Heartland New Zealand shares rose to a two-year high and its credit rating was affirmed by Standard & Poor’s after the lender decided to take over the management of distressed assets and wear the cost upfront. The shares jumped 7.6 percent to 85 cents, the highest level since February 2011, after the Christchurch-based bank cut its annual profit guidance to …

Dorchester Pacific investors have exercised more options than the financial services firm was expecting and it has asked major shareholders whether they are willing to sell down their stakes in a placement. About 134 million options were converted to shares at 12.5 cents apiece, or $16.75 million, out of a total 150 million, Dorchester said in a statement. That was …

Heartland New Zealand, which gained bank registration in December, has cut its earnings expectations after deciding to take the management of distressed assets in-house. It was more upbeat about growth in 2014. The Christchurch-based lender expects net profit of $7 million in the 12 months ending June 30 after taking an $18 million charge on writing down the value of …