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Liquidators have been appointed to a raft of Mainzeal and Richina related companies at the request of the shareholder. BDO’s Andrew Bethell and Brian Mayo-Smith have been appointed liquidators of the group companies, including the first firm to fall over Mainzeal Property and Construction, according to documents lodged with the Companies Office. The appointments were made yesterday by a special …

Environment Minister Amy Adams is taking a combative approach to early criticism from environmental groups of the government’s proposed changes to the Resource Management Act, saying the critics are “out of touch with New Zealanders.” Fundamental reform proposals for the 22 year-old RMA legislation were published yesterday with a raft of measures to give much greater power to the central …

Allied Farmers has taken a further $4.1 million impairment on its ex-Hanover Finance assets, inflating its first-half loss, which still narrowed from a year earlier. The Hawera-based company posted a loss of $5.5 million in the six months ended Dec. 31, from a loss of $8.3 million a year earlier. Revenue rose to $22.6 million from $9.6 million. The company …

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. The capital raising will fund the $20 million cash component of its $40 million purchase, with the balance to be met with …

 New Zealand’s terms of trade unexpectedly fell to a three-year low in the fourth quarter as prices of dairy exports extended their slide and fish export prices fell. The terms of trade fell 1.3 percent in the fourth quarter from three months earlier, according to Statistics New Zealand. A 1.3 percent gain was expected, based on a Reuters survey. The …

New Zealand’s terms of trade unexpectedly fell to a three-year low in the fourth quarter as prices of dairy exports extended their slide and fish export prices fell. The terms of trade fell 1.3 percent in the fourth quarter from three months earlier, according to Statistics New Zealand. A 1.3 percent gain was expected, based on a Reuters survey. The …

Postie Plus Group, which last year avoided breaching its banking covenants, is in talks with its banks again after posting a wider first-half on dwindling sales and thinner margins and bracing for an annual loss. The shares tumbled. The Auckland-based company made a pretax loss from continuing operations of $2.56 million in six months ended Feb. 3, compared to a …

Price cuts imposed by the Commerce Commission are negative for Vector though the gas distribution network owner has enough of a cushion to ensure its credit rating doesn’t need to be cut, says Moody’s Investors Service. The competition regulator yesterday confirmed Vector will have to cut its prices by 18 percent, and cut its wholesale gas transmission charges by 29.5 …

State-owned national electricity grid operator Transpower returned to a first-half profit after taking a smaller unrealised hit on its financial instruments than a year earlier, and its earnings margins are tracking ahead of its annual target. The Wellington-based company made a profit of $70.7 million in the six months ended Dec. 31 from a loss of $51.5 million a year …

The New Zealand dollar slipped back below 83 US cents after US growth figures came in lower than economists were expecting, weighing on commodities. The International Monetary Fund said it may cut its US forecast if spending cuts kick in on March 1. The kiwi dollar fell to 82.73 US cents from 83.15 cents at 5pm in Wellington yesterday. The …