Right on deadline

Friday 26th July 2002

Tower's long-serving chief executive James Boonzaier announced his sudden retirement at the end of this month after leading the company for 12 years. Keith Taylor, the chief financial officer, will act as group chief executive until a replacement is found. Meanwhile, Tower has decided to sell part or all of its personal and corporate trustee business to concentrate on its wealth management business in Australia. It will retain the personal superannuation, wrap service and portfolio management services.

Perpetual Trust, part of the Pyne Gould Group, has bought a half share in Mortgage Express from Harcourts International. Mortgage Express is the country's third-largest non-franchise home mortgage broker, with an annual turnover of more than $340 million.

The New Zealand Stock Exchange said JB Were would pay $50,000 toward a redrafting of rules and regulations after an inquiry into the purchase of 50 million shares in Rubicon on behalf of GPG. This followed complaints it broke the rules on major shareholding transactions by not offering any portion of the bid to other sharebrokers.

Atlantis Group, an IT investor, took a substantial shareholding in Credit Data and will use it as a platform to collect credit reporting from independent debt collectors.

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