Latest: New local body bills, insider trading review, roading control, Jihong Lu bankrupt, new rail deal, F&P alleges dumping as profit slips. 28 November 2000 Local Government Minister Sandra Lee introduced two bills today. The Local Electoral Bill should be in place for next year’s elections, limiting campaign spending, but the proposal to introduce the […]
Read more →Archive - local business
Snapshot on local business, week to 4 March 2001
Latest: Dunphy bids for Fletcher Energy and Stiassny takes over Kaingaroa ahead of Fletcher results and splits, city rail commitment. 27 February 2001 Life got more complicated at Fletcher Challenge today when Greymouth Petroleum (Mark Dunphy, ex-Cultus Petroleum chief executive, Fay Richwhite) offered $3.70/share for Fletcher Energy, one week out from the Fletcher separation meeting. […]
Read more →Snapshot on local business, week to 28 October 2001
28 October 2001 Pacific Retail Group Ltd has provided a target company statement is relation to Logan Corp Ltd (Eric Watson’s Cullen Investments Ltd)’s takeover offer, which the committee of independent directors had recommended be rejected. The independent appraisal by Arthur Andersen Corporate Finance gave a $2.13-2.95 value range to the shares, with a $2.54 […]
Read more →Snapshot on local business, week to 8 June 2003
6 June 2003 Fletcher Building Ltd subsidiary Pacific Wire’s general manager, Alan Pearson, claimed today in an anti-dumping suit filed against Malaysia and China that some importers have “country-hopped” and found new suppliers prepared to sell at “dumped” prices. Pacific Wire got anti-dumping duties imposed last year on imports from South Africa. This time it […]
Read more →Snapshot on local business, week to 7 July 2002
1 July 2002 Kiwi Income Property Trust moved today from foreign exempt status to full listing on the Australian Stock Exchange. Other New Zealand companies to gain full listing include Air New Zealand Ltd, Nuplex Industries Ltd and Sky City Entertainment Group Ltd. Fletcher Building Ltd division Pacific Wire has called for an investigation into […]
Read more →Snapshot on local business, week to 15 July 2001
Latest: Subcontractors bill submissions close 8 August, Progressive cleared to buy Woolworths, Evergreen sends out debt into equity proposal, Auckland roads committee cries foul at funding ratio change, city-fringe commuter parkers beaten off, more using public transport into cbd, dairy exports boon for trade balance, Fletcher Building sells aluminium solutions centres to Ullrich, Waters joins […]
Read more →Snapshot on local business, week to 5 May 2002
5 May 2002 The Trustees Executors & Agency Co of NZ Ltd has become Tower Trust Ltd after the 3-year passage of the Tower Trust Bill, given its second & third readings last month and royal assent last week. The trustee business, about 130 years old, can now take on the full Tower branding. Air […]
Read more →Snapshot on local business, week to 21 September 2003
17 September 2003 Property For Industry Ltd will offer shareholders a 5% discount to take part in the dividend reinvestment programme, starting with the 3rd-quarter dividend payable in November. Previously reinvestment shares have been offered at market price. Chairman Peter Masfen said the programme was 1 of the most cost-effective & fair means of raising […]
Read more →Snapshot on local business, week to 18 August 2002
14 August 2002 The Reserve Bank left the official cash rate unchanged at 5.75% today.The bank’s acting governor, Dr Rod Carr, said prospects for the international economy had become increasingly clouded since the bank’s May statement, “with sharp falls in equity markets and heightened investor nervousness in the US & elsewhere. Although the New Zealand […]
Read more →Snapshot on local business, week to 8 September 2002
8 September 2002 The Takeovers Panel issued a restraining order on Friday to stop GPG Forests Ltd acquiring Rubicon Ltd shares through a partial takeover offer. The panel said it wasn’t satisfied GPG Forests’ offer would comply with the takeovers code because the code doesn’t permit offers to be made in the alternative. The order […]
Read more →Snapshot on local business, week to 10 June 2001
Latest: Forex eats F&P profit, Brandes lifts Telecom stake, Christchurch gondola sold, manufacturers switch from exporting, Britomart bus stops go walkabout, student loan figures, Tasman Agriculture deal goes through. 6 June 2001 Fisher & Paykel Industries Ltd increased its March-year operating surplus before unusuals and tax by 10.4% to $92.2 million on revenue up 13.6% […]
Read more →Snapshot on local business, week to 9 March 2003
9 March 2003 The Commerce Commission has cleared Southern Capital Ltd to acquire 100% of the shares in Hirepool Ltd from Owens Group Ltd. Hirepool has 22 branches in Auckland, the Waikato, Christchurch & Wellington. Southern Capital also owns half of Hire Equipment Group Ltd. 3 March 2003 Westpac Bank’s chief economist & head of […]
Read more →Snapshot on local business, week to 1 February 2004
30 January 2004 Kiwi Forests Group Ltd said today it couldn’t satisfy the financing condition to buy the Tarawera forestry right from Fletcher Challenge Forests Ltd for $165 million. However Kiwi, The Ontario Teachers’ Pension Plan and Viking Global NZ Ltd will proceed with the remaining $560 million-worth purchase of Fletcher’s forest estate. Fletcher will […]
Read more →Snapshot on local business, week to 24 December 2000
Latest: Jaffe’s Australian company wound up, F&P to split. 22 December 2000 Eric Isadore Jaffe’s Australian company, Industrial Banking Corporation Ltd, has been placed in liquidation on the application of the Australian Securities & Investments Commission — unexpectedly, because the commission had the application down for a hearing in February. The New Zealand assets are […]
Read more →Snapshot on local business, week to 18 March 2001
Latest: Takeovers panel seeks comment on exemptions, Air NZ traffic up, court approves Fletcher separation, warning on overseas share deals. 18 March 2001 The Takeovers Panel issued a request on Friday for public comment by 9 April on draft class exemptions from the fundamental rule of the takeovers code, which comes into force on 1 […]
Read more →Snapshot on local business, week to 4 November 2001
31 October 2001 Shamrock Holdings of California Inc has taken a 16.19% stake in Nuplex Industries Ltd for $25.1 million at an average $2.65. Force Corp Ltd, now 50.2% owned by Sky City NZ Ltd, has been granted a stock exchange waiver from the requirement to file its annual report by today, 31 October. The […]
Read more →Snapshot on local business, week to 15 June 2003
14 June 2003 Mike Pero Mortgages managing director Mike Pero has bought back the 50% of his company, Mike Pero NZ Ltd, held by South Canterbury Finance Ltd for the past 7 years. South Canterbury Finance director Humphry Rolleston will continue as a Mike Pero NZ director. Mr Pero left Auckland in 1990 and established […]
Read more →Snapshot on local business, week to 21 July 2002
18 July 2002 Fletcher Challenge Forests Ltd said independent appraiser Grant Samuel & Associates Ltd had found its proposed acquisition of the Central North Island Forest Partnership assets was fair & reasonable. Shareholders will vote on whether to proceed with the deal on 13 August. The notice of meeting & explanatory memo will be sent […]
Read more →Snapshot on local business, week to 5 August 2001
Latest: Tranz Rail profit dives, Northland produces regional economic plan, Brash gives growth tips, Shore council appoints strategic advisor. 2 August 2001 Tranz Rail Holdings Ltd’s net profit fell 88% from $47 million to $5.6 million in the June year, on on operating revenue up 5.7% to $628.4 million and a surplus before unusuals & […]
Read more →Snapshot on local business, week to 2 June 2002
1 June 2002 Savoy Equities Ltd made a $615,000 loss for the December 2001 year on $308,000 of sales (residual realisations rather than trade), compared to an $8.9 million loss before unusuals & tax and $79 million loss after unusuals, interest & tax in 2000. The result takes shareholders’ funds to a $96,198 deficit. Directors […]
Read more →