NZ stocks: GPG in hunt for $200m

By PAUL PANCKHURST

Investment banker and broker JBWere is expected this week to unveil a $200 million capital notes issue for corporate raider Guinness Peat Group.

The offer goes into a crowded market: Macquarie Equities and ABN Amro Craigs are seeking up to $300 million from investors in separate issues of debt-linked, fixed-interest products.

Brokers say the prospectus for the issue is expected to be registered today.

Tipped to feature in television advertising for the issue is Sir Ron Brierley.

Also at JBWere, an announcement is expected this week of a replacement for one of the firm's heavyweights, head of investment banking Paul Harris.

After spending time across the Tasman working on the merger of Goldman Sachs and JBWere, he is taking up a position with the firm in Sydney. His replacement is expected to be an internal appointment.

Two independent reports will be a key focus for the sharemarket this week.

Tranz Rail is expecting the independent appraisal of the Toll Holdings takeover offer from Grant Samuel to be out, and the INL board is expected to get its hands on Bancorp's valuation of pay-television company Sky.

A stock exchange roadshow hits Auckland tomorrow and Wellington on Thursday to promote NZAX - the planned low-cost alternative to listing on the main board.

The seminars seek to explain the process, costs and benefits of listing - and the role of sponsors in getting companies on to NZAX.

The rights for the share issue to recapitalise troubled insurer Tower will stop trading on Friday.