Tag Archives: Companies

DNZ Property Fund chief executive Paul Duffy sold 9.9 percent of his stake in the property investor worth $1.65 million, cashing in as the share price tests record-highs since listing two years ago. Duffy sold 964,150 shares at an average price of about $1.625 last week, netting him $1.57 million, having sold 50,000 shares for $79,250, or $1.585 a share, …

L&M Energy chairman and creditor Geoff Loudon has drawn more than 80 percent acceptances for his takeover offer. Loudon’s New Dawn Energy has acceptance for 80.4 percent of L&M, according to a substantial shareholder notice yesterday. It needs to get to 90 percent to declare the offer unconditional. The company made its offer in October at 6 Australian cents a …

Telecom Corp, which carved out its network unit last year to shed regulatory burdens, wants to boost usage of its mobile roaming services with a new flat fee structure for its post-paid customers. The Auckland-based company wants to grow its revenue over time by getting mobile customers to use their voice and data services when travelling abroad, chief executive Simon …

Warehouse Group, the country’s biggest listed retailer, bought consumer electronics and appliance chain Noel Leeming Group for $65 million from Gresham Private Equity. The Auckland-based retailer’s acquisition will be completed today and is expected to add to the company’s earnings immediately, contributing between $4 million to $6 million to earnings before interest and tax in the six months ended Jan. …

A consortium of Wellington business brahmans, including former top executives at Brierley Investments, has taken a majority share in fast-growing syrups maker Shott Beverages, with the intention of expanding its production and export sales. The investing group, Beverage Holdings Ltd, is led by former Brierley executive Andrew Meehan and comprises the same team as bought the pet food brand, Masterpet, …

Warehouse Group, the country’s biggest listed retailer, bought consumer electronics and appliance chain Noel Leeming Group for $65 million from Gresham Private Equity. The Auckland-based retailer’s acquisition will be completed today and is expected to add to the company’s earnings immediately, contributing between $4 million to $6 million to earnings before interest and tax in the six months ended Jan. …

New Zealand’s largest electricity producer, Meridian Energy, has resumed talks with Rio Tinto Alcan, the majority owner of the Tiwai Point aluminium smelter, over Rio’s request for changes to 18-year contracts for power supply that kick in on Jan. 1. Meridian chief executive Mark Binns told the company’s annual public meeting in Wellington that Rio had recently come back to …

Commonwealth Bank of Australia is the first overseas investors to disclose a substantial holding in units of the Fonterra Shareholders’ Fund that debuted a week ago. Funds associated with Australia’s biggest lender hold 7.4 percent of the units, according to a substantial security notice yesterday. The funds bought 6.6 million units at a grand total of some A$31 million on …

Wynyard Group, the security and risk management software firm owned by Jade Software, has got a toehold in the US, partnering with Virginia-based Northrop Grumman Corp. The deal gives Wynyard access to a US$2 billion market, which accounts for about half the global market in security and risk management software, and will give the New Zealand firm a foot in …

New Zealand shares rose, snapping a three-day slide as equity markets across the Asia-Pacific region generally gained. Xero resumed its climb after two US funds gave the company equity capital and Chorus clawed back from its regulator-induced plunge. The NZX 50 Index rose 16.11 points, or 0.4 percent, to 4023.36. Within the index, 23 stocks rose, 14 fell and 13 …