Bernard Hickey details the key news overnight in 90 seconds at 9am, including news the result of the Hanover Finance vote yesterday was very close with 75.45% voting for the Allied Farmers bid, which was just above the 75% threshold needed.
Now many Hanover Finance investors will look to cash in their shares. The share price is likely to drop from 19 cents as over 200 million shares hit the market.
Meanwhile the Capital Markets Development Taskforce has recommended the creation of a single regulator to replace the Securities Commission the companies office and the regulatory functions of the NZX. It has also suggested the government sell SOEs in partial flotations to stimulate investor interest in stocks.
Finally, Westpac has forecast that a cut in the top tax rate to 30% from 38% would cut property prices by 14%.
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