Director resigns from Smartshares

Thursday 8th April 2010 2 Comments

Damas Potoi has resigned from his position as a director of the board of directors of Smartshares Limited.

The board would like to thank Potoi for his valued service.

Garth Kevin Taylor has been appointed as a director in his place.

Smartshares manages five exchange-traded funds under the Smartshares brand: SmartFONZ (NZX 50 Portfolio Fund), SmartTENZ (NZX 10 Fund), SmartMIDZ (NZX MidCap Index Fund), SmartMOZY (NZX Australian MidCap Index Fund) and SmartOZZY (NZX 20 Australian Leaders Index Fund).

Comments from our readers

On 14 October 2010 at 1:03 pm Jay Donald Mann said:

Smartshares is beginning a "securities lending program" with, I think, dubious consequences. A third party can "borrow" shares (e.g., Telecom), promising to reimburse Smarthares for all dividends etc. So why borrow? The only reason I can think of is for ammunition in a battle to control the company. Is it appropriate to contribute ammunition in a control battle?

On 25 October 2010 at 11:17 pm Derek Reeves said:

Furthermore, after listing all the potential risks, the notice to unit holders states " The manager will be entitled to receive fees...>The amount of the fees received by the manager will be upto 50% of the net revenues payable to the relevant Fund in respect of the securities of that Fund lent" Wow ..Fund investors take the risk and the Managers takes 50% of tne net revenue !