Tag Archives: Companies

Todd Corp, the investment company of New Zealand’s wealthiest family, has acquired a 19.9 percent stake in Wolf Minerals as part of a placement to help fund the ASX-listed company’s development of a Tungsten mine in southwest England. TTI (NZ), a unit of Todd, subscribed for 39.4 million shares in Wolf at 27 cents apiece, a 12 percent premium to …

Diligent Board Member Services will have a look at its executives’ incentive schemes after a New York law firm raised a flag over some compensation plans. The NZX-listed company’s board has appointed a special committee to review the options and shares granted to some executives after it was questioned whether they had all been issued in “strict compliance with the …

PwC’s John Fisk and David Bridgman have found another pitfall as they try to untangle the mess surrounding Ross Asset Management which may make it more difficult to try and recovery the missing investor funds. The High Court in Wellington appointed Fisk and Bridgman as liquidators of Ross Asset Management last week, and the pair have found that about 40 …

Singapore Airlines Cargo has been fined $4.1 million for its role in colluding to fix prices for air cargo in the latest settlement with the Commerce Commission. In the High Court in Auckland, Justice Chris Allan today ordered the airline to pay the third-biggest fine out the seven settlements to date, taking the running tally to $24.48 million. SIA Cargo, …

Emulex’s cash offer of 500 pence per share announced on December 5, 2012 has been officially dispatched to shareholders and optionholders, under the terms of the NZ Takeovers Code. Using the current exchange rate of 1.62 USD to the pound sterling, this represents a transaction value of approximately $131 million, a 65 per cent premium to the mid-market closing price …

Smiths City Group, the Christchurch-based department store operator, posted a 2.6 percent gain in first-half profit saying retail conditions are difficult, especially for consumer electronics. Profit was $1.69 million in the six months ended Oct. 31, from $1.64 million a year earlier, the company said in a statement. Sales fell 0.2 percent to $109.7 million. Trading conditions “have been difficult,” …

State-owned Meridian Energy sold its Energy for Industry subsidiary to Central Otago-based Pioneer Generation in a transaction worth more than $50 million. Energy for Industry, which was established in 2000, provides energy management services to companies, according to its website. The sale is part of Meridian’s plan to divest non-core subsidiaries, it said. Meridian is one of the state-owned power …

Rakon, which makes crystal oscillators used in mobile phones and navigation systems, cut its full-year earnings guidance because of sales delays and thinner margins. Earnings before interest, tax, depreciation and amortisation would be $8 million to $12 million in the year ending March 31, down from its August guidance of $14 million to $16 million. The downgrade is “due to …

Sam Morgan, who made his fortune when Trade Me was sold to Fairfax Media, has trimmed his holding in Xero, taking advantage of a share price that has soared by 179 percent this year. mac os x 10.4 download Morgan, a director of Xero, sold 1 million shares at $7.40 apiece in an off-market transaction to New Zealand institutions. The …

Guinness Peat Group founder Ron Brierley has sold another 5 million tranche of shares in the investment firm, even as it’s rated an average ‘outperform’ by analysts. autocad 2014 for sale The veteran corporate raider sold the shares yesterday at 47 Australian cents apiece for some A$2.35 million, or $2.95 million in New Zealand dollar terms, according to a statement …