Postie Plus Group, the worst performer on the New Zealand stock exchange this year, has agreed to sell its school uniform business SchoolTex for $9 million to reduce debt in an attempt to return the company to profitability. Postie Plus will seek agreement from shareholders for the sale at its annual meeting on Dec. 20, the Auckland-based company said in …

Telecommunications network operator Chorus won’t meet its contractual obligations to build the bulk of the country’s broadband network if regulated cuts to the wholesale price it charges on its ageing copper lines go ahead, Communications Minister Amy Adams says. Accounting firm Ernst & Young Australia has verbally briefed Adams on whether the Wellington-based company can deliver on its contracts, and …

Brokerage First NZ Capital has been tapped to buy up to 24.8 million Infratil shares for as much as $2.60 apiece for the investment company’s on-market buyback. Infratil’s shares last traded at $2.38 and have gained 4.9 percent this year. The stock is rated a ‘buy’ based on six analysts polled by Reuters, with a median price target of $2.81 …