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Re: [sharechat] NZCSD, Frucor, complicated structures

From:	"Oliver Shapleski" <oliver.shapleski@vuw.ac.nz>
Date:	Sat, 27 May 2000 14:03:40 +1200

Phil,

If you can't work out the reason for a cmoplicated structure, then the
answer is always obvious.

Tax.

Same applies to Frucor's convertible noteholders.

Oliver

> I notice in many annual reports, there is a major shareholder called New
> Zealand Central Securities Depository. In the 1999 Baycorp report they say
> that they: provide a custodial depository service to institutional
> shareholders, the NZCSD does not have a beneficial interest in the shares.
>
> My question is why do the big institutions need someone else to hold there
> shares for them. It seems to me that they would not do this unless there
is
> a good reason. Can anyone out there enlighten me to the possible reasons
for
> this ownership structure.



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References

[sharechat] NZ Central Securities Depository Philip Robinson

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