Week in review

Friday 18th October 2002

Carter Holt Harvey posted a $60 million third-quarter net profit, up from $15 million a year ago, and announced the $A50 million ($57 million) acquisition of Starwood Australia's MDF plant in Tasmania.

Two of New Zealand's largest companies, Sky City and The Warehouse, made Forbes Global's annual top 200 list of the world's best small companies. Small is defined as having a market capitalisation of less than $US1 billion and the list excludes US companies.

Shareholders in UnitedNetworks approved the sales of the eastern electricity network to Powerco and Hawkes Bay Network and the central gas network to Powerco.

Utilico got a slap on the wrist from the Stock Exchange's market surveillance panel for failing to disclose the purchase of $5.5 million of ERG bonds in November and December 2001. The panel cleared Utilico of two other listing rule breaches.

ElderCare chairman Jim Syme told the annual meeting the company was on track to meet its forecast $1 million 2003 year net profit. He said the acquisition of Geddes Dental group would be earnings-positive this year and the forecast would be revised after settlement.

Software of Excellence is buying Britain's Advanced Healthcare Computing for £783,500 ($2.5 million). A share issue will cover £450,000, with the rest to be paid for by a mixture of cash, shares and convertible notes.

ASB Bank, owned by Australia's Commonwealth Bank, said it was looking at raising at least $150 million through a preference share issue to fund growth. If the issue goes ahead the shares will be offered to institutional and retail investors.

Australia's Bunnings, owner of the Hardwarehouse and Benchmark home improvement stores, will spend more than $30 million opening Bunnings Warehouse stores in Hamilton and Christchurch in mid-2003. The group plans to open three new stores a year.

Powerco is raising $150 million through a New Zealand-first "jumbo placement a combination rights issue and share placement. The money will help pay for the acquisition of UnitedNetworks assets.

Graeme Hart's Burns Philp will pay Kraft Foods $110 million ($230 million) for Kraft's South American yeast and industrial baking ingredients business.

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