: ING: ING announces change of Manager ownership and control
As previously advised, Symphony Investments (2007) Limited ("Symphony") and
ING (NZ) Limited ("INGNZ") have been in discussions regarding INGNZ
purchasing Symphony's 50% shareholding in ING Property Trust Management
Limited (the "Manager"), the manager of ING Property Trust.
INGNZ has today taken full ownership and control of the Manager after
completing the purchase of Symphony's shareholding.
End CA:00175716 For:ING Type:GENERAL Time:2009-02-04:09:39:48
Management contract of ING property trust was owned 50% by Symphony - whoever they are - and 50% by ING NZ. Symphony have sold their 50% to ING NZ. So from now on ING NZ will manage ING properties.
APT holds up well.
In announcing ANZO's interim financial results, Mr Lang said ANZO investors will receive a net second-quarter distribution of 1.824 cents per unit plus imputation credits of 0.273 cents per unit. ANZO's total gross distribution for the interim period is 4.3 percent higher than 2008 on a gross basis (or 1.4 percent net).
The record date for the second-quarter distribution is 20 February 2009 and payment will be made on 27 February.
BB
APT holds up well.
In announcing ANZO's interim financial results, Mr Lang said ANZO investors will receive a net second-quarter distribution of 1.824 cents per unit plus imputation credits of 0.273 cents per unit. ANZO's total gross distribution for the interim period is 4.3 percent higher than 2008 on a gross basis (or 1.4 percent net).
The record date for the second-quarter distribution is 20 February 2009 and payment will be made on 27 February.
BB
What puzzles me about that announcement is that they announced a net loss for the six months without having the results of their revaluations through yet. Have they sold some buildings at a loss recently?
What puzzles me about that announcement is that they announced a net loss for the six months without having the results of their revaluations through yet. Have they sold some buildings at a loss recently?
This was in their announcement...
According to the International Financial Reporting Standards (IFRS), which
requires ANZO to take into account non-cash items, ANZO reported a net loss
of $4.97 million for the period. This was largely due to an unrealised
$39.68 million loss on its interest rate swaps as at the end of the interim
period. Mr Lang noted this loss is unrealised and not unexpected given the
significant fall in the OCR and unusual capital market environment.
Importantly, the loss does not affect the profit available for distribution
to investors.
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
What puzzles me about that announcement is that they announced a net loss for the six months without having the results of their revaluations through yet. Have they sold some buildings at a loss recently?
No. Report says an unrealised loss. It will be based on valuations.
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Originally Posted by Dr_Who
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