The Serious Fraud Office investigation into southern millionaire Allan Hubbard's business affairs - centred on his private Aorangi Securities Ltd - seeks answers to $134 million of investments the company has taken from investors.
South Canterbury Finance appears to have altered its view on its relationships with Allan Hubbard's private company Aorangi Securities Ltd, saying now that "various arrangements" between the companies are "unclear at this stage".
Market concerns that South Canterbury Finance faces unintentional negative investor sentiment are apparent after international ratings agency Standard & Poor's further downgraded the finance company.
South Canterbury Finance is expecting "collateral damage" as a result of the announcement the Serious Fraud Office is investigating southern millionaire Allan Hubbard's business interests.
South Canterbury Finance has removed its 10-week-old prospectus from its website for amendments, having launched it in mid-April to raise up to $1.25 billion from investors.
Dunedin-based biotech company Pacific Edge - which has burned through more than $14 million of capital during the past six years - has announced a shareholder purchase plan to raise more funds.
South Canterbury Finance has confirmed it has entered into formal due diligence with more than two interested parties to potentially take a multimillion-dollar stake in recapitalising the company.
Otago-based Oceana Gold became a $1 billion-plus company yesterday, hitting a record share price high following announcement of its inclusion on two international rating indexes on the Toronto stock exchange.
Guiness Peat Group is proposing to spin off and float its $NZ580 million Australian assets in preparation for selling its investment in London-based thread and zip-maker Coats, but brokers see several hooks in the demerger proposal.
Three companies of former Wanaka developer Andre Prassinos have been placed in liquidation by the SBS Bank over an unspecified debt still outstanding over properties in the Cardrona Valley and another at Mt Barker near Wanaka.
Dunedin-based Farra Engineering has forged a niche export market in manufacturing large high-rise building maintenance units (BMU's) during the past 20 years, but has just built a world-first with a light-weight, mobile unit.
Work on Dunedin's 126-year-old historic former BNZ building in the Exchange is continuing as its owners for the past year look for tenants before considering outfitting options.
Dunedin-based biotech company Pacific Edge Biotechnology says it has reached a "significant commercial milestone" after the successful completion of a prognostic clinical trial in Europe of a product to aid ongoing colorectal cancer treatments.
Otago investors in South Canterbury Finance were reassured their investments remain covered under the Crown's extended deposit guarantee scheme
Otago gold explorer and boutique producer Glass Earth Gold has completed a $C2.73 million ($NZ3.9 million) capital-raising programme from a private placement to fund further exploration.
Listed PGG-Wrightson is restructuring its business divisions into two groups, possibly laying the foundation for a spin-off company float or sale in the future, according to brokers.
Last year's merger of Downer EDi Works' engineering and works divisions in Dunedin was completed on Wednesday with the formal opening of its recently completed $3 million South Island head office in Green Island.
Tourism operator Skyline is still seeing fluctuations in visitor numbers across its broad range of operations but has reported an increased full-year before-tax profit of $27.7 million, prompting a 45% increase in dividends.
Southern coal-seam gas (CSG) explorer L&M Energy is working with an Invercargill trucking and service station company on possibly using liquefied natural gas (LNG) from its prospects near Ohai as transport fuel.
South Canterbury Finance hopes to enter into due diligence this week with "one or more" parties as potential investment partners - possibly injecting several hundred million dollars of equity into the reconfigured finance company.
