Rates Round Up

St Laurence Property & Finance changes name, distances itself from shareholder
St Laurence Property & Finance, the property investment company 34% by ailing finance company St Laurence, has changed its name to Irongate Property as it seeks to distance itself from its majority shareholder.

The company posted a net loss of $28.2 million for the six months ended September 30, compared to a $34.8 million loss a year earlier, due to a 22% slump in its property portfolio.

General manager Chris Minty said the new brand is to "signal the company's new direction and strategy" and identify it as a separate entity from St Laurence, which acts as the company's manager.

OPI Pacific Finance facing Securities Commission probe
OPI Pacific Finance, the New Zealand subsidiary of Australian-based Octaviar which was placed into liquidation by the Queensland Supreme Court, is being investigated by the Securities Commission after it collapsed owing some 10,000 investors about $255 million.