The week in review

Friday 2nd March 2001

The Maritime Safety Authority report on Shotover Jet's November 1999 accident, in which a Japanese tourist was killed, found a steering nozzle failure caused the boat to lose steering. Shotover had worked with the authority to "improve their safety culture" and no legal action will be taken by the authority.

Australian-listed investment and financial services company Challenger International, which launched into the New Zealand market last year, posted a 149% higher $A54.1 million ($66 million) December half-year profit.

Shareholders in New Capital Markets company Caci Clinics approved the company's key transaction, the purchase of the 16-clinic Caci appearance medicine group.

Kiwifruit marketer Zespri launched its $16 million capital raising offering shares to its 2500 producers. The money will be used to strengthen Zespri's capital base.

Bankers to the Central North Island Forests Partnership joint venture between Fletcher Forests and China's Citic sent in the receivers. They confirmed Fletcher Forests as the interim partnership manager.

Deutsche Bank led Thompson International's New Zealand mergers and acquisitions league table for 2000 after completing deals worth $5.4 billion.

Financier Bridgecorp said an initial $10 million capital notes issue was oversubscribed and extended the offer to the end of March to raise a further $10 million.

AMP Henderson Private Capital is investing $10 million in Auckland-based Slab International, a maker of hi-fi speakers and related technology.

Affco Holdings chief executive Ross Townshend surprised the market by resigning only days after the annual meeting. The company said he felt like a change.

The Australian Stock Exchange called off merger negotiations with its local counterpart. The NZSE will pursue demutualisation and a possible listing on its own exchange.

Contact Energy paid an undisclosed sum to New Zealand Dairy Group in settlement of a dispute over the commissioning of a co-generation plant Contact has built at NZDG's Te Rapa plant. Contact said the payment would not affect earnings but would be capitalised as part of the construction cost.

The Stock Exchange market surveillance panel appointed Sir Duncan McMullin, Sir Ian Barker and Bill Wilson QC as the standing committee to examine allegations by Montana Group of a breach of listing rules during last month's takeover battle.

Carter Holt Harvey will reorganise itself into 32 chief executive-led business units, saying the move would bring the flexibility of a small company mentality.

The Newcall Group sold the balance of its New Zealand telecommunications customers to Clear for an undisclosed sum. In January, Newcall sold 5500 customers of a subsidiary to Telstra Saturn to concentrate on other activities.

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