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Week in review

Friday 9th May 2003

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Promina Group will be the first company to have a dual primary listing on the New Zealand and Australian Stock exchanges. As a result it will be included on the NZSE50 index.

Guinness Peat Group will seek shareholder approval for an issue of up to £100 million ($282 million) of securities convertible into shares. It said this would accommodate a further capital notes issue.

George Gould will resign as managing director of Pyne Gould Guinness once a new chief executive is found. The company said he would be pursuing his other business interests, which recently include listed company investments such as Vertex group.

Air New Zealand group traffic fell 3% in March as the Sars virus cut passenger numbers. The airline this week cut flights to Hong Kong.

Cadmus Technology reported a $1.2 million operating profit for the nine months to March, up from $431,000 a year ago. Revenue was up 122% to $10.5 million.

Auckland International Airport said Sars and the Iraq war had not affected its $77 million full-year profit forecast. But in recognition its airline customers were suffering it would rebate landing charges for the last day of April, May and June.

Fletcher Challenge Forests settled all outstanding issues with the receiver of the Central North Island Forest Partnership. FCF will pay the receiver $1.5 million to settle legal action and will get back $2.5 million compensation for costs associated with the termination of its management contract.

Solid Energy denied a Tranz Rail claim it had signed a five-year South Island coal transport contract. The Rail Freight Action Group, of which Solid Energy is a member, again called for the government to resolve Tranz Rail's financial crisis by buying back the rail network.

Tourism Holdings cut its June-year profit forecast to between $4.5 million and $5.5 million, from the $6 million to $8 million forecast in February. It blamed the Iraq war and the Sars virus.

Owens Group set up a joint venture, Owens-Braid Liquid Logistics, with Scotland's John S Braid, to service wine and spirit exports. In a press release chief executive Shane Watson said the venture would "contribute towards building Australia's soaring wine sales."

Briscoe Group's April first-quarter sales rose 9.3% to $68.6 million.

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