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Director resigns from Smartshares

Thursday 8th April 2010 2 Comments

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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).


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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 !
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