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Bayleys Waikato asked to explain

Bayleys Realty Group managing director Jeff Davidson said the Hamilton office was in breach of its franchise agreement and he had not seen the now-banned offer document before it was issued to the public.

Tuesday, March 23rd 2004

He said Bayleys' chairman John Bayley would meet him and Bayleys Waikato managing director Mark Winter on Monday to discuss the situation. Mr Winter is also the Real Estate Institute's Waikato president.

The commission this week banned an offer from Bayleys Waikato, through its company Regional Realty, for James Smith's car park building in Wellington.

"The offer documents for the scheme did not comply with the law and were likely to mislead investors," Securities Commission chairman Jane Diplock said. She ordered that $13 million be handed back to investors.

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