The latest from Senior Journalist Jenny Ruth

Jenny has been a financial journalist for more than 37 years. She has covered everything from listed companies to economics for outlets including the Australian Associated Press, Bloomberg News, Radio NZ and National Business Review. Jenny was the New Zealand Shareholders’ Association business journalist of the year for 2018.

Underwriting: what exactly is the point?
Jenny Ruth | Wed, 21 Nov 2018

Nov. 22 (BusinessDesk) - Observers of recent rights issues may wonder why such heavily discounted share sales need to be underwritten.The bog standard reason – or excuse? – is that companies, or their bankers, want certainty that they’ll get the money they need.But a number of re...

AFT narrows 1H loss as profit margin rises
Jenny Ruth | Wed, 21 Nov 2018

By Jenny Ruth Nov. 22 (BusinessDesk) - AFT Pharmaceuticals narrowed its losses in the latest first half year and says it’s on track to return to profitability The Maxigesic painkiller manufacturer’s net loss for the six months ended September eased to $4.2 million from $6.9...

CORRECT: Energy Mad choice: 3% of PaySauce or 100% of nothing
Jenny Ruth | Wed, 21 Nov 2018

(Fixes issue price for new shares in 6th paragraph in story that ran Wed Nov. 21) By Jenny Ruth Nov. 21 (BusinessDesk) - Energy Mad says it’s calling a special meeting for Dec. 6 to vote on the company’s future, including a reverse takeover by PaySauce valuing it at $10 mil...

Tax Working Group is unlikely to agree on a capital gains tax regime
Jenny Ruth | Wed, 21 Nov 2018

By Jenny Ruth Nov. 21 (BusinessDesk) - The 11-member Tax Working Group is unlikely to be able to meet its key task of designing a capital gains tax because the group can’t agree on it, says former Inland Revenue deputy commissioner Robin Oliver. Those who read the group’s i...

UDPDATE: British private equity firm signals $2.54b takeover of Trade Me
Jenny Ruth | Tue, 20 Nov 2018

(Updating to add some of Apax’s other investments in last paragraph; updates share price in 2nd paragraph.) By Jenny Ruth Nov. 21 (BusinessDesk) - Trade Me Group says British private equity firm Apax Partners has approached it with a non-binding indicative offer to take it...

Fletcher boss shrugs off criticism as shares tank
Jenny Ruth | Tue, 20 Nov 2018

By Jenny Ruth Nov. 20 (BusinessDesk) - The reaction of Fletcher Building’s shareholders was emphatic to the dismal news that core first-half profit operating earnings will be about 10 percent lower than in the previous first half. The shares fell as low as $5, their lowest...

UPDATE: Fletcher Building shares drop on weaker earnings forecast
Jenny Ruth | Mon, 19 Nov 2018

(Updates to add share reaction, downgrade relative to mid-point of analysts' consensus forecast. Corrects time period for forecast in second paragraph.)   By Jenny Ruth Nov. 20 (BusinessDesk) - Fletcher Building shares fell 7 percent after the company said it expects first-...

NZX and SIA say no capital gains tax on retail investment in shares
Jenny Ruth | Mon, 19 Nov 2018

By Jenny Ruth Nov. 19 (BusinessDesk) - Imposing a capital gains tax on investment in New Zealand shares runs the risk of discouraging direct retail investment, damaging the nation’s capital markets. It could also create an unlevel playing field between direct investment and...

CORRECT: NZSA pans Kathmandu's lack of disclosure on directors' fee increase
Jenny Ruth | Mon, 19 Nov 2018

(Corrects to show in the 7th paragraph that the annual report does provide details of directors' fees in story that ran on Friday Nov. 16.) By Jenny Ruth Nov. 16 (BusinessDesk) - Outdoor clothing and equipment retailer Kathmandu Holdings’ proposal to hike its directors’ fee...

CORRECT: Signs mount that Fonterra will have to cut its payout forecast
Jenny Ruth | Sun, 18 Nov 2018

(Fixes Fonterra's current forecast in third paragraph)  By Jenny Ruth Nov. 19 (BusinessDesk) - The risks are mounting against Fonterra holding its current forecast milk payout and this week's GlobalDairyTrade auction could be yet another nail in its coffin. The auction r...

Heartland lifts first quarter profit 8.7% as it targets millennials and Gen Z
Jenny Ruth | Sun, 18 Nov 2018

By Jenny Ruth Nov. 19 (BusinessDesk) - Heartland Group is working on solutions for millennials and Gen Z, mobile and card payments and an end-to-end depositors’ platform, the financial services company told its investor day. Millennials typically cover people born in the ea...

Higher fees, interest drag Investore’s first-half profit down 14%
Jenny Ruth | Sun, 18 Nov 2018

By Jenny Ruth Nov. 19 (BusinessDesk) - Investore Property’s first-half net profit fell 14 percent as management fees increased, its interest bill rose and the value of its properties fell. The supermarkets and other large retail store investor’s net profit for the six month...

NZSA says time's up for Keith Smith on Warehouse board
Jenny Ruth | Fri, 16 Nov 2018

By Jenny Ruth Nov. 16 (BusinessDesk) - The New Zealand Shareholders’ Association is suggesting that The Warehouse’s deputy chair Keith Smith may have passed his use-by date. Smith has been advising The Warehouse since it was founded in 1982 and chaired the company between 1...

Foley Family Wines migrates to NZX's main board
Jenny Ruth | Thu, 15 Nov 2018

By Jenny Ruth Nov. 16 (BusinessDesk) - Foley Family Wines is biting the bullet early and moving from NZX's junior board to its main board from Dec. 3. NZX announced last month that it would move to a single equities board from July 1 next year, eliminating both the Alternat...

Craigs becomes NZX Wealth Technologies' first customer
Jenny Ruth | Thu, 15 Nov 2018

By Jenny Ruth Nov. 16 (BusinessDesk) - Craigs Investment Partners has become NZX’s first external customer for a new wealth technologies platform which offers a combined registry, administration and custodial service. Craigs has moved $950 million of its total $16 billion i...

CORRECT: MYOB celebrates accelerating growth but Xero is still ahead
Jenny Ruth | Thu, 15 Nov 2018

(removes Stephen Ridgewell quotes in original story) By Jenny Ruth Nov. 15 (BusinessDesk) - Accounting software company MYOB is claiming market leadership in the Australian and New Zealand markets after adding 205,000 new subscribers in the 12 months ended September. Tha...

FMA says incentives boost top bank sales staff earnings by $104K
Jenny Ruth | Thu, 15 Nov 2018

By Jenny Ruth Nov. 15 (BusinessDesk) - The highest amount a bank salesperson received on top of their salary as a result of incentive schemes, mostly linked to sales volumes, was $279,000 in the year ended March. The highest amount paid averaged across all nine of the banks...

Sanford’s move up the value chain overcomes climatic vicissitudes
Jenny Ruth | Wed, 14 Nov 2018

By Jenny Ruth Nov. 15 (BusinessDesk) - Sanford says annual earnings fell short of its expectations due to “challenging” climatic conditions leading to a decline in harvest volumes. However, that impact was more than compensated for by the company’s efforts to extract more v...

NZX notices halted by computer problems
Jenny Ruth | Wed, 14 Nov 2018

By Jenny Ruth Nov. 15 (BusinessDesk) - Stock exchange operator NZX hasn’t issued any market notices this morning due to computer problems. “We’re currently experiencing some issues with our market information platform,” an NZX data services spokesperson says. If the prob...

SIFA pans second draft of financial advice code
Jenny Ruth | Wed, 14 Nov 2018

Reissuing to remove "HOLD" from the headline By Jenny Ruth Nov. 14 (BusinessDesk) - A group representing independent financial advisers says the latest attempt at a code of conduct for the sector is “both lacking in content and platitudinous.” SIFA says it’s pleased the...

Ebos promises productivity improvements and further acquisitions
Jenny Ruth | Tue, 13 Nov 2018

By Jenny Ruth Nov. 14 (BusinessDesk) - Pharmaceuticals and petfood company Ebos demonstrated how it will improve productivity and hinted at potential acquisitions and other avenues for growth at its latest investor day. In its presentation filed with the New Zealand stock e...

October house sales jumped 15.5% on 2017 as house prices remained contained
Jenny Ruth | Tue, 13 Nov 2018

By Jenny Ruth Nov. 14 (BusinessDesk) - House prices rose just 0.5 percent nationwide in October from September, while Auckland prices fell a smidgeon. However volumes of houses sold jumped 15.5 percent from last October to the highest number in five months. The latest Real...

Infratil extends Tilt takeover offer for last time
Jenny Ruth | Tue, 13 Nov 2018

By Jenny Ruth Nov. 14 (BusinessDesk) - Infratil has extended its takeover offer for Tilt Renewables until the end of the month in a final attempt to garner the 90 percent stake it needs to compulsorily acquire the remaining shares. The $2.30 per share offer had been due to...


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