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The latest from Jonathan Underhill

News, opinion and analysis by Jonathan Underhill

Bathurst withholds dividend citing court action, plans buyback
Jonathan Underhill | Tue, 28 Aug 2018

By Gavin Evans Aug. 28 (BusinessDesk) - Bathurst Resources has opted not to pay a final dividend and will instead retain the cash in case it has pay a US$40 million performance fee to the former owner of its Buller permits. The company, which today reported stronger than fo...

Scales sees full-year earnings at top of forecast range
Jonathan Underhill | Mon, 27 Aug 2018

By Gavin Evans Aug. 28 (BusinessDesk) - Scales Corp expects a good export apple season will deliver full-year operating earnings at the top of the company’s forecast range. The apple grower, food processor and exporter today reported a 22 percent increase in net profit to $...

Exploration ban sapping overseas interest in NZ - NZOG
Jonathan Underhill | Mon, 27 Aug 2018

By Gavin Evans Aug. 27 (BusinessDesk) - The government’s decision to stop issuing offshore exploration permits has convinced many overseas investors that the country is closed for business, New Zealand Oil & Gas says. Chief executive Andrew Jefferies said the company is wor...

Z Energy invests $46M for control of Flick Electric
Jonathan Underhill | Sun, 26 Aug 2018

By Gavin Evans Aug. 27 (BusinessDesk) - Z Energy has agreed to acquire a 70 percent stake in spot-based electricity retailer Flick Energy as part of its strategic investment in alternative fuels and mobility. The country’s biggest fuel retailer has agreed to invest $46 mill...

NZ Windfarms forfeits tax losses on Vector departure
Jonathan Underhill | Fri, 24 Aug 2018

By Gavin Evans Aug. 24 (BusinessDesk) - NZ Windfarms has reported a $14.7 million net loss after the departure of Vector as a major shareholder caused the company to forfeit more than $58 million of historic tax losses. Vector, which previously owned 22 percent of the firm,...

Tilt hires Cameron Partners, Rothschild to advise on takeover
Jonathan Underhill | Fri, 24 Aug 2018

By Gavin Evans Aug. 24 (BusinessDesk) - Tilt Renewables has hired Cameron Partners and Rothschild & Co to advise it on the Infratil-led $208.5 million takeover offer for the business. The Melbourne-based wind and solar developer has named Northington Partners to prepare an...

Z Energy accepts $25M of over-subscriptions in latest bond offer
Jonathan Underhill | Fri, 24 Aug 2018

By Gavin Evans Aug. 24 (BusinessDesk) - Z Energy, New Zealand’s biggest fuel retailer, accepted $25 million of over-subscriptions in its latest bond offer. The company will next month issue $125 million of the six-year, unsubordinated, secured, fixed-rate bonds. They mature...

Vector looks to meters, solar for earnings growth
Jonathan Underhill | Fri, 24 Aug 2018

By Gavin Evans Aug. 24 (BusinessDesk) - Vector is aiming for a slight lift in operating earnings this year, buoyed by the accelerating smart meter roll-out in Australia and stronger than expected on-going meter work locally. The company installed almost 40,200 meters for fi...

FIRST CUT: Vector earnings flat; technology growth disappointing - Stiassny
Jonathan Underhill | Thu, 23 Aug 2018

By Gavin Evans Aug. 24 (BusinessDesk) - Vector reported flat operating earnings for the year ended June, with growth in its smart meter business and a better performance in gas unable to offset higher costs in its electricity distribution arm. The country’s biggest electric...

RESEND: F&P Healthcare raises earnings forecast on weaker kiwi
Jonathan Underhill | Thu, 23 Aug 2018

(Fixes author) By Gavin Evans Aug. 23 (BusinessDesk) - Fisher & Paykel Healthcare Corp has raised its full-year earnings forecast by about $5 million on the back of strong sales growth and the weaker New Zealand dollar. The firm sells hospital equipment and personal slee...

Horizon Oil forecasts ongoing strong production in China, NZ
Jonathan Underhill | Thu, 23 Aug 2018

By Gavin Evans Aug. 23 (BusinessDesk) - Horizon Oil is projecting similar production for 2019 and improved revenue on the back of infill drilling at its operations in China’s Beibu Gulf and ongoing optimisation efforts in the Maari field off the Taranaki coast. The Sydney-b...

Refinery to appeal dredging consents, eyes hydrogen long-term
Jonathan Underhill | Thu, 23 Aug 2018

By Gavin Evans Aug. 23 (BusinessDesk) - The New Zealand Refining Company intends to appeal aspects of the consents it has been granted for dredging the mouth of the Whangarei harbour. Chief executive Sjoerd Post said the company believes a couple of the 138 conditions are u...

Policy needed to speed re-consenting of wind sites - Meridian
Jonathan Underhill | Wed, 22 Aug 2018

By Gavin Evans Aug. 22 (BusinessDesk) - Stronger policy direction favouring renewables is needed if the country is to meet its target for net-zero carbon emissions by 2050, Meridian Energy chief executive Neal Barclay says. While electricity demand growth has been limited i...

OMV weighs Manaia drilling options
Jonathan Underhill | Tue, 21 Aug 2018

By Gavin Evans Aug. 22 (BusinessDesk) - OMV says it will know later this year whether to proceed with further appraisal drilling in the Manaia structure south-west of the Maari oil field. The firm has been undertaking a series of well workovers and other upgrades to maintai...

Late generation rebound, Australia help lift Meridian earnings
Jonathan Underhill | Tue, 21 Aug 2018

By Gavin Evans Aug. 22 (BusinessDesk) - A strong generation rebound in the June quarter and improved retail earnings here, in Australia and in the UK, saw Meridian Energy report a modest rise in full-year earnings. The company, New Zealand’s biggest power generator, benefit...

FIRST CUT: Meridian lifts earnings on late hydro recovery
Jonathan Underhill | Tue, 21 Aug 2018

By Gavin Evans Aug. 22 (BusinessDesk) - Meridian Energy, New Zealand’s biggest power generator, today reported a slight lift in full-year earnings despite weak hydro conditions for much of the period. Net profit rose marginally to $201 million for the year ended June 30, fr...

Tilt strategy still emerging - Mercury
Jonathan Underhill | Tue, 21 Aug 2018

By Gavin Evans Aug. 21 (BusinessDesk) - Mercury NZ needs to participate in wind development if it is to materially benefit from the shift to renewables, but says it’s too early to say how its investment in Australia’s Tilt Renewables will play out. Tilt has the best pipelin...

FIRST CUT: Mercury delivers record earnings on high inflows, production
Jonathan Underhill | Mon, 20 Aug 2018

By Gavin Evans Aug. 21 (BusinessDesk) - Mercury NZ reported a record $561 million in operating earnings on the back of record generation and high wholesale power prices. The company, the country’s third-largest power and gas retailer by accounts, reported a 27 percent incre...

CORRECT: Taranaki block offer timetable slips
Jonathan Underhill | Mon, 20 Aug 2018

(Fixes analyst name in 6th paragraph, typo in 9th paragraph) By Gavin Evans Aug. 20 (BusinessDesk) - The timetable for offering new onshore exploration acreage appears to be slipping as the government looks at ways to protect itself from potential legal challenges. Consu...

Bathurst ordered to pay L&M US$40M, plans appeal
Jonathan Underhill | Mon, 20 Aug 2018

By Gavin Evans Aug. 20 (BusinessDesk) - Bathurst Resources has been ordered to pay a US$40 million performance payment on coal production from its Buller operations. The company, New Zealand’s biggest coal miner, says it is “extremely disappointed” by the High Court ruling...

NZ dollar slips ahead of inflation data tomorrow that may show tepid price pressures
Jonathan Underhill | Sun, 15 Jul 2018

By Jonathan Underhill July 16 (BusinessDesk) - The New Zealand dollar fell ahead of second-quarter inflation figures tomorrow that are expected to confirm price pressures remain tepid, keeping interest rates low for now. The kiwi traded at 67.58 US cents as at 8am in Wellin...

Ross Asset liquidators claw back a further $3.1M from investors, launch more lawsuits
Jonathan Underhill | Fri, 13 Jul 2018

By Jonathan Underhill July 13 (BusinessDesk) - The liquidators for Ross Asset Management clawed back another $3.1 million from investors in the six months to June 16 while increasing the pressure on those still holding out by launching more lawsuits. To date, 182 people who...

Future Mobility's Sealegs unit gets permanent injunction in copyright suit against Orion Marine, Smuggler
Jonathan Underhill | Thu, 12 Jul 2018

By Jonathan Underhill July 13 (BusinessDesk) - Future Mobility Solutions said it won a High Court copyright infringement suit against rival boatbuilders that had used technology from its Sealegs amphibious boats. The Auckland-based company said the High Court granted Sealeg...


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