Listed Companies

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Infratil's Vodafone purchase cleared by Commerce Commission
Rebecca Howard | Wed, 10 Jul 2019

By Rebecca Howard July 11 (BusinessDesk) - Infratil's plan to buy up to 50 percent of Vodafone New Zealand has been cleared by the Commerce Commission. Infratil and Brookfield Asset Management sought Commerce Commission approval for their $3.4 billion purchase of Vodafone G...

MARKET CLOSE: NZ stocks gain on A2 broker upgrade
Rebecca Howard | Wed, 10 Jul 2019

By Gavin Evans July 10 (BusinessDesk) - New Zealand stocks gained as a strong lift in A2 Milk after a broker upgrade helped propel the index higher.  The S&P/NZX 50 Index increased 112.03 points, or 1.06 percent, to 10,650.14. Within the index, 29 stocks gained, 15 fell, an...

Restaurant Brands eyes $45 mln underlying profit
Gavin Evans | Wed, 10 Jul 2019

By Gavin Evans July 10 (BusinessDesk) - Fast-food operator Restaurant Brands New Zealand is expecting profit growth of at least 6 percent this year as the firm benefits from new store openings. The firm, which will open its first Taco Bell stores in Australia and New Zealan...

Vital Healthcare portfolio value rises 5.9%
Margreet Dietz | Tue, 09 Jul 2019

By Margreet Dietz July 10 (BusinessDesk) - Vital Healthcare Property Trust said the value of its portfolio increased by 5.9 percent, or $102.4 million, for the year ended June 30, reflecting two recently completed projects in Australia. Draft independent valuations for Vita...

OGOG offers 25% premium in NZOG buyout
Margreet Dietz | Tue, 09 Jul 2019

By Margreet Dietz July 10 (BusinessDesk) - OG Oil & Gas has offered a 25 percent premium to buy out minority holders in New Zealand Oil and Gas. Singapore-based OGOG, the oil and gas arm of Ofer Global Group and 70 percent-owner of NZOG, is offering 62 cents for the shares...

PaySauce Q2 growth strong as customer numbers climb
Rebecca Howard | Tue, 09 Jul 2019

By Rebecca Howard July 10 (BusinessDesk) - Payroll software provider PaySauce saw strong growth in the second quarter as the number of New Zealand workers receiving their pay through its software continued to climb.  Paysauce, which targets small to medium-sized businesses,...

MARKET CLOSE: NZ shares fall as prospect of smaller US rate cut knocks yield stocks
Paul McBeth | Tue, 09 Jul 2019

By Paul McBeth July 9 (BusinessDesk) - New Zealand shares fell, joining a decline across Asia, as expectations of a smaller interest rate cut by the US Federal Reserve reduced the attraction of stocks held for a reliable income. The S&P/NZX 50 Index dropped 67.87 points, or...

Scott says forward orders strong, Europe variable
Gavin Evans | Tue, 09 Jul 2019

By Gavin Evans July 9 (BusinessDesk) - Industrial automation specialist Scott Technology says its forward order book remains strong despite restrained investment in Europe due to the ongoing uncertainty around Brexit. The firm, which now has more staff in Europe than in New...

TruScreen falls short of goal, raises $1 million
Rebecca Howard | Mon, 08 Jul 2019

By Rebecca Howard July 9 (BusinessDesk) - TruScreen secured $1 million before costs in its latest capital raising, falling short of its $2 million goal.  The cervical cancer test maker's shares were placed on a trading halt last Tuesday that was extended when the process to...

MARKET CLOSE: NZ shares dip; Summerset sales fall short of expectations
Paul McBeth | Mon, 08 Jul 2019

By Paul McBeth July 8 (BusinessDesk) - New Zealand shares edged lower in light trading, led lower by Summerset Group after quarterly sales figures kept investors wary about the outlook for retirement stocks.  The S&P/NZX 50 Index decreased by 9.49 points, or 0.1 percent, to...

UPDATE: Mercury faces $2 mln charge after losing tax dispute
Victoria Young | Mon, 08 Jul 2019

(Updates to show Mercury's extra tax charge in 1st, 4th & 5th paragraphs; corrects headline; updates share price in last paragraph.) By Victoria Young July 8 (BusinessDesk) - Inland Revenue has won a tax case against Mercury NZ over the tax classification of two of its turb...

T&G Global inks biogas plant deal with Provincial Growth Fund
Victoria Young | Mon, 08 Jul 2019

By Victoria Young July 8 (BusinessDesk) - T&G Global is part of a biogas plant project in the Bay of Plenty which will receive $7 million from the Provincial Growth Fund.  New Zealand's biggest fresh produce grower will buy energy from Eco Gas Limited Partnerships, and allo...

Geo40 gets $15 mln PGF funding, eyes listing
Gavin Evans | Mon, 08 Jul 2019

By Gavin Evans July 8 (BusinessDesk) - Geothermal minerals specialist Geo40 is considering a listing to help fund the next stage of the firm’s growth. The company has operated a demonstration silica extraction facility at the Ohaaki field, in conjunction with Contact Energy...

Summerset's Q2 sales down 9.6%; says market stabilising
Rebecca Howard | Sun, 07 Jul 2019

By Rebecca Howard July 8 (BusinessDesk) - Summerset Group’s second-quarter sales were down 9.6 percent from a year earlier, but the Wellington-based retirement village operator says property market sentiment has stabilised. Summerset said it sold 141 occupation rights in th...

MARKET CLOSE: NZ shares rise as Fonterra Fund recovers
Paul McBeth | Fri, 05 Jul 2019

By Paul McBeth July 5 (BusinessDesk) - New Zealand shares were led higher by a recovery in Fonterra Shareholders' Fund units after a sharp sell-off yesterday. Utilities and property investors remain in favour among investors wanting a decent yield.  The S&P/NZX 50 Index ros...

Fonterra says nothing new behind share price slump
Rebecca Howard | Thu, 04 Jul 2019

By Rebecca Howard July 5 (BusinessDesk) - Fonterra Cooperative Group chief financial officer Marc Rivers says there was nothing new behind yesterday's slump in both its farmer-owned shares the Shareholders' Fund units. “While the share price does not impact the co-op’s bala...

AFT signs North American licensing deal for Pascomer topical treatment
Paul McBeth | Thu, 04 Jul 2019

By Paul McBeth July 5 (BusinessDesk) - AFT Pharmaceuticals is eyeing a US$10 million payment from a North America licensing deal but is keeping its earnings guidance unchanged for now.  The maker of Maxigesic painkillers reached the licensing and development agreement with...

MARKET CLOSE: NZ shares rise as threat of US rate cut keeps yield in demand; Fonterra sinks
Paul McBeth | Thu, 04 Jul 2019

By Paul McBeth July 4 (BusinessDesk) - New Zealand shares rose as the prospect of the Federal Reserve cutting interest rates underpinned demand for companies offering reliable income such as utilities, infrastructure firms and property investors. Fonterra shares and fund units...

Vector eyes late-life EV batteries for home storage
Gavin Evans | Thu, 04 Jul 2019

By Gavin Evans July 4 (BusinessDesk) - Vector, the country’s biggest power distributor, is investigating ways to use late-life batteries from electric vehicles as a cheap form of energy storage for homes and businesses. The company has been working with Melbourne-based Rele...

Westland shareholders strongly back Yili takeover
Rebecca Howard | Thu, 04 Jul 2019

By Rebecca Howard July 4 (BusinessDesk) - Westland Co-Operative Dairy Company shareholders overwhelmingly supported a takeover bid by Hongkong Jingang Trade Holding, a unit of Inner Mongolia Yili Industrial Group Co. Of 2,775 votes available able for voting today, there wer...

TruScreen's $2M bookbuild extended as CEO hits road to meet investors
Rebecca Howard | Wed, 03 Jul 2019

By Rebecca Howard July 4 (BusinessDesk) - Potential investors in TruScreen want to see chief executive Martin Dillon in person before backing a $2 million capital raising. On Tuesday, the cervical cancer test maker's shares were placed on a trading halt that was due to be l...

Agria in for $104 mln payday in Wrightson capital return
Paul McBeth | Wed, 03 Jul 2019

By Paul McBeth July 4 (BusinessDesk) - Chinese agricultural firm Agria will pocket almost $104 million in PGG Wrightson's $234 million capital return. The Christchurch-based company has called a special meeting on July 23 for shareholders to vote on whether to support the p...

RBNZ will have to be more sceptical in regulatory oversight - Orr
Paul McBeth | Wed, 03 Jul 2019

By Paul McBeth July 4 (BusinessDesk) - Reserve Bank governor Adrian Orr says the prudential supervisor will have to be more sceptical in its oversight of the insurance and banking sectors given the lack of self-discipline shown in the CBL Insurance case.  The central bank y...


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