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The offer for L&M Energy from its chairman and creditor Geoff Loudon is now unconditional, having been accepted by more than 90 percent of shareholders, allowing compulsory acquisition of remaining shares. Loudon’s New Dawn Energy has acceptance for 90.25 percent of L&M by Jan. 15 and so it will move to compulsorily acquire remaining shares under the Takeovers Code. The …

Property developer Glenn William Cooper, 39, has been remanded on bail for sentencing on March 8 after a Serious Fraud Office investigation into his dealings with a family with whom he built a relationship. Cooper pleaded guilty in Manukau District Court on Wednesday to five charges of dishonestly using a document. The charges resulted from an investigation into five property …

Billionaire Li Ka-shing’s Cheung Kong Infrastructure Holdings (CKI) is describing New Zealand as a core investment destination after it beefed up its presence with $501 million purchase of EnviroWaste. The biggest user of waste material by mass in Hong Kong is looking to leverage its expertise in materials handling as it expands into waste management, while collecting a steady income …

Wall Street was mixed as concerns about the US debt ceiling, and the potential impact on the economy, moved to the fore. Treasury Secretary Timothy Geithner warned that failure to lift the US$16.4 trillion debt limit by early March would “impose severe economic hardship.” Fitch Ratings on Tuesday said it expects that Congress will raise the debt ceiling and that …

GERMANY SUCCUMBING TO WEAKNESS IN THE EUROZONE? Preliminary data from the German Federal Statistics Office showed the economy to have contracted by as much as 0.5% in the December quarter, potentially signalling that the German economy joined a majority of other Eurozone nations in entering technical recession in 2012. Annual growth slowed to 0.7% in 2012 (from 3% in 2011) as the …

T he New Zealand dollar rose on indications that the economy is finally gaining momentum without setting off inflation and after US Federal Reserve chairman Ben Bernanke indicated quantitative easing to stimulate the US economy would continue throughout 2013. The kiwi was at 83.94 US cents at 5.25pm, from 83.94 US cents at 8am and 84.02 US cents at 5pm …

Toll Holdings has revealed a possible cost of $19 million from its battle with the Inland Revenue Department over the use of optional convertible notes to shuffle trans-Tasman income. But the company has yet to include provisioning in its accounts for the possible loss of its tax dispute as a key Court of Appeal decision is still pending on the …

The share price of Diligent Board Member Services rose as much as 2 percent after the provider of software for company directors posted record sales in 2012. Diligent said fourth-quarter new sales of US$6.4 million (NZ$7.6 million) took annual new sales to US$26.3 million, a 66 percent increase over the previous year. The Asia-Pacific region experienced exceptional growth in the …

New Zealand’s economy surged in the December quarter to the best level since mid-2007, according to the Quarterly Survey of Business Opinion, which shows firms are more optimistic and output is increasing across the board. The survey, conducted by the New Zealand Institute of Economic Research (NZIER), shows a rebound in activity, particularly in Canterbury but also a “very good …

The New Zealand dollar was testing 84 US cents in early trading after having a strong session overnight as the US dollar weakened. The kiwi was at 83.94 US cents at 8am, up from 84.02 US cents at 5pm on Monday. It traded as high as 84.30 overnight. Support at 83.60 cents held on Monday so the kiwi resumed its …