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Week in review

Friday 11th July 2003

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Cadmus Technology signed a conditional agreement to buy out TrustPower from their POS Power metering and bill-paying joint venture. Cadmus will issue 6.9 million shares, pay $50,000, and issue $450,000 of interest-bearing notes.

New Zealand merger and acquisition activity surged in the second quarter according to Thomson Financial, with 125 announced transactions worth $US2.2 billion. Deutsche Bank topped the advisers' tables with its advisory role in the $1.2 billion sale of INL's newspapers to John Fairfax Holdings.

Eldercare has conditionally agreed to buy brain injury rehabilitation practice Burton's Healthcare and brain injury assessment and referral provider Health Services for $1.5 million. The company said the acquisitions would boost revenues for its rehabilitation division by 20%.

Bungy New Zealand, the holding company of the AJ Hackett Bungy brand, has applied to the Commerce Commission for clearance to buy Queenstown's Pipeline Bungy, a joint venture between Ngai Tahu and Skippers Canyon Jet.

Paul Selway-Swift has resigned as a director of BIL International.

Elizabeth Coutts has been appointed an independent director of Ebos Group.

Dato' Abdul Rahim bin Abdul Halim has resigned as a director of Colonial Motors. He was appointed a director in June 1997 and is managing director of MBM Resources, a Malaysian-listed company that until recently owned 24.9% of Colonial.

New Zealand Exchange's share allotment was more than four times oversubscribed. The exchange's 12.7 million shares are now held by 3706 investors. The board gave preference to first-time shareholders, who will receive 416 shares each.

Contact Energy chairman Phil Pryke lost his job as chief executive of Australian telco NextGen Networks as the company went into receivership. NextGen's $A850 million fibre-optic network could fetch as little as $A10 million.

Scott Technology said it expected its August second-half profit would be higher than the $2.5 million it booked in the first half. Sales in the nine months to May were at record levels.

Hamilton's Gallagher Group won a contract to install a high-tech perimeter security fence around India's houses of Parliament.

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