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Week In Review

Friday 11th April 2003

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The Takeovers Panel said TrustPower would have to get shareholder approval for an aspect of its share buyback. TrustPower has extended the offer while it talks to the panel.

Fletcher Building said the higher power prices seen in March, if continued, would reduce earnings before unusuals by about $10 million. Earnings guidance for the June year is now $310-320 million, up from $205 million for the previous year.

The Warehouse will transfer its 260,000 Gold prepaid mobile base to Telecom Mobile on July 1. The Warehouse chief executive Greg Muir said the business was now "mature."

Power Beat International is suing IT Capital in actions related to shares in Deep Video Imaging. IT Capital director Sharon Hunter resigned but said her departure was unrelated to the legal action.

Restaurant Brands reported a 52% plunge in February first-half net profit, to $11.1 million, after taking a $3.2 million loss from Pizza Hut Victoria. Last year's profit was buoyed by KFC store sale and leasebacks and the company said the more comparable figure was $12.5 million.

State-owned generator Mighty River Power will raise up to $200 million with a 10-year bond issue. Chairman Rob Challinor said the proceeds would be used to repay short-term debt and provide flexibility to exploit any generation opportunities that might arise.

Certified Organics raised $1.2 million from its one-for-one rights issue. About 72% of the rights available were taken up. Joe Wallis joined the board.

Feverpitch International completed the sale of its software operations and settled the purchase of childcare chain KidiCorp. The company, now named KidiCorp Group, will be listed on the Stock Exchange's main board.

Shares in Tranz Rail plunged to new record lows after the company said it would not meet forecasts. March third-quarter revenue of $157.2 million was $11.3 million below forecast and earnings before interest and tax were $19.1 million, $10.2 million below forecast.

Australia's Alesco Corporation bought kitchen fittings maker Robinson Industries from AMP Henderson Private Capital and Direct Capital for $31 million.

The Securities Commission ordered BT Funds Management to offer fund subscribers their money back after an administrative glitch resulted in a law breach.

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