Forum Archive Index - February 2001

["Ben Dutton" <bendutton@sharechat.co.nz>]

Numerous stories on the Montana takeover fiasco in this morning's papers.
One interesting tidbit of information comes from a Dominion article:

"In other developments last night, a member of the surveillance panel, Tower
Asset Management managing director Paul Bevin, said Tower had sold, or
undertaken to sell, about 900,000 Montana shares to Lion after the waiver.

Mr Bevin also said he was aware at the time that Tower held Montana shares.
He said he had no influence over Tower's share trading decisions, which were
made by a portfolio manager.

He was satisfied he did not have a conflict of interest, because Montana was
not a key position in Tower portfolios."

This is a very interesting development.  I do not understand how Mr Bevin
could say that he did not have a conflict of interest.  If Tower has indeed
sold its holding to Lion, then Tower will have financially benefited from
the transaction.  Mr Bevin is managing director of the group.  How is this
not conflicted?

Brian Gaynor sums up the situation perfectly in a Herald article - check it
out here:

http://www.nzherald.co.nz/storydisplay.cfm?storyID=172113&thesection=busines
s&thesubsection=

Best Regards

Ben Dutton
(Disc. do not hold MON)


----------------------------------------------------------------------------
http://www.sharechat.co.nz/          New Zealand's home for market investors
http://www.netbroker.co.nz/        Trade on Credit, Low Brokerage. Join now.
----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/forum.shtml.