Topics

The New Zealand Venture Investment Fund, the Crown-funded start-up investor, has taken its 7.1 percent stake in ikeGPS inhouse, after Number 8 Ventures opted to distribute the shares at the end of the remote measurement tool maker’s lock-up period. The fund owns 3.5 million of the 50.1 million ikeGPS shares on issue, worth about $2.28 million at today’s price of 65 …

Disgruntled Alliance Group shareholders have gathered sufficient support to force a special meeting to discuss the potential benefits and risks of a merger with fellow cooperative Silver Fern Farms. Balfour farmer Jeff Grant, who along with rural accountant and farmer, Gaye Cowie, have been gathering the required 5 percent of proxy forms needed to force the special meeting, say they …

Kiwi cereal maker Smartfoods is about to shift into a new factory that will treble production capacity as part of a five-year plan to boost revenue to $50 million from $15.7 million by jumping on a trend towards healthier eating. Smartfoods, which has around 50 staff, has grown at a compounded annual growth rate of 36.5 percent since its first …

The New Zealand dollar rose as high as 66 US cents overnight after Prime Minister John Key told reporters at his weekly post-Cabinet press conference that the local currency had fallen faster than expected. The kiwi was trading at 65.67 US cents at 8am in Wellington, from 65.61 cents at 5pm yesterday and 65.12 cents immediately before the 4pm press conference. …

The foreign owners of the Tiwai Point aluminium smelter have had discussions with Finance Minister Bill English about further sweeteners to keep the New Zealand’s most energy-intensive industrial plant open and been told there is no scope for further assistance, says Prime Minister John Key. The smelter’s majority owner, Anglo-Australian metals giant Rio Tinto, wrung $30 million in cash out of …

The New Zealand dollar may advance this week as the Reserve Bank disappoints some traders positioned for an aggressive interest rate cut of 50 basis points by limiting its reduction to a quarter-point. The kiwi may trade between 63.50 US cents and 67.05 cents, according to a BusinessDesk survey of 11 currency advisers. Six expect the kiwi to gain, four …

New Zealand’s services sector, which accounts for about two-thirds of the economy, was at its most buoyant level in 11 months in June. The BNZ-BusinessNZ performance of services index rose 0.1 point to a seasonally adjusted 58.2 last month, its highest level since July 2014, and extending a run of continuous expansion since October 2009. All of the five sub-indices …

Summerset Group, New Zealand’s third-largest listed retirement village operator, has bought land in Warkworth, enabling it to extend its existing village. The Wellington-based company bought an extra 2.4 hectares, which would allow it to build 77 retirement units adjacent to its existing Summerset Falls village, it said in a statement. The current village has 220 residents and is almost complete, with a …

A2 Milk Co, which markets milk with a protein variant said to have health benefits, says annual earnings were flat and are set to triple in 2016 with sales expected to rise faster than forecast. Separately, the company has told its suitors to try again after an initial offer wasn’t compelling and drew out rival bidders. Earnings before interest, tax, …

Sharemarket analysts are expecting a slew of profit upgrades and new commentary from stock exchange-listed exporters in the upcoming earnings season following the recent slump in the value of the New Zealand dollar, says Andrew Bascand, the managing director of Wellington-based funds manager Harbour Asset Management. Among likely beneficiaries are businesses such as Fisher & Paykel Healthcare, Nuplex Industries, Xero …