Week in review

Friday 27th September 2002

Rubicon agreed to Guinness Peat Group's request it be allowed to make an amended takeover offer for a further 40% of the shares at 75c a share. The Takeovers Panel disallowed GPG's previous offer.

Williams & Kettle posted a steady $7.1 million July-year profit and said it was considering a buyback of up to 10% of its shares. Adjusting for one-offs, the result was 19% higher than the previous year.

Shell New Zealand sold a 10% stake in the Maui gas field to Austria's OMV for an undisclosed sum, reducing its interest to 77.5%. It also sold OMV its 49% share of the Maari exploration permit.

Sales of hotels and shares in beverage firm Fraser & Neave helped BIL International post a $10.4 million profit, the first for three years. Revenue fell to $11.7 million, from $245.1 million a year ago, because the company sold subsidiaries whose results it had previously consolidated.

The New Zealand Stock Exchange reported a $515,000 loss for its last year as a mutual organisation. Revenue of $10.3 million was made up of listing fees (23%), transaction and membership fees (40%) and information revenues (24%). Exchange members professed surprise that CEO Mark Weldon's incentive package could give him a 5% stake over four years.

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