Week In Review

Thursday 17th April 2003

Carter Holt Harvey announced first-quarter earnings before interest and tax of $77 for the three months ended March 31.

National Bank of New Zealand rebuffed reports it was up for sale as "just market rumours."

Vertex Group Holdings reported $85.9 million in sales, earnings before interest and tax of $5.4 million and a net profit of $1.9 million in its preliminary financial result for the 12 months ending March 31.

AMP Banking agreed to sell $A2.8 billion of New Zealand residential mortgages and Australian and New Zealand property finance loan assets to HSBC and GE Commercial Finance as part of its restructuring.

Genesis Research and Development Corporation and Australian EvoGenix agreed to work together on a joint anti-inflammatory drug research and development programme.

Fletcher Challenge Forests said it would seek a further tax ruling from Inland Revenue on the $140 million capital return previously announced to shareholders.

Feltex Carpets is next week offering up to $60 million of second-ranking secured corporate bonds.

Richina Pacific says papers have been filed in the Virgin Islands by shareholders Richard Rainwater and JP Morgan Partners seeking an injunction to compel Richina's parent trust company to take control of all Richina shares held by Richina Enterprise Holdings.

ABN Amro announced a new financial markets advisory service to provide advice on market risk and debt to its corporate clients in Australasia and Asia.

Shares in Tranz Rail fell close to all-time lows after rating agencies Standard & Poor's and Moody's downgraded the company's debt. In an unusual move Tranz Rail took unsuccessful court action to try to prevent S&P from publishing its action.

A joint venture with Hutchison, which Telecom owns a 19.9% stake, launched a third-generation mobile service in Australia. Telecom plans to launch a local service in three to six months.

State-owned Genesis Power is buying the government's 11% stake in the Kupe gas field. No price has yet been settled.

Jeweller Michael Hill International saw its share price tumble after issuing a June-year profit warning.

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