Week in review

Friday 7th May 2004

Harvey Norman is issuing $A220 million ($254 million) of commercial mortgage-backed securities in the Australian and New Zealand markets. The notes, secured by mortgages over the company's 44 retail outlets, are in three tranches rated AAA, AA, and A by Standard & Poor's.

Tenon confirmed it doesn't need shareholder approval for the $165 million sale of the Tarawera forestry right to Kiwi Forests Group and Hancock Natural Resource Group.

The New Zealand Exchange's April operating metrics showed the market value of all listed companies was $57.8 billion, up from $43.1 billion a year ago. The monthly number of trades was up 17.7% to 48,042 and the value of trades rose by 50.9% to $1.9 billion.

iGlobe Treasury, one of four seed fund managers investing under the government's Venture Investment Fund programme, supplied bridge funding to Xegen, a developer of intelligent analytic systems.

Shotover Jet was delisted from the New Zealand Exchange following its takeover by Ngai Tahu Holdings. Mobile communications company Team Talk joined the NZX board after its $8 million share issue closed fully subscribed.

StoreFund confirmed it is seeking up to $50 million through an initial public offering. The fund will invest in listed and unlisted retailers and has already agreed to buy The BBQ Factory.

The Commerce Commission is considering an application from polystyrene building supplies company Bondor New Zealand to buy the insulated panel business of Long International. Long would continue making polystyrene blocks and sheets in its own right.

New Zealand Wool Services International, the country's largest wool scourer and exporter, joined the New Zealand Exchange's junior AX market.

Woosh Wireless dropped its price by 15% to $55 a month after its research showed that was all customers would pay for unlimited broadband internet access.

Air New Zealand and Qantas opened their case before the Australian Competition Tribunal. The two are appealing the refusal by the Australian Competition and Consumer Commission to sanction their proposed strategic alliance.

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