Week in review

Friday 11th October 2002

Vector lifted its ownership of UnitedNetworks to 79.6% but its $9.90 takeover offer still hasn't been accepted by the UNL Shareholders Society, which has a 10.7% blocking stake. The society's three Auckland council beneficiaries met this week but failed to find a united response.

Centre-left Auckland City councillors refused to sign a prospectus to sell the city's 25% Auckland International Airport stake. The shares can be sold to trade or professional investors without a prospectus but the document is needed to sell them to individual ratepayers or the public.

Accounting Standards Review Board chairman John Hagen said he was astounded Australia's Financial Reporting Council had decided to adopt international standards without consulting the Australian or New Zealand standards board.

Directors of Shotover Jet recommended shareholders reject a 70c a share takeover bid from Ngai Tahu Holdings. A Grant Samuel appraisal of the offer valued Shotover at 82c to 94c.

Eldercare is buying Geddes Dental Group for $2.1 million and a top-up based on earnings over the next three years. Geddes founder Keith Pine will remain as chief executive.

Doug Mckay resigned as a director of Vertex Group following his appointment as managing director of Sealord. The Sealord board asked him to resign from external directorships.

Co-operative Dairy Meats NZ reported a $4 million annual pre-tax profit (2001, $13 million) after adjusting the valuation of its Affco shares. Gross sales were up 21% to a record $104.3 million.

Motor maker Wellington Drive Technologies gave Australia's Seeley International a manufacturing licence. Seeley makes evaporative coolers such as air conditioning units.

Shares in Turners Auctions began Stock Exchange trading at a hefty premium to their $1.50 issue prices. Guinness Peat Group and Ecuador's Naboa Corp floated 39% of Turners.

Sharebrokers DF Mainland and Direct Broking, a subsidiary of Dorchester Pacific, are merging, citing the need for scale economies in a reduced trading environment. DF Mainland's investment banking activities will remain separate.

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