Archive for the 'Article' Category

A2 Milk stock slumps 20% as margin outlook disappoints

Article – BusinessDesk

A2 Milk stock slumps 20% as margin outlook disappoints investors; Synlait falls

By Paul McBeth

May 16 (BusinessDesk) – A2 Milk Co shares shed about a fifth of their value after a trading update today disappointed investors optimistic about the milk marketing firm’s outlook, dragging down production partner Synlait Milk and weighing on the broader market. Read more »

Fletcher completes $750M equity raising with sale of shares

Article – BusinessDesk

Fletcher completes $750M equity raising with sale of shares under retail shortfall bookbuild

By Tina Morrison

May 16 (BusinessDesk) – Fletcher Building has reached its $750 million equity raising target after selling 20.2 million shares under its retail shortfall bookbuild, at a premium price to the entitlement offer but a discount to the trading price of the shares. Read more »

Wellington tops Asia-Pacific for commercial investment

Article – BusinessDesk

Wellington tops Asia-Pacific for commercial investment: RICS survey

By Andrew Bevin

May 15 (BusinessDesk) – Wellington city’s strong demand for commercial real estate and lack of available space put it at the top of the latest Royal Institute of Chartered Surveyors’ Asia Pacific market update. Read more »

A2 Milk forecasts FY revenue of $900M-$920M

Article – BusinessDesk

A2 Milk forecasts FY revenue of $900M-$920M, says 2H margins held at 1H levels

By Jonathan Underhill

May 16 (BusinessDesk) – A2 Milk Co forecast a surge in full-year sales and said its gross margin in the second half has stayed in line with its first half, as expected. Read more »

CA ANZ survey finds most oppose fuel tax

Article – BusinessDesk

CA ANZ survey finds most oppose fuel tax, support road improvements from current budget

By Sophie Boot

May 15 (BusinessDesk) – Most people don’t want to pay a new fuel tax but do want the government to make roads safer and increase access, a survey funded by Chartered Accountants Australia and New Zealand (CA ANZ) has shown. Read more »

Infratil wouldn’t approve Mercury move above 19.99% of Tilt

Article – BusinessDesk

Infratil says it wouldn’t approve Mercury move above 19.99% of Tilt

By Jonathan Underhill

May 15 (BusinessDesk) – Infratil, the investment company that owns 50.8 percent of Tilt Renewables, says it wouldn’t approve new shareholder Mercury NZ increasing its current 19.99 percent holding, having made its own offer for the stock. Read more »

Bad headlines on Fletcher Building hide ‘healthy prospects’

Article – BusinessDesk

Bad headlines on Fletcher Building hide business with ‘healthy prospects’, says new shareholder Kingfish

By Jonathan Underhill Read more »

NZ SMEs deliver bulk of jobs growth over past year

Article – BusinessDesk

NZ SMEs deliver bulk of jobs growth over past year: economist

By Andrew Bevin

May 14 (BusinessDesk) – Small businesses employing just a third of New Zealand’s workforce have delivered more than two-thirds of the nations’ jobs growth over the past year, a leading economist says. Read more »

Mercury agrees to buy 19.99% of Tilt from Tauranga Trust

Article – BusinessDesk

Mercury agrees to buy 19.99% of Tilt from Tauranga Trust for 24% premium of $2.30 a share

By Jonathan Underhill

May 14 (BusinessDesk) – Mercury NZ agreed to buy 19.99 percent of Tilt Renewables from the Tauranga Electricity Consumer Trust for $144 million, or $2.30 a share, a 24 percent premium to its last trading price. Read more »

UPDATE: CBL administrators recommend liquidation

Article – BusinessDesk

UPDATE: CBL administrators recommend liquidation

(recasts lede and adds detail throughout after the voluntary administrators recommend the company be put into liquidation) Read more »

Ex-Hawkins Orange-H placed in receivership

Article – BusinessDesk

Ex-Hawkins Orange-H placed in receivership by shareholder McConnell; owes creditors $30M

By Rebecca Howard

May 11 (BusinessDesk) – Orange-H Group, the McConnell entity set up to run down the residual Hawkins assets after the sale to Downer Group, has been tipped into receivership by its shareholder and creditor just 10 days after being ordered to pay $13.4 million over a leaky school. Read more »

Smiths City shares fall 4.6% after Employment Court order

Article – BusinessDesk

Smiths City shares fall 4.6% after Employment Court orders retailer pay staff for unpaid meetings

By Paul McBeth

May 11 (BusinessDesk) – Smiths City Group shares fell 4.6 percent after the retailer was ordered to pay staff for their attendance at ‘voluntary’ sales meetings over the past six years. Read more »

CBL administrators announce date for watershed meeting

Article – BusinessDesk

CBL administrators announce date for watershed meeting, liquidation opinion to come

By Sophie Boot

May 11 (BusinessDesk) – CBL Corp’s voluntary administrators say a creditors’ watershed meeting will be held next week, with their opinion on whether the company should be liquidated to be released today. Read more »

Warehouse 3Q sales lift 2.6% on Noel Leeming Boost

Article – BusinessDesk

Warehouse 3Q sales lift 2.6% as Noel Leeming boasts ‘strong’ quarterly growth

By Tina Morrison

May 11 (BusinessDesk) – Warehouse Group’s third-quarter sales advanced 2.6 percent as its Noel Leeming appliance and technology chain outperformed its other businesses. Read more »

NZ house sales rise 6.6% in April on strong demand

Article – BusinessDesk

NZ house sales rise 6.6% in April on strong demand; tight inventory pushes up prices

By Rebecca Howard

May 11 (BusinessDesk) – New Zealand house sales rose 6.6 percent in April, the biggest year-on-year increase in 23 months, as ongoing demand coupled with tighter inventory saw prices increase in 14 of 16 regions. Read more »

Tilt Renewables posts FY loss

Article – BusinessDesk

Tilt Renewables posts FY loss, trims dividend as lack of wind curbs generation

By Paul McBeth

May 11 (BusinessDesk) – Tilt Renewables, the wind and solar generation facilities which split from Trustpower in 2016, posted an annual loss and trimmed dividends as a lack of wind in New Zealand and Australia stifled generation at its windfarms. Read more »

Robertson affirms Budget 2018 includes $42B over 5 years

Article – BusinessDesk

Robertson affirms Budget 2018 includes $42B of capital spending over next 5 years

By Sophie Boot

May 10 (BusinessDesk) – Finance Minister Grant Robertson confirmed plans for $42 billion of net capital spending over the next five years in his latest pre-budget speech to the Wellington Chamber of Commerce this afternoon. Read more »

SkyCity sells Auckland carpark for $40M to free up cash

Article – BusinessDesk

SkyCity sells Auckland carpark for $40M to free up cash for debt repayment, growth

By Tina Morrison

May 10 (BusinessDesk) – SkyCity Entertainment Group sold its Federal Street carpark in Auckland for $40 million, as it moves to free up cash from non-core assets to reduce debt and fund future growth. Read more »

Vector chair Michael Stiassny won’t seek re-election

Article – BusinessDesk

Vector chair Michael Stiassny won’t seek re-election after losing Entrust support

By Paul McBeth

May 9 (BusinessDesk) – Vector chair Michael Stiassny says he won’t seek re-election at this year’s annual meeting because he no longer has the support of controlling shareholder Entrust Trustees, which owns 75.1 percent of Vector and represents its electricity network customers. Read more »

Unsolicited bid to invest in Auckland light rail project

Article – BusinessDesk

NZ Super Fund, CDPQ Infra lob unsolicited bid to invest in Auckland light rail project

By Paul McBeth

May 9 (BusinessDesk) – The New Zealand Superannuation Fund and Canadian fund manager CDPQ Infra have made an unsolicited bid to build and operate two lines in the proposed Auckland light rail, which are already getting $1.8 billion of seed investment. Read more »

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