Jenny Morel’s venture capital firm No. 8 Ventures and Martin Aircraft Co founder Glenn Martin plan to cut their stakes in the jetpack business ahead of a planned initial public offer, which will see China-based investor KuangChi Science invest A$50 million to take a majority holding in the firm.  The Christchurch-based company has changed the terms of its offer, which will see the firm list on …

Synlait Milk, which plans to take a quarter-stake in Sichuan New Hope Nutritional Foods Co to gain a direct interest in a Chinese infant formula brand, has talked down the threat of dry conditions in Canterbury, saying its farmer suppliers have reliable access to irrigation water. The Rakaia-based milk processor hasn’t seen a drop in milk production as parts of …

Rod Duke, majority shareholder and managing director of Briscoe Group, has refused comment on market speculation that he may take control of struggling childswear retailer Pumpkin Patch.  Pumpkin Patch hired Goldman Sachs late last year to advise on its capital and funding requirements and said a share issue was an option after warning it could breach banking covenants if Christmas …