Listed Property Trusts

[money maker]

I just have to air my frustration somewhere: I have just opened the morning's mail to find that my APT rights issue takeup application has been refused because it was not received until 8 June and acceptances had to be received by the Registry by close of business on 4 June. I posted the wretched thing on 31 May, FASTPOST, and, accepting that Monday 1 June was a holiday, I had no doubt that it would be received at the Registry by 5 p.m. on Thursday 4 June. The failure by NZ Post to honour their promises with the FASTPOST service has cost me over $1,000 on today's price for the APT's. I will be writing to the NZPO Chairman, Bolger - nothing will happen, of course, but it will help to dissipate my anger. Why have a supposed FASTPOST service?
There, I feel a tad better already.

how frustrating. If only NZPOST could be held liable for the loss incurred. wouldn't that be great. May be time to start thinking about a nominee service eh haha

[777]

My wife sent a food parcel to our daughter in Dunedin at 4.30pm yesterday (from Auckland). Had a text at 8.30am today saying she had received it. So sometimes they are OK.

However I think the share registry should have honoured the application. They could have checked the postmark to ensure it was posted within a reasonable amount of time. Have a go at APT. They pay a lot of money to them so have the clout to do something about it.

[macduffy]

Unfortunately, new issue documentation usually stipulates " received by ( the registry) by....."

The postal service with Australia can be a bit dicey at times and I've adopted the practice of paying by BPay when this option is offered. It usually is.
Doesn't seeem to be an option with NZ share issues. Whether this is a legislative or a systems matter I don't know but it seems about time that we updated our procedures.

[BRICKS]

Seeing now that KIP is at its bottom BRICKS bought a few just to be in the swim as
there not many shares around below $1.00 this seemed a GOER.. and the Palmerston
North centre is GREAT also up and GOING..

[COLIN]

Unfortunately, new issue documentation usually stipulates " received by ( the registry) by....."

The postal service with Australia can be a bit dicey at times and I've adopted the practice of paying by BPay when this option is offered. It usually is.
Doesn't seeem to be an option with NZ share issues. Whether this is a legislative or a systems matter I don't know but it seems about time that we updated our procedures.

I agree that there should be a better way of doing this. We had only just got back from Australia on 30 May, with my mail waiting for attention. If we had stayed another week in Australia I wouldn't even have been able to sign and send off the application form in time. I have in fact missed out on other opportunities in the past, through being overseas. It should be possible to deal with these matters electronically but they seem to need a signature.
I don't want to give someone a Power of Attorney but I may think about using the services of a Nominee Company, as moneymaker has suggested.
The Registry didn't return the envelope and I suppose it is now untraceable.

[macduffy]

Yes, I don't know why some issues require a signature and others don't. Is it only entitlement issues as distinct from SPP's that need signing or is it a NZ/Aust legislation/systems distinction? I can't recall signing an Aust SPP form in recent years.

[BRICKS]

Seeing now that KIP is at its bottom BRICKS bought a few just to be in the swim as
there not many shares around below $1.00 this seemed a GOER.. and the Palmerston
North centre is GREAT also up and GOING..

THE land of the long white cloud needs BIZ even though its slow stay where its easy
to do eventually the Oz will eat you..

[Dr_Who]

Have the shares in a nominee account and get your broker to do all the hard work.

[COLIN]

THE land of the long white cloud needs BIZ even though its slow stay where its easy
to do eventually the Oz will eat you..

??

BRICKS - wrong thread, I think?

[Jake]

Should have mentioned DNZ. Unlisted and accesible throught their own site, or here is link to secondary market.

http://www.unlisted.co.nz/uPublic/un...77430c41202a7d

Not the world's greatest but ok at the price. Only available through a couple of brokers and sales only posted 5 p.mp on Fridays. I'm sure price would rise if publically listed, and I'm fairly sure that one day they will be, so might be worth accumulating a few. Grew out of the remnants of some syndicated deals that 'Honest Doug' Somers Edgar put together through Money Managers. Horrible start to life that that would be for anything, but coming right. Worth watching.

Will revisit this thread in the near future to shake his hand.