Topics

Allied Farmers, which is recovering from its disastrous takeover of the Hanover and United Finance loan books, wants to raise up to $1 million in a bond issue to settle an outstanding tax bill and stave off threatened liquidation proceedings. The Hawera-based company’s Allied Farmers Rural subsidiary will seek at least $500,000 from a bond issue to fund a proposed …

New Zealand shares fell with Australian shares amid investor caution ahead of this weekend’s federal election. The declines were paced by Fletcher Building as investors took advantage of a gain in its price to sell for a profit. The NZX 50 Index fell 7.173 points, or 0.2 percent, to 4,597.178. Within the index, 20 stocks fell, 18 rose and 12 …

Rakon, the wireless device components maker, plans to start paying dividends in a bid to revive sagging investor confidence after successive years of an underperforming share price. Chairman Bryan Mogridge told shareholders the board today resolved to pay up to 50 percent of net profit, provided it’s fiscally appropriate, after the year ended March 31, 2015. Rakon has previously steered …

Transfield Services, the Australian company at the centre of a row over payment of New Zealand sub-contractors on the national ultra-fast broadband project, has broken its two day silence on the issue to say all outstanding payments will be made in the next two working days. In a statement on the company’s website, Transfield apologises “for the disruption caused by …

Rakon, which makes crystal oscillators used in smart phones and navigation systems, expects a net loss of $54 million in 2014 after taking a $37 million one-time charge to write down the value of its Chinese investment and other assets and posting a trading loss of $17 million. Shares in Rakon slumped 8.7 percent to 21 cents. The Auckland-based company …

The Reserve Bank’s looming restrictions on low-equity home lending will give governor Graeme Wheeler time to pause and reflect at next week’s monetary policy review. Wheeler will keep the official cash rate at 2.5 percent when he releases the monetary policy statement on Sept. 12, according to a Reuters poll of 15 economists. The key rate hasn’t budged since March …

Falling demand for electricity will push up power prices as the monopoly national grid owner, Transpower, spreads its regulated charges over smaller total consumption, warns the Major Electricity Users Group. MEUG formally raised the issue with senior government ministers, including Prime Minister John Key, in a June 17 letter, saying “the greatest risk to near term power prices is increasing …

Former Air New Zealand boss Rob Fyfe will leave the board of Trilogy International, the skincare products and scented candle maker, after this month’s annual meeting as he looks for a new full-time executive role in New Zealand. Fyfe, who finished up at the airline this year, told the Trilogy board he wouldn’t seek re-election at the Sept. 24 annual …

Diligent Board Member Services, the governance app-maker hit by a slew of administrative mis-steps, has been publicly censured by the New Zealand Markets Disciplinary Tribunal for numerous breaches of stock exchange listing rules. The regulator has approved a settlement agreement between Diligent and stock exchange operator NZX whereby Diligent will pay $15,000 to the NZX Discipline Fund, tribunal costs and …

Seeka Kiwifruit Industries, the fruit grower and coolstore and packhouse operator, reported a 92 percent dive in first-half profit as the outbreak of Psa-V vine bacteria takes its heaviest toll on certain kiwifruit varieties. Net profit sank to $672,000, or 5 cents per share, in the six months ended June 30, from $8.5 million, or 59 cents, a year earlier, …