Week in review

Friday 13th February 2004

Australian wine and spirits giant Orlando Wyndham bought Marlborough winemaker Framingham for an undisclosed sum. Framingham last year marketed about 30,000 cases. Founder Rex Brooke-Taylor will remain as a grapegrower and a director.

A war of words broke out between incumbent Telecom and the "call4change" alliance of challenger telcos headed by TelstraClear. At issue is a Telecommunications Commission decision on local loop unbundling which, the challengers say, was unduly favourable to Telecom. The government will decide later this year whether to ratify the commissioner's ruling.

Greymouth Petroleum bought New Zealand Oil & Gas's 35% interest in PML38148, incorporating the Ngatoro and Goldie oil and gas fields. Greymouth said it was planning exploration of the Kaimiro and Ngatoro permits, now both 100% owned.

SkyCity Entertainment confirmed it had bought the MGM Grand casino in Darwin from US company MGM Mirage for $A195 million ($220 million), subject to regulatory consents.

Amphibious boatmaker Sealegs Corporation said its Middle East joint-venture deal with US company Albwardy Investment Group had fallen through due to "matters surrounding the protection of the intellectual property of our amphibious boats."

Researcher FundSource took BT Funds Management off its negative watch list after reviewing the reorganisation of US manager Putnam, hit last year by a trading scandal.

Shareholders in GRD Macraes approved the spin-off of the New Zealand arm, to be known as Oceana Gold. GRD will hold an initial public offering of Oceana shares to raise $A100 million ($113 million).

The New Zealand Exchange (NZX) backed down on disciplinary issues, instituting a right of appeal for listed companies and agreeing to pay fines into a fund to be used for "educational and regulatory reform purposes."

Telecom launched a suite of cheaper high-speed internet services which also aim to attract customers of rival toll- call companies.

Mobile radio company TeamTalk posted a $1.4 million December first-half profit amid talk of a public float. Ebitda (earnings before interest, tax, depreciation, and amortisation) was $4.2 million, on revenue of $10 million.

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