Abano gains NZX waiver over sale of half stake in Bay International; deal now unconditional

Jonathan Underhill
Thu, 26 May 2016

By Jonathan Underhill May 27 (BusinessDesk) - Abano Healthcare Group's sale of its 50 percent stake in Bay International has been declared unconditional after the NZX granted a waiver that meant the deal doesn't need to go to a shareholder vote. The healthcare investor has agreed to sell the stake in Bay International to interests associated with Peter Hutson for $32 million, almost three times book value. It will generate a surplus of about $20 million once Abano's A$1.8 million share of Bay Audio Australia’s deferred tax asset was recog...
Primary Sector
$25m for Milford tunnel as Southland gets pre-election funding
Brent Melville | Thu, 16 Jul 2020

The Homer Tunnel, a transport lifeline into and out of Milford Sound, Fiordland, will receive a $25 million upgrade as part of a swathe of pre-election government investment into Southland that also i...

Economy
Cheaper petrol, accommodation through lockdown tames inflation
Paul McBeth | Thu, 16 Jul 2020

Cheaper petrol and accommodation slowed the annual pace of inflation through the covid-19 lockdown, more than offsetting price spikes in other consumer goods. The consumers price index shrank 0.5 p...

Retail
Delegat profits up 37%
Victoria Young | Thu, 16 Jul 2020

Wine maker Delegat Group's unaudited profit after tax for the year to June 30 rose 37 percent to $64.1 million, the company reported. The figure includes fair value movements in its vines and deriv...