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AWF Group managing director Simon Hull and his family interests have sold down their stake in the contract labour firm at a 7.9 percent discount in a bid to boost liquidity in the stock and attract institutional investors. Hull sold 2.5 million shares at $2.90 apiece, for some $7.25 million, in off-market transactions placed by Craigs Investment Partners, the company …

Metlifecare, the retirement village operator and developer, raised $70 million at an 8.3 percent discount in a placement to institutional investors after yesterday’s bookbuild process was completed. Some $22.6 million shares were sold at $3.10 apiece after the bookbuild, which set the price, having been halted at $3.38 before the sale. Metlifecare plans to raise a further $10 million in …

The New Zealand dollar fell after Reserve Bank governor Graeme Wheeler said yesterday he is prepared to keep intervening in foreign exchange markets to limit the rise of the local currency. The kiwi fell as low as 80.03 US cents, from 81.15 cents at 5pm yesterday, and recently traded at 80.76 cents. The trade-weighted index slipped to 75.89 from 76.41 …

US economic data falling short of expectations bolstered hope that the Federal Reserve might see the need to support the world’s largest economy a little longer than it has recently hinted. The economy grew at a 2.4 percent annualised rate in the first quarter, according to the Commerce Department. That was down from an earlier estimate of a 2.5 percent …

SmartPay, the eftpos terminal company, narrowed its annual loss to $5.9 million and said it hasn’t yet recorded the full benefits of its restructuring and acquisitions. The net loss narrowed from a year-earlier loss that was restated to $12.7 million. Sales climbed to $17 million from a restated $16.5 million. In December, the company agreed to buy eftpos terminal provider …

NPT, the listed property investor, turned to a profit in 2013 after it gained from payouts on an earthquake damaged Christchurch building and the overall value of its properties rose. The Auckland-based retail, commercial and industrial property investor reported profit of $33 million in the year ended March 31, from a loss of $2.3 million a year earlier. The value …

By Brierley Penn Understanding the key differences between the various cultural settings in which they operate has been integral to Mainfreight’s success in an increasingly globalized business environment. With a market capitalization of $1 billion, and 75% of their revenues coming from offshore sources, the company no longer considers themselves to be a purely New Zealand business. The company entered …

By Brierley Penn 5 years ago, 1% of Vista Entertainment’s revenues were generated in US markets. Today, that figure sits at 25%, and the growth in this integral market has assisted Vista in becoming the world’s leading company operating in the cinema exhibition business. Derek Forbes delivered his “Three Do’s and One Don’t” at the NZ Doing Business in LA …

By Brierley Penn When a panel of business leaders in the US-NZ trade relationship took the stage during the second day of the Pacific Partnership Forum, the key takeaway from their discussion was unquestionable. The TPP must be completed as soon as possible, lest we witness the painfully slow crawl to progress that marked the Doha Round of WTO discussions. …

Tenon, the wood mouldings company, said it may return to profit this year as a pickup in the US housing market stokes demand for building products. The shares soared 16 percent. Operating profit before finance costs would be between zero and US$1 million in the year ending June 30, from a loss of US$8 million a year earlier, the company …