MFS Living and Leisure Group listed in New Zealand last Friday.
The overseas listing of MPY will provide New Zealand-based investors the opportunity to buy and sell securities through a New Zealand broker in New Zealand dollars.
MPY’s chief executive Marshall Vann said the company had first expressed its intention to list in New Zealand under two months ago.
“As part of our takeover offer for Tourism Holdings, we made it clear we intended to list in New Zealand. We have done that quickly, and we are delighted to be listed here.
“In addition to our assets in Australia and Asia, we intend to have assets in New Zealand,” he added.
MPY has forecast a yield of 10% for the 2007 financial year.
Under the FDR rules, New Zealand resident shareholders will generally only be subject to New Zealand tax on an amount of income based on 5% of the market value of the investment. Should MPY achieve its 10% distribution target, therefore, the New Zealand tax treatment is favourable relative to the pre-FDR treatment of unit trusts.
Australian Property Journal
