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Company Briefs

Friday 4th August 2000

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Farmers' Mutual chief executive Michael Millar resigned to play a more active role in funds manager Investment Services, of which he is a principal.

E-opportunity, which will soon be listed as Selector Group, signed a strategic alliance with Australian online employment site Seek Comm-

Brierley Investments appointed former Mattel executive Dan O'Brien chief executive of BIL Australia.

Timberlands West Coast reported a 13% lower $4.2 million annual profit from a year of "change and uncertainty."

The Commerce Commission is taking Telecom to court over its 0867 internet access regime. Telecom called the action "totally out of step with current developments."

Sky City's $150 million capital notes issue closed fully subscribed a week early.

Australian Infrastructure Fund has 98% of Infratil Australia and will move to compulsory acquisition of the outstanding shares.

Ruapehu Alpine Lifts reapplied to the Commerce Commission for authorisation to buy Turoa Ski Resorts. The commission has already declined clearance.

Spectrum Resources' rights issue raised $4.1 million for investment in New Zealand technology companies. The former oil explorer owns Wel Technology.

Wilson Neill reported a $1.1 million March-year net profit, up from $364,000 a year ago. The company has investments in restaurants and broadband wireless communications.

Waste Management boosted June first-half net earnings 24% to $6.7 million, including a full period contribution from Wastecare.

The High Court fined Carter Holt Harvey $525,000 for predatory pricing of its Pink Batts insulation material after CHH lost a case brought by the Commerce Commission.

Lion Nathan gave notice it would look to buy a further 5% of winemaker Montana. Lion, which owns just under 20%, said the notice gave it the ability to act quickly if talk Australia's Southcorp was interested in Montana proved to be true.

The Stock Exchange suspended Roller International from trading for failing to meet the minimum 500 shareholder requirement for a listed company, prompting a howl of protest from would-be investor Cereus Capital, which said it had discussed the issues with the exchange.

Transtasman information technology company Synergy International listed on the secondary market, following a constitution change allowing the public to own shares.

Fletcher Paper was delisted after Norske Skog completed its acquisition. Shares in Carter Holt Harvey lifted sharply as investors re-weighted their portfolios to the only other listed pulp and paper operator.

Fletcher Energy and Shell Todd Oil Services cancelled drilling at the Maui BD location after losing a 520m drilling assembly. A new drilling plan has been proposed.

Bendon Group cancelled one out of every four shares and distributed $1.59 a share following the sale of New Zealand China Clays.

Southern Cross Cable Network completed a land-based link between Hillsbro, Oregon and San Luis Obispo, California on the West Coast of the US, which was the first phase of the network. The initial network, incorporating a fibre-optic link between Australia, New Zealand, Fiji and Hawaii, is due to start operating in November.

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