Synlait Milk, the dairy company controlled by China’s Bright Dairy & Food, is considering an initial public offering in New Zealand three years after abandoning such a capital raising because of lack of investor demand.… Full Story →
SkyCity Entertainment Group has gained a 27-year extension to its Auckland casino licence and can add 230 slot machines and 40 gaming tables in exchange for meeting the $402 million construction, fit-out and land costs of a new convention centre in the city.… Full Story →
Meridian Energy says it is “unlikely” to reach a new electricity supply agreement with its largest customer, the Tiwai Point aluminium smelter, which consumes around one-seventh of New Zealand’s electricity.… Full Story →
The founding chief executive of MightyRiverPower, Doug Heffernan, will leave the company next year after 16 years at the helm under arrangements that trigger a $500,000 retention payment on top of his existing salary of almost $1.5 million last year.… Full Story →
ANZ Bank New Zealand announced Joan Withers will become an independent director of the company, effective from 1 July 2013.… Full Story →
Xero, Wellington-based cloud accounting software firm, has become New Zealand’s latest billion dollar company after its shares climbed to a new record today.… Full Story →
Online auction site Trade Me, which is on the prowl for more acquisitions, has sold its group-buying Treat Me website for an undisclosed sum in a management buyout.… Full Story →
Veritas Investments, the shell company that’s acquiring the Mad Butcher franchisor business, aims to raise up to $25 million in the public share offer next month and has secured a $10 million loan facility from ANZ New Zealand.… Full Story →
Shares in Chorus dropped 2 percent after the telecommunications network operator spun out of Telecom signalled the cost of building a nationwide ultrafast broadband network has increased by some $300 million.… Full Story →
Meridian Energy says it’s ready for partial privatisation and expects a significant uplift in operating earnings in the second half after transmission outages and heavy rainfall knocked its performance in the six months to Dec.… Full Story →
- Ryman boosts FY profit 13 percent as fee income jumps, portfolio value climbs
Ryman Healthcare, the retirement village operator whose shares have jumped by more than a third this year, boosted annual profit 13 percent as increased sales of units lifted its fee income and as the value of its property portfolio continued to climb.
- Infratil FY net profit drops to $3.4 mln on UK writedowns, charges
Infratil, which is mulling the float of its Z Energy chain of petrol stations, reported a drop in full-year profit after writing down the value of its UK airports and recognising accounting charges.
- PGG Wrightson annual earnings to fall by up to 27 percent on drought, lower livestock values
PGG Wrightson, the rural services company which fell out of the NZX 50 Index this year, expects annual earnings to fall by as much as 27 percent as dry conditions on both sides of the Tasman and lower livestock values erode prices.
- Kiwi Income Property annual earnings fall 15 percent, sees smaller payout in 2014
Kiwi Income Property Trust, the owner of Auckland’s Sylvia Park Shopping Centre, reported a 15 percent fall in annual earnings due to a drop in rental income and expects to pay a smaller return to investors in 2014.
- Warehouse Red Sheds, stationery boost 3Q sales, FY guidance unchanged
Warehouse Group, the country’s biggest listed retailer, boosted third-quarter sales at its Red Sheds and stationery outlets, and has kept its annual guidance unchanged.